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)
Toyota Motor Corp., solvency ratios
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Toyota Motor Corp. debt to equity ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Toyota Motor Corp. debt to capital ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Toyota Motor Corp. debt to assets ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Toyota Motor Corp. financial leverage ratio decreased from 2013 to 2014 and from 2014 to 2015. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Toyota Motor Corp. interest coverage ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Toyota Motor Corp. fixed charge coverage ratio improved from 2013 to 2014 and from 2014 to 2015. |
Debt to Equity
Toyota Motor Corp., debt to equity calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Short-term borrowings | 42,082) | 46,910) | 43,432) | 41,984) | 38,232) | 35,250) | |
| Current portion of long-term debt | 32,638) | 28,643) | 28,722) | 30,571) | 33,347) | 23,843) | |
| Long-term debt, excluding current portion | 83,481) | 82,996) | 77,929) | 73,516) | 77,561) | 75,402) | |
| Total debt | 158,202) | 158,549) | 150,083) | 146,071) | 149,141) | 134,495) | |
| Total Toyota Motor Corporation shareholders’ equity | 139,948) | 140,504) | 129,015) | 128,364) | 124,262) | 111,347) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 1.13 | 1.13 | 1.16 | 1.14 | 1.20 | 1.21 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Debt to equity = Total debt ÷ Total Toyota Motor Corporation shareholders’ equity
= 158,202 ÷ 139,948 = 1.13
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. | Toyota Motor Corp. debt to equity ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
Debt to Capital
Toyota Motor Corp., debt to capital calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Short-term borrowings | 42,082) | 46,910) | 43,432) | 41,984) | 38,232) | 35,250) | |
| Current portion of long-term debt | 32,638) | 28,643) | 28,722) | 30,571) | 33,347) | 23,843) | |
| Long-term debt, excluding current portion | 83,481) | 82,996) | 77,929) | 73,516) | 77,561) | 75,402) | |
| Total debt | 158,202) | 158,549) | 150,083) | 146,071) | 149,141) | 134,495) | |
| Total Toyota Motor Corporation shareholders’ equity | 139,948) | 140,504) | 129,015) | 128,364) | 124,262) | 111,347) | |
| Total capital | 298,150) | 299,054) | 279,097) | 274,435) | 273,403) | 245,842) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.53 | 0.53 | 0.54 | 0.53 | 0.55 | 0.55 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Debt to capital = Total debt ÷ Total capital
= 158,202 ÷ 298,150 = 0.53
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. | Toyota Motor Corp. debt to capital ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
Debt to Assets
Toyota Motor Corp., debt to assets calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Short-term borrowings | 42,082) | 46,910) | 43,432) | 41,984) | 38,232) | 35,250) | |
| Current portion of long-term debt | 32,638) | 28,643) | 28,722) | 30,571) | 33,347) | 23,843) | |
| Long-term debt, excluding current portion | 83,481) | 82,996) | 77,929) | 73,516) | 77,561) | 75,402) | |
| Total debt | 158,202) | 158,549) | 150,083) | 146,071) | 149,141) | 134,495) | |
| Total assets | 397,881) | 402,384) | 376,841) | 372,928) | 358,607) | 326,196) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.40 | 0.39 | 0.40 | 0.39 | 0.42 | 0.41 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Debt to assets = Total debt ÷ Total assets
= 158,202 ÷ 397,881 = 0.40
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. | Toyota Motor Corp. debt to assets ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level. |
Financial Leverage
Toyota Motor Corp., financial leverage calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Total assets | 397,881) | 402,384) | 376,841) | 372,928) | 358,607) | 326,196) | |
| Total Toyota Motor Corporation shareholders’ equity | 139,948) | 140,504) | 129,015) | 128,364) | 124,262) | 111,347) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 2.84 | 2.86 | 2.92 | 2.91 | 2.89 | 2.93 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Financial leverage = Total assets ÷ Total Toyota Motor Corporation shareholders’ equity
= 397,881 ÷ 139,948 = 2.84
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. | Toyota Motor Corp. financial leverage ratio decreased from 2013 to 2014 and from 2014 to 2015. |
Interest Coverage
Toyota Motor Corp., interest coverage calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Net income attributable to Toyota Motor Corporation | 18,117) | 17,704) | 10,218) | 3,450) | 4,909) | 2,251) | |
| Add: Net income attributable to noncontrolling interest | 1,122) | 1,637) | 1,288) | 1,031) | 689) | 374) | |
| Add: Income tax expense | 7,448) | 7,456) | 5,859) | 3,191) | 3,762) | 996) | |
| Add: Interest expense | 191) | 191) | 244) | 279) | 353) | 359) | |
| Earnings before interest and tax (EBIT) | 26,878) | 26,987) | 17,610) | 7,951) | 9,713) | 3,980) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 140.98 | 141.57 | 72.20 | 28.51 | 27.55 | 11.08 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Interest coverage = EBIT ÷ Interest expense
= 26,878 ÷ 191 = 140.98
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. | Toyota Motor Corp. interest coverage ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
Fixed Charge Coverage
Toyota Motor Corp., fixed charge coverage calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Net income attributable to Toyota Motor Corporation | 18,117) | 17,704) | 10,218) | 3,450) | 4,909) | 2,251) | |
| Add: Net income attributable to noncontrolling interest | 1,122) | 1,637) | 1,288) | 1,031) | 689) | 374) | |
| Add: Income tax expense | 7,448) | 7,456) | 5,859) | 3,191) | 3,762) | 996) | |
| Add: Interest expense | 191) | 191) | 244) | 279) | 353) | 359) | |
| Earnings before interest and tax (EBIT) | 26,878) | 26,987) | 17,610) | 7,951) | 9,713) | 3,980) | |
| Add: Rental expenses under operating leases | 821) | 919) | 957) | 1,108) | 1,071) | 1,010) | |
| Earnings before fixed charges and tax | 27,699) | 27,905) | 18,566) | 9,059) | 10,784) | 4,990) | |
| Interest expense | 191) | 191) | 244) | 279) | 353) | 359) | |
| Rental expenses under operating leases | 821) | 919) | 957) | 1,108) | 1,071) | 1,010) | |
| Fixed charges | 1,012) | 1,109) | 1,201) | 1,387) | 1,423) | 1,369) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 27.38 | 25.15 | 15.46 | 6.53 | 7.58 | 3.64 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 27,699 ÷ 1,012 = 27.38
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. | Toyota Motor Corp. fixed charge coverage ratio improved from 2013 to 2014 and from 2014 to 2015. |