Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Solvency Ratios (Summary)
Amgen Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The solvency profile exhibits a significant long-term reduction in leverage and a strengthening of the equity cushion, characterized by a marked decline in debt-related ratios and a recovery in the ability to service interest obligations after a period of contraction.
- Debt to Equity and Financial Leverage
- A substantial downward trend is observed in both the debt to equity and financial leverage ratios. The debt to equity ratio decreased from a peak of 40.23 in March 2022 to 4.90 by June 2026, indicating a fundamental shift toward a more equity-heavy capital structure. Similarly, financial leverage declined from 64.62 to 8.18 over the same period. While some volatility occurred between December 2023 and March 2024, the overall trajectory demonstrates a consistent reduction in financial risk and reliance on borrowed funds.
- Debt to Capital and Debt to Assets
- The debt to capital and debt to assets ratios remained relatively stable compared to the aggressive declines seen in leverage metrics. Debt to capital showed a marginal decrease from 0.98 to 0.83, while the debt to assets ratio fluctuated within a narrow range, starting at 0.62 and ending at 0.60. This stability suggests that while the relationship between debt and equity shifted dramatically, the overall proportion of debt relative to the total asset base remained consistent.
- Interest Coverage
- The interest coverage ratio followed a U-shaped trajectory. Initially stable between 6.40 and 6.83 in 2022, the ratio experienced a steady decline, reaching a trough of 2.10 in June 2023. This period indicates a temporary compression of the margin available to cover interest expenses. However, from June 2024 onward, a consistent recovery trend is evident, with the ratio climbing back to 4.86 by June 2026, signifying improved operational profitability or a reduction in interest burdens.
Debt Ratios
Coverage Ratios
Debt to Equity
Amgen Inc., debt to equity calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of long-term debt | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
Analysis reveals a significant transformation in the company's solvency structure between March 2022 and June 2026. The period is characterized by an initial state of extreme leverage followed by a strategic expansion of the equity base and a gradual reduction of total liabilities, resulting in a strengthened balance sheet.
- Total Debt Trends
- A substantial increase in total debt occurred in the first quarter of 2023, where liabilities rose from 38.9 billion USD in December 2022 to 61.6 billion USD in March 2023. Following a peak of 64.6 billion USD in December 2023, a gradual downward trend was observed, with total debt decreasing to 57.3 billion USD by June 2026.
- Stockholders' Equity Evolution
- Equity experienced consistent growth over the analyzed period. Starting from a low of 916 million USD in March 2022, stockholders' equity expanded to 11.7 billion USD by June 2026. Although intermittent quarterly volatility is noted—specifically decreases in December 2023 and December 2024—the long-term trajectory remained strongly positive, significantly enhancing the company's capital cushion.
- Debt to Equity Ratio Analysis
- The solvency ratio demonstrated a profound decline, falling from 40.23 in March 2022 to 4.90 by June 2026. The most dramatic correction took place in the first half of 2022, as the ratio dropped from 40.23 to 15.10. Despite the significant debt increase in early 2023, the ratio remained relatively contained between 7.90 and 12.75 for several quarters. The subsequent steady decline to 4.90 indicates a systematic reduction in financial risk and a transition toward a more sustainable leverage profile.
Debt to Capital
Amgen Inc., debt to capital calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of long-term debt | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||
| Total capital | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a general trend of deleveraging over the analyzed period, characterized by a reduction in the reliance on debt relative to total capital. While a significant increase in liabilities occurred in early 2023, the subsequent trajectory indicates a strategic effort to optimize the capital structure and reduce financial leverage.
- Debt to Capital Ratio Trends
- The debt to capital ratio began at a peak of 0.98 in March 2022 and concluded at its lowest point of 0.83 in June 2026. A period of relative stability was observed between March 2023 and December 2024, where the ratio fluctuated narrowly between 0.89 and 0.93. A more pronounced downward trend emerged starting in June 2025, reflecting an improved solvency position and a decrease in the proportion of debt used to fund assets.
- Total Debt Volatility
- Total debt experienced a sharp escalation in the first quarter of 2023, jumping from 38.9 billion USD in December 2022 to 61.6 billion USD in March 2023. This elevated level of debt persisted through 2023 and 2024, reaching a maximum of 64.6 billion USD in December 2023. From March 2024 through September 2025, a consistent reduction in total debt was observed, with levels falling to 54.6 billion USD, before stabilizing around 57.3 billion USD in 2026.
- Total Capital Movements
- Total capital mirrored the surge in debt in March 2023, increasing from 42.6 billion USD to 66.9 billion USD. Capitalization peaked at 70.8 billion USD in December 2023. Following this peak, total capital underwent a gradual contraction, reaching a low of 63.2 billion USD in December 2025, before rising again to 69.0 billion USD by June 2026. The expansion of total capital in the final period, coupled with stable debt levels, contributed to the lowest observed debt to capital ratio.
