GameStop Corp. (NYSE:GME)

Total Asset Turnover

The reported total asset turnover exhibited a fluctuating trend over the periods, starting at 2.05 in 2019, peaking at 2.29 in 2020, followed by a decline to 1.72 in 2022, then a partial recovery to 1.95 by 2024. The adjusted total asset turnover followed a similar pattern, though values in 2023 and 2024 were slightly lower than reported ratios, indicating minor adjustments affected asset efficiency measures.

Current Ratio

The reported current ratio showed a decline from 1.43 in 2019 to 1.16 in 2021, indicating weakening short-term liquidity. However, a notable improvement occurred in 2022, with values rising to 1.92 and maintaining elevated levels of 2.11 in 2024. Adjusted current ratios consistently exceeded reported figures, reflecting a more conservative liquidity position, which peaked at 2.46 in 2024, signifying strengthened short-term financial stability.

Debt to Equity

Reported debt to equity ratios increased gradually from 0.61 in 2019 to 0.83 in 2021, suggesting rising reliance on debt. Subsequently, a sharp decline was observed to 0.03 in 2022 and further to 0.02 in 2024, implying significant debt reduction or equity increases. Adjusted ratios presented higher leverage levels throughout, with elevated ratios near 1.8 in 2020 and remaining around 0.4 thereafter, indicating adjustments account for additional liabilities or different capital structures.

Debt to Capital

Reported debt to capital mirrored debt to equity trends, increasing to 0.45 in 2021 before dropping to 0.02 by 2024, emphasizing reduced debt burden. Adjusted ratios remained higher, ranging between 0.55 and 0.65 initially, then decreasing to approximately 0.29, indicating that adjusted metrics capture more comprehensive debt-related components over time.

Financial Leverage

Reported financial leverage escalated from 3.03 in 2019 to a peak of 5.66 in 2021, indicating increasing use of borrowed funds relative to equity. Afterward, a considerable reduction was observed to 2.02 in 2024. Adjusted leverage showed a less pronounced peak at 4.42 in 2021 and declined steadily to 1.85 in 2024, which aligns with the deleveraging noted in debt ratios.

Net Profit Margin

The reported net profit margin was negative throughout most periods, improving from -8.12% in 2019 to -4.23% in 2021, then fluctuating before reaching a marginally positive 0.13% in 2024. Adjusted margins consistently exhibited larger losses but narrowed over time, with the smallest adjusted loss at -1.66% in 2024, suggesting gradual operational improvements yet limited profitability.

Return on Equity (ROE)

Reported ROE was substantially negative from 2019 through 2023, with the least negative figure at -23.68% in 2023, followed by a modest positive return of 0.5% in 2024. Adjusted ROE paralleled this trend but remained negative across all periods, improving from -70.44% in 2019 to -5.93% in 2024, signifying ongoing challenges in generating shareholder returns but progress toward profitability.

Return on Assets (ROA)

The reported ROA followed a negative trajectory but showed signs of recovery, moving from -16.64% in 2019 to near break-even at 0.25% in 2024. Adjusted ROA demonstrated similar patterns but with more pronounced losses and less improvement, declining from -19.72% in 2019 to -3.2% in 2024, suggesting that while asset efficiency is improving, profitability remains constrained on an asset basis.

Net Sales

Net sales experienced a downward trend from 8,285,300 thousand USD in 2019 to 5,272,800 thousand USD in 2024. A significant decline occurred between 2019 and 2021, followed by minor fluctuations from 2022 onward, with a slight recovery in 2022 but a subsequent decrease again by 2024.

Total Assets

Total assets decreased overall from 4,044,300 thousand USD in 2019 to 2,709,000 thousand USD in 2024. The most notable decline occurred between 2019 and 2021. A moderate increase was observed in 2022, but this was not sustained as values fell again through 2023 and 2024.

Reported Total Asset Turnover

The reported total asset turnover ratio showed a generally declining trend initially, from 2.05 in 2019 to 1.72 in 2022, indicating reduced efficiency in generating sales from assets. However, there was improvement after 2022, with the ratio increasing to 1.9 in 2023 and 1.95 in 2024, suggesting a partial recovery in asset utilization efficiency.

