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Walgreens Boots Alliance Inc. (NASDAQ:WBA)

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

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 8.49 2.89 0.38 0.44 1.55 2.08
Trade accounts payable 21.21 19.91 18.93 15.13 14.67 11.61
Accrued expenses and other liabilities 8.10 8.60 8.29 7.54 7.60 9.95
Income taxes 0.32 0.40 0.50 0.28 0.26 0.28
Current liabilities 38.12% 31.81% 28.10% 23.41% 24.07% 23.92%
Long-term debt 16.42 18.25 19.22 25.73 19.36 10.05
Deferred income taxes 2.64 2.66 3.46 3.64 5.14 2.82
Other non-current liabilities 7.09 8.11 6.40 5.56 5.92 7.91
Non-current liabilities 26.15% 29.02% 29.07% 34.94% 30.42% 20.78%
Total liabilities 64.27% 60.82% 57.17% 58.34% 54.49% 44.70%
Preferred stock $.01 par value; none issued 0.00 0.00 0.00 0.00 0.00 0.00
Common stock $.01 par value 0.02 0.02 0.02 0.02 0.02 0.22
Paid-in capital 15.74 15.40 15.66 13.91 14.47 3.15
Employee stock loan receivable 0.00 0.00 0.00 0.00 0.00 -0.01
Retained earnings 52.98 49.25 45.66 38.09 36.48 59.78
Accumulated other comprehensive income (loss) -5.76 -4.41 -4.62 -4.12 -0.31 0.48
Treasury stock, at cost -28.19 -22.09 -15.11 -6.79 -5.78 -8.60
Total Walgreens Boots Alliance, Inc. shareholders’ equity 34.78% 38.18% 41.61% 41.11% 44.87% 55.02%
Noncontrolling interests 0.95 1.00 1.22 0.55 0.64 0.28
Total equity 35.73% 39.18% 42.83% 41.66% 45.51% 55.30%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A systemic shift in the capital structure is evident, characterized by a steady increase in total liabilities and a corresponding decrease in total equity over the analyzed six-year period. Total liabilities grew from 44.70% of total liabilities and equity in 2014 to 64.27% by 2019, while total equity declined from 55.30% to 35.73%.

Current Liability Trends
Current liabilities expanded from 23.92% to 38.12% over the period. This growth was primarily driven by trade accounts payable, which nearly doubled from 11.61% to 21.21%. Short-term debt remained relatively low until 2018, after which it experienced a sharp increase, reaching 8.49% by 2019.
Non-Current Liability Trends
Non-current liabilities peaked in 2016 at 34.94%, largely due to a surge in long-term debt which reached 25.73% in that same year. Following this peak, long-term debt trended downward to 16.42% by 2019, suggesting a shift in the debt profile from long-term obligations toward short-term liabilities.
Equity Composition and Shareholders' Equity
The decline in total equity was heavily influenced by a significant increase in treasury stock, which grew from -8.60% in 2014 to -28.19% in 2019, indicating an aggressive share repurchase strategy. Retained earnings exhibited notable volatility, dropping from 59.78% in 2014 to 36.48% in 2015, before recovering steadily to 52.98% by 2019. Additionally, paid-in capital rose sharply from 3.15% in 2014 to a stable range of approximately 14% to 16% between 2015 and 2019.

The overall trajectory indicates an increasing reliance on external financing and operational credit. The combination of rising short-term debt, expanding trade payables, and a substantial reduction in the equity cushion via share buybacks reflects a more leveraged financial position by the end of the period.

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