Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Amazon.com Inc., solvency ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Debt Ratios
Debt to equity 0.22 0.24 0.27 0.31 0.36 0.39 0.43 0.48 0.54 0.59 0.58 0.62 0.53 0.54 0.63 0.67 0.58 0.66 0.73 0.83 0.78
Debt to equity (including operating lease liability) 0.49 0.52 0.58 0.64 0.71 0.77 0.84 0.91 1.00 1.06 1.05 1.08 0.97 0.96 1.07 1.07 0.98 1.08 1.16 1.23 1.20
Debt to capital 0.18 0.19 0.21 0.24 0.26 0.28 0.30 0.32 0.35 0.37 0.37 0.38 0.35 0.35 0.39 0.40 0.37 0.40 0.42 0.45 0.44
Debt to capital (including operating lease liability) 0.33 0.34 0.37 0.39 0.42 0.43 0.46 0.48 0.50 0.51 0.51 0.52 0.49 0.49 0.52 0.52 0.49 0.52 0.54 0.55 0.54
Debt to assets 0.11 0.11 0.12 0.13 0.15 0.15 0.16 0.17 0.18 0.19 0.19 0.19 0.17 0.18 0.20 0.21 0.19 0.19 0.22 0.24 0.23
Debt to assets (including operating lease liability) 0.23 0.24 0.26 0.27 0.29 0.29 0.32 0.32 0.33 0.33 0.34 0.34 0.32 0.31 0.34 0.34 0.31 0.31 0.34 0.35 0.35
Financial leverage 2.10 2.19 2.26 2.35 2.45 2.61 2.66 2.83 3.01 3.17 3.12 3.19 3.07 3.04 3.17 3.14 3.13 3.44 3.41 3.50 3.39
Coverage Ratios
Interest coverage 34.56 29.48 24.49 20.63 16.43 12.80 8.24 5.60 2.27 -1.51 5.61 6.57 13.02 22.09 18.81 21.05 19.96 15.69

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Debt to Equity
The debt to equity ratio demonstrates a consistent decreasing trend from 0.78 at the end of Q1 2020 to 0.22 by Q1 2025. This steady decline indicates a gradual reduction in reliance on debt relative to shareholders' equity over the observed period, suggesting an improvement in the company’s financial stability and lower financial risk.
Debt to Equity (including operating lease liability)
This ratio also exhibits a downward trajectory, starting at 1.20 in Q1 2020 and falling to 0.49 by Q1 2025. Although this measure, which incorporates operating lease liabilities, remains higher than the traditional debt to equity ratio, it follows a similar pattern of debt reduction over time, reflecting improved overall leverage management.
Debt to Capital
The debt to capital ratio decreases from 0.44 in Q1 2020 to 0.18 in Q1 2025. This decline further confirms the reduced proportion of debt within the total capital structure, indicating an increasing weight of equity. This trend supports a strengthening balance sheet.
Debt to Capital (including operating lease liability)
This ratio sees a modest drop from 0.54 in Q1 2020 to 0.33 in Q1 2025, mirroring the downward trend in traditional debt to capital but at slightly elevated levels, attributable to lease obligations. A consistent decline is observable, signaling ongoing deleveraging even after accounting for operating lease commitments.
Debt to Assets
The debt to assets ratio declines gradually from 0.23 in Q1 2020 to 0.11 in Q1 2025, reflecting a decreasing share of debt financing relative to total assets. This trend points toward improved asset coverage and lower financial risk in asset management.
Debt to Assets (including operating lease liability)
Including operating lease liabilities, this ratio decreases from 0.35 to 0.23 over the same period. Although the values are higher due to lease obligations, the consistent downward movement suggests effective management of both debt and lease-related liabilities in relation to total assets.
Financial Leverage
Financial leverage ratios exhibit a decline from 3.39 times at Q1 2020 to 2.10 times by Q1 2025. This diminishing leverage ratio supports a conclusion of reduced dependence on debt to finance assets and a strengthening of equity financing, which reduces the riskiness of the capital structure.
Interest Coverage
The interest coverage ratio data shows notable volatility, with missing early values, followed by a high peak of 22.09 in Q4 2020, then a significant drop to negative territory (-1.51) in Q4 2022, indicating periods where earnings before interest and taxes were insufficient to cover interest expenses. However, from that trough, the ratio recovers strongly, steadily increasing to 34.56 by Q1 2025. This recovery and eventual strong coverage profile suggest improved operational earnings and reduced financial stress related to interest obligations.

