Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Ross Stores Inc., adjusted financial ratios

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Activity Ratio
Total Asset Turnover
Reported	1.39	0.99	1.72	2.47	2.47	2.42
Adjusted	1.39	0.99	1.72	1.60	1.63	1.58
Solvency Ratios
Debt to Equity
Reported	0.60	0.76	0.09	0.09	0.13	0.14
Adjusted	1.34	1.68	0.99	1.06	1.07	1.12
Debt to Capital
Reported	0.38	0.43	0.09	0.09	0.12	0.13
Adjusted	0.57	0.63	0.50	0.51	0.52	0.53
Financial Leverage
Reported	3.36	3.86	2.78	1.84	1.88	1.93
Adjusted	3.25	3.73	2.66	2.74	2.77	2.84
Profitability Ratios
Net Profit Margin
Reported	9.11%	0.68%	10.36%	10.59%	9.64%	8.69%
Adjusted	9.19%	0.46%	10.56%	10.81%	9.39%	8.62%
Return on Equity (ROE)
Reported	42.43%	2.59%	49.44%	48.02%	44.69%	40.67%
Adjusted	41.41%	1.69%	48.25%	47.21%	42.35%	38.64%
Return on Assets (ROA)
Reported	12.63%	0.67%	17.77%	26.14%	23.82%	21.05%
Adjusted	12.74%	0.45%	18.11%	17.25%	15.28%	13.63%

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Ross Stores Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Ross Stores Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Ross Stores Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Ross Stores Inc. adjusted financial leverage ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Ross Stores Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Ross Stores Inc. adjusted ROE deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Ross Stores Inc. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

Ross Stores Inc., Financial Ratios: Reported vs. Adjusted

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	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Sales	18,916,244)	12,531,565)	16,039,073)	14,983,541)	14,134,732)	12,866,757)
Total assets	13,640,256)	12,717,867)	9,348,367)	6,073,691)	5,722,051)	5,309,351)
Activity Ratio
Total asset turnover¹	1.39	0.99	1.72	2.47	2.47	2.42
Adjusted
Selected Financial Data (US$ in thousands)
Sales	18,916,244)	12,531,565)	16,039,073)	14,983,541)	14,134,732)	12,866,757)
Adjusted total assets²	13,640,256)	12,717,867)	9,348,367)	9,386,824)	8,689,738)	8,135,941)
Activity Ratio
Adjusted total asset turnover³	1.39	0.99	1.72	1.60	1.63	1.58

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
Total asset turnover = Sales ÷ Total assets
= 18,916,244 ÷ 13,640,256 = 1.39

² Adjusted total assets. See details »

³ 2022 Calculation
Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 18,916,244 ÷ 13,640,256 = 1.39

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Ross Stores Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt	2,452,325)	2,513,085)	312,891)	312,440)	396,967)	396,493)
Stockholders’ equity	4,060,050)	3,290,640)	3,359,249)	3,305,746)	3,049,308)	2,748,017)
Solvency Ratio
Debt to equity¹	0.60	0.76	0.09	0.09	0.13	0.14
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	5,622,139)	5,732,799)	3,487,900)	3,625,573)	3,364,654)	3,223,083)
Adjusted stockholders’ equity³	4,197,692)	3,412,507)	3,508,928)	3,430,054)	3,135,114)	2,869,402)
Solvency Ratio
Adjusted debt to equity⁴	1.34	1.68	0.99	1.06	1.07	1.12

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,452,325 ÷ 4,060,050 = 0.60

² Adjusted total debt. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 5,622,139 ÷ 4,197,692 = 1.34

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Ross Stores Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt	2,452,325)	2,513,085)	312,891)	312,440)	396,967)	396,493)
Total capital	6,512,375)	5,803,725)	3,672,140)	3,618,186)	3,446,275)	3,144,510)
Solvency Ratio
Debt to capital¹	0.38	0.43	0.09	0.09	0.12	0.13
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	5,622,139)	5,732,799)	3,487,900)	3,625,573)	3,364,654)	3,223,083)
Adjusted total capital³	9,819,831)	9,145,306)	6,996,828)	7,055,627)	6,499,768)	6,092,485)
Solvency Ratio
Adjusted debt to capital⁴	0.57	0.63	0.50	0.51	0.52	0.53

