Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Lockheed Martin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased while that of stockholders’ equity decreased. A closer examination reveals specific trends within each category.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity demonstrated a consistent upward trend, increasing from 27.51% in 2021 to 39.00% in 2025. This growth was primarily driven by increases in contract liabilities and other current liabilities. Accounts payable also showed a significant increase, particularly between 2021 and 2025, while current maturities of long-term debt experienced a more substantial rise in later years. Salaries, benefits, and payroll taxes remained relatively stable, with a slight decrease over the period.
- Noncurrent Liabilities
- Noncurrent liabilities initially increased from 50.94% in 2021 to 54.68% in 2023, then decreased to 49.77% in 2025. Long-term debt, net of current portion, contributed significantly to this trend, increasing substantially between 2021 and 2023 before declining slightly. Accrued pension liabilities decreased considerably throughout the period, while other noncurrent liabilities showed a moderate decline.
- Total Liabilities
- Total liabilities increased from 78.46% in 2021 to a peak of 88.61% in 2024, before decreasing slightly to 88.77% in 2025. This indicates a growing reliance on debt financing or an increase in obligations. The increase was largely attributable to the combined effects of rising current and noncurrent liabilities.
- Stockholders’ Equity
- Stockholders’ equity experienced a consistent decline as a percentage of total liabilities and equity, falling from 21.54% in 2021 to 11.23% in 2025. This decrease was primarily driven by a substantial reduction in retained earnings. Common stock and additional paid-in capital remained relatively small portions of total equity and both decreased slightly. Accumulated other comprehensive loss decreased in magnitude, becoming less negative over time, but still contributed to the overall decline in equity.
In summary, the period witnessed a shift in the company’s financial structure towards greater reliance on liabilities and a corresponding decrease in stockholders’ equity. The increases in contract liabilities and long-term debt, coupled with the decline in retained earnings, are key factors driving these changes.