Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Analysis of Solvency Ratios

Microsoft Excel

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Solvency Ratios (Summary)

CSX Corp., solvency ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).


Debt to Equity
The debt to equity ratio exhibited some fluctuation over the five-year period. Starting at 1.17 in 2018, it increased to 1.37 in 2019, indicating a higher reliance on debt relative to equity. This ratio then declined to 1.28 in 2020 and further to 1.21 in 2021, before rising again to 1.43 in 2022, surpassing previous years. Including operating lease liabilities, the pattern is similar but consistently slightly higher, peaking at 1.47 in 2022.
Debt to Capital
The debt to capital ratio showed a gradual upward trend. Beginning at 0.54 in 2018, it rose to 0.58 in 2019, then experienced minor decreases to 0.56 in 2020 and 0.55 in 2021. By 2022, it increased to 0.59, indicating that debt forms an increasing portion of the company's overall capital structure. The inclusion of operating lease liabilities reflects a similar but slightly elevated pattern, ending at 0.60 in 2022.
Debt to Assets
This ratio maintained relative stability with a slight upward trend. Starting from 0.40 in 2018, it increased modestly to 0.42 in 2019 and 2020, then dipped back to 0.40 in 2021, followed by a rise to 0.43 in 2022. When operating lease liabilities are included, the ratio is consistently marginally higher, showing a slight increase from 0.40 in 2018 to 0.44 in 2022.
Financial Leverage
Financial leverage demonstrated variability but an overall increasing tendency. It rose from 2.92 in 2018 to a peak of 3.23 in 2019. After decreasing to 3.04 in 2020 and 3.00 in 2021, leverage increased again to 3.32 in 2022. This pattern suggests fluctuating but overall higher use of debt financing relative to equity over time.
Interest Coverage
The interest coverage ratio declined over the period from 7.74 in 2018 to 5.81 in 2020, indicating reduced ability to cover interest expenses initially. However, it improved in subsequent years, rising to 7.86 in 2021 and further to 8.30 in 2022. This improvement reflects enhanced earnings relative to interest obligations.
Fixed Charge Coverage
This ratio followed a similar trajectory to interest coverage. It decreased from 7.10 in 2018 to 5.34 in 2020, showing diminished coverage early on, then improved to 7.10 in 2021 and slightly to 7.36 in 2022. These changes indicate better capacity to meet fixed financial charges in the later years of the period.

Debt Ratios


Coverage Ratios


Debt to Equity

CSX Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, excluding current portion
Total debt
 
Shareholders’ equity, attributable to CSX
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Debt to Equity, Sector
Transportation
Debt to Equity, Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity, attributable to CSX
= ÷ =

2 Click competitor name to see calculations.


The financial data demonstrates several key trends over the five-year period ending in 2022. The total debt of the entity shows an overall upward trajectory, increasing from $14,757 million in 2018 to $18,047 million in 2022. Despite some fluctuations, this reflects a consistent growth in total liabilities. In contrast, shareholders' equity exhibits a less steady pattern, initially declining from $12,563 million in 2018 to $11,848 million in 2019, then recovering to a peak of $13,490 million in 2021 before decreasing again to $12,615 million in 2022.

Total Debt
The total debt has increased by approximately 22% over the five-year span, with a slight dip in 2021 compared to 2020, but a notable rise resumed in 2022. This suggests an increasing reliance on borrowed funds or increased capital expenditure financed through debt.
Shareholders’ Equity
Equity levels have fluctuated moderately, with a trough in 2019 and a peak in 2021. The decline in equity in 2019 could indicate returns of capital to shareholders, losses, or other equity-reducing activities, while the subsequent increase might reflect retained earnings growth or share issuance. The decrease in 2022 signals a potential contraction or distribution impacting retained earnings or valuation.
Debt to Equity Ratio
The debt to equity ratio trends upwards overall, rising from 1.17 in 2018 to 1.43 in 2022, despite a decrease in 2021. This ratio signals that debt growth has outpaced equity growth over the period, indicating increasing financial leverage. The peak ratio in 2022 suggests a more aggressive capital structure, which may heighten financial risk but could also drive higher returns if managed effectively.

In summary, the data reveals a pattern of increasing indebtedness relative to equity, with modest fluctuations in shareholders' equity. This shift implies a strategic stance towards leveraging but warrants attention to potential risks associated with higher debt levels.


