Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period the company's total assets increased modestly from $51,248m in 2021 to $57,769m in 2025 (≈+12.7%), while total liabilities rose more sharply from $36,808m to $43,103m (≈+17.1%). That differential growth caused the company’s leverage to increase through 2023 — liabilities as a share of assets climbed from about 71.8% in 2021 to a peak near 79.0% in 2023 — before easing to roughly 74.6% by 2025. The asset base therefore expanded steadily, but pressure on balance-sheet financing was evident in the middle of the period when liabilities grew faster than assets. Stockholders’ equity fell from $14,440m in 2021 to $11,232m in 2023 (equity/assets down from ~28.2% to ~21.1%), then recovered to $14,666m by 2025 (ending slightly above the 2021 level, +≈1.6%). That mid‑period equity erosion — followed by a rebound — could reflect a combination of weaker earnings, dividends/share repurchases, or temporary increases in borrowings; the recovery in 2024–25 suggests improving operating results or deliberate deleveraging/capital actions. In a retail context (where working capital, inventory funding and lease/short-term financing can fluctuate with sales and inventory cycles), the pattern points to a transient rise in leverage that management has partially reversed, leaving a slightly stronger equity cushion by 2025 but still higher average leverage over the period.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.