Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Advanced Micro Devices Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
The solvency profile of the organization is characterized by consistently low leverage and a conservative approach to debt management over the analyzed period. While most solvency metrics remained stable for several years, a gradual increase in debt-related ratios is observable toward the end of the period, specifically peaking in the final quarter.
- Debt-to-Equity and Capitalization Ratios
- Debt to equity, debt to capital, and debt to assets ratios remained remarkably low and stable between March 2022 and December 2024, generally fluctuating between 0.02 and 0.05. A marginal increase occurred in March 2025, where the debt to equity ratio rose to 0.07. This upward trend culminated in September 2026, with the debt to equity ratio reaching its peak of 0.10 and the debt to capital ratio hitting 0.09. The inclusion of operating lease liabilities consistently shifted these ratios slightly upward by approximately 0.01 to 0.03 points, though it did not fundamentally alter the low-leverage characteristic of the capital structure.
- Financial Leverage
- Financial leverage remained highly stable for the majority of the period, hovering between 1.20 and 1.26. This indicates a consistent relationship between total assets and equity. However, a distinct increase is noted in the final quarter ending September 2026, where the ratio rose to 1.39, aligning with the observed increase in debt ratios during the same period.
- Interest Coverage and Earnings Stability
- The interest coverage ratio exhibited significant volatility. Starting from a high of 104.42 in March 2022, the ratio experienced a severe decline, reaching a minimum of -2.15 in July 2023, indicating a period where operating earnings were insufficient to cover interest expenses. Following this trough, a strong and consistent recovery was observed. The ratio climbed steadily through 2024 and 2025, peaking at 52.48 in June 2026 before settling at 48.18 in September 2026. This recovery suggests a substantial improvement in the organization's ability to service its debt through operating profits.
In summary, the organization maintains a strong solvency position with minimal reliance on debt. Despite a period of significant stress regarding interest coverage in mid-2023 and a slight increase in leverage by late 2026, the overall financial risk remains low due to the modest scale of total liabilities relative to equity and assets.
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Debt to Equity
Advanced Micro Devices Inc., debt to equity calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | 947) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current portion of long-term debt, net | —) | 875) | 874) | 874) | 873) | —) | —) | —) | —) | —) | 750) | 751) | 752) | 753) | —) | —) | —) | 312) | 312) | ||||||
| Long-term debt, net of current portion | 7,079) | 2,351) | 2,350) | 2,348) | 2,347) | 3,218) | 3,217) | 1,721) | 1,720) | 1,719) | 1,718) | 1,717) | 1,715) | 1,714) | 2,467) | 2,467) | 2,466) | 2,465) | 1,475) | ||||||
| Total debt | 7,079) | 3,226) | 3,224) | 3,222) | 3,220) | 3,218) | 4,164) | 1,721) | 1,720) | 1,719) | 2,468) | 2,468) | 2,467) | 2,467) | 2,467) | 2,467) | 2,466) | 2,777) | 1,787) | ||||||
| Stockholders’ equity | 68,389) | 67,224) | 64,462) | 62,999) | 60,790) | 59,665) | 57,881) | 57,568) | 56,985) | 56,538) | 56,198) | 55,892) | 54,970) | 55,136) | 54,694) | 54,750) | 54,542) | 55,169) | 55,333) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.10 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 0.27 | 0.26 | 0.26 | 0.25 | 0.25 | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.20 | 0.20 | 0.19 | 0.19 | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | ||||||
| Applied Materials Inc. | 0.26 | 0.27 | 0.30 | 0.32 | 0.32 | 0.33 | 0.34 | 0.33 | 0.33 | 0.31 | 0.32 | 0.34 | 0.37 | 0.40 | 0.42 | 0.45 | 0.45 | 0.47 | 0.46 | ||||||
| Broadcom Inc. | 0.60 | 0.74 | 0.83 | 0.80 | 0.88 | 0.97 | 0.95 | 1.00 | 1.07 | 1.06 | 1.08 | 1.64 | 1.78 | 1.79 | 1.69 | 1.74 | 1.89 | 1.88 | 1.72 | ||||||
| Intel Corp. | 0.44 | 0.58 | 0.40 | 0.41 | 0.44 | 0.52 | 0.50 | 0.50 | 0.50 | 0.46 | 0.49 | 0.47 | 0.48 | 0.49 | 0.51 | 0.41 | 0.40 | 0.35 | 0.36 | ||||||
| KLA Corp. | 1.01 | 1.08 | 1.18 | 1.25 | 1.47 | 1.64 | 1.86 | 1.97 | 2.14 | 1.94 | 1.97 | 2.02 | 2.20 | 2.35 | 3.00 | 4.75 | 0.91 | 0.85 | 0.89 | ||||||
| Lam Research Corp. | 0.35 | 0.44 | 0.44 | 0.45 | 0.47 | 0.57 | 0.59 | 0.58 | 0.62 | 0.61 | 0.62 | 0.61 | 0.60 | 0.60 | 0.67 | 0.80 | 0.83 | 0.77 | 0.86 | ||||||
| Marvell Technology Inc. | 0.32 | 0.33 | 0.32 | 0.30 | 0.31 | 0.29 | 0.29 | 0.28 | 0.27 | 0.27 | 0.30 | 0.29 | 0.29 | 0.30 | 0.29 | 0.29 | 0.29 | 0.32 | 0.33 | ||||||
| Micron Technology Inc. | 0.06 | 0.14 | 0.20 | 0.27 | 0.31 | 0.30 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | 0.30 | 0.29 | 0.26 | 0.21 | 0.14 | 0.14 | 0.15 | 0.15 | ||||||
| NVIDIA Corp. | 0.07 | 0.08 | 0.10 | 0.11 | 0.13 | 0.15 | 0.20 | 0.23 | 0.29 | 0.35 | 0.45 | 0.50 | 0.51 | 0.46 | 0.42 | 0.41 | 0.46 | 0.56 | 0.37 | ||||||
| Qualcomm Inc. | 0.55 | 0.56 | 0.64 | 0.70 | 0.54 | 0.53 | 0.54 | 0.56 | 0.59 | 0.63 | 0.67 | 0.71 | 0.75 | 0.81 | 0.90 | 0.86 | 0.97 | 1.18 | 1.39 | ||||||
| Texas Instruments Inc. | 0.71 | 0.78 | 0.84 | 0.86 | 0.84 | 0.86 | 0.78 | 0.80 | 0.80 | 0.81 | 0.84 | 0.66 | 0.67 | 0.70 | 0.66 | 0.60 | 0.55 | 0.51 | 0.55 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 7,079 ÷ 68,389 = 0.10