Debt to Equity (including Operating Lease Liability)

CSX Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, excluding current portion
Total debt
Current operating lease liabilities (recorded in Other current liabilities)
Long-term operating lease liability
Total debt (including operating lease liability)
 
Shareholders’ equity, attributable to CSX
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Debt to Equity (including Operating Lease Liability), Sector
Transportation
Debt to Equity (including Operating Lease Liability), Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity, attributable to CSX
= ÷ =

2 Click competitor name to see calculations.


Total Debt (including operating lease liability)
The total debt shows a general upward trend over the five-year period. Starting at $14,757 million at the end of 2018, it increased to $16,788 million in 2019 and further to $17,205 million in 2020. There was a slight decrease to $16,908 million in 2021, followed by a notable increase to $18,604 million in 2022. This indicates a growing reliance on debt financing, with a minor reduction in 2021 before a resurgence.
Shareholders’ Equity, Attributable to CSX
Shareholders' equity fluctuated during the period. It started at $12,563 million in 2018 and declined to $11,848 million in 2019. Then, it increased steadily in 2020 and 2021, reaching $13,101 million and $13,490 million, respectively, before decreasing again to $12,615 million in 2022. This pattern suggests some volatility in equity valuation, with a recovery phase in the middle years followed by a reduction in the final year.
Debt to Equity Ratio (including operating lease liability)
The debt to equity ratio increased from 1.17 in 2018 to 1.42 in 2019, indicating a higher degree of leverage. It then declined to 1.31 in 2020 and further to 1.25 in 2021, showing some deleveraging during this period. However, in 2022, the ratio rose sharply to 1.47, reflecting increased debt relative to equity. This suggests fluctuating leverage with an overall tendency towards higher indebtedness by the end of the period.

Debt to Capital

CSX Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, excluding current portion
Total debt
Shareholders’ equity, attributable to CSX
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Debt to Capital, Sector
Transportation
Debt to Capital, Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.


The analysis of the financial data over the five-year period reveals the following trends in the company's debt and capital structure.

Total Debt
The total debt has shown a generally upward trend from 2018 through 2022. Beginning at $14,757 million in 2018, it increased each year with the exception of a slight decrease in 2021 to $16,366 million from $16,705 million in 2020. The highest recorded total debt was in 2022, reaching $18,047 million. This indicates an overall increase of approximately 22% in total debt over the five-year period.
Total Capital
Total capital also displayed a growth trend, rising from $27,320 million in 2018 to $30,662 million in 2022. The increase, while relatively steady, was less volatile compared to total debt. The total capital rose consistently each year except for marginal stagnation between 2020 and 2021. By 2022, total capital had increased by roughly 12% from its 2018 level, reflecting a moderate expansion in the company's overall capital base.
Debt to Capital Ratio
The debt-to-capital ratio fluctuated slightly over the period but showed a general increase from 0.54 in 2018 to 0.59 in 2022. The ratio peaked at 0.58 in 2019, dipped to 0.55 in 2021, and then rose again. This pattern suggests that the company's leverage ratio has increased moderately, indicating a higher proportion of debt financing relative to its total capital over time.

In summary, the company has incrementally increased both its total debt and total capital from 2018 to 2022. The more pronounced rise in total debt relative to capital has led to a modest increase in leverage, as reflected by the debt-to-capital ratio. This trend could imply a strategic shift towards greater debt utilization or increased borrowing capacity during the period examined.


Debt to Capital (including Operating Lease Liability)

CSX Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, excluding current portion
Total debt
Current operating lease liabilities (recorded in Other current liabilities)
Long-term operating lease liability
Total debt (including operating lease liability)
Shareholders’ equity, attributable to CSX
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
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Debt to Capital (including Operating Lease Liability), Sector
Transportation
Debt to Capital (including Operating Lease Liability), Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 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.


Total Debt (including operating lease liability)

The total debt of the company exhibited a generally upward trend over the examined period. Starting from US$14,757 million at the end of 2018, debt increased to US$16,788 million in 2019, continuing to US$17,205 million in 2020. A slight decline to US$16,908 million occurred in 2021, followed by a notable rise to US$18,604 million in 2022, reaching the highest value in the period under review.

Total Capital (including operating lease liability)

Total capital showed a steady increase throughout the timeframe. Beginning at US$27,320 million in 2018, total capital rose progressively each year, reaching US$28,636 million in 2019, US$30,306 million in 2020, US$30,398 million in 2021, and ultimately US$31,219 million in 2022. This indicates ongoing growth in the company's capital base despite fluctuations in debt levels.

