Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Marvell Technology Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
The solvency profile is characterized by a high degree of stability in capital structure ratios, contrasted by significant volatility and an eventual sharp recovery in interest serviceability.
- Debt Composition and Asset Ratios
- Debt to equity, debt to capital, and debt to assets ratios remained within narrow ranges throughout the analyzed period. Debt to equity fluctuated minimally between 0.27 and 0.33, while debt to assets exhibited a gradual downward trend, declining from 0.23 in May 2021 to 0.18 by August 2026. This indicates a disciplined maintenance of the balance sheet, where the proportion of debt relative to equity and total assets remained consistently low.
- Financial Leverage
- A moderate upward trend in financial leverage is observed, rising from approximately 1.40 in 2021 to a peak of 1.56 in January 2026. This suggests a slight increase in the use of debt to finance assets over time, although the metric settled back to 1.49 by the end of the period, indicating that the increase in leverage was not aggressive.
- Interest Coverage and Debt Serviceability
- The interest coverage ratio demonstrated the most significant volatility. From May 2021 through May 2025, the ratio was predominantly negative, with only a brief period of positive coverage between July 2022 and April 2023. These negative values indicate periods where operating income was insufficient to cover interest expenses. However, a fundamental shift occurred starting in August 2025, where the ratio surged from 0.48 to a peak of 16.04 in January 2026, eventually stabilizing above 15.00. This transition represents a substantial improvement in the company's capacity to service its debt obligations from current earnings.
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Debt to Equity
Marvell Technology Inc., debt to equity calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Short-term convertible debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 193,269) | |||||||
| Short-term debt | —) | —) | 499,800) | 499,500) | 499,300) | 1,255,200) | 129,500) | 129,400) | 129,300) | 118,300) | 107,300) | 96,300) | 1,018,600) | 1,517,600) | 584,400) | 584,000) | 653,500) | 74,100) | 63,166) | 52,205) | 41,390) | 30,308) | |||||||
| Long-term convertible debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,146) | |||||||
| Long-term debt | 4,962,900) | 4,961,300) | 3,970,800) | 3,969,400) | 3,967,900) | 2,977,400) | 3,934,300) | 3,965,500) | 3,996,500) | 4,027,600) | 4,058,600) | 4,089,600) | 3,134,500) | 3,154,900) | 3,907,700) | 3,927,600) | 3,947,400) | 4,465,300) | 4,484,811) | 4,504,321) | 4,662,844) | 4,673,707) | |||||||
| Total debt | 4,962,900) | 4,961,300) | 4,470,600) | 4,468,900) | 4,467,200) | 4,232,600) | 4,063,800) | 4,094,900) | 4,125,800) | 4,145,900) | 4,165,900) | 4,185,900) | 4,153,100) | 4,672,500) | 4,492,100) | 4,511,600) | 4,600,900) | 4,539,400) | 4,547,977) | 4,556,526) | 4,704,234) | 4,898,430) | |||||||
| Stockholders’ equity | 18,531,600) | 18,215,800) | 14,308,400) | 14,056,600) | 13,421,700) | 13,312,700) | 13,427,000) | 13,372,900) | 14,204,900) | 14,478,700) | 14,831,400) | 15,233,400) | 15,389,500) | 15,493,900) | 15,637,200) | 15,559,000) | 15,530,200) | 15,465,000) | 15,702,097) | 15,686,344) | 14,741,197) | 14,855,370) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 0.27 | 0.27 | 0.31 | 0.32 | 0.33 | 0.32 | 0.30 | 0.31 | 0.29 | 0.29 | 0.28 | 0.27 | 0.27 | 0.30 | 0.29 | 0.29 | 0.30 | 0.29 | 0.29 | 0.29 | 0.32 | 0.33 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | |||||||