Debt Ratios


Coverage Ratios


Debt to Equity

Amazon.com Inc., debt to equity calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of finance lease liabilities 1,359 1,375 1,393 1,439 1,626 2,032 2,385 3,024 3,676 4,397 5,036 5,792 6,842 8,083 8,712 9,442 9,862 10,374 10,260 10,061 9,824
Current portion of long-term debt 5,014 5,017 5,248 7,429 8,848 8,494 5,995 3,997 2,000 2,999 4,247 4,998 2,681 1,491 1,000 1,158 1,156 1,155 155 1,154 1,311
Long-term finance lease liabilities, excluding current portion 9,024 9,227 9,426 9,388 9,614 10,077 10,081 10,434 10,771 11,386 11,595 12,625 14,085 15,670 15,807 16,228 16,930 18,060 17,490 16,729 16,495
Long-term debt, excluding current portion 53,374 52,623 54,890 54,889 57,634 58,314 61,098 63,092 67,084 67,150 58,919 58,053 47,556 48,744 50,055 50,279 31,868 31,816 32,929 33,128 23,437
Total debt 68,771 68,242 70,957 73,145 77,722 78,917 79,559 80,547 83,531 85,932 79,797 81,468 71,164 73,988 75,574 77,107 59,816 61,405 60,834 61,072 51,067
 
Stockholders’ equity 305,867 285,970 259,151 236,447 216,661 201,875 182,973 168,602 154,526 146,043 137,489 131,402 134,001 138,245 120,564 114,803 103,320 93,404 82,775 73,728 65,272
Solvency Ratio
Debt to equity1 0.22 0.24 0.27 0.31 0.36 0.39 0.43 0.48 0.54 0.59 0.58 0.62 0.53 0.54 0.63 0.67 0.58 0.66 0.73 0.83 0.78
Benchmarks
Debt to Equity, Competitors2
Home Depot Inc. 23.53 42.25 29.32 31.54 116.72 27.65 33.10 173.11 37.82 17.48 20.52 11.29 23.01
Lowe’s Cos. Inc. 52.23 15.16 5.35 5.01 12.71 9.79 7.26 6.65 5.42
TJX Cos. Inc. 0.38 0.39 0.42 0.43 0.52 0.53 0.59 0.62 0.60 0.56 0.52 0.52 0.87 1.04 1.11 1.33 1.52 0.38 0.40 0.42 0.44

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 68,771 ÷ 305,867 = 0.22

2 Click competitor name to see calculations.


The financial data shows a clear progression in the company’s capital structure over the analyzed periods. Total debt and stockholders’ equity values indicate evolving financing and growth dynamics.

Total Debt
The total debt exhibits some fluctuations but remains generally within a range between approximately 51 billion and 86 billion US dollars over the quarters. Initially, total debt rose from around 51 billion in Q1 2020 to about 77 billion in mid-2021, then displayed a mild declining trend towards the later periods, reaching near 69 billion by early 2025. This suggests periodic borrowing increases followed by gradual deleveraging or debt stabilization efforts.
Stockholders' Equity
Stockholders’ equity demonstrates consistent growth throughout the timeline, increasing from around 65 billion US dollars in Q1 2020 to approximately 306 billion by Q1 2025. This signifies a strong accumulation of retained earnings or equity financing, reflecting business expansion and increased net asset value over time.
Debt to Equity Ratio
The debt to equity ratio steadily decreased from a starting point of 0.78 in early 2020 to 0.22 by Q1 2025. This downward trend indicates a strengthening equity base in comparison to debt, implying the company is progressively less leveraged. The consistent reduction in this ratio over nearly five years reflects a strategic emphasis on equity growth or debt reduction, contributing to a more conservative financial risk profile.

Overall, the trends reveal a company that has managed to grow its equity substantially while containing or reducing its relative debt levels. The declining debt-to-equity ratio confirms a move towards a more robust balance sheet with improved financial stability. This pattern is typically favorable from a credit risk perspective and may provide enhanced flexibility for future financing or investment opportunities.


