Debt to Equity
since 2005
Calculation
O’Reilly Automotive Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt1 | ÷ | Shareholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | — | = | 3,826,978) | ÷ | (66,423) |
| Dec 31, 2020 | 29.40 | = | 4,123,217) | ÷ | 140,258) |
| Dec 31, 2019 | 9.79 | = | 3,890,527) | ÷ | 397,340) |
| Dec 31, 2018 | 9.66 | = | 3,417,122) | ÷ | 353,667) |
| Dec 31, 2017 | 4.56 | = | 2,978,390) | ÷ | 653,046) |
| Dec 31, 2016 | 1.16 | = | 1,887,019) | ÷ | 1,627,136) |
| Dec 31, 2015 | 0.71 | = | 1,390,018) | ÷ | 1,961,314) |
| Dec 31, 2014 | 0.69 | = | 1,396,640) | ÷ | 2,018,418) |
| Dec 31, 2013 | 0.71 | = | 1,396,208) | ÷ | 1,966,321) |
| Dec 31, 2012 | 0.52 | = | 1,095,956) | ÷ | 2,108,307) |
| Dec 31, 2011 | 0.28 | = | 797,574) | ÷ | 2,844,851) |
| Dec 31, 2010 | 0.11 | = | 358,704) | ÷ | 3,209,685) |
| Dec 31, 2009 | 0.29 | = | 790,748) | ÷ | 2,685,865) |
| Dec 31, 2008 | 0.32 | = | 732,695) | ÷ | 2,282,218) |
| Dec 31, 2007 | 0.06 | = | 100,469) | ÷ | 1,592,477) |
| Dec 31, 2006 | 0.08 | = | 110,479) | ÷ | 1,364,096) |
| Dec 31, 2005 | 0.09 | = | 100,774) | ÷ | 1,145,769) |
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 thousands
The financial trajectory from 2005 to 2021 is characterized by a substantial increase in long-term leverage coupled with a consistent erosion of shareholders' equity, culminating in a negative equity position by the end of the observed period.
- Long-term Debt Evolution
- Long-term debt exhibited significant growth over the 16-year period. Initial levels remained relatively stable below 111 million USD until 2007, followed by a sharp increase to 732.7 million USD in 2008. From 2011 onward, a sustained upward trend occurred, with debt peaking at approximately 4.12 billion USD in 2020 before a slight reduction to 3.83 billion USD in 2021.
- Shareholders' Equity Trends
- Equity experienced an initial growth phase, peaking at 3.21 billion USD in 2010. Subsequently, a long-term decline began, with equity falling from 2.11 billion USD in 2012 to 140.3 million USD in 2020. This trend concluded in 2021 with a transition to a deficit position of negative 66.4 million USD.
- Debt to Equity Ratio Dynamics
- The debt to equity ratio remained conservative between 2005 and 2010, fluctuating between 0.06 and 0.32. A period of rapid acceleration began in 2012 at 0.52 and intensified after 2016, where the ratio rose from 1.16 to 9.66 by 2018. By 2020, the ratio reached 29.40, reflecting the compounding effect of increased borrowing and depleted equity. The ratio for 2021 is not applicable due to the negative equity balance.
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Comparison to Competitors
O’Reilly Automotive Inc., debt to equity, long-term trends, comparison to competitors
| O’Reilly Automotive Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2021 | — | 0.35 | 11.29 | 15.16 | 1.04 |
| Dec 31, 2020 | 29.40 | 0.34 | — | 9.79 | 0.38 |
| Dec 31, 2019 | 9.79 | 0.38 | — | 4.45 | 0.44 |
| Dec 31, 2018 | 9.66 | 0.54 | 18.59 | 2.89 | 0.43 |
| Dec 31, 2017 | 4.56 | 0.89 | 5.45 | 2.44 | 0.49 |
| Dec 31, 2016 | 1.16 | 0.40 | 3.37 | 1.65 | 0.38 |
| Dec 31, 2015 | 0.71 | 0.62 | 1.84 | 1.14 | 0.38 |
| Dec 31, 2014 | 0.69 | 0.77 | 1.18 | 0.89 | 0.30 |
| Dec 31, 2013 | 0.71 | 0.33 | 0.61 | 0.66 | 0.21 |
| Dec 31, 2012 | 0.52 | 0.38 | 0.60 | 0.46 | 0.25 |
| Dec 31, 2011 | 0.28 | 0.03 | 0.52 | 0.36 | 0.25 |
| Dec 31, 2010 | 0.11 | 0.03 | 0.50 | 0.27 | 0.27 |
| Dec 31, 2009 | 0.29 | 0.02 | 0.64 | 0.34 | 0.36 |
| Dec 31, 2008 | 0.32 | 0.15 | 0.76 | 0.41 | 0.40 |
| Dec 31, 2007 | 0.06 | 1.07 | 0.47 | 0.28 | 0.35 |
| Dec 31, 2006 | 0.08 | 2.89 | 0.15 | 0.25 | 0.43 |
| Dec 31, 2005 | 0.09 | 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)
O’Reilly Automotive Inc., debt to equity, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| O’Reilly Automotive Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Dec 31, 2021 | — | 0.77 |
| Dec 31, 2020 | 29.40 | 0.86 |
| Dec 31, 2019 | 9.79 | 1.03 |
| Dec 31, 2018 | 9.66 | 1.24 |
| Dec 31, 2017 | 4.56 | 1.54 |
| Dec 31, 2016 | 1.16 | 1.15 |
| Dec 31, 2015 | 0.71 | 1.04 |
| Dec 31, 2014 | 0.69 | 0.88 |
| Dec 31, 2013 | 0.71 | 0.53 |
| Dec 31, 2012 | 0.52 | 0.49 |
| Dec 31, 2011 | 0.28 | 0.36 |
| Dec 31, 2010 | 0.11 | 0.33 |
| Dec 31, 2009 | 0.29 | 0.43 |
| Dec 31, 2008 | 0.32 | 0.55 |
| Dec 31, 2007 | 0.06 | 0.41 |
| Dec 31, 2006 | 0.08 | 0.22 |
| Dec 31, 2005 | 0.09 | 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)
O’Reilly Automotive Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| O’Reilly Automotive Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2021 | — | 1.41 |
| Dec 31, 2020 | 29.40 | 2.17 |
| Dec 31, 2019 | 9.79 | 2.60 |
| Dec 31, 2018 | 9.66 | 2.59 |
| Dec 31, 2017 | 4.56 | 2.55 |
| Dec 31, 2016 | 1.16 | 2.21 |
| Dec 31, 2015 | 0.71 | 1.88 |
| Dec 31, 2014 | 0.69 | 1.60 |
| Dec 31, 2013 | 0.71 | 1.25 |
| Dec 31, 2012 | 0.52 | 1.19 |
| Dec 31, 2011 | 0.28 | 1.09 |
| Dec 31, 2010 | 0.11 | 1.26 |
| Dec 31, 2009 | 0.29 | 2.58 |
| Dec 31, 2008 | 0.32 | 4.06 |
| Dec 31, 2007 | 0.06 | 2.62 |
| Dec 31, 2006 | 0.08 | 2.96 |
| Dec 31, 2005 | 0.09 | 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).