Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Activision Blizzard Inc. (NASDAQ:ATVI)

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Analysis of Solvency Ratios

Beginner level

Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Solvency Ratios (Summary)

Activision Blizzard Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Activision Blizzard Inc.’s debt to equity ratio improved from 2017 to 2018 and from 2018 to 2019.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Activision Blizzard Inc.’s debt to equity ratio (including operating lease liability) improved from 2017 to 2018 and from 2018 to 2019.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Activision Blizzard Inc.’s debt to capital ratio improved from 2017 to 2018 and from 2018 to 2019.
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. Activision Blizzard Inc.’s debt to capital ratio (including operating lease liability) improved from 2017 to 2018 and from 2018 to 2019.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Activision Blizzard Inc.’s debt to assets ratio improved from 2017 to 2018 and from 2018 to 2019.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Activision Blizzard Inc.’s debt to assets ratio (including operating lease liability) improved from 2017 to 2018 and from 2018 to 2019.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Activision Blizzard Inc.’s financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019.
Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Activision Blizzard Inc.’s interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Activision Blizzard Inc.’s fixed charge coverage ratio improved from 2017 to 2018 and from 2018 to 2019.

Debt to Equity

Activision Blizzard Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Long-term debt, net
Total debt
 
Shareholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Activision Blizzard Inc.’s debt to equity ratio improved from 2017 to 2018 and from 2018 to 2019.

Debt to Equity (including Operating Lease Liability)

Activision Blizzard Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Long-term debt, net
Total debt
Current operating lease liabilities (classified in Accrued expenses and other current liabilities)
Non-current operating lease liabilities (classified in Other liabilities)
Total debt (including operating lease liability)
 
Shareholders’ equity
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =

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. Activision Blizzard Inc.’s debt to equity ratio (including operating lease liability) improved from 2017 to 2018 and from 2018 to 2019.

Debt to Capital

Activision Blizzard Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Long-term debt, net
Total debt
Shareholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Activision Blizzard Inc.’s debt to capital ratio improved from 2017 to 2018 and from 2018 to 2019.

Debt to Capital (including Operating Lease Liability)

Activision Blizzard Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Long-term debt, net
Total debt
Current operating lease liabilities (classified in Accrued expenses and other current liabilities)
Non-current operating lease liabilities (classified in Other liabilities)
Total debt (including operating lease liability)
Shareholders’ equity
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

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. Activision Blizzard Inc.’s debt to capital ratio (including operating lease liability) improved from 2017 to 2018 and from 2018 to 2019.

Debt to Assets

Activision Blizzard Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Long-term debt, net
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Activision Blizzard Inc.’s debt to assets ratio improved from 2017 to 2018 and from 2018 to 2019.

Debt to Assets (including Operating Lease Liability)

Activision Blizzard Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Long-term debt, net
Total debt
Current operating lease liabilities (classified in Accrued expenses and other current liabilities)
Non-current operating lease liabilities (classified in Other liabilities)
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

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. Activision Blizzard Inc.’s debt to assets ratio (including operating lease liability) improved from 2017 to 2018 and from 2018 to 2019.

Financial Leverage

Activision Blizzard Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Activision Blizzard Inc.’s financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019.

Interest Coverage

Activision Blizzard Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense from debt and amortization of debt discount and deferred financing costs
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Activision Blizzard Inc.’s interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.

Fixed Charge Coverage

Activision Blizzard Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense from debt and amortization of debt discount and deferred financing costs
Earnings before interest and tax (EBIT)
Add: Operating lease costs
Earnings before fixed charges and tax
 
Interest expense from debt and amortization of debt discount and deferred financing costs
Operating lease costs
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 2019 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Activision Blizzard Inc.’s fixed charge coverage ratio improved from 2017 to 2018 and from 2018 to 2019.