Debt to Equity (including Operating Lease Liability)

Amazon.com Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of finance lease liabilities 1,359 1,375 1,393 1,439 1,626 2,032 2,385 3,024 3,676 4,397 5,036 5,792 6,842 8,083 8,712 9,442 9,862 10,374 10,260 10,061 9,824
Current portion of long-term debt 5,014 5,017 5,248 7,429 8,848 8,494 5,995 3,997 2,000 2,999 4,247 4,998 2,681 1,491 1,000 1,158 1,156 1,155 155 1,154 1,311
Long-term finance lease liabilities, excluding current portion 9,024 9,227 9,426 9,388 9,614 10,077 10,081 10,434 10,771 11,386 11,595 12,625 14,085 15,670 15,807 16,228 16,930 18,060 17,490 16,729 16,495
Long-term debt, excluding current portion 53,374 52,623 54,890 54,889 57,634 58,314 61,098 63,092 67,084 67,150 58,919 58,053 47,556 48,744 50,055 50,279 31,868 31,816 32,929 33,128 23,437
Total debt 68,771 68,242 70,957 73,145 77,722 78,917 79,559 80,547 83,531 85,932 79,797 81,468 71,164 73,988 75,574 77,107 59,816 61,405 60,834 61,072 51,067
Current portion of operating lease liabilities 10,884 10,546 9,301 8,736 8,581 8,419 8,092 7,982 7,752 7,458 7,046 6,707 6,640 6,349 5,913 5,214 4,841 4,586 4,156 3,530 3,279
Long-term operating lease liabilities, excluding current portion 70,847 69,050 70,376 68,696 67,438 67,220 65,810 65,388 63,496 61,582 57,737 53,899 51,646 51,981 48,041 40,069 36,137 34,513 31,099 26,069 23,805
Total debt (including operating lease liability) 150,502 147,838 150,634 150,577 153,741 154,556 153,461 153,917 154,779 154,972 144,580 142,074 129,450 132,318 129,528 122,390 100,794 100,504 96,089 90,671 78,151
 
Stockholders’ equity 305,867 285,970 259,151 236,447 216,661 201,875 182,973 168,602 154,526 146,043 137,489 131,402 134,001 138,245 120,564 114,803 103,320 93,404 82,775 73,728 65,272
Solvency Ratio
Debt to equity (including operating lease liability)1 0.49 0.52 0.58 0.64 0.71 0.77 0.84 0.91 1.00 1.06 1.05 1.08 0.97 0.96 1.07 1.07 0.98 1.08 1.16 1.23 1.20
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Home Depot Inc. 28.03 50.04 34.44 37.07 136.54 32.24 38.30 199.91 43.73 20.47 23.99 13.16 26.74
Lowe’s Cos. Inc. 62.29 18.24 6.44 6.01 15.28 12.04 9.07 8.37 6.83
TJX Cos. Inc. 1.69 1.72 1.83 1.90 2.00 2.00 2.23 2.34 2.27 2.08 1.99 2.01 2.42 2.66 2.81 3.36 3.48 1.93 2.07 2.14 2.18

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 150,502 ÷ 305,867 = 0.49

2 Click competitor name to see calculations.


The financial data reveals several notable trends regarding the company's capital structure over the observed periods from March 31, 2020, through March 31, 2025.

Total Debt (including operating lease liability)
The total debt balance shows an overall increasing trend from 78,151 million USD at the beginning of the period to a peak of approximately 154,972 million USD by December 31, 2022. Afterward, total debt generally stabilizes and slightly declines, ending at 150,502 million USD by March 31, 2025. Despite fluctuations, the level of total debt remains significantly higher in the later periods compared to the starting point, indicating an expanded leverage base over the years.
Stockholders’ Equity
Stockholders’ equity demonstrates consistent growth throughout the periods, increasing steadily from 65,272 million USD in March 2020 to 305,867 million USD by March 2025. This reflects a continuous accumulation of retained earnings and possibly capital injections, which contribute to strengthening the company's equity base. The pace of equity growth appears to accelerate particularly from late 2021 onward, suggesting improved profitability or capital increases in recent years.
Debt to Equity Ratio (including operating lease liability)
The debt-to-equity ratio shows a declining pattern, falling from 1.20 in March 2020 to 0.49 by March 2025. This decrease indicates a reduction in financial leverage relative to equity, driven primarily by the faster growth in stockholders’ equity compared to total debt. The ratio fluctuates slightly in some quarters but follows a general downward trajectory. Lower leverage may signal a more conservative capital structure and potentially reduced financial risk over time.

In summary, the data reflects a strategic shift toward a stronger equity base alongside a relatively stable or slightly decreasing debt level in recent years. This results in a gradual but clear reduction in leverage, which could improve creditworthiness and financial flexibility. The company's capital structure evolution suggests prudent financial management aimed at balancing growth with risk reduction.


