- Total liabilities as a % of equity remained at a record high
- Net debt as a % of equity increased by 5% to a record
- Financial leverage increased again to a record
- Non-financial working capital as a % of total capital (a measure of working capital accumulation (lower is better)) fell, but it still near the record high
- Inventories as a % of total capital fell, but remain near the record high
- Accounts receivable, accounts payable and inventories all remain near record highs (i.e. corporates are still "stuffing the channel" to finance sales)
Meanwhile, the net profit margin fell to a record low and the cash flow margin rose but is just slightly above the decade low. These measures are 1/2 to 1/3 of their level of 10 years ago. Once again we have more leverage and less margin for error.