Adjusted Net Sales

Adjusted net sales closely mirror the trend in reported net sales, declining from 8,277,100 thousand USD in 2019 to 5,189,500 thousand USD in 2024. The adjusted figures also indicate a significant drop between 2019 and 2021, with a slight increase in 2022 followed by decreases in subsequent periods.

Adjusted Total Assets

Adjusted total assets similarly decreased from 4,703,918 thousand USD in 2019 to 2,696,100 thousand USD in 2024. A sharp decline occurred from 2019 to 2021, with partial recovery in 2022, then declines continued through 2024. This pattern is consistent with the reported total assets, confirming a reduction in asset base over the period.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio began at 1.76 in 2019, peaking at 2.35 in 2020, then declined to 1.73 in 2022. From 2022 onwards, a gradual improvement was evident, with ratios of 1.94 in 2023 and a slight decrease to 1.92 in 2024, indicating fluctuating but generally declining efficiency over the earlier years followed by some stabilization or improvement recently.

Overall Insights

The data reveal a consistent contraction in sales and total assets over the six-year period, with the most pronounced reductions occurring between 2019 and 2021. Despite the declining asset base, measures of asset turnover demonstrate fluctuating efficiency levels, with some recovery in utilization ratios after 2022. The trends suggest operational adjustments or market challenges impacting both revenue generation and asset investment. The slight improvement in efficiency ratios in recent years may indicate an effort to optimize the use of a smaller asset base amid decreasing sales.

Current Assets

Current assets showed a significant decline from 3,127,700 thousand USD in early 2019 to a low of approximately 1,551,200 thousand USD by early 2021. This was followed by a recovery phase, with values rising to 2,598,800 thousand USD in early 2022. However, after this peak, current assets decreased again in the subsequent years, reaching 1,974,200 thousand USD by early 2024.

Current Liabilities

Current liabilities steadily declined over the observed periods, starting at 2,181,100 thousand USD in early 2019 and decreasing to 934,500 thousand USD by early 2024. While there was some fluctuation between 2020 and 2023, the overall trend is downward, indicating a reduction in short-term obligations.

Reported Current Ratio

The reported current ratio displayed variability throughout the years. Initially, it decreased from 1.43 in early 2019 to 1.16 in early 2021, reflecting a diminished short-term liquidity position. Following this, there was a notable improvement, with the ratio increasing to 1.92 in early 2022, then slightly decreasing to 1.74 in early 2023 before surpassing earlier highs to reach 2.11 by early 2024, suggesting an enhanced ability to cover current liabilities.

Adjusted Current Assets

Adjusted current assets followed a trend very similar to reported current assets, beginning at 3,131,700 thousand USD in early 2019, decreasing to a low in 2021, rising again in 2022, and then gradually decreasing through 2024. The adjustment did not dramatically alter the overall pattern observed in the raw data.

Adjusted Current Liabilities

Adjusted current liabilities also trended downward over the years, starting at 2,056,900 thousand USD in early 2019 and reducing significantly to 805,900 thousand USD by early 2024. This decline is consistent with the trend seen in reported current liabilities, reinforcing a decrease in short-term financial obligations.

Adjusted Current Ratio

The adjusted current ratio demonstrated an improving liquidity scenario over the timeframe. It decreased initially from 1.52 in early 2019 to 1.27 in early 2021, then increased markedly to 2.15 in early 2022. Despite a slight dip to 2.06 in early 2023, it rebounded further to reach 2.46 in early 2024. This improvement suggests stronger short-term financial health when considering adjustments.

Summary of Trends

Overall, the data reflect an initial decline in both assets and liquidity ratios up until early 2021, followed by a recovery phase indicative of improved liquidity and asset management. The persistent decrease in liabilities alongside the enhancement of current ratios points to strengthened short-term financial stability by early 2024. Adjusted figures consistently present a more favorable liquidity position compared to reported values, emphasizing conservative financial adjustments that highlight increasing capacity to cover short-term liabilities.

The analysis of the financial data reveals several notable trends in the company’s debt levels, equity, and the related leverage ratios over the examined periods.

