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)
Airbnb Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Debt to Equity Ratio
- The debt to equity ratio exhibited a general downward trend from March 2021 through the end of 2022, decreasing from 0.63 to 0.36. Starting in early 2023, the ratio fluctuated within a narrower range, approximately between 0.22 and 0.26, indicating relative stabilization in the company's balance between debt and equity financing during this latter period.
- Debt to Capital Ratio
- This ratio showed a similar declining pattern from 0.39 in March 2021 to 0.26 by December 2022. In 2023 and the first half of 2025, the debt to capital ratio remained fairly stable around 0.18 to 0.20, suggesting a maintained proportion of debt within the overall capital structure with slight variation.
- Debt to Assets Ratio
- The debt to assets ratio decreased moderately from 0.16 in March 2021 to a low of 0.08 by the first half of 2024. A slight increase and subsequent fluctuations were observed toward the end of 2024 and into 2025, though values remained low overall, ranging from 0.07 to 0.10. This indicates a relatively low and stable level of asset financing through debt over time.
- Financial Leverage Ratio
- Financial leverage showed notable volatility during the entire period. Initial values ranged from 3.91 to 4.56 in early 2021 before dropping sharply to below 3 by the end of 2021 and through 2022. Following this, the ratio rose again to values above 3.0 intermittently, with a low of 2.35 in the third quarter of 2023 and a peak of 4.19 in the second quarter of 2023. The overall pattern reflects fluctuations in the degree to which equity is leveraged with debt or other liabilities, without a clear long-term trend.
Debt Ratios
Debt to Equity
Airbnb Inc., debt to equity calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of long-term debt | 1,997) | 1,996) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Long-term debt, net of current portion | —) | —) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | 1,983) | 1,981) | 1,980) | 1,979) | ||||||
| Total debt | 1,997) | 1,996) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | 1,983) | 1,981) | 1,980) | 1,979) | ||||||
| Stockholders’ equity | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | 4,776) | 4,449) | 3,393) | 3,159) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | 0.26 | 0.25 | 0.24 | 0.23 | 0.25 | 0.25 | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | 0.42 | 0.45 | 0.58 | 0.63 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | 1.77 | 1.99 | 2.54 | 2.90 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| DoorDash, Inc. | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 1,997 ÷ 7,782 = 0.26
2 Click competitor name to see calculations.
The financial data presents a consistent pattern for the company's total debt and stockholders' equity over multiple quarters from March 2021 through June 2025, along with the associated debt to equity ratio.
- Total Debt
- The total debt remains remarkably stable throughout the entire period, starting at US$1,979 million in March 2021 and incrementally increasing by only 1 million every quarter, ending at US$1,997 million in June 2025. This indicates a deliberate strategy to maintain steady debt levels without significant new borrowings or repayments.
- Stockholders’ Equity
- Stockholders’ equity experiences notable fluctuations over the analyzed timeframe. Initially, equity rises steadily from US$3,159 million in March 2021 to a peak of US$5,560 million in December 2021 and again in September 2022 to US$9,123 million. Subsequently, a decline follows, reaching US$5,059 million in June 2023, before ascending again to approximately US$8,488 million in September 2024. Toward the end of the period, equity slightly declines to US$7,782 million by June 2025. This volatility suggests periods of significant capital transactions, retained earnings variations, or market value changes affecting equity.
- Debt to Equity Ratio
- The debt to equity ratio demonstrates a declining trend from 0.63 in March 2021 to a low point of 0.22 in September 2023, reflecting improved capitalization and a stronger equity base relative to debt. After this trough, the ratio stabilizes within a narrow range between 0.23 and 0.26 through June 2025, indicating a consistent balance between debt and equity financing during the latter quarters.
In summary, the company's financial structure exhibits stable debt levels accompanied by varying equity values that reflect periods of both equity growth and contraction. The decreasing debt to equity ratio over time underscores improved financial leverage and greater shareholder equity contribution, although some volatility in equity suggests dynamic financial activities or market impacts during the observed period.
