Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Linde plc, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The capital structure exhibits a gradual shift toward increased leverage over the analyzed period. Total liabilities as a percentage of total liabilities and equity rose from 43.96% in March 2021 to 54.01% by June 2026. Conversely, total equity experienced a corresponding decline, moving from 56.03% to 45.97% over the same timeframe, indicating a strategic transition in how the organization finances its assets.
- Debt and Liability Trends
- A significant increase is observed in long-term debt, excluding the current portion, which expanded from 11.71% in March 2021 to 23.40% in June 2026. This represents the primary driver of the increase in total liabilities. Short-term debt exhibited higher volatility, peaking at 6.65% in March 2023 before stabilizing around 5.50% by the end of the period. Current liabilities remained relatively stable, generally fluctuating between 17% and 22% of the total balance sheet.
- Equity Composition and Shareholder Value
- Total shareholders' equity declined from 54.37% to 44.23%. A notable pattern is seen in treasury shares, which increased from -7.30% in March 2021 to -14.63% in June 2026, suggesting a consistent program of share repurchases. Additional paid-in capital saw a gradual reduction from 47.29% to 44.29%.
- Financial Anomalies and Retained Earnings
- A sharp deviation occurred in the first quarter of 2023, where retained earnings dropped from 25.79% in December 2022 to 7.59% in March 2023, and treasury shares shifted from -18.50% to -0.21%. Following this event, retained earnings began a steady recovery, climbing back to 21.28% by June 2026, while treasury shares resumed their downward trend, indicating a resumption of buyback activities.
- Other Comprehensive Loss and Noncontrolling Interests
- Accumulated other comprehensive loss remained consistently negative, ranging between -5.82% and -10.89%, reflecting ongoing unrealized losses. Noncontrolling interests remained marginal and stable, hovering between 1.66% and 1.75% throughout the entire period.
Overall, the financial profile shows a transition toward a more debt-heavy balance sheet, characterized by a doubling of the long-term debt proportion and a persistent reduction in equity through share repurchases. The stability of other current and long-term liabilities suggests that the increase in leverage is specifically tied to debt issuance rather than operational liability growth.