Stock Analysis on Net
Stock Analysis on Net

GameStop Corp. (NYSE:GME)

This company has been moved to the archive! The financial data has not been updated since June 11, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

GameStop Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Accounts payable 11.96 17.06 13.46 13.82 13.50 26.01
Customer-related liabilities 5.72 6.17 7.07 10.18 8.28 6.64
Deferred revenue 4.75 6.81 4.07 4.85 4.13 3.07
Employee benefits, compensation and related taxes 2.02 3.07 2.80 4.22 3.73 3.48
Income and other taxes payable 0.92 0.91 0.88 1.90 1.23 1.80
Other accrued liabilities 1.81 2.39 4.30 4.19 4.53 4.29
Accrued liabilities and other current liabilities 15.21% 19.35% 19.12% 25.35% 21.90% 19.29%
Current portion of operating lease liabilities 6.93 6.25 6.02 9.20 8.49 0.00
Current portion of long-term debt 0.40 0.35 0.12 4.92 0.00 8.63
Borrowings under revolving line of credit 0.00 0.00 0.00 1.01 0.00 0.00
Current liabilities 34.50% 43.01% 38.71% 54.30% 43.89% 53.93%
Deferred income taxes 0.00 0.00 0.00 0.00 0.02 0.00
Long-term debt, excluding current portion 0.65 0.92 1.16 8.74 14.89 11.66
Operating lease liabilities, excluding current portion 14.27 12.28 11.25 18.47 18.77 0.00
Other long-term liabilities 1.17 1.31 3.08 0.83 0.73 1.37
Long-term liabilities 16.09% 14.52% 15.49% 28.04% 34.42% 13.03%
Total liabilities 50.59% 57.53% 54.21% 82.34% 78.31% 66.96%
Class A common stock, $.001 par value 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 60.35 51.83 45.08 0.44 0.00 0.68
Accumulated other comprehensive loss -3.09 -2.31 -1.96 -1.99 -2.79 -1.34
Retained earnings (loss) -7.86 -7.05 2.67 19.21 24.48 33.69
Stockholders’ equity 49.41% 42.47% 45.79% 17.66% 21.69% 33.04%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

A significant structural shift in the balance sheet is observed between February 2019 and February 2024, characterized by a transition from a liability-funded capital structure to one primarily supported by equity. Total liabilities peaked at 82.34% of total liabilities and stockholders’ equity in January 2021 before declining steadily to 50.59% by February 2024. Conversely, stockholders’ equity, which had declined to a low of 17.66% in January 2021, increased to 49.41% by February 2024.

Debt and Long-Term Liability Trends
A substantial reduction in traditional debt obligations is evident. Long-term debt, excluding the current portion, decreased from a high of 14.89% in February 2020 to 0.65% in February 2024. Similarly, the current portion of long-term debt fell from 8.63% in February 2019 to 0.40% in February 2024. This indicates a systematic elimination of interest-bearing debt. Operating lease liabilities remain a primary component of long-term obligations, fluctuating between 11.25% and 18.77% over the period, ending at 14.27% in February 2024.
Current Liability Composition
Current liabilities as a percentage of the total balance sheet decreased from 53.93% in February 2019 to 34.50% in February 2024. Accounts payable exhibited significant volatility, starting at 26.01% in 2019, dropping to 13.50% in 2020, and eventually settling at 11.96% in 2024. Accrued liabilities and other current liabilities also showed a general downward trend, moving from 19.29% in 2019 to 15.21% in 2024.
Equity Structure and Capital Injections
The growth in stockholders’ equity is not attributable to organic earnings, but rather to external capital contributions. Additional paid-in capital rose dramatically from 0.44% in January 2021 to 60.35% in February 2024, suggesting massive equity issuances. This capital injection offset a consistent erosion of retained earnings, which transitioned from a positive 33.69% in February 2019 to a deficit of -7.86% by February 2024.
Overall Financial Position
The balance sheet has evolved from a high-leverage position with significant debt and retained earnings into a low-leverage position funded by equity contributions. While the reduction in total liabilities to 50.59% improves solvency ratios, the negative trajectory of retained earnings indicates that the equity growth is decoupled from operational profitability.

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