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Williams-Sonoma Inc. (NYSE:WSM)

This company has been moved to the archive! The financial data has not been updated since May 24, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Williams-Sonoma Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020 Feb 3, 2019
Accounts payable 11.53 10.90 13.24 11.65 12.86 18.72
Accrued expenses 5.01 5.31 6.92 5.74 4.32 5.81
Gift card and other deferred revenue 10.88 10.28 9.68 8.01 7.14 10.33
Income taxes payable 1.83 1.31 1.72 1.49 0.56 0.76
Current debt 0.00 0.00 0.00 6.42 7.40 0.00
Current operating lease liabilities 4.45 4.97 4.70 4.50 5.62 0.00
Other current liabilities 1.96 2.32 2.04 1.84 1.81 2.58
Current liabilities 35.66% 35.09% 38.30% 39.64% 39.70% 38.21%
Long-term debt 0.00 0.00 0.00 0.00 0.00 10.65
Long-term operating lease liabilities 21.92 25.99 23.06 21.99 27.00 0.00
Other long-term liabilities 2.07 2.44 2.66 2.94 2.81 10.05
Long-term liabilities 23.99% 28.43% 25.72% 24.93% 29.81% 20.70%
Total liabilities 59.65% 63.52% 64.02% 64.58% 69.52% 58.91%
Preferred stock: $0.01 par value; none issued 0.00 0.00 0.00 0.00 0.00 0.00
Common stock: $0.01 par value 0.01 0.01 0.02 0.02 0.02 0.03
Additional paid-in capital 11.16 12.29 12.99 13.69 14.94 20.69
Retained earnings 29.50 24.49 23.22 21.88 15.90 20.77
Accumulated other comprehensive loss -0.29 -0.30 -0.23 -0.15 -0.36 -0.39
Treasury stock, at cost -0.03 -0.02 -0.02 -0.01 -0.02 -0.01
Stockholders’ equity 40.35% 36.48% 35.98% 35.42% 30.48% 41.09%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).

The capital structure exhibits a cyclical trend over the six-year period, characterized by a significant increase in total liabilities and a corresponding decrease in stockholders' equity in 2020, followed by a steady return toward the 2019 baseline. Total liabilities peaked at 69.52% of total liabilities and stockholders’ equity in 2020 before declining to 59.65% by January 28, 2024. Conversely, stockholders' equity reached a low of 30.48% in 2020 and recovered to 40.35% by the end of the period.

Liability Composition and Trends
Current liabilities have remained relatively stable, fluctuating between 35.09% and 39.70%. A notable shift occurred in accounts payable, which decreased from 18.72% in 2019 to a range of 10.90% to 13.24% in subsequent years. Gift card and other deferred revenue showed a general upward trajectory from 2020 (7.14%) to 2024 (10.88%), indicating a growing reliance on deferred revenue streams.
Long-term liabilities experienced a structural shift in 2020, marked by the emergence of long-term operating lease liabilities, which became the dominant long-term obligation, peaking at 27.00% in 2020 and ending at 21.92% in 2024. This coincided with the disappearance of long-term debt as a reported percentage after 2019 and a consistent decline in other long-term liabilities from 10.05% in 2019 to 2.07% in 2024.
Stockholders' Equity Dynamics
The composition of equity shifted significantly toward internally generated funds. Additional paid-in capital declined consistently from 20.69% in 2019 to 11.16% in 2024. This decline was offset by a substantial increase in retained earnings, which grew from 15.90% in 2020 to 29.50% in 2024, suggesting strong profitability and a strategic decision to retain earnings rather than rely on external equity financing.
Accumulated other comprehensive loss and treasury stock remained marginal throughout the period, with comprehensive loss fluctuating between -0.15% and -0.39%, exerting negligible impact on the overall equity position.

Overall, the financial position reflects a transition toward a more equity-heavy capital structure by 2024, driven primarily by the accumulation of retained earnings. The reduction in total liabilities from their 2020 peak suggests a successful deleveraging process or an increase in the asset base funded by internal profits.

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