Stock Analysis on Net
Stock Analysis on Net

McKesson Corp. (NYSE:MCK)

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
Quarterly Data

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

Microsoft Excel
Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011 Dec 31, 2010 Sep 30, 2010 Jun 30, 2010
Drafts and accounts payable 53.22 52.54 50.54 48.75 48.64 47.06 46.72 45.74 43.38 43.04 41.40 45.61 45.72 46.92 46.31 45.01 47.02 47.72 48.69 47.28 46.68 46.90 45.62 44.68 47.90 48.53
Short-term borrowings 0.00 0.00 0.01 0.01 0.25 0.26 0.25 0.74 1.01 0.96 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred revenue 0.46 1.42 1.62 1.81 1.45 1.68 2.00 2.23 1.92 2.12 2.39 3.53 2.94 3.25 3.91 4.28 4.63 4.15 4.30 4.44 4.79 4.16 4.28 4.46 3.98 4.23
Deferred tax liabilities 0.00 0.00 0.00 3.59 3.43 3.34 3.38 3.09 3.32 3.12 3.07 4.16 4.25 3.98 4.67 4.54 5.19 4.83 3.30 3.13 3.22 3.45 3.36 3.62 4.01 0.00
Current portion of long-term debt 3.71 3.74 2.85 1.81 1.99 2.70 2.84 1.83 0.82 0.05 2.75 0.97 0.98 0.99 1.01 1.51 1.54 1.60 1.54 1.23 1.30 1.33 1.35 5.78 0.00 0.00
Other accrued liabilities 5.10 5.46 6.98 6.61 6.54 6.96 7.00 5.85 5.73 5.89 6.72 5.78 5.58 5.38 5.50 5.10 4.56 5.00 6.49 6.39 6.21 5.87 6.03 6.22 5.27 8.88
Current liabilities held for sale 1.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 63.54% 63.16% 62.00% 62.59% 62.30% 62.00% 62.18% 59.48% 56.17% 55.17% 57.00% 60.05% 59.47% 60.53% 61.40% 60.44% 62.94% 63.30% 65.53% 62.48% 62.20% 61.71% 60.63% 64.76% 61.16% 61.64%
Long-term debt, excluding current portion 10.19 10.26 11.55 14.01 14.58 14.56 15.18 16.30 18.42 19.13 17.29 12.39 12.58 12.74 13.00 11.88 9.32 9.68 9.28 10.79 11.21 11.53 11.61 7.58 8.51 8.31
Long-term deferred tax liabilities 4.51 4.82 4.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other noncurrent liabilities 2.96 3.05 3.20 4.64 4.70 4.90 5.05 4.96 5.26 5.39 5.78 5.56 5.73 5.86 5.28 4.79 4.34 4.33 4.54 4.25 4.29 4.46 4.38 4.36 4.90 4.93
Noncurrent liabilities 17.66% 18.13% 19.59% 18.64% 19.28% 19.46% 20.24% 21.26% 23.68% 24.52% 23.07% 17.95% 18.30% 18.60% 18.28% 16.68% 13.66% 14.01% 13.83% 15.04% 15.50% 15.98% 15.99% 11.95% 13.41% 13.25%
Total liabilities 81.20% 81.29% 81.59% 81.23% 81.58% 81.46% 82.42% 80.73% 79.85% 79.69% 80.07% 78.00% 77.78% 79.13% 79.68% 77.12% 76.60% 77.31% 79.36% 77.51% 77.70% 77.70% 76.62% 76.71% 74.56% 74.89%
Redeemable noncontrolling interests 2.30 2.31 2.49 2.50 2.53 2.56 2.57 2.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Preferred stock, $0.01 par value, no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 10.28 10.23 10.33 10.52 12.92 12.73 12.93 12.48 12.94 12.61 12.66 17.66 17.68 17.55 17.47 17.96 18.04 18.30 16.83 17.01 17.47 17.33 17.29 16.95 18.89 17.50
Retained earnings 15.58 15.27 14.78 14.51 24.69 23.65 23.58 22.91 23.38 22.26 22.13 30.53 30.96 30.37 29.90 31.06 30.74 30.81 28.56 27.09 27.36 27.36 26.71 25.91 28.99 27.33
Accumulated other comprehensive income (loss) -3.18 -3.00 -2.76 -3.35 -2.95 -2.56 -3.18 -1.46 -0.81 0.20 -0.01 -0.19 -0.04 -0.33 -0.19 0.10 0.14 -0.09 0.02 0.01 -0.07 0.33 0.28 0.17 -0.01 -0.19
Other -0.01 -0.01 0.00 0.00 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 0.04 0.04 0.05 0.05 0.04 0.04 0.05 0.04 0.01 0.02 0.02 0.02 0.03 0.01 -0.04 -0.04
Treasury shares, at cost -6.48 -6.52 -6.58 -5.57 -18.92 -17.99 -18.48 -17.44 -18.40 -18.13 -18.37 -26.06 -26.44 -26.78 -26.92 -26.30 -25.58 -26.38 -24.79 -21.65 -22.50 -22.75 -20.95 -19.76 -22.41 -19.50
Total McKesson Corporation stockholders’ equity 16.20% 15.97% 15.78% 16.11% 15.74% 15.83% 14.85% 16.48% 17.10% 16.94% 16.46% 22.00% 22.22% 20.87% 20.32% 22.88% 23.40% 22.69% 20.64% 22.49% 22.30% 22.30% 23.38% 23.29% 25.44% 25.11%
Noncontrolling interests 0.30 0.42 0.15 0.15 0.15 0.15 0.16 0.13 3.05 3.37 3.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total equity 16.50% 16.39% 15.93% 16.27% 15.90% 15.98% 15.01% 16.61% 20.15% 20.31% 19.93% 22.00% 22.22% 20.87% 20.32% 22.88% 23.40% 22.69% 20.64% 22.49% 22.30% 22.30% 23.38% 23.29% 25.44% 25.11%
Total liabilities, redeemable noncontrolling interests and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-K (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-K (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-K (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-K (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-K (reporting date: 2012-03-31), 10-Q (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-K (reporting date: 2011-03-31), 10-Q (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30).

