Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Shockwave Medical Inc., solvency ratios
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Shockwave Medical Inc. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Shockwave Medical Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Shockwave Medical Inc. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Shockwave Medical Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Shockwave Medical Inc. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Shockwave Medical Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Shockwave Medical Inc. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Shockwave Medical Inc. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Shockwave Medical Inc. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Equity
Shockwave Medical Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Debt, current portion | —) | —) | 5,500) | 3,300) | 6,667) | |
| Convertible debt, noncurrent portion | 731,863) | —) | —) | —) | —) | |
| Debt, noncurrent portion | —) | 24,198) | 11,630) | 13,319) | 7,152) | |
| Total debt | 731,863) | 24,198) | 17,130) | 16,619) | 13,819) | |
| Stockholders’ equity | 668,677) | 511,316) | 241,830) | 225,654) | 192,653) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 1.09 | 0.05 | 0.07 | 0.07 | 0.07 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Abbott Laboratories | 0.38 | 0.46 | 0.50 | 0.57 | 0.58 | |
| Cigna Group | 0.67 | 0.69 | 0.71 | 0.65 | 0.83 | |
| CVS Health Corp. | 0.81 | 0.74 | 0.75 | 0.93 | 1.07 | |
| Elevance Health Inc. | 0.64 | 0.66 | 0.64 | 0.60 | 0.63 | |
| Humana Inc. | 0.74 | 0.75 | 0.80 | 0.51 | 0.49 | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Medtronic PLC | 0.47 | 0.46 | 0.51 | 0.49 | 0.51 | |
| UnitedHealth Group Inc. | 0.70 | 0.74 | 0.64 | 0.66 | 0.71 | |
| Debt to Equity, Sector | ||||||
| Health Care Equipment & Services | 0.63 | 0.63 | 0.63 | 0.65 | 0.72 | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.83 | 0.74 | 0.80 | 0.91 | 0.92 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 731,863 ÷ 668,677 = 1.09
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Shockwave Medical Inc. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Shockwave Medical Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Debt, current portion | —) | —) | 5,500) | 3,300) | 6,667) | |
| Convertible debt, noncurrent portion | 731,863) | —) | —) | —) | —) | |
| Debt, noncurrent portion | —) | 24,198) | 11,630) | 13,319) | 7,152) | |
| Total debt | 731,863) | 24,198) | 17,130) | 16,619) | 13,819) | |
| Operating lease liability, current portion | 3,641) | 1,278) | 1,738) | 873) | 774) | |
| Operating lease liability, noncurrent portion | 35,103) | 34,928) | 28,321) | 7,488) | 8,125) | |
| Total debt (including operating lease liability) | 770,607) | 60,404) | 47,189) | 24,980) | 22,718) | |
| Stockholders’ equity | 668,677) | 511,316) | 241,830) | 225,654) | 192,653) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 1.15 | 0.12 | 0.20 | 0.11 | 0.12 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.41 | 0.49 | 0.54 | 0.61 | 0.61 | |
| Cigna Group | 0.68 | 0.70 | 0.73 | 0.67 | 0.84 | |
| CVS Health Corp. | 1.04 | 1.00 | 1.01 | 1.23 | 1.39 | |
| Elevance Health Inc. | 0.66 | 0.69 | 0.67 | 0.63 | 0.65 | |
| Humana Inc. | 0.77 | 0.79 | 0.84 | 0.54 | 0.53 | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| Medtronic PLC | 0.49 | 0.48 | 0.53 | 0.51 | 0.51 | |
| UnitedHealth Group Inc. | 0.76 | 0.80 | 0.70 | 0.73 | 0.77 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.70 | 0.71 | 0.71 | 0.74 | 0.81 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.88 | 0.80 | 0.86 | 0.97 | 0.98 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 770,607 ÷ 668,677 = 1.15