Debt to Capital Ratio (including operating lease liability)

The debt to capital ratio generally increased over the five-year period, signifying a growing proportion of debt within the company’s capital structure. Initially, the ratio was 0.54 in 2018, rising sharply to 0.59 in 2019. It slightly decreased to 0.57 in 2020 and further to 0.56 in 2021, before jumping again to 0.60 in 2022, marking the peak ratio observed. This fluctuation suggests some variability in the company's leverage, although the overall direction points toward increased financial leverage by the end of 2022.


Debt to Assets

CSX Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, excluding current portion
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Debt to Assets, Sector
Transportation
Debt to Assets, Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


Total Debt

The total debt exhibited an overall upward trend from 2018 to 2022. Starting at $14,757 million in 2018, the debt increased consistently each year, peaking at $18,047 million in 2022. Notably, between 2019 and 2020, the increase slowed slightly but continued to grow through 2021 and 2022.

Total Assets

Total assets also displayed a steady growth throughout the observed period. Beginning with $36,729 million in 2018, assets rose each year, reaching $41,912 million by the end of 2022. The rate of asset growth was relatively consistent, supporting the company’s capacity to manage or invest in its resources.

Debt to Assets Ratio

The debt to assets ratio varied moderately over the years, showing some fluctuations within a narrow range. Starting at 0.40 in 2018, the ratio rose slightly to 0.42 in 2019 and 2020, then declined back to 0.40 in 2021 before increasing again to 0.43 in 2022. These changes indicate a relatively stable leverage position with a slight increase in debt relative to assets in the most recent year.


Debt to Assets (including Operating Lease Liability)

CSX Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, excluding current portion
Total debt
Current operating lease liabilities (recorded in Other current liabilities)
Long-term operating lease liability
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
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Debt to Assets (including Operating Lease Liability), Sector
Transportation
Debt to Assets (including Operating Lease Liability), Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 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 five-year period reveals several key trends concerning debt and assets management.

Total Debt (including operating lease liability)

There is a general increasing trend in total debt from 2018 through 2022. The debt rose from approximately $14.8 billion in 2018 to about $18.6 billion in 2022. The increase was steady with a slight dip observed in 2021, where debt decreased marginally from 2020 levels before rising again in 2022.

Total Assets

Total assets demonstrated a consistent upward trajectory over the same period, growing from around $36.7 billion in 2018 to approximately $41.9 billion in 2022. This reflects a steady expansion of the asset base year over year.

Debt to Assets Ratio (including operating lease liability)

The debt to assets ratio indicates the proportion of assets financed through debt. This ratio moved from 0.40 in 2018 to 0.44 in 2022. The ratio peaked slightly at 0.44 in 2019, decreased to 0.42 in 2021, and returned to 0.44 by 2022. This suggests that while total assets have increased, leverage has remained relatively consistent overall, with minor fluctuations.

In summary, total debt and total assets both increased steadily across the examined years, with debt rising at a pace to maintain a fairly stable debt to assets ratio. This stability in leverage implies a controlled approach to debt financing despite the growth in absolute debt levels. The slight fluctuations in the debt to assets ratio highlight moderate variability in debt management relative to asset growth.


Financial Leverage

CSX Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity, attributable to CSX
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Financial Leverage, Sector
Transportation
Financial Leverage, Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity, attributable to CSX
= ÷ =

2 Click competitor name to see calculations.


The annual financial data reveals several key trends in the company's balance sheet metrics over the five-year period from 2018 to 2022.

Total Assets
Total assets demonstrate a consistent upward trajectory throughout the analyzed period. Beginning at approximately $36.7 billion at the end of 2018, total assets increased steadily each year, reaching nearly $41.9 billion by the end of 2022. This growth suggests ongoing investment or accumulation of resources, reflecting possibly expanded operations or capital expenditures.
Shareholders’ Equity
Shareholders’ equity, attributable to the company, exhibits more variability compared to total assets. Starting at about $12.6 billion in 2018, equity declined notably in 2019 to roughly $11.8 billion. Subsequently, it recovered and increased to approximately $13.1 billion in 2020 and further to $13.5 billion in 2021. However, in 2022, equity fell again to around $12.6 billion. This fluctuation could be indicative of changes in retained earnings, dividend payments, stock buybacks, or other equity-related activities impacting the net worth attributable to the shareholders.
Financial Leverage
The financial leverage ratio shows variability with an overall upward tendency. It rose from 2.92 in 2018 to a peak of 3.23 in 2019, then decreased slightly to 3.04 by the end of 2020 and further to 3.00 in 2021. In 2022, the ratio increased again to 3.32, reaching the highest point over the period. This ratio's movement suggests changes in the company's capital structure, with fluctuations in relative levels of debt versus equity. The increase in leverage in 2019 and 2022 may imply more reliance on debt financing during these years.

