Debt to Equity
since 2005
Calculation
Ross Stores Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Jan 29, 2022 | 0.60 | = | 2,452,325) | ÷ | 4,060,050) |
| Jan 30, 2021 | 0.76 | = | 2,513,085) | ÷ | 3,290,640) |
| Feb 1, 2020 | 0.09 | = | 312,891) | ÷ | 3,359,249) |
| Feb 2, 2019 | 0.09 | = | 312,440) | ÷ | 3,305,746) |
| Feb 3, 2018 | 0.13 | = | 396,967) | ÷ | 3,049,308) |
| Jan 28, 2017 | 0.14 | = | 396,493) | ÷ | 2,748,017) |
| Jan 30, 2016 | 0.16 | = | 396,025) | ÷ | 2,471,991) |
| Jan 31, 2015 | 0.17 | = | 398,375) | ÷ | 2,279,210) |
| Feb 1, 2014 | 0.07 | = | 150,000) | ÷ | 2,007,302) |
| Feb 2, 2013 | 0.08 | = | 150,000) | ÷ | 1,766,863) |
| Jan 28, 2012 | 0.10 | = | 150,000) | ÷ | 1,493,012) |
| Jan 29, 2011 | 0.11 | = | 150,000) | ÷ | 1,332,692) |
| Jan 30, 2010 | 0.13 | = | 150,000) | ÷ | 1,157,293) |
| Jan 31, 2009 | 0.15 | = | 150,000) | ÷ | 996,369) |
| Feb 2, 2008 | 0.15 | = | 150,000) | ÷ | 970,649) |
| Feb 3, 2007 | 0.16 | = | 150,000) | ÷ | 909,830) |
| Jan 28, 2006 | 0.06 | = | 50,000) | ÷ | 836,172) |
| Jan 29, 2005 | 0.07 | = | 50,000) | ÷ | 765,569) |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1 US$ in thousands
Analysis of the financial structure from 2005 to 2022 reveals a long-term commitment to a conservative capital strategy, followed by a significant shift in leverage starting in 2021. Throughout the majority of the period, stockholders' equity exhibited consistent and uninterrupted growth, while long-term debt remained relatively low and stable.
- Stockholders' Equity Growth
- Equity increased steadily from 765,569 thousand US dollars in 2005 to 4,060,050 thousand US dollars by 2022. This consistent upward trajectory indicates a strong accumulation of retained earnings or capital contributions over the seventeen-year period.
- Long-Term Debt Volatility
- Debt levels remained stagnant at 50,000 thousand US dollars through 2006 and then held at 150,000 thousand US dollars from 2007 through 2014. A moderate increase occurred in 2015, with debt rising to approximately 398,375 thousand US dollars. However, a substantial escalation is observed in 2021, where long-term debt surged to 2,513,085 thousand US dollars, representing a significant departure from historical borrowing patterns.
- Debt to Equity Ratio Trends
- For fifteen years, the debt to equity ratio remained remarkably low, fluctuating between a minimum of 0.06 and a maximum of 0.17. This indicates a reliance on equity over borrowed capital. In 2021, the ratio spiked to 0.76, the highest in the recorded period, coinciding with the surge in long-term debt. By 2022, the ratio declined to 0.60, reflecting a slight reduction in debt and a continued increase in equity.
The overall trend indicates that while the organization maintained a low-leverage profile for over a decade, the capital structure shifted toward a higher proportion of debt in the final two years of the analysis. Despite this increase, the growth in stockholders' equity has provided a substantial buffer, preventing the leverage ratio from reaching extreme levels.
