Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Solvency Ratios (Summary)
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 Ratio
- The debt to equity ratio exhibited notable fluctuations over the observed periods. Initially, the ratio showed moderate volatility from March 2020 to December 2021, ranging roughly between 1.77 and 2.9. However, starting in December 2022, there was a sharp increase, peaking at 11.29 by March 2023. This represents a significant rise in leverage relative to equity, implicating increased financial risk. The inclusion of operating lease liabilities follows a similar trend, with a slightly higher ratio, emphasizing the impact of lease obligations on overall debt.
- Debt to Capital Ratio
- This ratio remained relatively stable around 0.64 to 0.74 from March 2020 through December 2021, indicating consistent capital structure management. From December 2022 onwards, the ratio displayed an upward trajectory, increasing from 0.82 to 1.62 by the final data point in March 2025. This rising trend suggests a growing reliance on debt financing within the company’s capital base. The measure including operating lease liabilities paralleled this pattern, albeit at marginally higher levels, underscoring lease liabilities’ contribution to overall capital structure.
- Debt to Assets Ratio
- The debt to assets ratio exhibited generally lower volatility. Initially ranging near 0.46 to 0.58 between March 2020 and December 2021, it dipped to a low of approximately 0.39 during mid-2022 before gradually trending upward again, reaching about 0.59 to 0.6 in early 2025. The trend including operating lease liabilities mirrored this progression, remaining consistently above the base ratio by approximately 0.02 to 0.03, indicating that operating leases contribute a moderate additional debt burden relative to total assets.
- Financial Leverage
- Financial leverage showed a similar pattern of variation as debt to equity. From March 2020 to December 2021, leverage ratios generally decreased from a high of 5.23 to a low of 3.83, reflecting moderation in the use of debt financing. However, a significant surge was observed in December 2022, with the ratio reaching 23.47, reflecting an exceptional increase in total assets relative to equity, possibly due to increased borrowing or changes in equity levels. This spike aligns with the debt to equity ratio peak observed in the same period.
- Interest Coverage Ratio
- The interest coverage ratio was unavailable for the earliest periods but from September 2020 onward, the values indicate an improving ability to cover interest expenses. It rose from 2.59 in September 2020 to a peak of 11.24 in December 2022, indicating stronger operational earnings relative to interest costs during this phase. After peaking, there was a gradual decline to 4.91 by March 2025, suggesting a reduction in earnings buffer for interest payments, though coverage remained above the lower levels seen during early observations.
Debt Ratios
Coverage Ratios
Debt to Equity
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to equity1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
Airbnb Inc. | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
McDonald’s Corp. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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 (deficit)
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends in the company's leverage and equity position over the examined quarters.
- Total Debt
- Total debt increased significantly from $8.55 billion in early 2020 to a peak of approximately $16.9 billion by mid-2024, with fluctuations observed within this period. Notably, debt levels rose sharply between late 2022 and early 2025, indicating increased borrowing or refinancing activities during this timeframe.
- Stockholders’ Equity (Deficit)
- Stockholders’ equity declined markedly from a positive $3.8 billion at the start of 2020 to a deficit position of $6.1 billion by early 2025. Initially, equity showed some growth and stability, peaking around $6.2 billion at the end of 2021, before entering a downward trajectory that resulted in sustained negative equity over the last several quarters. This deterioration suggests accumulated losses or significant write-downs reducing net equity.
- Debt to Equity Ratio
- The debt to equity ratio demonstrates high volatility and a clear upward trend, moving from a moderate ratio of about 2.23 times at the start of 2020 to an extreme level exceeding 11 times by early 2023. Data is unavailable for the last two years, but the earlier trend indicates increasing leverage and greater reliance on debt financing relative to equity, especially coinciding with the period of declining equity.
Overall, the data indicates a company experiencing rising leverage and weakening equity position over the analyzed period. The marked increase in total debt combined with the erosion of shareholder equity signals heightened financial risk and potential solvency concerns. The sharp rise in the debt to equity ratio underscores a growing imbalance in the capital structure, which may affect financial flexibility and stakeholder confidence going forward.