2 Click competitor name to see calculations.
The solvency profile demonstrates a high degree of financial stability characterized by a consistently low reliance on debt relative to shareholders' equity. Throughout the observed period from March 2022 to September 2026, the debt-to-equity ratio remained significantly low, indicating a conservative capital structure and minimal leverage risk.
- Total Debt Trends
- Total debt exhibited several periods of volatility. An initial increase was noted in June 2022, reaching 2,777 million US$, followed by a period of stability around 2,467 million US$ through March 2024. A notable reduction occurred between June and December 2024, where debt levels dropped to approximately 1,720 million US$. However, a significant upward trend emerged starting in March 2025, with a peak occurring in September 2026, where total debt rose sharply to 7,079 million US$.
- Stockholders' Equity Growth
- Equity showed a consistent and steady upward trajectory over the long term. Starting at 55,333 million US$ in March 2022, the equity base grew incrementally, surpassing 60,000 million US$ by June 2025 and reaching 68,389 million US$ by September 2026. This continuous accumulation of equity has served as a substantial buffer against the fluctuations in total debt.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio remained largely stagnant between 0.03 and 0.05 for the majority of the timeframe, reflecting a dominant equity-funded balance sheet. The lowest leverage levels (0.03) were observed in March 2022 and during the latter half of 2024. Despite the substantial increase in total debt in the final period, the concurrent growth in equity moderated the impact, though the ratio reached its peak of 0.10 in September 2026.
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Debt to Equity (including Operating Lease Liability)
Advanced Micro Devices Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | 947) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current portion of long-term debt, net | —) | 875) | 874) | 874) | 873) | —) | —) | —) | —) | —) | 750) | 751) | 752) | 753) | —) | —) | —) | 312) | 312) | ||||||
| Long-term debt, net of current portion | 7,079) | 2,351) | 2,350) | 2,348) | 2,347) | 3,218) | 3,217) | 1,721) | 1,720) | 1,719) | 1,718) | 1,717) | 1,715) | 1,714) | 2,467) | 2,467) | 2,466) | 2,465) | 1,475) | ||||||
| Total debt | 7,079) | 3,226) | 3,224) | 3,222) | 3,220) | 3,218) | 4,164) | 1,721) | 1,720) | 1,719) | 2,468) | 2,468) | 2,467) | 2,467) | 2,467) | 2,467) | 2,466) | 2,777) | 1,787) | ||||||
| Long-term operating lease liabilities | 1,837) | 1,050) | 647) | 625) | 650) | 668) | 567) | 491) | 518) | 526) | 530) | 535) | 395) | 393) | 381) | 396) | 424) | 422) | 370) | ||||||
| Total debt (including operating lease liability) | 8,916) | 4,276) | 3,871) | 3,847) | 3,870) | 3,886) | 4,731) | 2,212) | 2,238) | 2,245) | 2,998) | 3,003) | 2,862) | 2,860) | 2,848) | 2,863) | 2,890) | 3,199) | 2,157) | ||||||
| Stockholders’ equity | 68,389) | 67,224) | 64,462) | 62,999) | 60,790) | 59,665) | 57,881) | 57,568) | 56,985) | 56,538) | 56,198) | 55,892) | 54,970) | 55,136) | 54,694) | 54,750) | 54,542) | 55,169) | 55,333) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.13 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.08 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.04 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| NVIDIA Corp. | 0.09 | 0.10 | 0.12 | 0.13 | 0.15 | 0.17 | 0.22 | 0.25 | 0.32 | 0.39 | 0.49 | 0.54 | 0.55 | 0.49 | 0.44 | 0.44 | 0.49 | 0.60 | 0.40 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 8,916 ÷ 68,389 = 0.13
2 Click competitor name to see calculations.
The company maintains a conservative solvency profile throughout the analyzed period, characterized by low leverage and a consistently strengthening equity base. While total debt exhibits significant volatility, particularly in the latter half of the period, the overall debt-to-equity ratio remains low, indicating a strong capacity to meet long-term obligations.
