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O’Reilly Automotive Inc. (NASDAQ:ORLY)

This company has been moved to the archive! The financial data has not been updated since November 8, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

O’Reilly Automotive Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Accounts payable 45.55 43.58 42.03 40.07 39.09 38.36 36.44 36.09 32.66 33.56 33.83 33.64 34.77 34.47 34.18 42.31 42.87 42.68 42.04 42.13 42.17 42.09 41.48
Self-insurance reserves 1.16 1.14 1.17 1.10 1.04 0.99 0.98 0.94 0.73 0.77 0.75 0.74 0.72 0.76 0.77 0.96 0.96 0.95 0.98 0.95 0.97 0.96 0.98
Accrued payroll 0.89 0.89 0.80 0.92 0.76 1.08 1.11 0.77 1.02 0.91 0.93 0.94 1.00 0.86 0.94 1.08 1.14 1.05 1.10 1.02 1.08 0.96 1.05
Accrued benefits and withholdings 1.37 1.23 1.19 2.00 2.44 1.85 1.65 2.09 1.62 1.20 0.65 0.92 0.84 0.74 0.65 1.12 1.05 0.94 0.81 0.92 0.88 0.80 0.68
Income taxes payable 0.52 0.02 1.09 0.00 1.34 0.25 1.31 0.14 0.04 0.78 0.12 0.00 0.97 0.09 0.92 0.14 0.00 0.18 0.87 0.00 0.08 0.43 1.24
Current portion of operating lease liabilities 2.95 2.83 2.85 2.88 2.86 2.79 2.78 2.78 2.55 2.72 2.85 2.95 2.98 2.98 2.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current liabilities 3.46 3.46 3.35 3.16 3.27 2.98 3.00 2.56 2.73 2.87 2.50 2.52 2.88 2.85 2.60 3.18 3.45 3.38 3.09 3.16 3.33 3.30 3.23
Current portion of long-term debt 0.00 0.00 0.00 0.00 0.00 0.00 2.53 0.00 4.00 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 55.90% 53.14% 52.47% 50.13% 50.81% 48.30% 49.81% 45.38% 45.34% 42.82% 41.63% 41.70% 44.16% 42.74% 43.00% 48.79% 49.46% 49.17% 48.89% 48.17% 48.51% 48.55% 48.67%
Long-term debt, less current portion 35.71 38.70 32.55 32.66 32.45 32.01 32.27 35.56 32.97 35.19 40.25 36.30 35.71 37.09 34.40 42.82 40.21 41.89 41.65 39.33 38.78 35.45 27.45
Operating lease liabilities, less current portion 14.78 13.95 14.44 14.52 14.67 14.62 14.87 14.82 13.12 14.09 14.96 15.45 15.83 15.99 16.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred income taxes 1.78 1.69 1.54 1.50 1.47 1.48 1.40 1.34 1.39 1.33 0.66 1.24 1.13 1.11 1.09 1.32 1.30 1.22 1.17 1.13 1.76 1.33 1.29
Other liabilities 1.67 1.70 1.79 1.76 1.80 1.76 1.72 1.69 1.50 1.55 1.52 1.60 1.56 1.65 1.62 2.64 2.71 2.77 2.76 2.74 2.73 2.83 2.85
Noncurrent liabilities 53.95% 56.03% 50.32% 50.44% 50.39% 49.88% 50.25% 53.41% 48.99% 52.16% 57.39% 54.59% 54.24% 55.84% 53.30% 46.78% 44.22% 45.87% 45.58% 43.21% 43.27% 39.62% 31.59%
Total liabilities 109.85% 109.18% 102.79% 100.57% 101.19% 98.18% 100.06% 98.79% 94.33% 94.98% 99.02% 96.29% 98.40% 98.58% 96.30% 95.57% 93.69% 95.04% 94.47% 91.38% 91.79% 88.17% 80.25%
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
Additional paid-in capital 10.56 10.66 11.13 11.14 11.00 10.84 10.75 11.04 10.43 11.00 11.44 11.95 12.14 12.34 12.60 15.81 16.03 16.07 16.27 16.71 16.95 17.65 18.48
Retained earnings (deficit) -20.39 -19.81 -13.91 -11.65 -12.13 -9.00 -10.76 -9.82 -4.62 -5.79 -10.24 -8.30 -10.55 -10.93 -8.91 -11.39 -9.73 -11.12 -10.75 -8.09 -8.75 -5.83 1.25
Accumulated other comprehensive income (loss) -0.03 -0.03 -0.01 -0.06 -0.07 -0.02 -0.05 -0.02 -0.14 -0.19 -0.23 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Shareholders’ equity (deficit) -9.85% -9.18% -2.79% -0.57% -1.19% 1.82% -0.06% 1.21% 5.67% 5.02% 0.98% 3.71% 1.60% 1.42% 3.70% 4.43% 6.31% 4.96% 5.53% 8.62% 8.21% 11.83% 19.75%
Total liabilities and shareholders’ equity (deficit) 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: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

An analysis of the common-size balance sheet reveals a systemic shift in the capital structure, characterized by a progressive increase in total liabilities and a corresponding erosion of shareholders' equity. Total liabilities grew from 80.25% of total liabilities and shareholders' equity in March 2017 to 109.85% by September 2022, resulting in a total equity deficit.

Current Liability Trends
Current liabilities exhibit a general upward trajectory, rising from 48.67% in early 2017 to 55.90% by September 2022. This growth is primarily driven by accounts payable, which serves as a dominant funding source. Accounts payable fluctuated between 32% and 45%, ending the period at its highest level of 45.55%. Other current obligations, including accrued benefits and withholdings, showed increased volatility and growth starting in 2020, peaking at 2.44% in September 2021.
Noncurrent Liability Analysis
Noncurrent liabilities increased from 31.59% in March 2017 to 53.95% in September 2022. A significant structural change occurred in 2019 with the introduction of operating lease liabilities, which consistently represented between 13% and 16% of the total balance sheet. Long-term debt, less current portion, showed substantial volatility, peaking at 42.82% in December 2018 before stabilizing in the 32% to 38% range through 2022.
Shareholders' Equity and Deficit
A sustained decline in shareholders' equity is observed, moving from 19.75% in March 2017 to a deficit of -9.85% by September 2022. This trend is heavily influenced by retained earnings, which transitioned from a positive 1.25% in March 2017 to a deepening deficit, reaching -20.39% by the end of the analyzed period. Additional paid-in capital also experienced a steady contraction, declining from 18.48% to 10.56% over the same timeframe.
Overall Capital Position
The transition to a negative equity position suggests a highly leveraged capital structure. The combination of increasing total liabilities and a deepening retained earnings deficit indicates a strategic reliance on debt and vendor financing to fund operations and potentially return capital to shareholders, leading to a balance sheet where liabilities exceed the total value of assets.

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