Debt to Equity (including Operating Lease Liability)
Booking Holdings Inc., debt to equity (including operating lease liability) calculation (quarterly data)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Non-current operating lease liabilities | ||||||||||||||||||||||||||||
Total debt (including operating lease liability) | ||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to equity (including operating lease liability)1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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 (deficit)
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several key trends in the company's debt and equity positions over the examined periods.
- Total Debt (including operating lease liability)
-
Total debt exhibited an overall fluctuating pattern with a general increasing trajectory toward the later periods. Starting from approximately $8.99 billion in March 2020, debt rose steadily to peak near $14.2 billion by March 2021. It then declined somewhat through late 2021 and most of 2022, reaching a low of about $9.47 billion by September 2022. Subsequently, total debt rose sharply again at the end of 2022 and into 2023, maintaining levels in the $14–17 billion range through 2024, with a slight tapering back toward $16.5 billion in early 2025.
- Stockholders’ Equity (Deficit)
-
Equity values show a marked deterioration over time. Initially, equity stood around $3.8 billion in early 2020, maintaining a generally positive but somewhat volatile stance through 2021, reaching a high around $6.18 billion in the final quarter of 2021. Beginning in 2022, stockholders’ equity declined precipitously, turning positive but much reduced in early 2022 and traversing into negative territory from 2023 onward. The negative equity deepened significantly, reaching roughly -$6.1 billion by March 2025, indicating increasing deficits and erosion in net worth over time.
- Debt to Equity Ratio (including operating lease liability)
-
This ratio underscores the increasing leverage risk faced by the company, echoing the shifting dynamics between debt and equity. Early data shows ratios fluctuating between 1.83 and 3.01 through 2021, with a notable spike to above 4.6 in late 2022 concurrent with the large equity decline. The ratio further jumped dramatically to nearly 12 by March 2023, reflecting an extremely high level of indebtedness relative to equity, consistent with the significant negative equity observed. Data beyond this point is missing, but the prior pattern strongly suggests elevated financial leverage and risk.
In summary, the company experienced rising debt levels combined with a weakening equity base, resulting in elevated leverage ratios. The marked shift to negative equity and the corresponding spike in debt-to-equity ratios during and after 2022 indicates a concerning trend in financial stability and capital structure. These trends warrant close monitoring and potentially corrective financial strategies to address solvency and risk exposure.
Debt to Capital
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||||||||||||||
Total capital | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to capital1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
Airbnb Inc. | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
McDonald’s Corp. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits an overall upward trajectory from March 31, 2020, through March 31, 2025. Initially, debt rose sharply from 8,548 million USD in early 2020 to a peak of 13,835 million USD by March 31, 2021. Following this peak, a downward adjustment phase is observed, with debt declining to approximately 9,184 million USD by September 30, 2022. Subsequently, total debt resumed an increasing trend, reaching around 16,900 million USD by March 31, 2024, before slightly fluctuating to end at 16,024 million USD by the last recorded quarter.
- Total Capital
- Total capital also experienced rises and falls, peaking at 18,599 million USD in March 31, 2021, mirroring the debt peak timeframe. However, in contrast to debt, total capital then descended considerably to a low of 9,912 million USD by the final quarter in March 31, 2025. This decline reflects a significant contraction in capital base after the mid-2021 peak, with multiple periods showing decreases in between.
- Debt to Capital Ratio
- The debt-to-capital ratio demonstrates clear volatility and a trend of increasing financial leverage over the period. It started at 0.69 in March 2020 and generally trended upwards, reaching a stable range near 0.7 through much of 2020 and early 2021. From late 2021 onward, the ratio escalated sharply, moving above 1.0 in mid-2023 and peaking at 1.62 by March 31, 2025. This increase implies that debt has grown faster than total capital, signifying rising leverage and potentially higher financial risk.
