Yahoo! Inc. (NASDAQ:YHOO)

Debt Ratios

The debt to equity ratio shows the company began with no debt in 2012, then increased to 0.09 in 2013 before declining to stabilize around 0.03-0.04 in the following years through 2016. A similar pattern is evident in the debt to capital and debt to assets ratios, indicating modest debt usage after 2012 with relatively stable low levels from 2014 onward.

Financial Leverage

Financial leverage increased steadily from 1.17 in 2012 to a peak of 1.6 in 2014, then slightly decreased and stabilized around 1.55 in 2015 and 2016. This suggests an increasing reliance on assets financed through equity or debt up to 2014, followed by a modest reduction or maintenance of leverage thereafter.

Interest Coverage

Interest coverage was exceptionally high in 2012 at 634.61, dramatically declined to 107.85 in 2013, and then recovered somewhat to 169.05 in 2014. However, the ratio turned negative in 2015 (-60.79) and continued to worsen to -3.55 in 2016. This sharp downturn indicates that earnings before interest and taxes fell below interest expenses starting in 2015, signifying financial distress or reduced operating profitability relative to debt servicing costs.

Fixed Charge Coverage

Fixed charge coverage also followed a declining trend, dropping from 70.06 in 2012 to 17.75 in 2013, bouncing back to 75.72 in 2014, and then turning negative (-28.83 in 2015 and -1.51 in 2016). This mirrors the pattern in interest coverage and further confirms increasing difficulty in covering fixed financial obligations through operating earnings during the latter years.

Total debt

The total debt increased significantly from 37,000 thousand USD at the end of 2012 to 1,154,585 thousand USD at the end of 2013. Following this sharp rise, debt continued to grow steadily each year, reaching 1,322,945 thousand USD by the end of 2016. This indicates a substantial increase in financial leverage over the analyzed period.

Total Yahoo! Inc. stockholders’ equity

Stockholders’ equity exhibited notable fluctuations during the period. It started at 14,560,200 thousand USD in 2012, declined to 13,074,909 thousand USD in 2013, then experienced a substantial increase to 38,741,837 thousand USD in 2014. However, equity decreased again to 29,043,537 thousand USD in 2015 before recovering somewhat to 31,049,283 thousand USD by 2016. These variations suggest significant changes in retained earnings, capital transactions, or revaluation adjustments during these years.

Debt to equity ratio

The debt to equity ratio was minimal in 2012, effectively zero, indicating negligible reliance on debt financing relative to equity. In 2013, this ratio rose to 0.09, reflecting a higher but still moderate level of leverage. Subsequent years saw the ratio stabilize in the range of 0.03 to 0.04, suggesting that while the company maintained increased debt levels, equity also grew sufficiently to keep leverage at a relatively low and stable proportion.

Total debt

The total debt exhibited a significant increase from 37,000 thousand USD at the end of 2012 to over 1,154,585 thousand USD by the end of 2013. Following this sharp rise, total debt continued to grow steadily, reaching approximately 1,322,945 thousand USD by the end of 2016. This pattern indicates a substantial increase in leverage over the observed period, particularly between 2012 and 2013, with more moderate increments in subsequent years.

Total capital

Total capital showed variability across the years. Initially, it declined slightly from 14,597,200 thousand USD at the end of 2012 to 14,229,494 thousand USD in 2013. Subsequently, there was a notable surge to 39,959,260 thousand USD in 2014, followed by a reduction to 30,310,022 thousand USD in 2015. The total capital then rose again in 2016, reaching 32,372,228 thousand USD. These fluctuations suggest periods of capital restructuring or reassessment that may have affected the company's capital base.

Debt to capital ratio

The ratio of debt to capital was initially recorded as zero at the end of 2012, possibly reflecting negligible debt relative to capital at that time. In 2013, this ratio increased to 0.08, indicating a rise in leverage. Thereafter, from 2014 through 2016, the ratio stabilized between 0.03 and 0.04. This stabilization, despite increasing absolute debt amounts, reflects the concurrent growth or maintenance of capital levels, which helped keep leverage ratios relatively constant in the later years.

Total Debt

The total debt exhibited a significant increase from 37,000 thousand USD in 2012 to 1,154,585 thousand USD in 2013. Subsequently, it continued to rise steadily, reaching 1,212,423 thousand USD in 2014, 1,266,485 thousand USD in 2015, and ultimately 1,322,945 thousand USD in 2016. This trend indicates a substantial increase in the company's leverage over the five-year period.

Total Assets

Total assets experienced notable fluctuations. Initially, assets decreased slightly from 17,103,253 thousand USD in 2012 to 16,804,959 thousand USD in 2013. However, a dramatic surge followed in 2014, with assets climbing sharply to 61,960,344 thousand USD. This was succeeded by a decline in 2015 to 45,203,966 thousand USD and a modest recovery to 48,083,079 thousand USD in 2016. The sharp rise and subsequent fall suggest significant asset revaluation, acquisition activity, or divestitures during this period.