Total Debt

There is a significant downward trend in total debt, which decreased steadily from 820,800 thousand US dollars in early 2019 to only 28,500 thousand by early 2024. This indicates a substantial reduction in the company's reliance on borrowed funds over the years.

Stockholders' Equity

Stockholders’ equity shows a more variable pattern. It declined sharply from 1,336,200 thousand in 2019 to 436,700 thousand in early 2021. Subsequently, equity improved markedly, reaching a peak of 1,602,500 thousand in early 2022, before stabilizing around 1,338,600 thousand by early 2024. This suggests episodes of equity depletion followed by substantial recovery or revaluation.

Reported Debt to Equity Ratio

The reported debt to equity ratio increased slightly from 0.61 in 2019 to a peak of 0.83 in 2021, reflecting initially higher leverage. However, there was a dramatic decline to 0.03 by 2022, sustaining very low levels through 2024, consistent with the significant debt reduction.

Adjusted Total Debt

Adjusted total debt, which likely includes additional liabilities or off-balance-sheet items, also declined from 1,623,718 thousand in 2019 to 602,800 thousand in 2024. Despite this decrease, the level remains substantially higher than the reported total debt, indicating a broader perspective on the company’s indebtedness.

Adjusted Stockholders' Equity

The adjusted stockholders’ equity initially declines from 1,317,200 thousand in 2019 to 560,200 thousand in 2021, then rises dramatically to 1,731,800 thousand in 2022, followed by a moderate decline to 1,454,300 thousand in 2024. This trajectory parallels the reported equity but exhibits more pronounced fluctuations.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio increased from 1.23 in 2019 to 1.87 in 2021, indicating heightened leverage when considering broader liabilities. From 2022 onwards, this ratio dropped to around 0.37-0.41 and remained stable through 2024, suggesting improved financial leverage and reduced overall indebtedness.

In summary, the data illustrate significant deleveraging by the company over the period, marked by substantial debt reduction and recuperation of equity value post-2021. The disparity between reported and adjusted figures highlights the importance of considering all liabilities in assessing financial health. The improved leverage ratios from 2022 onwards reflect strengthened solvency and a more conservative capital structure.

The financial data reveals notable fluctuations in the company’s debt and capital structure over the examined periods. There has been a significant decline in both total debt and total capital from 2019 to 2024. Specifically, total debt decreased sharply from $820.8 million in early 2019 to $28.5 million by early 2024, indicating a marked reduction in the company’s reliance on debt financing. Simultaneously, total capital also diminished from approximately $2.16 billion to roughly $1.37 billion, reflecting changes in the overall funding base.

The reported debt to capital ratio exhibits variability, being relatively stable around 0.38 to 0.45 between 2019 and 2021, before dropping drastically to a low level near 0.02 by 2024. This decline signifies a substantial reduction in reported debt relative to total capital in the latest periods, suggesting improved capital structure strength or changes in reporting methods.

When considering adjusted figures, both adjusted total debt and adjusted total capital followed a downward trend but at different magnitudes. Adjusted total debt decreased from about $1.62 billion in 2019 to $602.8 million in 2024, which again confirms a reduction in debt level after certain adjustments. Adjusted total capital fell from approximately $2.94 billion to $2.06 billion over the same timeframe.

The adjusted debt to capital ratio remained high in the initial years, moving from 0.55 in 2019 to peaks of approximately 0.64–0.65 during 2020 and 2021. After 2021, there was a substantial decline to roughly 0.27–0.29 in the last three years. Though this represents a significant improvement, the adjusted ratio remains higher than the reported counterpart, reflecting the impact of the adjustments made to the debt and capital figures.

Overall, the trends suggest the company has been actively reducing its debt exposure while total capital has also contracted. The disparity between reported and adjusted metrics indicates that underlying adjustments materially affect the assessment of leverage and capital structure. The decline in both reported and adjusted debt to capital ratios post-2021 points to a strengthening financial position and reduced financial risk as of 2024.