Debt to Capital

Amazon.com Inc., debt to capital calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of finance lease liabilities 1,359 1,375 1,393 1,439 1,626 2,032 2,385 3,024 3,676 4,397 5,036 5,792 6,842 8,083 8,712 9,442 9,862 10,374 10,260 10,061 9,824
Current portion of long-term debt 5,014 5,017 5,248 7,429 8,848 8,494 5,995 3,997 2,000 2,999 4,247 4,998 2,681 1,491 1,000 1,158 1,156 1,155 155 1,154 1,311
Long-term finance lease liabilities, excluding current portion 9,024 9,227 9,426 9,388 9,614 10,077 10,081 10,434 10,771 11,386 11,595 12,625 14,085 15,670 15,807 16,228 16,930 18,060 17,490 16,729 16,495
Long-term debt, excluding current portion 53,374 52,623 54,890 54,889 57,634 58,314 61,098 63,092 67,084 67,150 58,919 58,053 47,556 48,744 50,055 50,279 31,868 31,816 32,929 33,128 23,437
Total debt 68,771 68,242 70,957 73,145 77,722 78,917 79,559 80,547 83,531 85,932 79,797 81,468 71,164 73,988 75,574 77,107 59,816 61,405 60,834 61,072 51,067
Stockholders’ equity 305,867 285,970 259,151 236,447 216,661 201,875 182,973 168,602 154,526 146,043 137,489 131,402 134,001 138,245 120,564 114,803 103,320 93,404 82,775 73,728 65,272
Total capital 374,638 354,212 330,108 309,592 294,383 280,792 262,532 249,149 238,057 231,975 217,286 212,870 205,165 212,233 196,138 191,910 163,136 154,809 143,609 134,800 116,339
Solvency Ratio
Debt to capital1 0.18 0.19 0.21 0.24 0.26 0.28 0.30 0.32 0.35 0.37 0.37 0.38 0.35 0.35 0.39 0.40 0.37 0.40 0.42 0.45 0.44
Benchmarks
Debt to Capital, Competitors2
Home Depot Inc. 0.96 0.98 0.97 0.97 0.99 0.97 0.97 0.99 1.04 1.04 0.97 0.95 0.95 0.92 0.96 1.01 1.11 1.11 1.04 1.04 1.08
Lowe’s Cos. Inc. 1.69 1.72 1.73 1.68 1.67 1.72 1.62 1.41 1.31 1.24 1.06 1.01 0.98 0.94 0.84 0.83 0.93 0.91 0.88 0.87 0.84
TJX Cos. Inc. 0.28 0.28 0.30 0.30 0.34 0.35 0.37 0.38 0.37 0.36 0.34 0.34 0.46 0.51 0.53 0.57 0.60 0.27 0.29 0.30 0.30

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 68,771 ÷ 374,638 = 0.18

2 Click competitor name to see calculations.


Total Debt
The total debt exhibited fluctuations over the periods analyzed. Starting at approximately $51 billion in March 2020, it increased steadily to peak near $77 billion in June 2021. Subsequently, the total debt experienced a gradual decline, reaching around $68 billion by March 2025. This pattern suggests periods of debt accumulation followed by a strategic reduction in liabilities over time.
Total Capital
Total capital showed a consistent upward trend across all reported periods. Beginning at about $116 billion in March 2020, the total capital increased steadily each quarter, surpassing $374 billion by March 2025. This increase reflects ongoing growth in the company’s overall capital base, which may be indicative of expansion, retained earnings, or additional equity issuance.
Debt to Capital Ratio
The debt to capital ratio declined progressively throughout the timeline. Initially, the ratio was relatively high at 0.44 in March 2020, indicating a significant portion of capital was financed through debt. Over the next several years, the ratio consistently decreased, falling to 0.18 by March 2025. This decline signals a reduction in reliance on debt financing relative to the overall capital structure, highlighting a strengthening balance sheet and potentially lower financial risk.

Debt to Capital (including Operating Lease Liability)

