Debt to Equity
since 2005
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Walgreens Boots Alliance Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
Walgreens Boots Alliance Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Walgreens Boots Alliance, Inc. shareholders’ equity1 | |
|---|---|---|---|---|---|
| Aug 31, 2019 | = | ÷ | |||
| Aug 31, 2018 | = | ÷ | |||
| Aug 31, 2017 | = | ÷ | |||
| Aug 31, 2016 | = | ÷ | |||
| Aug 31, 2015 | = | ÷ | |||
| Aug 31, 2014 | = | ÷ | |||
| Aug 31, 2013 | = | ÷ | |||
| Aug 31, 2012 | = | ÷ | |||
| Aug 31, 2011 | = | ÷ | |||
| Aug 31, 2010 | = | ÷ | |||
| Aug 31, 2009 | = | ÷ | |||
| Aug 31, 2008 | = | ÷ | |||
| Aug 31, 2007 | = | ÷ | |||
| Aug 31, 2006 | = | ÷ | |||
| Aug 31, 2005 | = | ÷ |
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), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
1 US$ in millions
The analysis of the financial data over the indicated periods reveals several notable trends concerning the company's debt levels, shareholders' equity, and the resulting debt-to-equity ratio.
- Total Debt
- Total debt was unreported for the first two years but showed a consistent upward trend starting from 2008. Initially, debt levels were relatively low, at $879 million in 2008, increasing steadily to $2.4 billion by 2011. The most significant spike occurred between 2013 and 2016, where debt nearly tripled from approximately $5.4 billion in 2013 to over $14 billion in 2016. After this peak, total debt fluctuated somewhat but generally remained elevated, closing at $16.8 billion in 2019.
- Shareholders’ Equity
- Shareholders' equity demonstrated consistent growth from 2005 through 2015, rising from approximately $8.9 billion to $30.9 billion. After 2015, equity values showed a gradual decline, decreasing each year to about $23.5 billion by 2019. This trend indicates a period of expansion in equity capital followed by contraction in more recent years.
- Debt-to-Equity Ratio
- This ratio was not reported prior to 2008 but displayed significant variability thereafter. Initially low in 2008 at 0.08, the ratio gradually increased, with a notable jump in 2013 to 0.3 from previous sub-0.2 levels. After reaching 0.64 in 2015, the ratio declined somewhat in 2016 and 2017 but then increased again, reaching 0.72 by 2019. Overall, this reflects a trend toward higher leverage over time, particularly from 2013 onwards.
In summary, the company has increasingly relied on debt financing over the examined period, with debt levels and leverage ratios rising substantially in the mid-2010s. Concurrently, shareholders' equity expanded through 2015 but declined thereafter. The rising debt-to-equity ratio indicates a shift toward greater financial leverage and potential increased financial risk in recent years.
Comparison to Competitors
Walgreens Boots Alliance Inc., debt to equity, long-term trends, comparison to competitors
| Walgreens Boots Alliance Inc. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Aug 31, 2019 | ||||
| Aug 31, 2018 | ||||
| Aug 31, 2017 | ||||
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| Aug 31, 2015 | ||||
| Aug 31, 2014 | ||||
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| Aug 31, 2012 | ||||
| Aug 31, 2011 | ||||
| Aug 31, 2010 | ||||
| Aug 31, 2009 | ||||
| Aug 31, 2008 | ||||
| Aug 31, 2007 | ||||
| Aug 31, 2006 | ||||
| Aug 31, 2005 |
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), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
Comparison to Sector (Consumer Staples Distribution & Retail)
Walgreens Boots Alliance Inc., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)
| Walgreens Boots Alliance Inc. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 31, 2019 | ||
| Aug 31, 2018 | ||
| Aug 31, 2017 | ||
| Aug 31, 2016 | ||
| Aug 31, 2015 | ||
| Aug 31, 2014 | ||
| Aug 31, 2013 | ||
| Aug 31, 2012 | ||
| Aug 31, 2011 | ||
| Aug 31, 2010 | ||
| Aug 31, 2009 | ||
| Aug 31, 2008 | ||
| Aug 31, 2007 | ||
| Aug 31, 2006 | ||
| Aug 31, 2005 |
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), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
Comparison to Industry (Consumer Staples)
Walgreens Boots Alliance Inc., debt to equity, long-term trends, comparison to industry (consumer staples)
| Walgreens Boots Alliance Inc. | Consumer Staples | |
|---|---|---|
| Aug 31, 2019 | ||
| Aug 31, 2018 | ||
| Aug 31, 2017 | ||
| Aug 31, 2016 | ||
| Aug 31, 2015 | ||
| Aug 31, 2014 | ||
| Aug 31, 2013 | ||
| Aug 31, 2012 | ||
| Aug 31, 2011 | ||
| Aug 31, 2010 | ||
| Aug 31, 2009 | ||
| Aug 31, 2008 | ||
| Aug 31, 2007 | ||
| Aug 31, 2006 | ||
| Aug 31, 2005 |
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), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).