Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Merck & Co. Inc. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Merck & Co. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Current Liabilities
- There is a noticeable decline in the proportion of current liabilities relative to total liabilities and equity from 29.84% in 2020 to a low of 22.21% in 2022, followed by a slight increase to 24.27% by 2024. Within current liabilities, loans payable and current portion of long-term debt exhibit a significant reduction from 7.02% in 2020 to 1.29% in 2023, then a modest rise to 2.26% in 2024. Trade accounts payable steadily decreased throughout the period, declining from 5.02% in 2020 to 3.48% in 2024. Accrued and other current liabilities show fluctuations, decreasing initially from 14.25% in 2020 to 12.97% in 2022 before increasing to 14.78% in 2023 and slightly falling to 13.4% in 2024. Income taxes payable have gradually increased each year, nearly doubling from 1.72% in 2020 to 3.34% in 2024. Dividends payable remained relatively stable, fluctuating between 1.67% and 1.86% over the years.
- Noncurrent Liabilities
- Noncurrent liabilities, as a percentage of total liabilities and equity, declined from 42.43% in 2020 to 35.6% in 2022, rose sharply to 40.63% in 2023, and then decreased again to 36.13% in 2024. Long-term debt excluding the current portion experienced some volatility, increasing from 27.69% in 2020 to 29.04% in 2021, declining to 26.33% in 2022, peaking at 31.58% in 2023, and reducing to 29.43% in 2024. Deferred income taxes showed an increase in 2021 to 3.26%, followed by a decrease to 0.82% in 2023 and a slight rise to 1.18% in 2024. Other noncurrent liabilities steadily decreased from 13.63% in 2020 to 5.52% in 2024.
- Total Liabilities
- Overall total liabilities declined significantly from 72.26% in 2020 to 57.81% in 2022, increased to 64.72% in 2023, and settled at 60.4% by 2024, indicating some degree of fluctuation but a downward trend compared to the initial period.
- Stockholders’ Equity
- Stockholders' equity as a percentage of total liabilities and equity increased distinctly from 27.64% in 2020 to 42.13% in 2022, before declining to 35.23% in 2023 and rebounding to 39.55% in 2024, suggesting periods of equity strengthening followed by some contraction and subsequent recovery. The retained earnings component grew from 51.71% in 2020 to 55.96% in 2022, dipped in 2023 to 50.52%, and increased again to 53.86% in 2024, mirroring the general equity trend. Other paid-in capital consistently decreased over the period from 43.22% in 2020 to 38.17% by 2024. Common stock as a proportion of total liabilities and equity showed a gradual decline from 1.95% to 1.53% during the same timeframe. Treasury stock at cost became less negative, moving from -62% in 2020 to -49.79% in 2024, indicating a reduction in treasury stock holdings relative to total liabilities and equity. The accumulated other comprehensive loss remained negative throughout but showed moderate fluctuation around -4% to -7%.
- Total Equity
- Total equity, including noncontrolling interests, followed a pattern similar to stockholders’ equity, rising from 27.74% in 2020 to a peak of 42.19% in 2022, then dropping to 35.28% in 2023 and recovering to 39.6% in 2024. Noncontrolling interests were negligible and showed a slight decline from 0.09% to 0.05% over the period.
- Summary
- The data indicates an overall shift toward strengthening equity positions through 2022, accompanied by a reduction in total liabilities particularly current liabilities and other noncurrent liabilities. The fluctuations observed in long-term debt and total liabilities suggest strategic adjustments in capital structure, possibly balancing between debt financing and equity. The steady increase in income taxes payable points to rising tax obligations over time. Changes in treasury stock and accumulated comprehensive loss reflect financial management activities influencing equity components. The trends reveal a dynamic financing structure, balancing leverage and equity to adapt to evolving financial circumstances.