Stock Analysis on Net
Stock Analysis on Net

McKesson Corp. (NYSE:MCK)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 27, 2016.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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McKesson Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Mar 31, 2016 Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011
Drafts and accounts payable
Short-term borrowings
Deferred revenue
Deferred tax liabilities
Current portion of long-term debt
Other accrued liabilities
Current liabilities
Long-term debt, excluding current portion
Long-term deferred tax liabilities
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Redeemable noncontrolling interests
Preferred stock, $0.01 par value, no shares issued or outstanding
Common stock, $0.01 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Other
Treasury shares, at cost
Total McKesson Corporation stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity

Based on: 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31).

Liabilities Composition
The proportion of drafts and accounts payable generally fluctuated between 41.4% and 50.54%, reaching its lowest point in 2014 before rising again by the end of the period. Short-term borrowings were consistently very low, peaking at 1.21% in 2012 and then declining to nearly negligible levels. Deferred revenue steadily declined from 4.28% in 2011 to 1.62% in 2016, indicating a reduction in unearned revenue obligations.
Tax and Debt Liabilities
Deferred tax liabilities showed some variability, increasing from around 3.3-4.67% to missing data by 2016, while long-term deferred tax liabilities emerged only in 2012 and increased notably to 4.83% in 2016. The current portion of long-term debt fluctuated between approximately 1.01% and 2.85%, showing a slight upward trend toward the end, and long-term debt, excluding the current portion, was higher in the middle of the period, peaking at 17.29% in 2014 before decreasing to 11.55% in 2016.
Other Liabilities
Other accrued liabilities maintained a relatively stable range around 6% to 7% throughout the period. Other noncurrent liabilities showed slight declines from 4.38% to 3.20%. Total current liabilities as a percent of total liabilities and equity varied, with a peak of 65.53% in 2012 and a dip to 57% in 2014, then stabilizing near 62% in 2016. Noncurrent liabilities increased sharply from 2012 to 2014, hitting 23.07%, then declined to around 19.59% in 2016.
Total Liabilities and Equity
Total liabilities as a share of total liabilities, redeemable noncontrolling interests, and equity increased overall from 76.62% to a peak of 82.42% in 2015, with a slight decline to 81.59% by 2016, indicating a generally high leverage ratio. Redeemable noncontrolling interests were negligible until 2015, when they accounted for approximately 2.5%. Preferred stock remained unissued throughout the period. Common stock maintained a consistent negligible proportion of 0.01%.
Stockholders’ Equity
Additional paid-in capital decreased steadily from 17.29% to 10.33%, reflecting potential share repurchases or changes in capital structure. Retained earnings peaked at nearly 30% in 2013 but declined substantially afterwards to 14.78% in 2016, which may raise concerns about profitability retention or dividend payments. Accumulated other comprehensive income (loss) deteriorated from a small positive contribution to a negative balance by 2016, reflecting unfavorable market or currency adjustments.
Treasury Shares and Equity Trends
Treasury shares, shown as a negative percentage, grew significantly from -20.95% in 2011 to a markedly lower negative level of -6.58% by 2016, suggesting substantial share buyback activity or changes in treasury stock accounting. Total stockholders’ equity dropped from 23.38% to a low point of 14.85% before slightly recovering to 15.78% in 2016. When including noncontrolling interests, total equity fluctuated, peaking near 19.93% in 2014 but then declined to approximately 15.93% in 2016.
Overall Capital Structure
The overall capital structure shows an increasing reliance on liabilities relative to equity during the period, with liabilities consistently comprising between 76% to over 82% of total financing. A decline in equity proportions along with significant treasury stock activity indicates an aggressive financial management approach, possibly aimed at leveraging or returning capital to shareholders. The emergence and growth of redeemable noncontrolling interests towards the end of the period introduce an additional component of financing structure.