The financial structure exhibits a gradual shift toward increased leverage, with total liabilities rising from 74.89% in June 2010 to 81.20% by September 2016. Conversely, total equity declined from 25.11% to 16.50% over the same period, indicating a higher reliance on external financing and operational liabilities to support the balance sheet.

Current Liabilities and Operational Obligations
Current liabilities remain the dominant component of the capital structure, consistently representing between 55% and 65% of total liabilities and equity. Within this category, drafts and accounts payable serve as the primary driver, showing a notable upward trend from 48.53% in June 2010 to 53.22% in September 2016. Deferred revenue experienced a steady decline, falling from 4.23% at the start of the period to 0.46% by the end, suggesting a reduction in prepaid obligations.
Long-Term Debt and Noncurrent Liabilities
Long-term debt, excluding the current portion, showed significant volatility. It peaked at 19.13% in June 2014 before trending downward to 10.19% by September 2016. Noncurrent liabilities overall increased from 13.25% in 2010 to a peak of 24.52% in June 2014, before stabilizing around 17.66% in late 2016. The emergence of long-term deferred tax liabilities in 2016, accounting for 4.51% to 4.83% of the total, marks a shift in the noncurrent liability composition.
Stockholders' Equity and Capital Adjustments
A substantial erosion of equity components is observed. Retained earnings decreased from a peak of 31.06% in December 2012 to 15.58% by September 2016. Additionally, additional paid-in capital dropped from 17.50% in June 2010 to 10.28% by September 2016. This decline in equity is partially offset by a significant reduction in the treasury shares contra-equity account, which moved from a peak negative impact of -26.92% in March 2013 to -6.48% by September 2016, suggesting a major restructuring of shares or a change in treasury stock valuation.
Solvency and Risk Indicators
The consistent increase in the proportion of total liabilities relative to total equity suggests an increasing risk profile regarding long-term solvency. The concentration of liabilities in accounts payable indicates that the company relies heavily on trade credit for its funding, while the reduction in the equity cushion increases the company's financial vulnerability to asset devaluation or revenue volatility.

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