Amazon.com Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of finance lease liabilities 1,359 1,375 1,393 1,439 1,626 2,032 2,385 3,024 3,676 4,397 5,036 5,792 6,842 8,083 8,712 9,442 9,862 10,374 10,260 10,061 9,824
Current portion of long-term debt 5,014 5,017 5,248 7,429 8,848 8,494 5,995 3,997 2,000 2,999 4,247 4,998 2,681 1,491 1,000 1,158 1,156 1,155 155 1,154 1,311
Long-term finance lease liabilities, excluding current portion 9,024 9,227 9,426 9,388 9,614 10,077 10,081 10,434 10,771 11,386 11,595 12,625 14,085 15,670 15,807 16,228 16,930 18,060 17,490 16,729 16,495
Long-term debt, excluding current portion 53,374 52,623 54,890 54,889 57,634 58,314 61,098 63,092 67,084 67,150 58,919 58,053 47,556 48,744 50,055 50,279 31,868 31,816 32,929 33,128 23,437
Total debt 68,771 68,242 70,957 73,145 77,722 78,917 79,559 80,547 83,531 85,932 79,797 81,468 71,164 73,988 75,574 77,107 59,816 61,405 60,834 61,072 51,067
Current portion of operating lease liabilities 10,884 10,546 9,301 8,736 8,581 8,419 8,092 7,982 7,752 7,458 7,046 6,707 6,640 6,349 5,913 5,214 4,841 4,586 4,156 3,530 3,279
Long-term operating lease liabilities, excluding current portion 70,847 69,050 70,376 68,696 67,438 67,220 65,810 65,388 63,496 61,582 57,737 53,899 51,646 51,981 48,041 40,069 36,137 34,513 31,099 26,069 23,805
Total debt (including operating lease liability) 150,502 147,838 150,634 150,577 153,741 154,556 153,461 153,917 154,779 154,972 144,580 142,074 129,450 132,318 129,528 122,390 100,794 100,504 96,089 90,671 78,151
Stockholders’ equity 305,867 285,970 259,151 236,447 216,661 201,875 182,973 168,602 154,526 146,043 137,489 131,402 134,001 138,245 120,564 114,803 103,320 93,404 82,775 73,728 65,272
Total capital (including operating lease liability) 456,369 433,808 409,785 387,024 370,402 356,431 336,434 322,519 309,305 301,015 282,069 273,476 263,451 270,563 250,092 237,193 204,114 193,908 178,864 164,399 143,423
Solvency Ratio
Debt to capital (including operating lease liability)1 0.33 0.34 0.37 0.39 0.42 0.43 0.46 0.48 0.50 0.51 0.51 0.52 0.49 0.49 0.52 0.52 0.49 0.52 0.54 0.55 0.54
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Home Depot Inc. 0.97 0.98 0.97 0.97 0.99 0.97 0.97 1.00 1.04 1.04 0.98 0.95 0.96 0.93 0.96 1.01 1.09 1.09 1.03 1.03 1.07
Lowe’s Cos. Inc. 1.57 1.60 1.61 1.57 1.57 1.60 1.51 1.34 1.26 1.20 1.05 1.01 0.98 0.95 0.87 0.86 0.94 0.92 0.90 0.89 0.87
TJX Cos. Inc. 0.63 0.63 0.65 0.66 0.67 0.67 0.69 0.70 0.69 0.68 0.67 0.67 0.71 0.73 0.74 0.77 0.78 0.66 0.67 0.68 0.69

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 150,502 ÷ 456,369 = 0.33

2 Click competitor name to see calculations.


Total debt (including operating lease liability)
The total debt level exhibited a rising trend from March 31, 2020, through December 31, 2022, increasing from approximately $78.2 billion to nearly $155.0 billion. After peaking around the end of 2022, total debt showed a slight overall decline throughout 2023 and into early 2025, leveling off between approximately $147.8 billion and $154.8 billion. This suggests that while the company initially increased its leverage, there has been a stabilization or modest reduction in debt in more recent periods.
Total capital (including operating lease liability)
Total capital showed a consistent upward trajectory from around $143.4 billion in March 2020 to $456.4 billion by March 2025. This steady increase indicates substantial growth in the company's capital base over the period examined, with accelerating growth observable particularly from 2021 onwards. The rise in total capital outpaced that of total debt, indicating expansion financed through means other than debt as well.
Debt to capital ratio (including operating lease liability)
The debt to capital ratio declined steadily from 0.54 in March 2020 to 0.33 by March 2025. This downward trend reflects an improving capital structure, with the proportion of debt relative to total capital decreasing consistently over the five-year period. The reduction in this leverage ratio suggests enhanced financial stability and potentially lower financial risk, driven by faster growth in capital relative to debt.

