Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Medtronic PLC pages available for free this week:
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Medtronic PLC, common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2026-04-24), 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30).
The overall capital structure exhibits a gradual shift toward increased liability reliance and a corresponding decrease in the proportion of total equity. Total liabilities have trended upward from 44.56% in 2021 to 46.18% by 2026, while total equity declined from a peak of 57.95% in 2022 to 53.82% in 2026.
- Liability Structure and Debt Trends
- Noncurrent liabilities represent the largest portion of the company's obligations, consistently remaining above 28% of total liabilities and equity. Long-term debt is the primary driver of this segment, stabilizing near 28.13% by 2026 after a notable dip to 22.39% in 2022. Current liabilities show higher volatility, fluctuating between 9.14% and 14.05%, with a general upward trend in recent periods, partly influenced by variations in current debt obligations which peaked at 4.11% in 2022.
- Equity Composition and Internal Funding
- A clear inverse relationship is observed between additional paid-in capital and retained earnings. Additional paid-in capital has steadily declined from 28.27% in 2021 to 22.49% in 2026. Conversely, retained earnings have shown a consistent increase, rising from 30.72% to 35.08% over the same period. This pattern indicates a transition toward financing the balance sheet through accumulated internal profits rather than external capital contributions.
- Tax and Comprehensive Loss Analysis
- Deferred tax liabilities have experienced a significant and consistent downward trend, decreasing from 1.10% in 2021 to 0.39% in 2026. Accumulated other comprehensive loss has remained a persistent negative factor throughout the period, fluctuating between -2.49% and -4.67%, which serves as a consistent drag on the total shareholders' equity.
- Working Capital Components
- Accounts payable and other accrued expenses have remained relatively stable, with accounts payable hovering between 2.26% and 2.93% and other accrued expenses remaining near 4%. Accrued compensation exhibits moderate stability, ending the period at 2.88%, suggesting a consistent management of short-term operational obligations relative to the total capital structure.