The financial data reveals significant fluctuations in the company's asset base and equity position over the six-year period analyzed. Both total and adjusted assets show a general declining trend from the fiscal year ending in February 2019 through early 2021, followed by a notable recovery in 2022, before decreasing again through early 2024. This pattern indicates variability in asset management or investment levels over the years.

Total and Adjusted Assets

Total assets decreased sharply from approximately US$4.04 billion in early 2019 to about US$2.47 billion in early 2021. A rebound is observed in early 2022, with total assets rising to nearly US$3.5 billion, before falling again to approximately US$2.7 billion by early 2024. Adjusted total assets follow a similar pattern, reflecting consistency in asset adjustments relative to reported figures.

Stockholders’ Equity and Adjusted Equity

Stockholders’ equity experienced a pronounced decline from about US$1.34 billion in early 2019 to US$436.7 million in early 2021, representing a significant erosion of net worth during this period. However, a strong recovery occurred in early 2022, with equity increasing to roughly US$1.6 billion, sustained through early 2024 at levels near US$1.34 billion. Adjusted equity trends align with this, indicating improved financial position post-2021 adjustments.

Financial Leverage Ratios

The reported financial leverage ratio increased markedly from 3.03 in early 2019 to a peak of 5.66 in early 2021, indicating higher reliance on debt financing or reductions in equity. Subsequent years show a significant decrease in leverage to around 2.0 by early 2024, suggesting improved balance sheet strength or deleveraging. Adjusted financial leverage ratios reveal a slightly lower peak and a steadier decline, ending at 1.85 in early 2024, which may reflect conservative adjustments improving the leverage outlook.

Overall, the data portrays a company that underwent considerable financial strain up to early 2021, with shrinking assets and equity and rising leverage. The period following early 2021 shows a recovery phase with asset growth, equity replenishment, and reduced leverage, signaling enhanced financial stability. The adjustments applied to assets and equity appear to moderate leverage metrics, providing a refined view of financial health. Continuing monitoring of these financial indicators would be essential to assess ongoing balance sheet management and risk levels.

The financial data reflects several notable trends in the company's performance over the analyzed periods from 2019 to early 2024.

Net Income (Loss)

The net income (loss) exhibits a pattern of significant losses throughout most years, with the largest loss occurring in 2019 at -$673 million. The losses show a general decline in magnitude through 2021, reaching the smallest loss of -$215 million. However, there is a resurgence of losses in 2022 and 2023, with values of -$381 million and -$313 million, respectively. The year 2024 registers a slight positive net income of $6.7 million, marking a potential inflection point towards profitability.

Net Sales

Net sales demonstrate a downward trend over the years. Starting at $8.28 billion in 2019, sales decreased sharply to $6.47 billion in 2020 and continued to decline to $5.09 billion in 2021. A modest recovery is seen in 2022 with an increase to $6.01 billion; however, sales declined again in 2023 and 2024 to $5.93 billion and $5.27 billion respectively. This overall reduction in sales suggests challenges in maintaining revenue levels in recent years.

Reported Net Profit Margin

The reported net profit margin remains negative for most years, indicating ongoing profitability issues. It starts at -8.12% in 2019, improves somewhat to -4.23% in 2021, but worsens again in 2022 to -6.34% and slightly better to -5.28% in 2023. In 2024, the margin turns marginally positive at 0.13%, reflecting the slight net income improvement and suggesting initial progress toward stabilization.

Adjusted Net Income (Loss)

The adjusted net income (loss), which likely excludes certain non-recurring items, follows a similar trend to the reported net income, with substantial losses each year. The highest loss was in 2019 at -$928 million. Losses then decrease in magnitude through 2021, reaching -$109 million, before climbing again to -$395 million in 2022. The loss improves in 2023 to -$250 million and further in 2024 to -$86 million, showing a gradual reduction in adjusted losses but still trailing behind break-even.

Adjusted Net Sales

Adjusted net sales closely mirror the pattern observed in reported net sales, with a decline from $8.28 billion in 2019 to $5.19 billion in 2024. This consistent decrease highlights sustained pressure on core sales activities over the period.