Debt to Assets

Amazon.com Inc., debt to assets calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of finance lease liabilities 1,359 1,375 1,393 1,439 1,626 2,032 2,385 3,024 3,676 4,397 5,036 5,792 6,842 8,083 8,712 9,442 9,862 10,374 10,260 10,061 9,824
Current portion of long-term debt 5,014 5,017 5,248 7,429 8,848 8,494 5,995 3,997 2,000 2,999 4,247 4,998 2,681 1,491 1,000 1,158 1,156 1,155 155 1,154 1,311
Long-term finance lease liabilities, excluding current portion 9,024 9,227 9,426 9,388 9,614 10,077 10,081 10,434 10,771 11,386 11,595 12,625 14,085 15,670 15,807 16,228 16,930 18,060 17,490 16,729 16,495
Long-term debt, excluding current portion 53,374 52,623 54,890 54,889 57,634 58,314 61,098 63,092 67,084 67,150 58,919 58,053 47,556 48,744 50,055 50,279 31,868 31,816 32,929 33,128 23,437
Total debt 68,771 68,242 70,957 73,145 77,722 78,917 79,559 80,547 83,531 85,932 79,797 81,468 71,164 73,988 75,574 77,107 59,816 61,405 60,834 61,072 51,067
 
Total assets 643,256 624,894 584,626 554,818 530,969 527,854 486,883 477,607 464,378 462,675 428,362 419,728 410,767 420,549 382,406 360,319 323,077 321,195 282,179 258,314 221,238
Solvency Ratio
Debt to assets1 0.11 0.11 0.12 0.13 0.15 0.15 0.16 0.17 0.18 0.19 0.19 0.19 0.17 0.18 0.20 0.21 0.19 0.19 0.22 0.24 0.23
Benchmarks
Debt to Assets, Competitors2
Home Depot Inc. 0.54 0.58 0.55 0.55 0.55 0.57 0.56 0.54 0.54 0.56 0.54 0.51 0.49 0.53 0.53 0.55 0.61 0.61 0.56 0.55 0.55
Lowe’s Cos. Inc. 0.79 0.86 0.84 0.82 0.80 0.78 0.71 0.62 0.58 0.55 0.53 0.49 0.45 0.47 0.43 0.42 0.48 0.49 0.45 0.43 0.41
TJX Cos. Inc. 0.10 0.10 0.09 0.10 0.12 0.12 0.12 0.12 0.12 0.12 0.11 0.12 0.18 0.20 0.20 0.23 0.28 0.09 0.09 0.10 0.10

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 68,771 ÷ 643,256 = 0.11

2 Click competitor name to see calculations.


Total Debt
The total debt exhibits fluctuations over the periods, initially rising from approximately $51 billion in March 2020 to a peak around $81 billion in June 2022. After this peak, a general declining trend is observed, with debt decreasing consistently to approximately $69 billion by March 2025. This suggests active debt management or repayment efforts in the later periods.
Total Assets
Total assets have demonstrated a steady increase throughout the entire period, growing from about $221 billion in March 2020 to over $643 billion by March 2025. This continuous growth indicates significant expansion and asset acquisition, reflecting positive capital investment and overall growth in the company's asset base.
Debt to Assets Ratio
The debt to assets ratio shows a declining trend over the periods. Starting at 0.23 in March 2020, it decreases consistently to 0.11 by March 2025. This indicates an improvement in the company's leverage position, meaning that liabilities are becoming a smaller proportion of the total asset base which may signal strengthened financial stability and lower credit risk.
Overall Analysis
The data indicates that while total debt initially rose, it was subsequently reduced, ultimately contributing to a declining debt to assets ratio. Concurrently, the steady expansion of total assets has further improved leverage metrics. This combination of rising assets and controlled debt levels reveals an increasingly robust financial position over the observed timeframe.

Debt to Assets (including Operating Lease Liability)

Amazon.com Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of finance lease liabilities 1,359 1,375 1,393 1,439 1,626 2,032 2,385 3,024 3,676 4,397 5,036 5,792 6,842 8,083 8,712 9,442 9,862 10,374 10,260 10,061 9,824
Current portion of long-term debt 5,014 5,017 5,248 7,429 8,848 8,494 5,995 3,997 2,000 2,999 4,247 4,998 2,681 1,491 1,000 1,158 1,156 1,155 155 1,154 1,311
Long-term finance lease liabilities, excluding current portion 9,024 9,227 9,426 9,388 9,614 10,077 10,081 10,434 10,771 11,386 11,595 12,625 14,085 15,670 15,807 16,228 16,930 18,060 17,490 16,729 16,495
Long-term debt, excluding current portion 53,374 52,623 54,890 54,889 57,634 58,314 61,098 63,092 67,084 67,150 58,919 58,053 47,556 48,744 50,055 50,279 31,868 31,816 32,929 33,128 23,437
Total debt 68,771 68,242 70,957 73,145 77,722 78,917 79,559 80,547 83,531 85,932 79,797 81,468 71,164 73,988 75,574 77,107 59,816 61,405 60,834 61,072 51,067
Current portion of operating lease liabilities 10,884 10,546 9,301 8,736 8,581 8,419 8,092 7,982 7,752 7,458 7,046 6,707 6,640 6,349 5,913 5,214 4,841 4,586 4,156 3,530 3,279
Long-term operating lease liabilities, excluding current portion 70,847 69,050 70,376 68,696 67,438 67,220 65,810 65,388 63,496 61,582 57,737 53,899 51,646 51,981 48,041 40,069 36,137 34,513 31,099 26,069 23,805
Total debt (including operating lease liability) 150,502 147,838 150,634 150,577 153,741 154,556 153,461 153,917 154,779 154,972 144,580 142,074 129,450 132,318 129,528 122,390 100,794 100,504 96,089 90,671 78,151
 
