Stock Analysis on Net

Walgreens Boots Alliance Inc. (NASDAQ:WBA)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 9, 2020.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Walgreens Boots Alliance Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Aug 31, 2019 Aug 31, 2018 Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014
Short-term debt
Trade accounts payable
Accrued expenses and other liabilities
Income taxes
Current liabilities
Long-term debt
Deferred income taxes
Other non-current liabilities
Non-current liabilities
Total liabilities
Preferred stock $.01 par value; none issued
Common stock $.01 par value
Paid-in capital
Employee stock loan receivable
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost
Total Walgreens Boots Alliance, Inc. shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).


Short-term Debt
The proportion of short-term debt relative to total liabilities and equity initially decreased from 2.08% in 2014 to a low of 0.38% in 2017. However, it then increased sharply to 8.49% by 2019, indicating a significant rise in short-term obligations in the latest period.
Trade Accounts Payable
The trade accounts payable as a percentage of total liabilities and equity showed a consistent upward trend, rising from 11.61% in 2014 to 21.21% in 2019. This suggests an increasing reliance on supplier credit or extended payment terms.
Accrued Expenses and Other Liabilities
This category fluctuated slightly over the years, starting at 9.95% in 2014, declining to around 7.54%-7.6% during 2015 and 2016, then rising somewhat to 8.6% in 2018, and settling at 8.1% in 2019. The overall trend is relatively stable with minor variations.
Income Taxes
The percentage of income taxes remained quite low and stable, varying narrowly between 0.26% and 0.5% over the periods under review, suggesting that tax liabilities consistently represent a small fraction of total liabilities and equity.
Current Liabilities
Current liabilities showed a marked increase over the period, rising from 23.92% in 2014 to 38.12% in 2019. This reflects a growing proportion of short-term obligations relative to the overall capital structure, which may affect liquidity and working capital management.
Long-term Debt
Long-term debt increased significantly from 10.05% in 2014 to a peak of 25.73% in 2016, followed by a declining trend to 16.42% in 2019. The reduction in long-term debt after 2016 could indicate efforts to deleverage or refinance obligations.
Deferred Income Taxes
This item increased from 2.82% in 2014 to 5.14% in 2015 but then gradually decreased to around 2.64% by 2019. The initial rise may be due to timing differences or changes in tax positions, with subsequent moderation over later periods.
Other Non-current Liabilities
Other non-current liabilities declined from 7.91% in 2014 to lows around 5.56% in 2016, then experienced some recovery, reaching 8.11% in 2018 before falling again to 7.09% in 2019. This indicates some variability in less typical long-term obligations.
Non-current Liabilities
Non-current liabilities grew from 20.78% in 2014 to a peak of 34.94% in 2016, followed by a steady decrease to 26.15% by 2019. This suggests a shift in capital structure with a reduction in long-term obligations in more recent years.
Total Liabilities
Total liabilities as a percentage of total liabilities and equity increased consistently from 44.7% in 2014 to 64.27% in 2019. This substantial growth indicates an increasing leverage ratio, implying greater reliance on debt financing over time.
Common Stock
Common stock remained nearly constant at around 0.02% throughout the period, indicating no significant issuance or repurchase affecting this component of equity.
Paid-in Capital
Paid-in capital rose sharply from 3.15% in 2014 to approximately 15.74% in 2019. This increase reflects higher capital contributions or revaluation, representing a growing proportion of shareholders’ equity funding.
Employee Stock Loan Receivable
This item was negligible or zero across the periods, indicating minimal impact on the capital structure from employee stock loans.
Retained Earnings
Retained earnings saw a pronounced decline from a high of 59.78% in 2014 to 36.48% in 2015, followed by a gradual recovery to 52.98% in 2019. The initial drop may be due to distributions or adjustments, while the subsequent rise suggests improved profitability or earnings retention.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income showed a downward trajectory, moving from a small positive 0.48% in 2014 to an increasing loss of -5.76% in 2019. This decline may reflect unfavorable market or currency valuation changes affecting comprehensive income.
Treasury Stock
Treasury stock as a negative component increased substantially in magnitude, from -8.6% in 2014 to -28.19% in 2019, indicating aggressive stock repurchase activity or retirements reducing the equity base.
Total Shareholders’ Equity
The total shareholders’ equity decreased steadily from 55.02% in 2014 to 34.78% in 2019. This decline corresponds with rising liabilities, increased treasury stock, and other equity adjustments, signaling a contraction in net equity proportion.
Noncontrolling Interests
Noncontrolling interests fluctuated slightly but remained low, varying between 0.28% and 1.22%, indicating minor stakes held by third parties.
Total Equity
Total equity decreased from 55.3% in 2014 to 35.73% in 2019. The trajectory underscores a shift in the capital structure towards higher leverage as liabilities grew and equity diminished.
Overall Capital Structure
The overall capital structure shows a clear trend towards increasing leverage, characterized by rising total liabilities and decreasing equity percentages. Notably, there was a significant increase in current liabilities and trade payables, coupled with decreasing long-term debt in later years. Treasury stock repurchases contributed to the reduction in equity, while paid-in capital and retained earnings trends indicate complex dynamics in shareholder funding and earnings retention. The company appears to rely more heavily on debt financing and short-term obligations by 2019, potentially impacting financial flexibility and risk profile.