Walgreens Financial Statements and Financial Ratios Analyzed

Walgreens Financial Statements and Financial Ratios Analyzed

A Beginner's Guide to Walgreens Financial Analysis - 2022

  • Included Easy to download PDF File.
  • Included Easy to use format.
  • Included Amazon's Summarized Income Statement and Balance Sheet
  • Included Popular financial ratios for included... With calculations and formulas!
  • Included Expert tips to help with financial statements analysis.
  • Included Expert tips to help with financial ratios analysis.
  • NOT Included-Identify and discuss financial trends.
  • NOT Included-Expert financial analysis done by Paul Borosky, MBA.
  • NOT Included- Analyst "Letter Grades" for Amazon's ratios.

Walgreens Financial Report by Paul Borosky, MBA. - 2019

  • Included Easy to download PDF File.
  • Included Easy to use format.
  • Included Summarized Income Statement and Balance Sheet
  • Included Popular financial ratios included... With calculations and formulas!
  • Included Expert tips to help with financial statements analysis.
  • Included Expert tips to help with financial ratios analysis.
  • Included Identify and discuss financial trends.
  • Included Expert financial analysis done by Paul Borosky MBA.
  • Included Analyst "Letter Grades" for Amazon's ratios.

Hey All,

Thanks for visiting my Walgreens Financial Report page. On this page, you will be able to find preliminary information about Walgreen's current financial performance as well as some historical track records and trends. 

For a more detailed examination of Walgreen's financial performance, please check out the "Financial Report".  In this report, written by myself, Paul Borosky, MBA., Doctoral Candidate, and published author, you will find:

  • Summarized income statement for the last 5 years.
  • Summarized balance sheet for the last 5 years.
  • Summary analysis by myself of the important income statements, balance sheets, financial ratio trends, and other happenings.
  • Five years’ worth of over twenty common financial ratios presented with formulas, calculations, and analysis tips for each ratio.
  • Line-by-line description, explanation, and analysis tip for most financial statement line items and financial ratios.
  • Professional financial analysis tips are provided in each section to help YOU conduct your OWN financial analysis!
  • Each section includes an “in other words” segment.  This is where I use plain English to explain concepts.

Enjoy the preliminary information and for a more detailed analysis, buy the financial report!


Paul, MBA.

Walgreens 2022 Beginner's Guide to Financial Analysis

Beginner's Guide to Walgreens 2022 Financial Analysis by Paul Borosky, MBA.

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Sample Financial Report

Sample Financial Report by Paul Borosky, MBA.
Financial Report Sample 2

Brief Summary: Walgreens Boots Alliance, INC. (WBA)

The Walgreens Boots Alliance Inc., or simply Walgreens (WBA), as their headquarters in Deerfield, Illinois.  The organization competes in the healthcare sector.  Specifically, the pharmaceutical retail industry.  At present, Walgreens employs about 230,000 individuals based on Yahoo finance provided information.

Financially speaking, the organization maintains a $35.1 billion market.  Yahoo Finance reports that Walgreens has a beta of .55.  This indicates that the company is less risky as compared to the overall market.  However, based on their slide in stock price, I would say the company is almost negatively correlated to the market.  In the last 52 weeks, Walgreens stock has fluctuated between $36.65 to $64.50.  The company does pay dividends.  Walgreens dividend yield the last 12 months was 4.64%.  The next dividend payout date is in August.

Walgreens Financial Report Sources

“Walgreens 2019 Company Analysis… For Beginners: Financial Statements and Financial Ratios: Defined, Discussed, and Analyzed for 5 Years” was written by, Paul Borosky, MBA. and owner of Quality Business Plan.  In this report, I used Walgreens 2018 10k, 2017 10k annual report, 2016 10k annual report, 2015 10k annual report, and 2019 10k annual report as the basis for information gathering. 


Section 1: Walgreens Income Statement Analyzed

In this section, I walk through a broad definition as to what an income statement is and why it is important.  From this, I then discuss and define income statement line items, such as revenues, gross profits, etc. in detail.  After each line item is defined and discussed, I finally offer a summary analysis of Walgreens important income statement line item trends from 2015 to 2019, in most cases.

Walgreens Inc. Revenue Growth.

Walgreens had revenues of approximately $103 billion in 2015.  The next two years, the company would moderately increase the revenues in the 2017 with about $118 billion.  However, in the last two years, ending in 2019, the firm would substantially increase the revenues ending 2019 with revenues of approximately $136.8 billion.  Surprisingly though, the organizations net profits have actually decreased as compared to the revenues.  This is more than a little bit concerning from an investor’s perspective.

