Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Walgreens Boots Alliance Inc., common-size consolidated balance sheet: liabilities and stockholders’ 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.