- Summary Insights
- The financial data reveal an overarching increase in indebtedness alongside a reduction in capital stocks in the latter years, culminating in a pronounced rise in leverage. The company's debt levels, after a period of reduction, resumed growth while capital diminished, pushing the debt-to-capital ratio to significantly high levels above 1.0, which may warrant a closer assessment of the company’s risk management and capital structure policies. The pattern suggests a strategic reliance on debt financing that intensifies over time, potentially indicating increased risk exposure or a shift in financing strategy during the analyzed timeframe.
Debt to Capital (including Operating Lease Liability)
Booking Holdings Inc., debt to capital (including operating lease liability) calculation (quarterly data)
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Non-current operating lease liabilities | ||||||||||||||||||||||||||||
Total debt (including operating lease liability) | ||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||||||||||||||
Total capital (including operating lease liability) | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to capital (including operating lease liability)1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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)
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals a dynamic evolution of debt and capital structure over the observed periods. Total debt, inclusive of operating lease liabilities, shows an initial upward trend from March 2020 through December 2020, rising from 8,986 million USD to 12,380 million USD. This upward movement continues variably, with fluctuating decreases and increases, peaking notably in June 2024 at 17,337 million USD before slightly decreasing to 16,500 million USD by March 2025.
Total capital, also including operating lease liabilities, demonstrates some volatility. It grows from 12,817 million USD in March 2020 to a peak of 18,930 million USD in March 2021. However, after this peak, it experiences a general decline interspersed with short-term recoveries, diminishing markedly to 10,388 million USD by March 2025, which represents a significant decrease compared to its earlier peak.
The debt-to-capital ratio, a key indicator of financial leverage, reflects these changes and indicates a noteworthy trend towards increasing leverage over the period. Beginning at 0.70 in March 2020, it exhibits moderate fluctuations but generally trends upward across the timeline, surpassing 1.0 by June 2023. This ratio rises sharply thereafter, reaching 1.59 by March 2025, suggesting that total debt has grown to substantially exceed total capital by the end of the timeframe. This indicates increased reliance on debt financing relative to the capital base.
- Total Debt
- Shows an increase from early 2020 through mid-2024, with periods of rise and minor retrenchment. The peak is reached mid-2024, followed by a slight decline.
- Total Capital
- Initially rising sharply until early 2021, total capital then enters a phase of decline with intermittent recoveries. The value in March 2025 is significantly lower than the peak values observed.
- Debt to Capital Ratio
- Demonstrates a rising trend, moving from below 1.0 to a level above 1.5 by the end of the observed period. This indicates an increasing proportion of debt relative to capital, pointing to higher financial leverage.
Overall, the data suggests that over the examined quarters, there has been a growing propensity towards debt financing compared to capital accumulation, which may have implications for the company’s risk profile and financial stability going forward.
Debt to Assets
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to assets1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
Airbnb Inc. | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
McDonald’s Corp. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's capital structure and asset base over the examined period.
- Total Debt
- The total debt displays considerable fluctuations throughout the periods. Starting at approximately $8.5 billion in the first quarter of 2020, total debt increased sharply reaching a peak near $13.8 billion in the first quarter of 2021. Following this peak, there was a decline trend towards late 2022 where debt decreased to around $9.2 billion. However, from late 2022 onward, total debt rose again, reaching its highest value in the period around mid-2024 at roughly $17 billion. Towards the end of the dataset, debt shows a slight decrease but remains elevated compared to earlier years.
- Total Assets
- Total assets exhibited growth from about $17.9 billion in early 2020 to levels exceeding $25 billion by the end of 2021. Thereafter, asset values showed some volatility, peaking near $28.5 billion in mid-2024. Despite some quarterly decreases, the overall trend points to a sustained increase in asset base over the five-year span. Assets appear to fluctuate moderately but maintain a broadly upward trajectory.