Walgreens 2022 Summary Income Statement

Column1 2022 2021 2020 2019 2018


                 132,509                  121,982                  120,074                    131,537


                 104,442                    95,905                    91,915


Gross Profit


                   28,067                    26,077                    28,159


SG&A                    27,295                    24,586                    25,436                    23,557                      24,694


                     1,973                      1,927                      2,038


R & D
Total Operating Expenses


                   25,725                    25,095                    23,393




                     2,342                         982                      4,766


Other Income
Interest Expense


                        905                         613                         650




                     1,995                         446                      4,359




                        667                         339                         577


Net Income                     4,337                     2,542                        424                     3,962


Section 2: Walgreens Balance Sheet Analyzed

For Walgreens balance sheet, I again go through each important line item from the balance sheet.  In reviewing each line item, I will define their balance sheet line item, such as cash, property, plant and equipment, and liabilities between 2015 to 2019.  Next, I then offer a summary analysis of their important balance sheet line items.

Walgreens Inc. Cash.

Walgreens Inc. ended 2019 with approximately $3 billion with cash on hand.  In the next year, Walgreens would substantially increase their cash position and in 2016 with about $9.8 billion in the bank.  However, the organization would then continually drop in their cash position ending 2019 with $1 billion in the bank.  The substantial reduction in cash may be due to an acquisition.  Also, the company may have taken out significant debt in 2016, which drove up their cash position.

Walgreens 2022 Summary Balance Sheet

Column1 2022 2021 2020 2019 2018
Cash                        1,358                       559                       469                    1,023                       785
Short Term Investment                        1,114                       634
Account Receivable                        5,017                    5,663                    4,110                    7,226                    6,573
Inventory                        8,353                    8,159                    7,917                    9,333                    9,565
Current Assets                    16,902                15,814                18,073                18,700                17,846
Net PPE                      11,729                  12,247                  12,796                  13,478                  13,911
Goodwill                      22,280                  12,421                  12,013                  16,560                  16,914
Total Assets                    90,124                81,285                87,174                67,598                68,124
Accounts Payable                      11,255                  11,136                  10,145                  14,341                  13,566
Accrued Expense                        7,899                    7,260                    5,861                    5,474                    5,862
Accrued Taxes                             84                         94                         95                       216                       273
Notes Payable                        1,059                    1,305                       325                    5,738                    1,966
LT Debt - Current
Total Current Liabilities                      22,583                  22,054                  27,070                  25,769                  21,667
LT Debt                      10,615                    7,675                  12,203                  11,098                  12,431
Total Liabilities                    59,717                57,145                66,038                43,446                41,435
Common Stock                      10,950                  11,000                  10,773                  10,651                  10,505
Treasury                      20,683                  20,593                  20,575                  19,057                  15,047
Retained Earnings                      37,801                  35,121                  34,210                  35,815                  33,551
Total Equity                    29,366                23,822                21,136                24,152                26,689
Total Equity & Liability                    90,124                81,285                87,174                67,598                68,124

Section 3: Walgreens Financial Ratios Analyzed

For this section, I have chosen several different financial ratios to review for Walgreens from 2015 to 2019.  In reviewing each of their financial ratios, I first start with defining the financial ratio.  Next, I supply the financial formula for calculating the specific ratio.  Finally, I offer a brief analysis of their important Financial ratios. 

Walgreens Inc. Current Ratio.

In 2015, Walgreens had a current ratio of approximately 1.19.  Because the company does deal with retail, the organization should employ a lower current ratio as compared to other industries.  For example, Walmart continuously has a current ratio well below 1.0.  This is because these types of organizations continually generate cash on a daily basis.  This enables the firm to optimize its current assets at a higher rate as compared to other industries.  In my most humble of opinion, Walgreens needs to employ similar strategies as compared to other retail industry competitors.

Walgreens Inc. Total Asset Turnover.

Walgreen's total asset turnover ended 2015 at 1.50.  In the next four years, Walgreens will continually improve their total asset turnover ending 2019 with 2.02.  This indicates that Walgreens management teams are taking steps to continually increase their total asset utilization.  Also, the firm may be liquidating underperforming assets to help improve this ratio on a continuous basis.

Walgreens Inc. Return on Assets.

Walgreen's return on assets ended 2015 at 6.22%.  In the next four years, Walgreens would fluctuate between 7.39% in 2018 to 5.77% in 2016.  The significant fluctuation of return on assets shows that the organization does not have a coherent strategy to continually improve and optimize the usage of assets from the perspective of revenue generation.  To improve on this ratio, the organization may wish to close down underperforming stores or take action to improve inventory holding practices.

Walgreens Inc. Debt ratio.

Walgreens ended 2015 with the debt ratio of 19.36%.  In the next year, the organization’s debt would climb to 25.73%.  Fortunately though, the last three years, Walgreens has taken significant steps to reduce their current debt ratio.  The steps resulted in a debt ratio of 16.42% in 2019.  In my opinion, this debt ratio may be an optimal level for the organization.  Going any lower may jeopardize the company’s ability to exploit right off opportunities for interest payments.  Also, additional funds that may be paid to paying down the debt could be used for expansion purposes.