Debt to Capital
Airbnb Inc., debt to capital calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of long-term debt | 1,997) | 1,996) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Long-term debt, net of current portion | —) | —) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | 1,983) | 1,981) | 1,980) | 1,979) | ||||||
| Total debt | 1,997) | 1,996) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | 1,983) | 1,981) | 1,980) | 1,979) | ||||||
| Stockholders’ equity | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | 4,776) | 4,449) | 3,393) | 3,159) | ||||||
| Total capital | 9,779) | 9,933) | 10,407) | 10,482) | 9,995) | 9,888) | 10,156) | 11,113) | 7,048) | 7,279) | 7,547) | 7,526) | 7,230) | 6,721) | 6,758) | 6,430) | 5,374) | 5,139) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.20 | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | 0.29 | 0.31 | 0.37 | 0.39 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 1.56 | 1.62 | 1.32 | 1.29 | 1.34 | 1.32 | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | 0.64 | 0.67 | 0.72 | 0.74 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| DoorDash, Inc. | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | 1.07 | 1.10 | 1.11 | 1.15 | 1.14 | 1.15 | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | 1.15 | 1.19 | 1.20 | 1.25 | ||||||
| Starbucks Corp. | 1.96 | 1.92 | 1.92 | 2.04 | 2.18 | 2.35 | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | 1.57 | 1.87 | 2.09 | 1.99 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 1,997 ÷ 9,779 = 0.20
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals the following trends and insights regarding the company's debt and capital structure over the observed periods.
- Total Debt
- The total debt remains remarkably stable over the entire timeframe, starting at US$1,979 million in March 2021 and increasing only marginally to US$1,997 million by June 2025. The incremental increase is consistent but minimal, indicating a disciplined approach to debt management without significant new borrowings or repayments affecting the overall debt level.
- Total Capital
- Total capital shows a more variable trend. It begins at US$5,139 million in March 2021, rising steadily to a peak of US$11,113 million in September 2023. This represents more than a doubling of capital over approximately two and a half years. However, after this peak, total capital declines gradually to US$9,779 million by June 2025. This fluctuation suggests periods of capital infusion or asset growth followed by stabilization or capital reduction.
- Debt to Capital Ratio
- The debt to capital ratio exhibits a declining trend from 0.39 in March 2021 to 0.18 in September 2023, marking a significant reduction in leverage. This indicates that capital growth outpaced debt accumulation during this period, enhancing the company's financial stability and reducing risk. Following this low point, the ratio shows a slight increase and then stabilizes around 0.20 through June 2025, which may reflect a more balanced capital structure after the period of rapid capital expansion.
In summary, the company's financial structure has evolved toward a stronger equity base relative to debt over the initial periods analyzed, reducing leverage and potentially improving creditworthiness. The stability of debt levels combined with the dynamic changes in capital indicates prudent financial management with focus on growth and risk containment. The slight increase and stabilization in the debt to capital ratio in the later periods suggests a rebalancing after significant capital growth.
Debt to Assets
Airbnb Inc., debt to assets calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of long-term debt | 1,997) | 1,996) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Long-term debt, net of current portion | —) | —) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | 1,983) | 1,981) | 1,980) | 1,979) | ||||||
| Total debt | 1,997) | 1,996) | 1,995) | 1,994) | 1,993) | 1,992) | 1,991) | 1,990) | 1,989) | 1,988) | 1,987) | 1,986) | 1,985) | 1,984) | 1,983) | 1,981) | 1,980) | 1,979) | ||||||
| Total assets | 26,992) | 25,056) | 20,959) | 22,172) | 26,320) | 24,537) | 20,645) | 21,439) | 21,188) | 20,018) | 16,038) | 16,077) | 19,059) | 17,068) | 13,708) | 13,582) | 15,485) | 12,339) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | 0.07 | 0.08 | 0.10 | 0.09 | 0.08 | 0.08 | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | 0.14 | 0.15 | 0.13 | 0.16 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 0.60 | 0.59 | 0.60 | 0.58 | 0.59 | 0.61 | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | 0.46 | 0.47 | 0.51 | 0.58 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| DoorDash, Inc. | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | 0.70 | 0.69 | 0.70 | 0.70 | 0.72 | 0.70 | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | 0.66 | 0.67 | 0.68 | 0.70 | ||||||
| Starbucks Corp. | 0.49 | 0.49 | 0.50 | 0.52 | 0.53 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | 0.47 | 0.50 | 0.52 | 0.53 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 1,997 ÷ 26,992 = 0.07
2 Click competitor name to see calculations.
- Total Debt
- The total debt remains essentially flat throughout the observed periods, increasing marginally from 1,979 million US dollars at the beginning of the series to 1,997 million US dollars at the latest date. This indicates a stable debt level with negligible growth over the analyzed quarters.
