Debt to Equity
since 2005
Calculation
Expedia Group Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Expedia Group, Inc. stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 4.11 | = | 8,450) | ÷ | 2,057) |
| Dec 31, 2020 | 3.24 | = | 8,216) | ÷ | 2,532) |
| Dec 31, 2019 | 1.24 | = | 4,938) | ÷ | 3,967) |
| Dec 31, 2018 | 0.91 | = | 3,717) | ÷ | 4,104) |
| Dec 31, 2017 | 0.94 | = | 4,249) | ÷ | 4,522) |
| Dec 31, 2016 | 0.76 | = | 3,159) | ÷ | 4,132) |
| Dec 31, 2015 | 0.66 | = | 3,201) | ÷ | 4,864) |
| Dec 31, 2014 | 0.98 | = | 1,747) | ÷ | 1,784) |
| Dec 31, 2013 | 0.58 | = | 1,249) | ÷ | 2,145) |
| Dec 31, 2012 | 0.55 | = | 1,249) | ÷ | 2,280) |
| Dec 31, 2011 | 0.57 | = | 1,249) | ÷ | 2,200) |
| Dec 31, 2010 | 0.62 | = | 1,645) | ÷ | 2,673) |
| Dec 31, 2009 | 0.33 | = | 895) | ÷ | 2,683) |
| Dec 31, 2008 | 0.66 | = | 1,545) | ÷ | 2,328) |
| Dec 31, 2007 | 0.23 | = | 1,085) | ÷ | 4,818) |
| Dec 31, 2006 | 0.08 | = | 500) | ÷ | 5,904) |
| Dec 31, 2005 | 0.04 | = | 231) | ÷ | 5,734) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial trajectory from 2005 to 2021 is characterized by a fundamental shift in capital structure, transitioning from a conservative, equity-funded position to a highly leveraged state.
- Total Debt Trends
- A consistent and significant increase in total debt is observed, rising from 231 million USD in 2005 to 8.45 billion USD by 2021. While the growth was gradual during the early years, a substantial acceleration occurred between 2019 and 2020, during which total debt increased from 4.938 billion USD to 8.216 billion USD.
- Stockholders' Equity Trends
- Equity levels exhibited overall decline and volatility over the period. From a peak of 5.734 billion USD in 2005, equity fell sharply to 2.328 billion USD by 2008. Despite a period of recovery that peaked at 4.864 billion USD in 2015, a downward trend resumed, leading to a low of 2.057 billion USD by 2021.
- Debt to Equity Ratio Analysis
- The debt to equity ratio reflects a dramatic escalation in financial leverage. Between 2005 and 2014, the ratio remained below 1.00, indicating that equity continued to exceed total debt. A critical inflection point occurred in 2019 when the ratio reached 1.24, signifying that debt had surpassed equity. This trend intensified rapidly in the final two years, with the ratio surging to 3.24 in 2020 and reaching 4.11 in 2021.
The convergence of rapidly increasing debt obligations and diminishing stockholders' equity has resulted in a significantly higher risk profile by 2021 compared to the baseline established in 2005.
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Comparison to Competitors
Expedia Group Inc., debt to equity, long-term trends, comparison to competitors
| Expedia Group Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 4.11 | 0.35 | 11.29 | 15.16 | 1.04 |
| Dec 31, 2020 | 3.24 | 0.34 | — | 9.79 | 0.38 |
| Dec 31, 2019 | 1.24 | 0.38 | — | 4.45 | 0.44 |
| Dec 31, 2018 | 0.91 | 0.54 | 18.59 | 2.89 | 0.43 |
| Dec 31, 2017 | 0.94 | 0.89 | 5.45 | 2.44 | 0.49 |
| Dec 31, 2016 | 0.76 | 0.40 | 3.37 | 1.65 | 0.38 |
| Dec 31, 2015 | 0.66 | 0.62 | 1.84 | 1.14 | 0.38 |
| Dec 31, 2014 | 0.98 | 0.77 | 1.18 | 0.89 | 0.30 |
| Dec 31, 2013 | 0.58 | 0.33 | 0.61 | 0.66 | 0.21 |
| Dec 31, 2012 | 0.55 | 0.38 | 0.60 | 0.46 | 0.25 |
| Dec 31, 2011 | 0.57 | 0.03 | 0.52 | 0.36 | 0.25 |
| Dec 31, 2010 | 0.62 | 0.03 | 0.50 | 0.27 | 0.27 |
| Dec 31, 2009 | 0.33 | 0.02 | 0.64 | 0.34 | 0.36 |
| Dec 31, 2008 | 0.66 | 0.15 | 0.76 | 0.41 | 0.40 |
| Dec 31, 2007 | 0.23 | 1.07 | 0.47 | 0.28 | 0.35 |
| Dec 31, 2006 | 0.08 | 2.89 | 0.15 | 0.25 | 0.43 |
| Dec 31, 2005 | 0.04 | 6.18 | 0.09 | 0.32 | 0.42 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Expedia Group Inc., debt to equity, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Expedia Group Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Dec 31, 2021 | 4.11 | 0.77 |
| Dec 31, 2020 | 3.24 | 0.86 |
| Dec 31, 2019 | 1.24 | 1.03 |
| Dec 31, 2018 | 0.91 | 1.24 |
| Dec 31, 2017 | 0.94 | 1.54 |
| Dec 31, 2016 | 0.76 | 1.15 |
| Dec 31, 2015 | 0.66 | 1.04 |
| Dec 31, 2014 | 0.98 | 0.88 |
| Dec 31, 2013 | 0.58 | 0.53 |
| Dec 31, 2012 | 0.55 | 0.49 |
| Dec 31, 2011 | 0.57 | 0.36 |
| Dec 31, 2010 | 0.62 | 0.33 |
| Dec 31, 2009 | 0.33 | 0.43 |
| Dec 31, 2008 | 0.66 | 0.55 |
| Dec 31, 2007 | 0.23 | 0.41 |
| Dec 31, 2006 | 0.08 | 0.22 |
| Dec 31, 2005 | 0.04 | 0.21 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Expedia Group Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Expedia Group Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2021 | 4.11 | 1.41 |
| Dec 31, 2020 | 3.24 | 2.17 |
| Dec 31, 2019 | 1.24 | 2.60 |
| Dec 31, 2018 | 0.91 | 2.59 |
| Dec 31, 2017 | 0.94 | 2.55 |
| Dec 31, 2016 | 0.76 | 2.21 |
| Dec 31, 2015 | 0.66 | 1.88 |
| Dec 31, 2014 | 0.98 | 1.60 |
| Dec 31, 2013 | 0.58 | 1.25 |
| Dec 31, 2012 | 0.55 | 1.19 |
| Dec 31, 2011 | 0.57 | 1.09 |
| Dec 31, 2010 | 0.62 | 1.26 |
| Dec 31, 2009 | 0.33 | 2.58 |
| Dec 31, 2008 | 0.66 | 4.06 |
| Dec 31, 2007 | 0.23 | 2.62 |
| Dec 31, 2006 | 0.08 | 2.96 |
| Dec 31, 2005 | 0.04 | 2.35 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).