Adjusted Net Profit Margin

The adjusted net profit margin is consistently negative, starting from -11.21% in 2019 and improving to the smallest negative margin of -2.14% in 2021. Subsequently, it deteriorates in 2022 to -6.55% but improves again in the latest years to -4.18% in 2023 and -1.66% in 2024. Despite ongoing losses, there is a trend of margin improvement toward minimizing losses.

In summary, the company has faced persistent net losses and declining sales over the given timeframe. While 2024 shows modest improvement in net income and profit margins, the overall financial performance underscores continuing challenges in profitability and revenue generation. Adjusted figures corroborate these trends, suggesting the core operational results have remained under pressure despite some recent signs of improvement.

The financial data reveals significant fluctuations in profitability and equity over the analyzed periods. The net income (loss) figures indicate consistent losses from 2019 through 2023, with a notable reduction in the magnitude of losses over time, culminating in a small positive net income in 2024. This suggests some improvement in operational performance or cost management leading to a marginal profit in the latest period.

Stockholders’ equity exhibits variability, with a sharp decline between 2019 and 2021, followed by a substantial rebound in 2022. The equity levels then stabilize somewhat around 1.3 billion USD in the final two periods. This trend may reflect efforts to recapitalize the company or retention of earnings partially offsetting prior declines in equity.

Reported Return on Equity (ROE) consistently remains negative, mirroring the ongoing losses, though the rate of negative return diminishes significantly by 2024, reaching a near breakeven level. Adjusted ROE follows a similar pattern but consistently reports lower negative percentages than reported ROE until the final period. The 2024 adjusted ROE, while still negative, shows a markedly reduced loss, indicating improving efficiency or profitability on an adjusted basis.

The adjusted net income (loss) figures show a similar pattern to reported net income but with slightly less volatility, suggesting adjustments may mitigate some extraordinary items or one-time charges. The adjusted stockholders’ equity values mirror the trend in reported equity but are consistently higher, implying that adjustments may account for valuation or accounting treatments leading to elevated equity figures.

Overall, the data portrays a company grappling with financial challenges but demonstrating gradual progress toward profitability and equity stabilization. The reduction in losses and improvements in both reported and adjusted ROE posit a cautiously optimistic outlook for financial health going forward.

Over the examined periods, the company exhibited a pattern of consistent net losses until the most recent fiscal year, which showed a marginal net income. Specifically, net losses decreased significantly from -$673 million in early 2019 to a minimal profit of $6.7 million by early 2024, indicating an improvement in profitability, although the results remain close to breakeven.

Total assets demonstrated volatility with an initial decline from approximately $4.04 billion in 2019 to about $2.47 billion in 2021, followed by a partial recovery to around $3.5 billion in 2022, then a subsequent decline to $2.71 billion by 2024. This fluctuation suggests varying investment or divestment activities and potential restructuring during these years.

Return on Assets (ROA)

The reported ROA revealed a persistent negative trend from -16.64% in 2019, worsening slightly to -16.7% in 2020, before improving gradually to a positive 0.25% in 2024. This shift towards positive ROA reflects enhanced efficiency in asset utilization aligning with the improved net income figures.

Adjusted net income (loss)

Adjusted net losses mirrored the general trend of reported net income but were consistently larger in magnitude, indicating the impact of one-time items or adjustments. Adjusted losses decreased from -$928 million in 2019 to -$86 million in 2024, reflecting ongoing operational challenges despite some improvement.

Adjusted total assets

Adjusted total assets followed a trend similar to reported assets, beginning at $4.7 billion in 2019, dropping significantly to $2.48 billion in 2021, rebounding to $3.49 billion in 2022, and declining again to approximately $2.7 billion by 2024, reinforcing evidence of asset base restructuring.

Adjusted ROA

Adjusted ROA remained negative across all years, starting at -19.72% in 2019 and improving steadily to -3.2% in 2024, continuing to indicate operational inefficiencies though reflecting a narrowing loss relative to assets.

In summary, the financial data indicate a company undergoing significant transformation with general improvement in profitability and asset use efficiency over the period. The trend towards reduced losses and stabilization of asset levels is positive, though continued negative adjusted results highlight ongoing operational issues requiring attention. The small net income profit achieved in the latest period marks a critical inflection point but signals a need for sustained improvement.