Pulling up the quarterly reports on Yahoo Finance, since Mickey D’s wants to conceal the balance sheet numbers:
Equity 12/31/21: -$4.6B, Q1, 22: -$5.9B, Q2,22: -$6.3B
Tangible book value: Q4, 21: -$7.3B, Q1,22: -$8.8B, Q2,22: -$9.0B
Net debt: Q4,21: $30.9B, Q1,22: $31.6B, Q2,22: $32.7B
Shares in treasury Q4, 21: 915.8m, Q1,22: 921.1m, Q2,22: 924.9m
These are the sort of trends I flagged at Boeing, several years ago. Like Boeing, Mickey D’s has a nice business. But they start manipulating the numbers, and they can’t stop, because they always want to be “better than expected”. By conventional measures, they owe more than they own, Mickey D’s is bankrupt.
Steve