Total assets 643,256 624,894 584,626 554,818 530,969 527,854 486,883 477,607 464,378 462,675 428,362 419,728 410,767 420,549 382,406 360,319 323,077 321,195 282,179 258,314 221,238
Solvency Ratio
Debt to assets (including operating lease liability)1 0.23 0.24 0.26 0.27 0.29 0.29 0.32 0.32 0.33 0.33 0.34 0.34 0.32 0.31 0.34 0.34 0.31 0.31 0.34 0.35 0.35
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Home Depot Inc. 0.64 0.68 0.65 0.65 0.65 0.66 0.65 0.62 0.62 0.64 0.62 0.60 0.58 0.62 0.61 0.64 0.71 0.73 0.67 0.66 0.66
Lowe’s Cos. Inc. 0.89 0.96 0.94 0.91 0.88 0.87 0.81 0.72 0.68 0.66 0.63 0.58 0.54 0.56 0.52 0.51 0.57 0.60 0.56 0.54 0.51
TJX Cos. Inc. 0.43 0.42 0.41 0.43 0.45 0.45 0.44 0.47 0.46 0.44 0.43 0.45 0.49 0.50 0.50 0.59 0.65 0.47 0.47 0.50 0.50

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 150,502 ÷ 643,256 = 0.23

2 Click competitor name to see calculations.


Total debt (including operating lease liability)
The total debt shows a general upward trend from March 2020 through December 2022, increasing from approximately $78.2 billion to about $155.0 billion. After peaking in late 2022 and early 2023, the debt levels exhibited minor fluctuations but remained relatively stable around the $150 billion mark through March 2025, demonstrating slight reductions toward the final periods observed.
Total assets
Total assets have consistently increased over the entire period, rising from approximately $221.2 billion in March 2020 to $643.3 billion by March 2025. This growth suggests a substantial expansion of the asset base, with noticeable acceleration from 2022 onward, reflecting ongoing investments or acquisitions that have significantly increased the company’s resource holdings.
Debt to assets ratio (including operating lease liability)
This ratio declined gradually over the observed periods, starting at 0.35 in early 2020 and decreasing to 0.23 by March 2025. The steady reduction in the debt to assets ratio indicates improving financial leverage, as assets grew at a faster pace than liabilities. This trend suggests enhanced financial stability and a potentially stronger balance sheet position over time.

Financial Leverage

Amazon.com Inc., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Total assets 643,256 624,894 584,626 554,818 530,969 527,854 486,883 477,607 464,378 462,675 428,362 419,728 410,767 420,549 382,406 360,319 323,077 321,195 282,179 258,314 221,238
Stockholders’ equity 305,867 285,970 259,151 236,447 216,661 201,875 182,973 168,602 154,526 146,043 137,489 131,402 134,001 138,245 120,564 114,803 103,320 93,404 82,775 73,728 65,272
Solvency Ratio
Financial leverage1 2.10 2.19 2.26 2.35 2.45 2.61 2.66 2.83 3.01 3.17 3.12 3.19 3.07 3.04 3.17 3.14 3.13 3.44 3.41 3.50 3.39
Benchmarks
Financial Leverage, Competitors2
Home Depot Inc. 43.53 73.30 52.85 57.22 211.01 48.94 59.22 319.94 70.56 34.20 41.51 21.39 43.60
Lowe’s Cos. Inc. 115.06 32.52 12.49 11.88 26.71 20.02 16.18 15.41 13.36
TJX Cos. Inc. 3.96 4.07 4.44 4.38 4.47 4.45 5.02 5.02 4.95 4.74 4.67 4.49 4.94 5.28 5.67 5.70 5.36 4.06 4.38 4.31 4.38