- Total Debt Trends
- Total debt, including operating lease liabilities, fluctuated between US$ 2,157 million and US$ 3,199 million from March 2022 through December 2024. A period of relative stability was observed between April 2023 and March 2024, with values hovering around US$ 3,000 million. A significant increase occurred in March 2025, where debt rose to US$ 4,731 million, followed by a stabilization period near US$ 3,800 million. The most substantial increase is noted in September 2026, with total debt surging to US$ 8,916 million.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated a consistent and steady upward trajectory. Starting at US$ 55,333 million in March 2022, equity grew to US$ 68,389 million by September 2026. This consistent accumulation of equity has served as a primary buffer, absorbing the impact of increased borrowing and maintaining the company's overall solvency stability.
- Debt-to-Equity Ratio Analysis
- The debt-to-equity ratio remained remarkably stable between 0.04 and 0.06 for the majority of the period from March 2022 to December 2024. The ratio experienced a moderate increase to 0.08 in March 2025, corresponding with the rise in total debt. Despite subsequent stability at 0.06 through June 2026, the ratio spiked to 0.13 in September 2026. Although this represents the highest leverage level in the observed period, the ratio remains low in absolute terms, suggesting that the company continues to rely primarily on equity rather than debt for financing.
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Debt to Capital
Advanced Micro Devices Inc., debt to capital calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | 947) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current portion of long-term debt, net | —) | 875) | 874) | 874) | 873) | —) | —) | —) | —) | —) | 750) | 751) | 752) | 753) | —) | —) | —) | 312) | 312) | ||||||
| Long-term debt, net of current portion | 7,079) | 2,351) | 2,350) | 2,348) | 2,347) | 3,218) | 3,217) | 1,721) | 1,720) | 1,719) | 1,718) | 1,717) | 1,715) | 1,714) | 2,467) | 2,467) | 2,466) | 2,465) | 1,475) | ||||||
| Total debt | 7,079) | 3,226) | 3,224) | 3,222) | 3,220) | 3,218) | 4,164) | 1,721) | 1,720) | 1,719) | 2,468) | 2,468) | 2,467) | 2,467) | 2,467) | 2,467) | 2,466) | 2,777) | 1,787) | ||||||
| Stockholders’ equity | 68,389) | 67,224) | 64,462) | 62,999) | 60,790) | 59,665) | 57,881) | 57,568) | 56,985) | 56,538) | 56,198) | 55,892) | 54,970) | 55,136) | 54,694) | 54,750) | 54,542) | 55,169) | 55,333) | ||||||
| Total capital | 75,468) | 70,450) | 67,686) | 66,221) | 64,010) | 62,883) | 62,045) | 59,289) | 58,705) | 58,257) | 58,666) | 58,360) | 57,437) | 57,603) | 57,161) | 57,217) | 57,008) | 57,946) | 57,120) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.09 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 0.21 | 0.20 | 0.20 | 0.20 | 0.20 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | ||||||
| Applied Materials Inc. | 0.20 | 0.21 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | 0.23 | 0.24 | 0.25 | 0.27 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | 0.31 | ||||||
| Broadcom Inc. | 0.37 | 0.43 | 0.45 | 0.44 | 0.47 | 0.49 | 0.49 | 0.50 | 0.52 | 0.51 | 0.52 | 0.62 | 0.64 | 0.64 | 0.63 | 0.64 | 0.65 | 0.65 | 0.63 | ||||||
| Intel Corp. | 0.30 | 0.37 | 0.29 | 0.29 | 0.30 | 0.34 | 0.33 | 0.34 | 0.34 | 0.32 | 0.33 | 0.32 | 0.32 | 0.33 | 0.34 | 0.29 | 0.28 | 0.26 | 0.27 | ||||||
| KLA Corp. | 0.50 | 0.52 | 0.54 | 0.56 | 0.59 | 0.62 | 0.65 | 0.66 | 0.68 | 0.66 | 0.66 | 0.67 | 0.69 | 0.70 | 0.75 | 0.83 | 0.48 | 0.46 | 0.47 | ||||||
| Lam Research Corp. | 0.26 | 0.31 | 0.31 | 0.31 | 0.32 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.40 | 0.44 | 0.45 | 0.44 | 0.46 | ||||||
| Marvell Technology Inc. | 0.24 | 0.25 | 0.24 | 0.23 | 0.23 | 0.23 | 0.22 | 0.22 | 0.22 | 0.21 | 0.23 | 0.22 | 0.22 | 0.23 | 0.23 | 0.22 | 0.23 | 0.24 | 0.25 | ||||||
| Micron Technology Inc. | 0.05 | 0.12 | 0.17 | 0.21 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.23 | 0.23 | 0.21 | 0.17 | 0.12 | 0.12 | 0.13 | 0.13 | ||||||
| NVIDIA Corp. | 0.07 | 0.08 | 0.09 | 0.10 | 0.11 | 0.13 | 0.16 | 0.18 | 0.23 | 0.26 | 0.31 | 0.33 | 0.34 | 0.31 | 0.29 | 0.29 | 0.32 | 0.36 | 0.27 | ||||||
| Qualcomm Inc. | 0.36 | 0.36 | 0.39 | 0.41 | 0.35 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.43 | 0.45 | 0.47 | 0.46 | 0.49 | 0.54 | 0.58 | ||||||
| Texas Instruments Inc. | 0.41 | 0.44 | 0.46 | 0.46 | 0.46 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.46 | 0.40 | 0.40 | 0.41 | 0.40 | 0.37 | 0.35 | 0.34 | 0.36 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,079 ÷ 75,468 = 0.09
2 Click competitor name to see calculations.
The financial profile of Advanced Micro Devices Inc. reflects a conservative approach to leverage, characterized by a consistently low debt-to-capital ratio over the analyzed period. While total capital has exhibited steady growth, total debt has shown significant volatility, marked by periodic increases that have not substantially compromised the company's overall solvency position.