- Total Assets
- Total assets display considerable fluctuations over time. Initially, there is a significant increase from 12,339 million US dollars to a peak of around 19,059 million US dollars within approximately one year. Following this, assets experience a decline towards the end of 2022 and early 2023, dropping to roughly 20,645 million US dollars. Subsequently, there is another phase of asset growth reaching a new peak of 26,320 million US dollars by mid-2024. After this peak, assets decrease again to near 20,959 million US dollars at the end of 2024 before rising once more to approximately 26,992 million US dollars by the latest quarter. These movements indicate volatility in asset levels with alternating periods of growth and contraction.
- Debt to Assets Ratio
- The debt to assets ratio exhibits a clear downward trend over the analyzed quarters. Starting at around 0.16, the ratio steadily declines, reaching around 0.07 by the latest period. This trend reflects a reduction in leverage relative to total assets, suggesting increased asset base growth relative to stable debt levels and potentially an improving financial position in terms of solvency.
- Summary Insights
- The financial pattern indicates that while liabilities in the form of total debt have remained stable, the company’s asset base has experienced notable fluctuations but an overall upward trend. The declining debt to assets ratio over time highlights a potentially improving risk profile, with the company relying less on debt financing relative to total asset value. This could imply a strengthening balance sheet, with increased capacity to absorb shocks or invest in future growth.
Financial Leverage
Airbnb Inc., financial leverage calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | 26,992) | 25,056) | 20,959) | 22,172) | 26,320) | 24,537) | 20,645) | 21,439) | 21,188) | 20,018) | 16,038) | 16,077) | 19,059) | 17,068) | 13,708) | 13,582) | 15,485) | 12,339) | ||||||
| Stockholders’ equity | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | 4,776) | 4,449) | 3,393) | 3,159) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | 3.47 | 3.16 | 2.49 | 2.61 | 3.29 | 3.11 | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | 2.87 | 3.05 | 4.56 | 3.91 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | 3.83 | 4.21 | 4.98 | 4.97 | ||||||
| Chipotle Mexican Grill Inc. | 2.63 | 2.59 | 2.52 | 2.49 | 2.40 | 2.50 | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | 2.90 | 2.87 | 2.91 | 2.93 | ||||||
| DoorDash, Inc. | 1.90 | 1.62 | 1.65 | 1.62 | 1.65 | 1.64 | 1.59 | 1.53 | 1.50 | 1.48 | 1.45 | 1.40 | 1.34 | 1.47 | 1.46 | 1.36 | 1.34 | 1.30 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 26,992 ÷ 7,782 = 3.47
2 Click competitor name to see calculations.
The financial data indicates fluctuating trends in total assets, stockholders’ equity, and financial leverage over the examined quarterly periods.
- Total Assets
- Total assets demonstrate an overall increasing trend from March 2021 to June 2025. Beginning at approximately US$12.3 billion in March 2021, total assets rose sharply to around US$15.5 billion in June 2021, followed by a decline and stabilization in the subsequent quarters of 2021. Throughout 2022 and early 2023, assets showed variability but tended to increase, reaching peaks around US$26.3 billion in June 2024. The data shows some declines in late 2024 and early 2025 but total assets remain significantly higher compared to 2021 levels, suggesting expansion in asset base over the period.
- Stockholders’ Equity
- Stockholders' equity also increased substantially but with less consistent growth compared to total assets. Starting at approximately US$3.16 billion in March 2021, equity rose steadily until late 2021, peaking around US$5.56 billion in December 2021. In early 2023, equity experienced marked volatility, with a notable spike to over US$9.1 billion in September 2023 followed by a decline in the subsequent quarters. Despite these fluctuations, equity levels showed moderate recovery toward mid-2024 but slightly decreased towards mid-2025. These movements indicate episodes of equity infusion or revaluation followed by stabilization or reduction.
- Financial Leverage
- Financial leverage ratios exhibited notable volatility, oscillating between approximately 2.3 and 4.6 across quarters. The ratio initially rose from 3.91 in March 2021 to a high of 4.56 in June 2021, subsequently declining through late 2021. Through 2022 and 2023, leverage showed cyclical fluctuations predominantly between 2.3 and 4.2, with several quarters reflecting a reduction in leverage to closer to 2.5, indicating periods of deleveraging or increased equity financing. Toward 2024 and early 2025, leverage experienced an upward trajectory, reaching levels around 3.1 to 3.5. These changes highlight varying capital structure strategies, alternating between reliance on debt and equity.
In summary, the data reflects an expanding asset base accompanied by equity levels that fluctuate but generally grow over the long term. The financial leverage variations indicate shifts in the company’s financing approach, balancing between debt and equity. Overall, the company appears to manage its leverage prudently while supporting asset growth, though periods of increased volatility in equity suggest adjustments in capital structure or valuation changes during the examined timeframe.