| Analog Devices Inc. | — | — | — | 0.27 | 0.26 | 0.26 | 0.25 | 0.25 | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.20 | 0.20 | 0.19 | 0.19 | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | |||||||
| Applied Materials Inc. | — | — | — | 0.26 | 0.27 | 0.30 | 0.32 | 0.32 | 0.33 | 0.34 | 0.33 | 0.33 | 0.31 | 0.32 | 0.34 | 0.37 | 0.40 | 0.42 | 0.45 | 0.45 | 0.47 | 0.46 | |||||||
| Broadcom Inc. | — | — | — | 0.60 | 0.74 | 0.83 | 0.80 | 0.88 | 0.97 | 0.95 | 1.00 | 1.07 | 1.06 | 1.08 | 1.64 | 1.78 | 1.79 | 1.69 | 1.74 | 1.89 | 1.88 | 1.72 | |||||||
| Intel Corp. | — | — | — | — | 0.58 | 0.40 | 0.41 | 0.44 | 0.52 | 0.50 | 0.50 | 0.50 | 0.46 | 0.49 | 0.47 | 0.48 | 0.49 | 0.51 | 0.41 | 0.40 | 0.35 | 0.36 | |||||||
| KLA Corp. | — | — | 0.93 | 1.01 | 1.08 | 1.18 | 1.25 | 1.47 | 1.64 | 1.86 | 1.97 | 2.14 | 1.94 | 1.97 | 2.02 | 2.20 | 2.35 | 3.00 | 4.75 | 0.91 | 0.85 | 0.89 | |||||||
| Lam Research Corp. | — | — | 0.30 | 0.35 | 0.44 | 0.44 | 0.45 | 0.47 | 0.57 | 0.59 | 0.58 | 0.62 | 0.61 | 0.62 | 0.61 | 0.60 | 0.60 | 0.67 | 0.80 | 0.83 | 0.77 | 0.86 | |||||||
| Micron Technology Inc. | — | — | 0.04 | 0.06 | 0.14 | 0.20 | 0.27 | 0.31 | 0.30 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | 0.30 | 0.29 | 0.26 | 0.21 | 0.14 | 0.14 | 0.15 | 0.15 | |||||||
| NVIDIA Corp. | 0.15 | 0.04 | 0.05 | 0.07 | 0.08 | 0.10 | 0.11 | 0.13 | 0.15 | 0.20 | 0.23 | 0.29 | 0.35 | 0.45 | 0.50 | 0.51 | 0.46 | 0.42 | 0.41 | 0.46 | 0.56 | 0.37 | |||||||
| Qualcomm Inc. | — | — | — | 0.55 | 0.56 | 0.64 | 0.70 | 0.54 | 0.53 | 0.54 | 0.56 | 0.59 | 0.63 | 0.67 | 0.71 | 0.75 | 0.81 | 0.90 | 0.86 | 0.97 | 1.18 | 1.39 | |||||||
| Texas Instruments Inc. | — | — | — | — | 0.78 | 0.84 | 0.86 | 0.84 | 0.86 | 0.78 | 0.80 | 0.80 | 0.81 | 0.84 | 0.66 | 0.67 | 0.70 | 0.66 | 0.60 | 0.55 | 0.51 | 0.55 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 4,962,900 ÷ 18,531,600 = 0.27
2 Click competitor name to see calculations.
The solvency profile demonstrates a conservative approach to leverage from May 2021 through August 2026. The capital structure is characterized by a consistent reliance on equity financing, maintaining a low debt-to-equity ratio throughout the reporting cycles, which suggests a low risk of insolvency and a strong capacity to meet long-term obligations.
- Total Debt Trends
- Total debt exhibited a gradual downward trend from a peak of $4.898 billion in May 2021, reaching a trough of $4.064 billion in November 2024. Following this period of reduction, an upward trajectory emerged, with total debt increasing to $4.963 billion by August 2026. This indicates a period of debt repayment followed by a subsequent increase in borrowing or debt issuance toward the end of the analyzed period.
- Stockholders' Equity Fluctuations
- Equity remained relatively stable between $14 billion and $15.7 billion for the majority of the timeline, though a decline to $13.3 billion was observed by February 2025. A significant expansion in equity occurred during 2026, with the value rising sharply to $18.532 billion by August 2026. This substantial increase in equity provided a significant buffer against the concurrent rise in total debt.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio remained remarkably stable, oscillating within a narrow corridor between 0.27 and 0.33. The ratio hit its minimum value of 0.27 during the July–October 2023 period and again in mid-2026. The stability of this ratio, despite fluctuations in the absolute values of debt and equity, indicates a disciplined management of the leverage ratio to ensure that debt levels remain proportionate to the company's equity base.