- Total Capital Trends
- A consistent upward trajectory in total capital is observed, rising from 57,120 million US$ in March 2022 to 75,468 million US$ by September 2026. This growth indicates a strengthening of the company's financial base, with the most pronounced expansion occurring between December 2024 and September 2026.
- Total Debt Volatility
- Total debt levels have experienced multiple fluctuations. After an initial peak in June 2022, debt remained stable around 2,467 million US$ for several quarters before declining to 1,721 million US$ by December 2024. A significant increase occurred in March 2025, reaching 4,164 million US$, followed by a period of relative stability around 3,220 million US$. The period concludes with a substantial spike to 7,079 million US$ in September 2026, representing the highest debt level in the recorded timeframe.
- Debt to Capital Ratio Analysis
- The debt to capital ratio remained remarkably low and stable between 0.03 and 0.05 for the majority of the period from March 2022 through December 2024. A modest increase to 0.07 was noted in March 2025, correlating with the increase in total debt. Although the ratio stabilized at 0.05 for a year, it reached a peak of 0.09 in September 2026. Despite this increase, the ratio suggests that debt continues to represent a small fraction of the total capital structure, maintaining a high degree of solvency.
Overall, the data indicates that while the company has increased its debt load significantly toward the end of the period, the simultaneous growth in total capital has mitigated the impact on the leverage ratio. The solvency position remains robust, as the debt to capital ratio has stayed below 0.10 throughout the entire observation window.
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Debt to Capital (including Operating Lease Liability)
Advanced Micro Devices Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | 947) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current portion of long-term debt, net | —) | 875) | 874) | 874) | 873) | —) | —) | —) | —) | —) | 750) | 751) | 752) | 753) | —) | —) | —) | 312) | 312) | ||||||
| Long-term debt, net of current portion | 7,079) | 2,351) | 2,350) | 2,348) | 2,347) | 3,218) | 3,217) | 1,721) | 1,720) | 1,719) | 1,718) | 1,717) | 1,715) | 1,714) | 2,467) | 2,467) | 2,466) | 2,465) | 1,475) | ||||||
| Total debt | 7,079) | 3,226) | 3,224) | 3,222) | 3,220) | 3,218) | 4,164) | 1,721) | 1,720) | 1,719) | 2,468) | 2,468) | 2,467) | 2,467) | 2,467) | 2,467) | 2,466) | 2,777) | 1,787) | ||||||
| Long-term operating lease liabilities | 1,837) | 1,050) | 647) | 625) | 650) | 668) | 567) | 491) | 518) | 526) | 530) | 535) | 395) | 393) | 381) | 396) | 424) | 422) | 370) | ||||||
| Total debt (including operating lease liability) | 8,916) | 4,276) | 3,871) | 3,847) | 3,870) | 3,886) | 4,731) | 2,212) | 2,238) | 2,245) | 2,998) | 3,003) | 2,862) | 2,860) | 2,848) | 2,863) | 2,890) | 3,199) | 2,157) | ||||||
| Stockholders’ equity | 68,389) | 67,224) | 64,462) | 62,999) | 60,790) | 59,665) | 57,881) | 57,568) | 56,985) | 56,538) | 56,198) | 55,892) | 54,970) | 55,136) | 54,694) | 54,750) | 54,542) | 55,169) | 55,333) | ||||||
| Total capital (including operating lease liability) | 77,305) | 71,500) | 68,333) | 66,846) | 64,660) | 63,551) | 62,612) | 59,780) | 59,223) | 58,783) | 59,196) | 58,895) | 57,832) | 57,996) | 57,542) | 57,613) | 57,432) | 58,368) | 57,490) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.12 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.08 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| NVIDIA Corp. | 0.08 | 0.09 | 0.11 | 0.11 | 0.13 | 0.14 | 0.18 | 0.20 | 0.25 | 0.28 | 0.33 | 0.35 | 0.35 | 0.33 | 0.31 | 0.31 | 0.33 | 0.37 | 0.29 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 8,916 ÷ 77,305 = 0.12
2 Click competitor name to see calculations.
The analysis of the capital structure from March 2022 through September 2026 reveals a period of prolonged stability followed by a significant increase in financial leverage toward the end of the observed timeframe. For the majority of the period, the organization maintained a conservative approach to debt, with total capital growing steadily while debt levels remained relatively flat.
- Phase of Low Leverage (March 2022 – December 2024)
- During this interval, the debt-to-capital ratio remained consistently low, fluctuating narrowly between 0.04 and 0.05. Total debt largely hovered around the 2.2 billion to 3.0 billion USD range, while total capital exhibited a gradual upward trajectory, moving from 57.49 billion USD to 59.78 billion USD. This indicates a capital structure heavily weighted toward equity and a minimal reliance on borrowed funds.
- Initial Leverage Increase (March 2025 – June 2026)
- A notable shift occurred in March 2025, where total debt increased to 4.73 billion USD, causing the debt-to-capital ratio to spike to 0.08. Following this peak, the ratio stabilized at 0.06 through June 2026. During this phase, total capital continued its growth, reaching 71.50 billion USD by June 2026, which helped moderate the impact of the increased debt on the overall solvency ratio.