In summary, the analyzed data illustrate that while the company's total asset base grew steadily, shareholders’ equity has oscillated, potentially influenced by internal equity management practices. The financial leverage trend, marked by periods of increase, points to shifts in financing strategy, with a heightened role of debt in recent years. Overall, these aspects provide insight into the company's asset growth, equity dynamics, and capital structure adjustments over the five-year window.


Interest Coverage

CSX Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net earnings
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Interest Coverage, Sector
Transportation
Interest Coverage, Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

2 Click competitor name to see calculations.


Earnings before interest and tax (EBIT)
The EBIT demonstrates a generally positive trend over the analyzed period. Starting at 4,943 million USD at the end of 2018, it exhibited a slight increase to 5,053 million USD in 2019. A downward adjustment occurred in 2020, declining to 4,381 million USD, possibly reflecting external economic pressures during that year. Subsequently, there was a notable recovery and upward momentum, with EBIT reaching 5,673 million USD in 2021 and further increasing to 6,156 million USD in 2022. This progression highlights improving operational profitability and effective cost management over the medium term.
Interest expense
Interest expense displayed a gradual increase across the five-year span. Beginning at 639 million USD in 2018, it rose consistently to 737 million USD in 2019 and slightly increased to 754 million USD in 2020. In the following years, interest expense showed minor fluctuations, decreasing to 722 million USD in 2021 before increasing again to 742 million USD in 2022. This pattern suggests a relatively stable cost of debt with modest growth, which may be influenced by changes in borrowing levels or interest rates.
Interest coverage ratio
The interest coverage ratio, reflecting the ability to cover interest expenses from EBIT, showed some variability but an overall improving trend. It started at a strong level of 7.74 in 2018, followed by a decline to 6.86 in 2019 and further down to 5.81 in 2020, indicating increased pressure on earnings relative to interest obligations during that year. However, the ratio rebounded substantially to 7.86 in 2021 and improved further to 8.3 in 2022. This recovery and improvement highlight enhanced earnings capacity relative to interest expenses, suggesting strengthened financial resilience and decreased risk related to interest coverage in recent years.

Fixed Charge Coverage

CSX Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net earnings
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Rent expense on operating leases
Earnings before fixed charges and tax
 
Interest expense
Rent expense on operating leases
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
FedEx Corp.
Uber Technologies Inc.
Union Pacific Corp.
United Airlines Holdings Inc.
United Parcel Service Inc.
Fixed Charge Coverage, Sector
Transportation
Fixed Charge Coverage, Industry
Industrials

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

2 Click competitor name to see calculations.


Earnings before fixed charges and tax
The earnings before fixed charges and tax experienced fluctuations over the examined period. Starting at 5,009 million US dollars in 2018, there was a slight increase to 5,137 million in 2019. However, 2020 saw a notable decline to 4,463 million, likely indicating challenges during that year. This downward trend reversed in the following years, with a significant rise to 5,762 million in 2021 and a further increase to 6,265 million in 2022, suggesting a recovery and growth momentum.
Fixed charges
Fixed charges showed a steady upward trend across the years. Beginning at 705 million US dollars in 2018, the expenses gradually increased each year, reaching 821 million in 2019, 836 million in 2020, 811 million in 2021, and slightly rising again to 851 million in 2022. Although there was a minor decrease in 2021 compared to 2020, the overall direction is an increase in fixed charges over the five-year period.
Fixed charge coverage ratio
The fixed charge coverage ratio indicates the company's ability to cover fixed charges with earnings. This ratio started at 7.1 in 2018, decreased to 6.26 in 2019, and further dropped to 5.34 in 2020, which reflects the impact of the decreased earnings in that year. In 2021, the ratio bounced back strongly to 7.1 and improved further to 7.36 in 2022, indicating enhanced capacity to meet fixed financial obligations, aligned with the recovery in earnings before fixed charges and tax.