The circuit analysis you described indeed assumes that the presence of the feedback capacitor does not cause any oscillations and the circuit is absolutely stable (defined below). If the circuit is stable, then phase margin can be used to measure the relative stability. But usually resistively loaded circuits are always stable and the test for absolute stability is unnecessary. More details are summarized below.
In the following, I will be considering a MOS device to keep the math simple but similar arguments can be applied to BJT's.
Stability: Definition
The stability of a circuit can be determined in two ways: absolute stability and relative stability. These are defined as follows:
- A circuit is absolutely stable if all of its poles lie in the left half s-plane.
- The relative stability (of absolutely stable circuit) measures how close the circuit is from being unstable. It is calculated via the phase and gain margins.
From hereon, the stability of a circuit is implies the absolute stability.
An open-loop system is always stable as the real circuit components cannot produce right half plane poles. Thus, stability is always discussed in context of a feedback system.
An unstable system with right half plane poles can be created by a positive feedback system. The output voltage of such system would show a exponential growing response implying an output impedance with negative real part (negative resistance).
Thus, presence of negative resistance implies right half plane poles and unstable system.
Stability: Common Source (CS) Amplifier
A common source amplifier without \$C_{gd}\$ is an open-loop or a unilateral system and hence is always stable. Addition of the \$C_{gd}\$, however, creates a feedback loop which can become unstable under certain conditions. As explained above, both the input impedance and the output impedance should have positive resistance for a stable amplifier. The stability of the circuit now depends on the loading conditions.
- For a resistively loaded CS amplifier (as you show in the figure), the input impedance is given by:
$$Z_{in} = \frac{R_L}{1+g_m R_L} - j\frac{1}{\omega C_f(1+g_mR_L)}$$
The input resistance is always positive and the circuit is thus stable with this load element.
- For an inductively loaded CS amplifier, the real part of input impedance is given by:
$$Re\{Z_{in}\} = \frac{(\omega^2LC_f-1)g_mL}{(1+\omega^2g_m^2L^2)C_f}$$
Clearly, for \$\omega < \frac{1}{\sqrt{LC_f}}\$, the input resistance is negative giving rise to unstable system which would oscillate. But it would be stable at higher frequencies.
The CS transistor is thus a conditionally stable system whose stability depends on the output load.
In fact, at low frequencies the CS amplifier is always conditionally stable as it has high power gain. As frequency goes up, the power gain goes down and after a certain knee frequency, the amplifier is unconditionally stable. Beyond the \$f_{max}\$ the power gain becomes less than unity and the transistor ceases to be an active element.
General Two Port Stability
In general, a two port network is unconditionally stable if both the input impedance and output impedance have a positive resistance (real part) for all types of source and load impedances.
In terms of reflection coefficient, it implies: \$|\Gamma_{in}|, |\Gamma_{out}| < 1\$.
From this, it can be shown that the amplifier is unconditionally stable if:
$$k = \frac{1 - |S_{11}|^2 - |S_{22}|^2 + |\Delta|^2}{2|S_{12}S_{21}|} > 1, |\Delta| < 1$$
Here, \$\Delta = S_{11}S_{22} - S_{12}S_{21}\$.
The factor \$k\$ is known as Rollet's stability-factor.
Usually, we don't need general purpose circuits which are stable for all kinds of loading conditions. And the k-factor only needs to be calculated for the particular load we are interested to drive.