- Significant Debt Expansion (September 2026)
- A sharp escalation in liabilities is observed in the final period ending September 2026. Total debt rose abruptly to 8.92 billion USD, more than doubling the levels seen in the preceding quarter. This surge resulted in the debt-to-capital ratio climbing to 0.12, the highest level recorded in the analysis. Despite total capital increasing to 77.31 billion USD, the pace of debt accumulation significantly outstripped capital growth, marking a distinct shift in the solvency profile.
In summary, the long-term trend shows a transition from a highly conservative solvency position to one of increased leverage. While the debt-to-capital ratio remains relatively low in absolute terms, the rapid acceleration of debt in late 2026 suggests a substantial change in financing strategy or a major capital expenditure event.
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Debt to Assets
Advanced Micro Devices Inc., debt to assets calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | 947) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current portion of long-term debt, net | —) | 875) | 874) | 874) | 873) | —) | —) | —) | —) | —) | 750) | 751) | 752) | 753) | —) | —) | —) | 312) | 312) | ||||||
| Long-term debt, net of current portion | 7,079) | 2,351) | 2,350) | 2,348) | 2,347) | 3,218) | 3,217) | 1,721) | 1,720) | 1,719) | 1,718) | 1,717) | 1,715) | 1,714) | 2,467) | 2,467) | 2,466) | 2,465) | 1,475) | ||||||
| Total debt | 7,079) | 3,226) | 3,224) | 3,222) | 3,220) | 3,218) | 4,164) | 1,721) | 1,720) | 1,719) | 2,468) | 2,468) | 2,467) | 2,467) | 2,467) | 2,467) | 2,466) | 2,777) | 1,787) | ||||||
| Total assets | 94,812) | 84,464) | 79,642) | 76,926) | 76,891) | 74,820) | 71,550) | 69,226) | 69,636) | 67,886) | 67,895) | 67,885) | 67,626) | 67,967) | 67,634) | 67,580) | 67,811) | 67,502) | 66,915) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.07 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 0.19 | 0.18 | 0.18 | 0.18 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | 0.16 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | ||||||
| Applied Materials Inc. | 0.15 | 0.16 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | ||||||
| Broadcom Inc. | 0.32 | 0.36 | 0.39 | 0.38 | 0.39 | 0.41 | 0.40 | 0.41 | 0.42 | 0.42 | 0.43 | 0.54 | 0.55 | 0.55 | 0.54 | 0.54 | 0.55 | 0.55 | 0.54 | ||||||
| Intel Corp. | 0.22 | 0.25 | 0.22 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.26 | 0.26 | 0.27 | 0.26 | 0.26 | 0.26 | 0.27 | 0.23 | 0.23 | 0.21 | 0.21 | ||||||
| KLA Corp. | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.39 | 0.42 | 0.43 | 0.44 | 0.41 | 0.42 | 0.42 | 0.43 | 0.45 | 0.48 | 0.53 | 0.31 | 0.29 | 0.31 | ||||||
| Lam Research Corp. | 0.18 | 0.21 | 0.20 | 0.21 | 0.22 | 0.25 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.26 | 0.26 | 0.27 | 0.29 | 0.30 | 0.30 | 0.32 | ||||||
| Marvell Technology Inc. | 0.21 | 0.22 | 0.21 | 0.20 | 0.21 | 0.20 | 0.20 | 0.20 | 0.19 | 0.19 | 0.21 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.23 | 0.23 | ||||||
| Micron Technology Inc. | 0.04 | 0.10 | 0.14 | 0.18 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | 0.20 | 0.18 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | ||||||
| NVIDIA Corp. | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.10 | 0.13 | 0.15 | 0.18 | 0.20 | 0.25 | 0.27 | 0.27 | 0.25 | 0.24 | 0.25 | 0.27 | 0.31 | 0.23 | ||||||
| Qualcomm Inc. | 0.27 | 0.27 | 0.28 | 0.30 | 0.27 | 0.26 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.30 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.35 | 0.37 | ||||||
| Texas Instruments Inc. | 0.37 | 0.39 | 0.41 | 0.41 | 0.40 | 0.40 | 0.38 | 0.38 | 0.39 | 0.40 | 0.41 | 0.35 | 0.35 | 0.36 | 0.35 | 0.32 | 0.30 | 0.29 | 0.31 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 7,079 ÷ 94,812 = 0.07
2 Click competitor name to see calculations.
The solvency profile is characterized by a consistently low debt-to-assets ratio, indicating a conservative approach to leverage and a substantial asset base relative to total liabilities.
- Debt Dynamics
- Total debt exhibited significant volatility over the period. Following an increase in mid-2022, debt levels remained stable at approximately 2.47 billion USD from September 2022 through March 2024. A reduction to roughly 1.72 billion USD occurred in mid-2024, which was subsequently followed by a sharp increase to 4.16 billion USD in March 2025. The most substantial expansion in borrowing was recorded in September 2026, where total debt reached 7.08 billion USD.
- Asset Growth
- Total assets demonstrated a consistent upward trajectory. While assets remained relatively stagnant between March 2022 and March 2024, hovering around 67 billion USD, a period of accelerated growth began in late 2024. By September 2026, total assets had expanded to 94.81 billion USD, representing a significant increase in the company's overall resource base.