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Shockwave Medical Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital
Shockwave Medical Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Debt, current portion | —) | —) | 5,500) | 3,300) | 6,667) | |
| Convertible debt, noncurrent portion | 731,863) | —) | —) | —) | —) | |
| Debt, noncurrent portion | —) | 24,198) | 11,630) | 13,319) | 7,152) | |
| Total debt | 731,863) | 24,198) | 17,130) | 16,619) | 13,819) | |
| Stockholders’ equity | 668,677) | 511,316) | 241,830) | 225,654) | 192,653) | |
| Total capital | 1,400,540) | 535,514) | 258,960) | 242,273) | 206,472) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.52 | 0.05 | 0.07 | 0.07 | 0.07 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Abbott Laboratories | 0.28 | 0.31 | 0.34 | 0.36 | 0.37 | |
| Cigna Group | 0.40 | 0.41 | 0.42 | 0.40 | 0.45 | |
| CVS Health Corp. | 0.45 | 0.42 | 0.43 | 0.48 | 0.52 | |
| Elevance Health Inc. | 0.39 | 0.40 | 0.39 | 0.38 | 0.39 | |
| Humana Inc. | 0.42 | 0.43 | 0.44 | 0.34 | 0.33 | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Medtronic PLC | 0.32 | 0.31 | 0.34 | 0.33 | 0.34 | |
| UnitedHealth Group Inc. | 0.41 | 0.43 | 0.39 | 0.40 | 0.41 | |
| Debt to Capital, Sector | ||||||
| Health Care Equipment & Services | 0.38 | 0.39 | 0.38 | 0.39 | 0.42 | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.45 | 0.43 | 0.44 | 0.48 | 0.48 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 731,863 ÷ 1,400,540 = 0.52
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Shockwave Medical Inc. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Shockwave Medical Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Debt, current portion | —) | —) | 5,500) | 3,300) | 6,667) | |
| Convertible debt, noncurrent portion | 731,863) | —) | —) | —) | —) | |
| Debt, noncurrent portion | —) | 24,198) | 11,630) | 13,319) | 7,152) | |
| Total debt | 731,863) | 24,198) | 17,130) | 16,619) | 13,819) | |
| Operating lease liability, current portion | 3,641) | 1,278) | 1,738) | 873) | 774) | |
| Operating lease liability, noncurrent portion | 35,103) | 34,928) | 28,321) | 7,488) | 8,125) | |
| Total debt (including operating lease liability) | 770,607) | 60,404) | 47,189) | 24,980) | 22,718) | |
| Stockholders’ equity | 668,677) | 511,316) | 241,830) | 225,654) | 192,653) | |
| Total capital (including operating lease liability) | 1,439,284) | 571,720) | 289,019) | 250,634) | 215,371) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.54 | 0.11 | 0.16 | 0.10 | 0.11 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.29 | 0.33 | 0.35 | 0.38 | 0.38 | |
| Cigna Group | 0.40 | 0.41 | 0.42 | 0.40 | 0.46 | |
| CVS Health Corp. | 0.51 | 0.50 | 0.50 | 0.55 | 0.58 | |
| Elevance Health Inc. | 0.40 | 0.41 | 0.40 | 0.39 | 0.40 | |
| Humana Inc. | 0.44 | 0.44 | 0.46 | 0.35 | 0.34 | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| Medtronic PLC | 0.33 | 0.32 | 0.35 | 0.34 | 0.34 | |
| UnitedHealth Group Inc. | 0.43 | 0.45 | 0.41 | 0.42 | 0.44 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.41 | 0.41 | 0.41 | 0.43 | 0.45 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.47 | 0.44 | 0.46 | 0.49 | 0.49 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 770,607 ÷ 1,439,284 = 0.54
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Shockwave Medical Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets
Shockwave Medical Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Debt, current portion | —) | —) | 5,500) | 3,300) | 6,667) | |
| Convertible debt, noncurrent portion | 731,863) | —) | —) | —) | —) | |