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Comparison to Competitors
Ross Stores Inc., debt to equity, long-term trends, comparison to competitors
| Ross Stores Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Jan 29, 2022 | 0.60 | 0.46 | — | — | 0.56 |
| Jan 30, 2021 | 0.76 | 0.35 | 11.29 | 15.16 | 1.04 |
| Feb 1, 2020 | 0.09 | 0.34 | — | 9.79 | 0.38 |
| Feb 2, 2019 | 0.09 | 0.38 | — | 4.45 | 0.44 |
| Feb 3, 2018 | 0.13 | 0.54 | 18.59 | 2.89 | 0.43 |
| Jan 28, 2017 | 0.14 | 0.89 | 5.45 | 2.44 | 0.49 |
| Jan 30, 2016 | 0.16 | 0.40 | 3.37 | 1.65 | 0.38 |
| Jan 31, 2015 | 0.17 | 0.62 | 1.84 | 1.14 | 0.38 |
| Feb 1, 2014 | 0.07 | 0.77 | 1.18 | 0.89 | 0.30 |
| Feb 2, 2013 | 0.08 | 0.33 | 0.61 | 0.66 | 0.21 |
| Jan 28, 2012 | 0.10 | 0.38 | 0.60 | 0.46 | 0.25 |
| Jan 29, 2011 | 0.11 | 0.03 | 0.52 | 0.36 | 0.25 |
| Jan 30, 2010 | 0.13 | 0.03 | 0.50 | 0.27 | 0.27 |
| Jan 31, 2009 | 0.15 | 0.02 | 0.64 | 0.34 | 0.36 |
| Feb 2, 2008 | 0.15 | 0.15 | 0.76 | 0.41 | 0.40 |
| Feb 3, 2007 | 0.16 | 1.07 | 0.47 | 0.28 | 0.35 |
| Jan 28, 2006 | 0.06 | 2.89 | 0.15 | 0.25 | 0.43 |
| Jan 29, 2005 | 0.07 | 6.18 | 0.09 | 0.32 | 0.42 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Ross Stores Inc., debt to equity, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Ross Stores Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Jan 29, 2022 | 0.60 | 0.93 |
| Jan 30, 2021 | 0.76 | 0.77 |
| Feb 1, 2020 | 0.09 | 0.86 |
| Feb 2, 2019 | 0.09 | 1.03 |
| Feb 3, 2018 | 0.13 | 1.24 |
| Jan 28, 2017 | 0.14 | 1.54 |
| Jan 30, 2016 | 0.16 | 1.15 |
| Jan 31, 2015 | 0.17 | 1.04 |
| Feb 1, 2014 | 0.07 | 0.88 |
| Feb 2, 2013 | 0.08 | 0.53 |
| Jan 28, 2012 | 0.10 | 0.49 |
| Jan 29, 2011 | 0.11 | 0.36 |
| Jan 30, 2010 | 0.13 | 0.33 |
| Jan 31, 2009 | 0.15 | 0.43 |
| Feb 2, 2008 | 0.15 | 0.55 |
| Feb 3, 2007 | 0.16 | 0.41 |
| Jan 28, 2006 | 0.06 | 0.22 |
| Jan 29, 2005 | 0.07 | 0.21 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Industry (Consumer Discretionary)
Ross Stores Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Ross Stores Inc. | Consumer Discretionary | |
|---|---|---|
| Jan 29, 2022 | 0.60 | 1.44 |
| Jan 30, 2021 | 0.76 | 1.41 |
| Feb 1, 2020 | 0.09 | 2.17 |
| Feb 2, 2019 | 0.09 | 2.60 |
| Feb 3, 2018 | 0.13 | 2.59 |
| Jan 28, 2017 | 0.14 | 2.55 |
| Jan 30, 2016 | 0.16 | 2.21 |
| Jan 31, 2015 | 0.17 | 1.88 |
| Feb 1, 2014 | 0.07 | 1.60 |
| Feb 2, 2013 | 0.08 | 1.25 |
| Jan 28, 2012 | 0.10 | 1.19 |
| Jan 29, 2011 | 0.11 | 1.09 |
| Jan 30, 2010 | 0.13 | 1.26 |
| Jan 31, 2009 | 0.15 | 2.58 |
| Feb 2, 2008 | 0.15 | 4.06 |
| Feb 3, 2007 | 0.16 | 2.62 |
| Jan 28, 2006 | 0.06 | 2.96 |
| Jan 29, 2005 | 0.07 | 2.35 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).