- Solvency Ratio Analysis
- The debt-to-assets ratio fluctuated within a narrow and healthy range between 0.02 and 0.07. The ratio reached its lowest point of 0.02 in late 2024, coinciding with a temporary reduction in debt and a simultaneous increase in assets. Despite the sharp increase in total debt in September 2026, the concurrent growth in total assets moderated the impact, resulting in a peak ratio of 0.07. This pattern suggests that the organization has successfully scaled its assets in proportion to its debt obligations, maintaining strong solvency.
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Debt to Assets (including Operating Lease Liability)
Advanced Micro Devices Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | 947) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current portion of long-term debt, net | —) | 875) | 874) | 874) | 873) | —) | —) | —) | —) | —) | 750) | 751) | 752) | 753) | —) | —) | —) | 312) | 312) | ||||||
| Long-term debt, net of current portion | 7,079) | 2,351) | 2,350) | 2,348) | 2,347) | 3,218) | 3,217) | 1,721) | 1,720) | 1,719) | 1,718) | 1,717) | 1,715) | 1,714) | 2,467) | 2,467) | 2,466) | 2,465) | 1,475) | ||||||
| Total debt | 7,079) | 3,226) | 3,224) | 3,222) | 3,220) | 3,218) | 4,164) | 1,721) | 1,720) | 1,719) | 2,468) | 2,468) | 2,467) | 2,467) | 2,467) | 2,467) | 2,466) | 2,777) | 1,787) | ||||||
| Long-term operating lease liabilities | 1,837) | 1,050) | 647) | 625) | 650) | 668) | 567) | 491) | 518) | 526) | 530) | 535) | 395) | 393) | 381) | 396) | 424) | 422) | 370) | ||||||
| Total debt (including operating lease liability) | 8,916) | 4,276) | 3,871) | 3,847) | 3,870) | 3,886) | 4,731) | 2,212) | 2,238) | 2,245) | 2,998) | 3,003) | 2,862) | 2,860) | 2,848) | 2,863) | 2,890) | 3,199) | 2,157) | ||||||
| Total assets | 94,812) | 84,464) | 79,642) | 76,926) | 76,891) | 74,820) | 71,550) | 69,226) | 69,636) | 67,886) | 67,895) | 67,885) | 67,626) | 67,967) | 67,634) | 67,580) | 67,811) | 67,502) | 66,915) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.09 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| NVIDIA Corp. | 0.07 | 0.07 | 0.08 | 0.09 | 0.10 | 0.11 | 0.14 | 0.16 | 0.20 | 0.22 | 0.27 | 0.29 | 0.29 | 0.27 | 0.26 | 0.26 | 0.29 | 0.33 | 0.25 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 8,916 ÷ 94,812 = 0.09
2 Click competitor name to see calculations.
The company maintains a conservative solvency profile throughout the analyzed period, characterized by low leverage relative to its total asset base. While total debt and assets both exhibit an upward trajectory, the overall financial risk remains minimal, although a notable increase in leverage is observed toward the end of the period.
- Total Debt Trends
- From March 2022 to December 2024, total debt remained relatively stable, fluctuating between approximately 2.2 billion and 3.0 billion US dollars. A significant shift occurred starting in March 2025, where debt levels rose to 4.7 billion US dollars. Following a period of stabilization around 3.8 billion US dollars, a substantial increase was recorded in September 2026, with total debt reaching 8.9 billion US dollars.
- Total Asset Expansion
- Total assets demonstrated consistent growth over the timeframe. Assets grew steadily from 66.9 billion US dollars in March 2022 to approximately 69.2 billion US dollars by December 2024. The growth accelerated between March 2025 and September 2026, with the asset base expanding from 71.5 billion US dollars to 94.8 billion US dollars, indicating a significant increase in the company's resource base.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained highly stable and low between 0.03 and 0.05 for the majority of the period, reflecting a strong solvency position. An upward movement is observed starting in March 2025, where the ratio climbed to 0.07. Despite the simultaneous growth in assets, the sharp increase in total debt led the ratio to reach its peak of 0.09 by September 2026. This suggests a strategic increase in leverage, though the ratio remains low in absolute terms.