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 643,256 ÷ 305,867 = 2.10

2 Click competitor name to see calculations.


Total Assets
The total assets show a consistent upward trend from March 31, 2020, to March 31, 2025. Initially, assets increased from $221,238 million in March 2020 to $420,549 million by December 2021. Following a slight decline in early 2022, the upward trajectory resumed, reaching $643,256 million by March 2025. This indicates ongoing asset growth with occasional minor fluctuations.
Stockholders’ Equity
Stockholders’ equity has steadily increased over the entire period. Starting at $65,272 million in March 2020, equity rose to $138,245 million by December 2021, more than doubling. The growth continued consistently through March 2025, with equity reaching $305,867 million. The pattern reflects strong capital retention and reinvestment, supporting enhanced shareholder value.
Financial Leverage
The financial leverage ratio, which measures the proportion of total assets to stockholders' equity, shows a general declining trend over the timeframe. From a high of 3.5 in June 2020, the ratio decreased steadily to 2.1 by March 2025. This decline suggests a reduction in reliance on debt financing relative to equity. The company appears to be strengthening its balance sheet by increasing equity at a faster rate than assets, potentially reducing financial risk.

Interest Coverage

Amazon.com Inc., interest coverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Net income (loss) 17,127 20,004 15,328 13,485 10,431 10,624 9,879 6,750 3,172 278 2,872 (2,028) (3,844) 14,323 3,156 7,778 8,107 7,222 6,331 5,243 2,535
Add: Income tax expense 4,553 2,325 2,706 1,767 2,467 3,062 2,306 804 948 (1,227) 69 (637) (1,422) 612 1,155 868 2,156 566 569 984 744
Add: Interest expense 541 570 603 589 644 713 806 840 823 694 617 584 472 482 493 435 399 414 428 403 402
Earnings before interest and tax (EBIT) 22,221 22,899 18,637 15,841 13,542 14,399 12,991 8,394 4,943 (255) 3,558 (2,081) (4,794) 15,417 4,804 9,081 10,662 8,202 7,328 6,630 3,681
Solvency Ratio
Interest coverage1 34.56 29.48 24.49 20.63 16.43 12.80 8.24 5.60 2.27 -1.51 5.61 6.57 13.02 22.09 18.81 21.05 19.96 15.69
Benchmarks
Interest Coverage, Competitors2
Home Depot Inc. 10.96 11.25 11.94 12.82 13.81 14.90 16.02 16.58 16.83 17.14 16.63 15.94 15.29 13.60 13.38 13.08 12.61 13.25

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Interest coverage = (EBITQ1 2025 + EBITQ4 2024 + EBITQ3 2024 + EBITQ2 2024) ÷ (Interest expenseQ1 2025 + Interest expenseQ4 2024 + Interest expenseQ3 2024 + Interest expenseQ2 2024)
= (22,221 + 22,899 + 18,637 + 15,841) ÷ (541 + 570 + 603 + 589) = 34.56

2 Click competitor name to see calculations.


Earnings before interest and tax (EBIT)
The EBIT showed significant volatility over the observed periods. Initially, there was a strong upward trend from 3,681 million USD in March 2020 to a peak of 15,417 million USD in December 2021. However, this was followed by a sharp decline, with EBIT turning negative to -4,794 million USD in March 2022 and remaining highly variable until December 2022. From early 2023 onwards, EBIT recovered robustly, exhibiting consistent growth through the latest period in March 2025, reaching 22,221 million USD. Overall, the pattern indicates a recovery phase after a notable downturn, followed by a sustained growth trajectory.
Interest Expense
Interest expense increased gradually from 402 million USD in March 2020 to a peak of 823 million USD in March 2023. Following this peak, a gradual decline is observed, with interest expense decreasing to 541 million USD by March 2025. The pattern suggests a rise in financing costs up to early 2023, followed by effective management or reduction of interest-bearing liabilities thereafter.
Interest Coverage Ratio
The interest coverage ratio, indicating the ability to cover interest payments with EBIT, displayed considerable fluctuations. Starting above 15 in late 2020, the ratio peaked at 22.09 in December 2021 before plunging to negative territory (-1.51) in March 2022, corresponding with the negative EBIT. Subsequently, the ratio recovered steadily, improving to 34.56 by March 2025. This recovery reflects enhanced operational earnings capacity relative to interest obligations, indicating strengthened financial health over the latter periods.