Debt to Assets
Amgen Inc., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current portion of long-term debt | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The solvency profile between March 2022 and June 2026 is characterized by a period of significant leverage expansion followed by a systematic deleveraging phase.
- Total Debt and Asset Expansion
- A substantial increase in both total debt and total assets occurred between December 31, 2022, and March 31, 2023. Total debt rose from 38,945 million USD to 61,595 million USD, while total assets increased from 65,121 million USD to 88,720 million USD. This simultaneous surge indicates a major capital event or acquisition that significantly expanded the balance sheet size.
- Debt to Assets Ratio Volatility
- The debt to assets ratio remained relatively stable between 0.60 and 0.62 throughout 2022. Following the capital expansion in early 2023, the ratio climbed to a peak of 0.69. This elevated level of leverage persisted through March 31, 2024, reflecting a period where debt growth slightly outpaced the growth of the asset base.
- Deleveraging Trend
- Beginning in June 2024, a consistent downward trend in the debt to assets ratio is observed. The ratio decreased from 0.69 in March 2024 to 0.60 by December 31, 2025. This improvement was primarily driven by a reduction in total debt, which fell from 64,020 million USD in March 2024 to 54,587 million USD by September 30, 2025, while assets remained relatively stable or grew.
- Recent Solvency Stabilization
- By June 30, 2026, the debt to assets ratio returned to 0.60, mirroring the levels observed at the end of 2022. Although total debt saw a slight increase to 57,304 million USD in the first half of 2026, the concurrent growth of total assets to 95,639 million USD effectively neutralized the impact on the solvency ratio, maintaining a stable leverage position.
Financial Leverage
Amgen Inc., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
A comprehensive deleveraging trend is evident over the observed period, characterized by a significant reduction in the financial leverage ratio and a substantial strengthening of the equity base. The transition from an extremely high leverage position to a more conservative capital structure indicates a strategic shift in the entity's solvency profile.
- Total Assets Trend
- Total assets exhibited a general upward trajectory, increasing from 59,196 million USD in March 2022 to 95,639 million USD by June 2026. A notable expansion occurred between December 2022 and March 2023, where assets grew from 65,121 million USD to 88,720 million USD. Following this surge, asset levels remained relatively stable, fluctuating between approximately 87,000 million USD and 97,000 million USD through the remainder of the period.
- Stockholders' Equity Growth
- Stockholders' equity experienced aggressive growth, starting from a lean base of 916 million USD in March 2022 and reaching 11,688 million USD by June 2026. While the growth was generally consistent, periodic contractions were observed, specifically in December 2023 and December 2024. Despite these short-term fluctuations, the long-term trend reflects a significant accumulation of equity, which served as the primary driver for the reduction in financial risk.
- Financial Leverage Dynamics
- The financial leverage ratio underwent a dramatic decline, falling from a peak of 64.62 in March 2022 to 8.18 by June 2026. The most rapid deleveraging occurred in the first half of 2022, with the ratio dropping to 17.44 by September 2022. Throughout 2023 and 2024, the ratio remained volatile but generally trended downward, oscillating between 11.83 and 18.51. A final phase of stabilization and reduction was observed from 2025 through mid-2026, marking a substantial improvement in the solvency position and a decreased reliance on debt relative to equity.
Interest Coverage
Amgen Inc., interest coverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||
| Add: Income tax expense | ||||||||||||||||||||||||
| Add: Interest expense, net | ||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Interest coverage1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a cyclical trajectory characterized by a period of significant deterioration followed by a steady recovery in the capacity to service interest obligations. The overall trend reveals a transition from a strong coverage position in 2022 to a constrained state in early 2024, concluding with an upward trajectory through mid-2026.
- Earnings Before Interest and Tax (EBIT) Performance
- EBIT displays considerable volatility throughout the observed period. Following a period of stability and a peak of 3,985 million USD in March 2023, a sharp contraction occurred, reaching a low of 756 million USD by March 2024. Subsequent recovery is evident, with earnings trending upward to a peak of 4,606 million USD in September 2025 and maintaining a strong position of 3,441 million USD by June 2026.
- Net Interest Expense Trends
- Interest expenses underwent a consistent increase from 295 million USD in March 2022 to a peak of 824 million USD in March 2024. This upward trend placed additional pressure on solvency margins. However, from mid-2024 onward, a gradual reduction in net interest costs is observed, with expenses declining to 673 million USD by June 2026.
- Interest Coverage Ratio Analysis
- The interest coverage ratio demonstrates a clear three-phase movement. Initially, the ratio remained robust, fluctuating between 6.22 and 6.97 from March 2022 to March 2023. A period of degradation followed, where the ratio fell sharply to a minimum of 2.10 in June 2024, driven by the simultaneous decline in EBIT and the peak in interest expenses. Since the third quarter of 2024, a consistent recovery has been maintained, with the ratio climbing steadily to 4.86 by June 2026, indicating a restored margin of safety for debt servicing.