- Debt to Assets Ratio
- The debt to assets ratio begins near 0.48 in early 2020 and rises steadily to a high point near 0.58 in the first quarter of 2021. Post this period, the ratio decreases, reaching a low of approximately 0.39 by mid-2022, indicative of a reduction in leverage relative to assets. From late 2022, the ratio demonstrates a rising trend again, surpassing 0.60 at times in the 2024 period, signifying increased leverage. The ratio slightly declines at the end of the period but remains higher than the middle years of the timeline, suggesting a general movement towards higher debt reliance relative to assets.
Overall, the company’s financial profile shows a dynamic interplay between debt and asset growth, with periods of both deleveraging and increased leverage. Total assets have expanded over time, while total debt has experienced more pronounced fluctuations. The debt to asset ratio reflects these shifts in leverage, with a trend toward increased debt utilization relative to assets in recent quarters.
Debt to Assets (including Operating Lease Liability)
Booking Holdings Inc., debt to assets (including operating lease liability) calculation (quarterly data)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Non-current operating lease liabilities | ||||||||||||||||||||||||||||
Total debt (including operating lease liability) | ||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to assets (including operating lease liability)1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the observed quarters reveals several noteworthy trends in the company’s debt structure, asset base, and leverage ratios.
- Total Debt (including operating lease liability)
- The total debt demonstrates a fluctuating pattern throughout the reported periods. Initially, debt increased significantly from US$8,986 million at the end of Q1 2020 to a peak of US$14,166 million by Q1 2021. Following this peak, there was a period of reduction in debt levels, reaching a lower point of approximately US$9,470 million by Q3 2022. However, from late 2022 onward, debt levels rose again, reaching around US$17,456 million by Q1 2024, before experiencing a slight decrease to approximately US$16,500 million by Q1 2025. This suggests phases of debt accumulation and repayment, with a general upward trend towards the latter periods.
- Total Assets
- Total assets have shown overall growth across the timeframe, increasing from US$17,862 million at Q1 2020 to a high of roughly US$28,541 million by Q2 2024. Despite some volatility, including a dip towards Q4 2023 (around US$24,342 million), the asset base expanded steadily, indicating investment or acquisition activities that support operational growth. The peak in assets near Q2 2024 underscores this growth trend, followed by a minor decline towards Q1 2025.
- Debt to Assets Ratio (including operating lease liability)
- The debt to assets ratio fluctuates between 0.4 and 0.63 across the periods, reflecting changes in leverage. Initially elevated near 0.57 in mid-2020, it decreased to a low of 0.4 by Q2 2022, suggesting deleveraging or asset growth outpacing debt. Subsequently, the ratio increased steadily from late 2022 onwards, peaking around 0.63 by mid-2024, before a slight dip to 0.61 by Q1 2025. This oscillation highlights periods when debt levels grew relative to assets, impacting financial risk and capital structure stability.
Overall, the company shows a strategy of managing debt amidst asset growth, with a recent trend toward increased leverage. This balance between asset expansion and fluctuating debt levels requires continued monitoring, particularly in light of the elevated debt-to-asset ratio in recent quarters.
Financial Leverage
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Financial leverage1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
Airbnb Inc. | ||||||||||||||||||||||||||||
Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||
McDonald’s Corp. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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 (deficit)
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the key financial metrics over the considered periods.
- Total assets
- Total assets generally exhibit a fluctuating pattern over time with periods of both increase and decrease. Starting at approximately 17.9 billion US dollars in March 2020, total assets rose to a peak around the end of 2020 and into early 2021, achieving values near 23.6 billion US dollars by December 2021. Thereafter, there was a slight decline towards early 2022, but subsequently, total assets increased again, reaching levels close to 28.5 billion US dollars by mid-2024. A slight tapering off is seen toward the end of the dataset, with assets at approximately 27.2 billion US dollars by March 2025. This indicates an overall growth trend in the company's asset base, despite some short-term volatility.
- Stockholders’ equity (deficit)
- Stockholders’ equity shows a more volatile and concerning pattern. Initially positive and growing from about 3.8 billion US dollars in early 2020 up to a high of over 6 billion US dollars at the end of 2021, it then sharply declines. From early 2022 onwards, equity values decline steeply, turning negative by mid-2023 (reaching approximately -665 million US dollars), and deteriorating further to about -6.1 billion US dollars by March 2025. This persistent and deepening negative equity suggests significant financial challenges, potential losses, or write-downs impacting the company's net worth, which could be a critical concern for stakeholders.
