Walgreens Boots Alliance Inc. (NASDAQ:WBA)

The analysis of the financial data over the six-year period reveals several notable trends regarding liquidity, asset composition, and overall asset growth.

Liquidity Position

Cash and cash equivalents exhibited significant volatility. Starting at $2,646 million in 2014, the balance increased sharply to $9,807 million by 2016, before declining drastically to a low of $785 million in 2018, and then slightly recovering to $1,023 million in 2019. This pattern indicates fluctuating cash management or variations in operational cash flows or investment activities. Accounts receivable showed a strong ascending trend, more than doubling from $3,218 million in 2014 to $7,226 million in 2019, suggesting increased credit sales or extended collection periods.

Inventory Levels

Inventories grew steadily from $6,076 million in 2014 to a peak of $9,565 million in 2018, followed by a slight decline to $9,333 million in 2019. This gradual increase implies a buildup of stock, which may be reflective of expansion, increased sales demand anticipation, or potential overstocking.

Current Assets

The total current assets showed significant growth from $12,242 million in 2014 to a peak of $25,883 million in 2016, then declined to stabilize around $18,700 million in 2019. This fluctuation can be linked to changes in cash, receivables, and inventory balances over the years.

Long-term Asset Composition

Property, plant, and equipment (PP&E), net, showed a modest decline after peaking at $15,068 million in 2015, decreasing to $13,478 million in 2019, indicating either asset disposals, depreciation outpacing acquisitions, or less capital expenditure. Goodwill reached a maximum of $16,914 million in 2018 after a steep rise from $2,359 million in 2014, then slightly reduced to $16,560 million in 2019, pointing to significant acquisitions followed by minimal impairment or divestitures.

Intangible Assets and Other Non-Current Assets

Intangible assets increased substantially from $1,180 million in 2014 to a peak of $12,351 million in 2015 and then experienced declines, stabilizing around $10,876 million in 2019. Other non-current assets fluctuated but generally trended upward after 2016, reaching $1,133 million by 2019. Such movements suggest reclassifications, amortizations, or acquisitions affecting these categories.

Equity Method Investments

These investments declined sharply from $7,248 million in 2014 to $1,242 million in 2015, before recovering steadily to $6,851 million in 2019. This pattern indicates significant transactions impacting equity investments, possibly disposals or revaluations, with a rebound likely related to new investments or improved valuations.

Total Assets

Total assets nearly doubled from $37,182 million in 2014 to $68,782 million in 2015, indicating major balance sheet expansion, likely driven by acquisitions or revaluation. Following this peak, assets maintained a generally high level around the $67,000 to $72,000 million range, with moderate fluctuations through 2019.

In summary, the period is characterized by substantial asset growth primarily driven by acquisitions and increased receivables, combined with considerable volatility in liquidity positions. The evolution in goodwill and intangible assets confirms strategic expansion through acquisitions, while the slight decline in PP&E reflects possible asset rationalization. The notable fluctuations in equity method investments and current assets indicate dynamic shifts in operational or investment activities throughout the years.