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,452,325 ÷ 6,512,375 = 0.38

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 5,622,139 ÷ 9,819,831 = 0.57

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Ross Stores Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Total assets	13,640,256)	12,717,867)	9,348,367)	6,073,691)	5,722,051)	5,309,351)
Stockholders’ equity	4,060,050)	3,290,640)	3,359,249)	3,305,746)	3,049,308)	2,748,017)
Solvency Ratio
Financial leverage¹	3.36	3.86	2.78	1.84	1.88	1.93
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	13,640,256)	12,717,867)	9,348,367)	9,386,824)	8,689,738)	8,135,941)
Adjusted stockholders’ equity³	4,197,692)	3,412,507)	3,508,928)	3,430,054)	3,135,114)	2,869,402)
Solvency Ratio
Adjusted financial leverage⁴	3.25	3.73	2.66	2.74	2.77	2.84

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 13,640,256 ÷ 4,060,050 = 3.36

² Adjusted total assets. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 13,640,256 ÷ 4,197,692 = 3.25

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Ross Stores Inc. adjusted financial leverage ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Net earnings	1,722,589)	85,382)	1,660,928)	1,587,457)	1,362,753)	1,117,654)
Sales	18,916,244)	12,531,565)	16,039,073)	14,983,541)	14,134,732)	12,866,757)
Profitability Ratio
Net profit margin¹	9.11%	0.68%	10.36%	10.59%	9.64%	8.69%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings²	1,738,364)	57,570)	1,692,937)	1,619,207)	1,327,786)	1,108,860)
Sales	18,916,244)	12,531,565)	16,039,073)	14,983,541)	14,134,732)	12,866,757)
Profitability Ratio
Adjusted net profit margin³	9.19%	0.46%	10.56%	10.81%	9.39%	8.62%

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
Net profit margin = 100 × Net earnings ÷ Sales
= 100 × 1,722,589 ÷ 18,916,244 = 9.11%

² Adjusted net earnings. See details »

³ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Sales
= 100 × 1,738,364 ÷ 18,916,244 = 9.19%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Ross Stores Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Net earnings	1,722,589)	85,382)	1,660,928)	1,587,457)	1,362,753)	1,117,654)
Stockholders’ equity	4,060,050)	3,290,640)	3,359,249)	3,305,746)	3,049,308)	2,748,017)
Profitability Ratio
ROE¹	42.43%	2.59%	49.44%	48.02%	44.69%	40.67%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings²	1,738,364)	57,570)	1,692,937)	1,619,207)	1,327,786)	1,108,860)
Adjusted stockholders’ equity³	4,197,692)	3,412,507)	3,508,928)	3,430,054)	3,135,114)	2,869,402)
Profitability Ratio
Adjusted ROE⁴	41.41%	1.69%	48.25%	47.21%	42.35%	38.64%

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
ROE = 100 × Net earnings ÷ Stockholders’ equity
= 100 × 1,722,589 ÷ 4,060,050 = 42.43%

² Adjusted net earnings. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted stockholders’ equity
= 100 × 1,738,364 ÷ 4,197,692 = 41.41%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Ross Stores Inc. adjusted ROE deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Reported
Selected Financial Data (US$ in thousands)
Net earnings	1,722,589)	85,382)	1,660,928)	1,587,457)	1,362,753)	1,117,654)
Total assets	13,640,256)	12,717,867)	9,348,367)	6,073,691)	5,722,051)	5,309,351)
Profitability Ratio
ROA¹	12.63%	0.67%	17.77%	26.14%	23.82%	21.05%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings²	1,738,364)	57,570)	1,692,937)	1,619,207)	1,327,786)	1,108,860)
Adjusted total assets³	13,640,256)	12,717,867)	9,348,367)	9,386,824)	8,689,738)	8,135,941)
Profitability Ratio
Adjusted ROA⁴	12.74%	0.45%	18.11%	17.25%	15.28%	13.63%

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ 2022 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 1,722,589 ÷ 13,640,256 = 12.63%

² Adjusted net earnings. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 1,738,364 ÷ 13,640,256 = 12.74%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Ross Stores Inc. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

Ross Stores Inc. (NASDAQ:ROST)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Ross Stores Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)