- Financial leverage
- Financial leverage ratios reflect a substantial increase in the latter part of the timeline. During 2020 and 2021, leverage ratios ranged roughly between 3.8 and 5.2, indicating moderate use of debt relative to equity. However, starting from late 2022, financial leverage escalates dramatically, peaking at approximately 23.5 by March 2023. Data beyond that point is missing, but the sharp rise up to this peak implies a significantly higher reliance on debt financing compared to equity, likely connected with the negative equity trend observed. The elevated financial leverage highlights increased financial risk and potential vulnerability to market or operational shocks.
In summary, total assets have generally grown over the period, while stockholders’ equity has deteriorated notably, shifting from positive to a substantial deficit. Correspondingly, financial leverage increased sharply, reflecting a growing dependency on debt. These trends collectively signal potential financial stress and warrant close monitoring and further investigation into the underlying causes.
Interest Coverage
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||
Add: Income tax expense | ||||||||||||||||||||||||||||
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Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Interest coverage1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||
McDonald’s Corp. | ||||||||||||||||||||||||||||
Starbucks Corp. |
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)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The earnings before interest and tax (EBIT) exhibit considerable fluctuation over the observed quarters. Initially, in the first quarter of 2020, the EBIT registers a significant negative value (-658 million USD), indicating an operating loss. This is followed by a recovery and growth, with EBIT rising to 305 million USD in the subsequent quarter and further increasing to a peak of 1048 million USD by the third quarter of 2021. However, a notable decline occurs in the first quarter of 2022, with EBIT dropping sharply to -781 million USD, reflecting another period of operating loss.
Thereafter, EBIT rebounds substantially, reaching a high of 3403 million USD in the third quarter of 2023. This period marks the highest EBIT within the dataset, indicating improved operational performance. Following this peak, EBIT experiences a downward trend, decreasing to 1045 million USD by the first quarter of 2025. Despite this decline, EBIT remains positive and above earlier years' levels.
Interest expense demonstrates an increasing trend throughout the timeline. Starting at 64 million USD in the first quarter of 2020, interest expenses gradually rise, reaching 649 million USD by the first quarter of 2025. This steady growth suggests an escalation in borrowing costs or debt levels over the period.
The interest coverage ratio, representing the ability to cover interest expenses with earnings, shows significant evolution. Initially undefined or unavailable in early quarters, the ratio appears from the fourth quarter of 2020 onward. It starts at 2.59 and increases notably over time, reaching a peak of 11.24 in the fourth quarter of 2022, indicating strong capacity to service interest expenses during this period.
Post peak, the interest coverage ratio decreases gradually, falling to 4.91 by the first quarter of 2025. Although reduced, this level still signifies adequate coverage of interest expenses, albeit lower than the recent highs. The fluctuating interest coverage ratio correlates with the volatility observed in EBIT and the steady increase in interest expenses.
In summary, the financial data reveals a volatile but overall improving operating profitability, evidenced by fluctuating yet generally positive EBIT figures after initial losses. Interest expenses consistently rise, reflecting increased financial obligations. The interest coverage ratio trends indicate a period of strong earnings relative to interest costs, followed by a moderation, highlighting potential emerging pressure on interest servicing capacity towards the end of the period analyzed.
- Earnings before interest and tax (EBIT)
- Marked initial losses followed by recovery and peaks; the highest EBIT occurs in late 2023, with some decline after but maintaining positive figures.
- Interest expense
- Steady increase over time, nearly tenfold growth from early 2020 to early 2025.
- Interest coverage ratio
- Initial absence, then improvement and peak in late 2022, followed by a gradual decrease but maintaining coverage above critical thresholds.
- Overall trend
- Improvement in operating profitability with increasing financial costs and fluctuating but generally adequate interest coverage.