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Financial Leverage
Advanced Micro Devices Inc., financial leverage calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 94,812) | 84,464) | 79,642) | 76,926) | 76,891) | 74,820) | 71,550) | 69,226) | 69,636) | 67,886) | 67,895) | 67,885) | 67,626) | 67,967) | 67,634) | 67,580) | 67,811) | 67,502) | 66,915) | ||||||
| Stockholders’ equity | 68,389) | 67,224) | 64,462) | 62,999) | 60,790) | 59,665) | 57,881) | 57,568) | 56,985) | 56,538) | 56,198) | 55,892) | 54,970) | 55,136) | 54,694) | 54,750) | 54,542) | 55,169) | 55,333) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.39 | 1.26 | 1.24 | 1.22 | 1.26 | 1.25 | 1.24 | 1.20 | 1.22 | 1.20 | 1.21 | 1.21 | 1.23 | 1.23 | 1.24 | 1.23 | 1.24 | 1.22 | 1.21 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 1.44 | 1.42 | 1.42 | 1.42 | 1.41 | 1.35 | 1.37 | 1.37 | 1.38 | 1.39 | 1.36 | 1.37 | 1.37 | 1.38 | 1.38 | 1.38 | 1.37 | 1.37 | 1.37 | ||||||
| Applied Materials Inc. | 1.70 | 1.68 | 1.73 | 1.78 | 1.75 | 1.77 | 1.79 | 1.81 | 1.79 | 1.76 | 1.81 | 1.88 | 2.01 | 2.06 | 2.08 | 2.19 | 2.17 | 2.20 | 2.14 | ||||||
| Broadcom Inc. | 1.89 | 2.04 | 2.13 | 2.10 | 2.26 | 2.37 | 2.37 | 2.45 | 2.56 | 2.50 | 2.53 | 3.04 | 3.24 | 3.26 | 3.13 | 3.23 | 3.42 | 3.42 | 3.19 | ||||||
| Intel Corp. | 1.99 | 2.31 | 1.84 | 1.85 | 1.92 | 1.97 | 1.93 | 1.98 | 1.94 | 1.79 | 1.82 | 1.81 | 1.85 | 1.84 | 1.89 | 1.80 | 1.75 | 1.68 | 1.71 | ||||||
| KLA Corp. | 2.89 | 3.06 | 3.27 | 3.42 | 3.79 | 4.19 | 4.41 | 4.58 | 4.83 | 4.69 | 4.73 | 4.82 | 5.10 | 5.27 | 6.24 | 8.99 | 2.95 | 2.89 | 2.89 | ||||||
| Lam Research Corp. | 1.96 | 2.11 | 2.15 | 2.16 | 2.10 | 2.25 | 2.31 | 2.20 | 2.28 | 2.28 | 2.30 | 2.29 | 2.29 | 2.31 | 2.53 | 2.74 | 2.75 | 2.58 | 2.67 | ||||||
| Marvell Technology Inc. | 1.54 | 1.53 | 1.50 | 1.50 | 1.47 | 1.43 | 1.42 | 1.43 | 1.43 | 1.41 | 1.44 | 1.44 | 1.45 | 1.43 | 1.43 | 1.41 | 1.40 | 1.41 | 1.43 | ||||||
| Micron Technology Inc. | 1.33 | 1.40 | 1.46 | 1.53 | 1.54 | 1.50 | 1.53 | 1.54 | 1.50 | 1.50 | 1.49 | 1.46 | 1.45 | 1.41 | 1.38 | 1.33 | 1.32 | 1.33 | 1.33 | ||||||
| NVIDIA Corp. | 1.36 | 1.41 | 1.49 | 1.41 | 1.46 | 1.47 | 1.57 | 1.53 | 1.63 | 1.80 | 1.81 | 1.86 | 1.90 | 1.82 | 1.72 | 1.66 | 1.71 | 1.83 | 1.64 | ||||||
| Qualcomm Inc. | 2.07 | 2.09 | 2.30 | 2.36 | 2.02 | 2.00 | 2.07 | 2.10 | 2.14 | 2.17 | 2.26 | 2.37 | 2.37 | 2.46 | 2.66 | 2.72 | 2.93 | 3.32 | 3.78 | ||||||
| Texas Instruments Inc. | 1.92 | 1.99 | 2.05 | 2.13 | 2.11 | 2.13 | 2.06 | 2.10 | 2.05 | 2.04 | 2.05 | 1.91 | 1.90 | 1.94 | 1.92 | 1.87 | 1.80 | 1.75 | 1.80 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 94,812 ÷ 68,389 = 1.39
2 Click competitor name to see calculations.
The financial leverage of the organization remained remarkably stable for the majority of the observed period, before exhibiting a significant increase in the final quarter. The balance sheet reflects a period of consolidation followed by a phase of aggressive asset expansion.
- Total Asset Trajectory
- Total assets remained relatively stagnant between March 2022 and March 2024, fluctuating within a narrow range of approximately US$66.9 billion to US$67.9 billion. Starting in June 2024, a consistent upward trend emerged, culminating in a substantial increase to US$94.8 billion by September 2026. This growth indicates a significant expansion of the organization's resource base in the latter half of the period.
- Stockholders' Equity Trends
- Equity levels mirrored the stability of total assets during the initial phase, maintaining a range between US$54.5 billion and US$56.2 billion from March 2022 through March 2024. A steady growth pattern began in June 2024, with equity rising to US$68.4 billion by September 2026. While equity grew, the rate of increase was more gradual compared to the acceleration observed in total assets.
- Financial Leverage Analysis
- The financial leverage ratio remained highly consistent for over four years, oscillating between a low of 1.20 and a high of 1.26. This stability suggests a disciplined approach to maintaining the proportion of equity relative to total assets. However, a sharp deviation occurred in September 2026, with the ratio spiking to 1.39. This increase is the result of total assets growing at a pace that significantly exceeded the growth of stockholders' equity during the final quarter, indicating a higher reliance on liabilities to fund asset expansion.
