Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Between 2021 and 2024 Domino’s shows a modest increase in total assets (from $1,567.2m to $1,737.0m, +10.8%) while total liabilities rose more sharply and unevenly (from $4,867.6m to a 2022 peak of $5,881.4m, then easing to $5,699.3m in 2024). That produced very large, persistent negative stockholders’ equity over the period: –$3,300.4m (2021) → –$4,209.5m (2022), then partially recovering to –$3,962.3m (2024). Leverage stayed extreme: liabilities were roughly 3.1–3.5x assets across years (peaking in 2022), and equity/assets remained around –2.1x to –2.5x, indicating liabilities materially exceed assets throughout the period. (Note: the 2025 row shows zeros and appears to be missing data.) The pattern — small asset growth, a jump in liabilities in 2022, and a partial deleveraging afterward — suggests a financing/treasury-driven story (debt issuance, refinancing, reclassification or one‑time items) rather than a surge of operating assets. In the restaurant/franchise sector this outcome can reflect a light asset base (franchisor model), significant lease obligations and long‑term debt, and shareholder returns (buybacks/dividends) that compress reported equity; negative equity alone does not equal insolvency if cash flows and liquidity are healthy. Still, the magnitude of negative equity and high liabilities-to-assets ratio increase financial risk and warrant review of the 2022 notes (debt activity, leasing accounting, acquisitions or unusual items), the company’s cash flow and covenant position, and management’s capital-allocation plans.
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.