Cracker Barrel Old Country Store (CBRL)

Debt-to-equity ratio

		Aug 2, 2024	Jul 28, 2023	Jul 29, 2022	Jul 30, 2021	Jul 31, 2020
Long-term debt	US$ in thousands	476,581	414,904	423,249	327,253	910,000
Total stockholders’ equity	US$ in thousands	440,149	483,825	511,479	663,633	418,389
Debt-to-equity ratio		1.08	0.86	0.83	0.49	2.18

August 2, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $476,581K ÷ $440,149K
= 1.08

The debt-to-equity ratio of Cracker Barrel Old Country Store has shown some fluctuation over the last five years. In particular, the ratio increased significantly from 0.49 in July 2020 to 2.18 in July 2021. This suggests a substantial rise in debt relative to equity in the company's capital structure. However, in the following years, the ratio decreased, indicating a decrease in the company's reliance on debt financing compared to equity. In the most recent year ending August 2, 2024, the debt-to-equity ratio stood at 1.08, which indicates that the company has a higher proportion of debt relative to equity compared to the preceding two years but is still lower than the ratio observed in July 2021. Overall, the trend suggests that Cracker Barrel Old Country Store has been actively managing its debt levels in recent years to achieve a more balanced capital structure.