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Interest Coverage
Advanced Micro Devices Inc., interest coverage calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) | 2,428) | 2,297) | 1,383) | 1,511) | 1,243) | 872) | 709) | 482) | 771) | 265) | 123) | 667) | 299) | 27) | (139) | 21) | 66) | 447) | 786) | ||||||
| Less: Income (loss) from discontinued operations, net of tax | —) | (8) | 11) | (109) | 71) | 104) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Add: Income tax expense | (555) | 252) | 238) | 455) | 153) | (834) | 123) | 419) | (27) | 41) | (52) | (297) | (39) | (23) | 13) | (154) | (135) | 54) | 113) | ||||||
| Add: Interest expense | 62) | 37) | 37) | 36) | 37) | 38) | 20) | 19) | 23) | 25) | 25) | 27) | 26) | 28) | 25) | 19) | 31) | 25) | 13) | ||||||
| Earnings before interest and tax (EBIT) | 1,935) | 2,594) | 1,647) | 2,111) | 1,362) | (28) | 852) | 920) | 767) | 331) | 96) | 397) | 286) | 32) | (101) | (114) | (38) | 526) | 912) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 48.18 | 52.48 | 34.41 | 32.80 | 27.25 | 25.11 | 32.99 | 22.98 | 15.91 | 10.78 | 7.65 | 5.79 | 1.05 | -2.15 | 2.73 | 14.61 | 33.91 | 69.08 | 104.42 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 14.41 | 12.48 | 10.80 | 9.54 | 8.50 | 7.29 | 6.31 | 6.52 | 6.89 | 8.74 | 11.83 | 14.63 | 17.96 | 19.23 | 19.42 | 16.46 | 10.14 | 9.06 | 7.26 | ||||||
| Applied Materials Inc. | 39.73 | 38.76 | 35.60 | 35.46 | 34.71 | 32.79 | 32.62 | 34.00 | 36.27 | 36.06 | 34.86 | 33.42 | 32.62 | 33.39 | 34.20 | 34.33 | 34.58 | 34.95 | 33.14 | ||||||
| Broadcom Inc. | 13.99 | 10.69 | 9.11 | 8.08 | 6.83 | 5.73 | 4.61 | 3.51 | 3.94 | 4.91 | 6.88 | 10.31 | 10.09 | 9.94 | 8.83 | 8.16 | 7.22 | 6.28 | 5.69 | ||||||
| KLA Corp. | 19.94 | 19.31 | 17.75 | 16.37 | 14.66 | 12.56 | 11.71 | 11.25 | 11.00 | 11.51 | 13.03 | 13.76 | 15.81 | 18.22 | 20.31 | 22.76 | 21.81 | 20.60 | 17.91 | ||||||
| Marvell Technology Inc. | 15.56 | 0.48 | -1.54 | -3.72 | -5.00 | -2.06 | -2.49 | -2.58 | -2.33 | -1.20 | 0.00 | 1.50 | 1.71 | 0.85 | -1.34 | -2.47 | -3.06 | -3.40 | -2.77 | ||||||
| Micron Technology Inc. | 257.85 | 80.25 | 32.36 | 21.26 | 16.43 | 12.88 | 9.29 | 3.19 | -2.13 | -7.02 | -13.14 | -13.58 | -7.73 | 10.11 | 36.19 | 51.66 | 58.47 | 51.74 | 45.03 | ||||||
| NVIDIA Corp. | 471.72 | 408.49 | 361.39 | 341.19 | 293.83 | 244.51 | 192.72 | 132.59 | 82.40 | 43.66 | 18.63 | 16.96 | 23.23 | 31.40 | 39.65 | 43.12 | 38.65 | 34.29 | 26.81 | ||||||
| Qualcomm Inc. | 17.30 | 18.26 | 19.77 | 20.07 | 19.26 | 18.26 | 17.14 | 15.83 | 14.25 | 13.43 | 12.44 | 11.72 | 15.28 | 22.27 | 26.92 | 31.61 | 31.54 | 24.20 | 21.71 | ||||||
| Texas Instruments Inc. | 15.41 | 13.25 | 12.06 | 11.52 | 11.71 | 11.86 | 11.45 | 11.73 | 12.85 | 14.57 | 17.87 | 22.01 | 26.51 | 33.49 | 42.10 | 47.88 | 51.88 | 52.00 | 51.03 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26).
1 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (1,935 + 2,594 + 1,647 + 2,111)
÷ (62 + 37 + 37 + 36)
= 48.18
2 Click competitor name to see calculations.
The solvency profile exhibits a cyclical pattern characterized by a severe contraction in coverage capacity followed by a substantial recovery. While the ability to service interest obligations was initially exceptionally high, it experienced a precipitous decline coinciding with a period of negative operating earnings before stabilizing at an elevated level in the latter half of the observed period.
- Interest Coverage Ratio Dynamics
- The interest coverage ratio began at 104.42 in March 2022 but declined sharply to a nadir of -2.15 by July 2023. This contraction indicates a period where operating earnings were insufficient to meet interest obligations. A sustained recovery followed, with the ratio ascending to 32.99 by March 2025 and reaching a peak of 52.48 in June 2026, reflecting a significant restoration of the solvency margin.
- Operating Earnings (EBIT) Performance
- Earnings before interest and tax showed extreme volatility, transitioning from positive territory to losses between September 2022 and April 2023. Following this downturn, EBIT entered a consistent growth trajectory, eventually surpassing historical levels. Despite a brief outlier dip to -28 million in June 2025, the trend culminated in substantial growth, peaking at 2,594 million in June 2026.
- Interest Expense Trends
- Interest expenses remained relatively stable for the majority of the period, generally fluctuating between 13 million and 38 million. A notable upward shift is observed in the final quarter, with expenses increasing to 62 million in September 2026. However, because EBIT growth outpaced the rise in borrowing costs, the interest coverage ratio remained strong at 48.18 at the close of the period.
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