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Debt to Capital
Marvell Technology Inc., debt to capital calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Short-term convertible debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 193,269) | |||||||
| Short-term debt | —) | —) | 499,800) | 499,500) | 499,300) | 1,255,200) | 129,500) | 129,400) | 129,300) | 118,300) | 107,300) | 96,300) | 1,018,600) | 1,517,600) | 584,400) | 584,000) | 653,500) | 74,100) | 63,166) | 52,205) | 41,390) | 30,308) | |||||||
| Long-term convertible debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,146) | |||||||
| Long-term debt | 4,962,900) | 4,961,300) | 3,970,800) | 3,969,400) | 3,967,900) | 2,977,400) | 3,934,300) | 3,965,500) | 3,996,500) | 4,027,600) | 4,058,600) | 4,089,600) | 3,134,500) | 3,154,900) | 3,907,700) | 3,927,600) | 3,947,400) | 4,465,300) | 4,484,811) | 4,504,321) | 4,662,844) | 4,673,707) | |||||||
| Total debt | 4,962,900) | 4,961,300) | 4,470,600) | 4,468,900) | 4,467,200) | 4,232,600) | 4,063,800) | 4,094,900) | 4,125,800) | 4,145,900) | 4,165,900) | 4,185,900) | 4,153,100) | 4,672,500) | 4,492,100) | 4,511,600) | 4,600,900) | 4,539,400) | 4,547,977) | 4,556,526) | 4,704,234) | 4,898,430) | |||||||
| Stockholders’ equity | 18,531,600) | 18,215,800) | 14,308,400) | 14,056,600) | 13,421,700) | 13,312,700) | 13,427,000) | 13,372,900) | 14,204,900) | 14,478,700) | 14,831,400) | 15,233,400) | 15,389,500) | 15,493,900) | 15,637,200) | 15,559,000) | 15,530,200) | 15,465,000) | 15,702,097) | 15,686,344) | 14,741,197) | 14,855,370) | |||||||
| Total capital | 23,494,500) | 23,177,100) | 18,779,000) | 18,525,500) | 17,888,900) | 17,545,300) | 17,490,800) | 17,467,800) | 18,330,700) | 18,624,600) | 18,997,300) | 19,419,300) | 19,542,600) | 20,166,400) | 20,129,300) | 20,070,600) | 20,131,100) | 20,004,400) | 20,250,074) | 20,242,870) | 19,445,431) | 19,753,800) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 0.21 | 0.21 | 0.24 | 0.24 | 0.25 | 0.24 | 0.23 | 0.23 | 0.23 | 0.22 | 0.22 | 0.22 | 0.21 | 0.23 | 0.22 | 0.22 | 0.23 | 0.23 | 0.22 | 0.23 | 0.24 | 0.25 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | |||||||
| Analog Devices Inc. | — | — | — | 0.21 | 0.20 | 0.20 | 0.20 | 0.20 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | |||||||
| Applied Materials Inc. | — | — | — | 0.20 | 0.21 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | 0.23 | 0.24 | 0.25 | 0.27 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | 0.31 | |||||||
| Broadcom Inc. | — | — | — | 0.37 | 0.43 | 0.45 | 0.44 | 0.47 | 0.49 | 0.49 | 0.50 | 0.52 | 0.51 | 0.52 | 0.62 | 0.64 | 0.64 | 0.63 | 0.64 | 0.65 | 0.65 | 0.63 | |||||||
| Intel Corp. | — | — | — | — | 0.37 | 0.29 | 0.29 | 0.30 | 0.34 | 0.33 | 0.34 | 0.34 | 0.32 | 0.33 | 0.32 | 0.32 | 0.33 | 0.34 | 0.29 | 0.28 | 0.26 | 0.27 | |||||||
| KLA Corp. | — | — | 0.48 | 0.50 | 0.52 | 0.54 | 0.56 | 0.59 | 0.62 | 0.65 | 0.66 | 0.68 | 0.66 | 0.66 | 0.67 | 0.69 | 0.70 | 0.75 | 0.83 | 0.48 | 0.46 | 0.47 | |||||||
| Lam Research Corp. | — | — | 0.23 | 0.26 | 0.31 | 0.31 | 0.31 | 0.32 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.40 | 0.44 | 0.45 | 0.44 | 0.46 | |||||||
| Micron Technology Inc. | — | — | 0.04 | 0.05 | 0.12 | 0.17 | 0.21 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.23 | 0.23 | 0.21 | 0.17 | 0.12 | 0.12 | 0.13 | 0.13 | |||||||
| NVIDIA Corp. | 0.13 | 0.04 | 0.05 | 0.07 | 0.08 | 0.09 | 0.10 | 0.11 | 0.13 | 0.16 | 0.18 | 0.23 | 0.26 | 0.31 | 0.33 | 0.34 | 0.31 | 0.29 | 0.29 | 0.32 | 0.36 | 0.27 | |||||||
| Qualcomm Inc. | — | — | — | 0.36 | 0.36 | 0.39 | 0.41 | 0.35 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.43 | 0.45 | 0.47 | 0.46 | 0.49 | 0.54 | 0.58 | |||||||
| Texas Instruments Inc. | — | — | — | — | 0.44 | 0.46 | 0.46 | 0.46 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.46 | 0.40 | 0.40 | 0.41 | 0.40 | 0.37 | 0.35 | 0.34 | 0.36 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Debt to capital = Total debt ