Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Ross Stores’ total assets grew from $12,717.9m in 2021 to $14,905.3m in 2025, an increase of about 17.2%. The asset path shows a step-up into 2022, a modest dip in 2023, then steady gains through 2024–25. Total liabilities were essentially flat, peaking at $9,580.2m in 2022 and ending slightly lower at $9,396.1m in 2025 (down ~0.3% vs. 2021). The most pronounced change is in stockholders’ equity, which rose from $3,290.6m to $5,509.2m — a roughly 67% increase — indicating a meaningful strengthening of the company’s capital base. The combined effect is clear deleveraging: the liabilities-to-equity ratio fell from about 2.87x in 2021 to roughly 1.71x in 2025, reflecting a lower reliance on liabilities to finance the business. That pattern — stable liabilities alongside rising assets and equity — suggests earnings retention and/or capital generation (rather than rising debt) bolstered the balance sheet. For a large off-price retailer like Ross, this improved capital structure enhances flexibility for store expansion, inventory investment, or weathering consumer slowdowns; however, a full assessment would require income statement and cash-flow detail (to confirm whether equity growth came from operating profits, share issuance, or other items). Overall, the balance sheet appears stronger and less leveraged by 2025.
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.