| Debt, noncurrent portion | —) | 24,198) | 11,630) | 13,319) | 7,152) | |
| Total debt | 731,863) | 24,198) | 17,130) | 16,619) | 13,819) | |
| Total assets | 1,566,563) | 646,089) | 345,682) | 272,042) | 231,938) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.47 | 0.04 | 0.05 | 0.06 | 0.06 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Abbott Laboratories | 0.20 | 0.23 | 0.24 | 0.26 | 0.27 | |
| Cigna Group | 0.20 | 0.22 | 0.22 | 0.21 | 0.24 | |
| CVS Health Corp. | 0.25 | 0.23 | 0.24 | 0.28 | 0.31 | |
| Elevance Health Inc. | 0.23 | 0.23 | 0.24 | 0.23 | 0.26 | |
| Humana Inc. | 0.26 | 0.27 | 0.29 | 0.20 | 0.20 | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Medtronic PLC | 0.27 | 0.27 | 0.28 | 0.27 | 0.28 | |
| UnitedHealth Group Inc. | 0.23 | 0.23 | 0.22 | 0.22 | 0.23 | |
| Debt to Assets, Sector | ||||||
| Health Care Equipment & Services | 0.23 | 0.23 | 0.23 | 0.24 | 0.26 | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.29 | 0.28 | 0.29 | 0.31 | 0.31 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 731,863 ÷ 1,566,563 = 0.47
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Shockwave Medical Inc. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Shockwave Medical Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Debt, current portion | —) | —) | 5,500) | 3,300) | 6,667) | |
| Convertible debt, noncurrent portion | 731,863) | —) | —) | —) | —) | |
| Debt, noncurrent portion | —) | 24,198) | 11,630) | 13,319) | 7,152) | |
| Total debt | 731,863) | 24,198) | 17,130) | 16,619) | 13,819) | |
| Operating lease liability, current portion | 3,641) | 1,278) | 1,738) | 873) | 774) | |
| Operating lease liability, noncurrent portion | 35,103) | 34,928) | 28,321) | 7,488) | 8,125) | |
| Total debt (including operating lease liability) | 770,607) | 60,404) | 47,189) | 24,980) | 22,718) | |
| Total assets | 1,566,563) | 646,089) | 345,682) | 272,042) | 231,938) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.49 | 0.09 | 0.14 | 0.09 | 0.10 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.22 | 0.24 | 0.26 | 0.27 | 0.28 | |
| Cigna Group | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | |
| CVS Health Corp. | 0.32 | 0.31 | 0.33 | 0.37 | 0.40 | |
| Elevance Health Inc. | 0.24 | 0.24 | 0.25 | 0.24 | 0.27 | |
| Humana Inc. | 0.27 | 0.28 | 0.31 | 0.21 | 0.22 | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| Medtronic PLC | 0.28 | 0.27 | 0.29 | 0.28 | 0.28 | |
| UnitedHealth Group Inc. | 0.25 | 0.25 | 0.24 | 0.24 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.26 | 0.26 | 0.27 | 0.27 | 0.29 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.31 | 0.29 | 0.31 | 0.33 | 0.33 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 770,607 ÷ 1,566,563 = 0.49
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Shockwave Medical Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Financial Leverage
Shockwave Medical Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 1,566,563) | 646,089) | 345,682) | 272,042) | 231,938) | |
| Stockholders’ equity | 668,677) | 511,316) | 241,830) | 225,654) | 192,653) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.34 | 1.26 | 1.43 | 1.21 | 1.20 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Abbott Laboratories | 1.90 | 2.03 | 2.10 | 2.21 | 2.18 | |
| Cigna Group | 3.30 | 3.21 | 3.29 | 3.09 | 3.44 | |
| CVS Health Corp. | 3.27 | 3.21 | 3.10 | 3.32 | 3.48 | |
| Elevance Health Inc. | 2.77 | 2.83 | 2.70 | 2.61 | 2.44 | |
| Humana Inc. | 2.89 | 2.81 | 2.76 | 2.55 | 2.42 | |
| Intuitive Surgical Inc. | 1.16 | 1.17 | 1.14 | 1.15 | 1.18 | |
| Medtronic PLC | 1.77 | 1.73 | 1.81 | 1.79 | 1.79 | |