Debt to Assets Ratio

The debt to assets ratio started at zero in 2012, reflecting negligible or no debt relative to assets at that point. In 2013, the ratio increased to 0.07, indicating a move towards higher leverage. From 2014 through 2016, the ratio stabilized at around 0.02 to 0.03, reflecting modest and relatively stable leverage in the context of the company's expanded asset base.

The financial data exhibits several notable trends over the five-year period analyzed. The total assets of the company show a significant increase from 2012 to 2014, more than tripling from approximately 17 billion US dollars to over 61 billion US dollars. However, following this peak in 2014, total assets declined sharply in 2015 to about 45 billion US dollars and then showed a slight increase in 2016 to nearly 48 billion US dollars.

The total stockholders’ equity follows a similar trajectory, starting at around 14.6 billion US dollars in 2012, declining slightly in 2013, then surging substantially in 2014 to nearly 39 billion US dollars. Like total assets, stockholders’ equity decreased considerably in 2015 to approximately 29 billion US dollars but experienced a modest recovery in 2016, reaching over 31 billion US dollars.

Financial leverage, expressed as a ratio, demonstrates a rising trend from 1.17 in 2012 to 1.60 in 2014, indicating an increasing proportion of assets financed by liabilities relative to equity. After peaking in 2014, this ratio slightly decreased but remained relatively high at 1.56 in 2015 and 1.55 in 2016. This suggests that despite some reduction, the company's reliance on debt financing remained elevated compared to the earlier years.

Total Assets

Strong growth until 2014, then notable decline in 2015, partial recovery in 2016.

Stockholders' Equity

Mirrors asset trend with significant increase in 2014, followed by decline and partial rebound.

Financial Leverage

Increasing leverage until 2014, stable but high leverage thereafter indicating sustained higher debt usage.

Overall, the data reflects a period of expansion and increased capitalization up to 2014, succeeded by a reduction in scale and equity base, possibly indicating restructurings or asset sales. The persistent elevated financial leverage post-2014 suggests a consistent strategy of financing a substantial portion of assets through debt.

Earnings before interest and tax (EBIT)

The EBIT values demonstrate significant fluctuations over the analyzed period. In 2012, EBIT was substantially high at approximately 5.9 million USD. This was followed by a sharp decline in 2013 to about 1.5 million USD. A strong recovery occurred in 2014, reaching a peak of approximately 11.6 million USD. However, in 2015, EBIT turned negative with a considerable loss of around 4.4 million USD, and though there was some improvement in 2016, EBIT remained negative at approximately 0.26 million USD. This pattern suggests volatility in operating performance with a peak in 2014 and subsequent operational challenges in the later years.

Interest Expense

Interest expense shows a gradual increase over the five-year period. Starting from approximately 9.3 thousand USD in 2012, the expenses rose to about 14.3 thousand USD in 2013, then sharply increased to nearly 68.9 thousand USD in 2014. From 2014 to 2016, the interest expense remained relatively stable, with slight increases each year, reaching roughly 73.8 thousand USD in 2016. The trend indicates an increasing cost associated with debt or other interest-bearing liabilities.

Interest Coverage Ratio

The interest coverage ratio, reflecting the company’s ability to meet interest obligations from operating earnings, showed a strong decline over the analyzed years. In 2012, the ratio was very high at 634.61, indicating excellent coverage. It dropped significantly to 107.85 in 2013 and improved to 169.05 in 2014, corresponding to the peak in EBIT that year. However, in 2015, the ratio turned negative to -60.79 due to negative EBIT, indicating the company was not generating sufficient earnings to cover interest expenses. This negative trend persisted into 2016 with a ratio of -3.55, suggesting continuing difficulties in servicing interest from operating earnings.

Earnings Before Fixed Charges and Tax

The earnings before fixed charges and tax exhibit significant volatility over the five-year period. Initially, there is a substantial decline from approximately 5.98 million USD in 2012 to 1.62 million USD in 2013. This is followed by a notable recovery in 2014, where the value peaks at around 11.73 million USD. However, the subsequent years reflect a sharp deterioration, with negative earnings recorded both in 2015 (-4.29 million USD) and 2016 (-0.20 million USD), indicating operational challenges or higher expenses impacting profitability in the latter years.

Fixed Charges

Fixed charges show a generally increasing trend from 85,297 USD in 2012 to a peak of 154,851 USD in 2014. After reaching this high, the fixed charges slightly decrease in 2015 to 148,865 USD and further decrease to 133,783 USD in 2016. This pattern suggests that although fixed financial obligations rose initially, there was some alleviation in these charges in the last two reported years.

Fixed Charge Coverage Ratio

The fixed charge coverage ratio mirrors the instability seen in earnings before fixed charges and tax. It starts at a high ratio of 70.06 in 2012, which drastically drops to 17.75 in 2013. This ratio improves significantly in 2014 to 75.72, aligning with the peak in earnings before fixed charges and tax. However, the coverage ratio turns negative in both 2015 (-28.83) and 2016 (-1.51), signaling that earnings were insufficient to cover fixed charges during these years, implying potential liquidity stress or operational losses linked to fixed obligations in recent periods.