| UnitedHealth Group Inc. | 3.08 | 3.16 | 2.96 | 3.01 | 3.02 | |
| Financial Leverage, Sector | ||||||
| Health Care Equipment & Services | 2.73 | 2.72 | 2.67 | 2.70 | 2.75 | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.83 | 2.70 | 2.79 | 2.96 | 2.93 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 1,566,563 ÷ 668,677 = 2.34
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Shockwave Medical Inc. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Interest Coverage
Shockwave Medical Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income (loss) | 147,278) | 215,996) | (9,136) | (65,699) | (51,109) | |
| Add: Income tax expense | 27,003) | (95,168) | 301) | 80) | 62) | |
| Add: Interest expense | 6,905) | 1,886) | 1,096) | 1,212) | 944) | |
| Earnings before interest and tax (EBIT) | 181,186) | 122,714) | (7,739) | (64,407) | (50,103) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 26.24 | 65.07 | -7.06 | -53.14 | -53.08 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Abbott Laboratories | 11.46 | 15.89 | 16.41 | 10.10 | 7.09 | |
| Cigna Group | 4.94 | 7.43 | 6.22 | 8.76 | 5.11 | |
| CVS Health Corp. | 5.20 | 3.46 | 5.16 | 4.36 | 3.96 | |
| Elevance Health Inc. | 8.49 | 10.13 | 10.93 | 8.96 | 9.02 | |
| Humana Inc. | 7.73 | 9.89 | 11.49 | 17.52 | 15.34 | |
| Intuitive Surgical Inc. | — | — | — | — | — | |
| Medtronic PLC | 9.43 | 10.98 | 5.21 | 4.71 | 4.60 | |
| UnitedHealth Group Inc. | 9.97 | 13.59 | 14.44 | 13.47 | 11.55 | |
| Interest Coverage, Sector | ||||||
| Health Care Equipment & Services | 8.02 | 9.36 | 9.06 | 8.20 | 6.69 | |
| Interest Coverage, Industry | ||||||
| Health Care | 7.00 | 12.46 | 12.10 | 7.74 | 8.87 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 181,186 ÷ 6,905 = 26.24
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Shockwave Medical Inc. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Fixed Charge Coverage
Shockwave Medical Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income (loss) | 147,278) | 215,996) | (9,136) | (65,699) | (51,109) | |
| Add: Income tax expense | 27,003) | (95,168) | 301) | 80) | 62) | |
| Add: Interest expense | 6,905) | 1,886) | 1,096) | 1,212) | 944) | |
| Earnings before interest and tax (EBIT) | 181,186) | 122,714) | (7,739) | (64,407) | (50,103) | |
| Add: Operating lease cost | 5,110) | 4,667) | 2,891) | 2,208) | 1,200) | |
| Earnings before fixed charges and tax | 186,296) | 127,381) | (4,848) | (62,199) | (48,903) | |
| Interest expense | 6,905) | 1,886) | 1,096) | 1,212) | 944) | |
| Operating lease cost | 5,110) | 4,667) | 2,891) | 2,208) | 1,200) | |
| Fixed charges | 12,015) | 6,553) | 3,987) | 3,420) | 2,144) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 15.51 | 19.44 | -1.22 | -18.19 | -22.81 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Abbott Laboratories | 7.71 | 10.10 | 10.21 | 6.68 | 5.14 | |
| Cigna Group | 4.64 | 6.87 | 5.61 | 7.84 | 4.67 | |
| CVS Health Corp. | 3.15 | 2.16 | 3.03 | 2.75 | 2.56 | |
| Elevance Health Inc. | 7.51 | 8.82 | 8.48 | 6.10 | 7.34 | |
| Humana Inc. | 6.20 | 7.10 | 8.05 | 12.02 | 9.76 | |
| Intuitive Surgical Inc. | 74.09 | 63.52 | 93.66 | 58.48 | 79.65 | |
| Medtronic PLC | 6.90 | 7.79 | 4.31 | 3.98 | 3.97 | |
| UnitedHealth Group Inc. | 7.27 | 8.77 | 8.80 | 8.51 | 7.65 | |
| Fixed Charge Coverage, Sector | ||||||
| Health Care Equipment & Services | 5.70 | 6.16 | 5.95 | 5.51 | 4.75 | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 5.47 | 8.87 | 8.60 | 5.72 | 6.62 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 186,296 ÷ 12,015 = 15.51
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Shockwave Medical Inc. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |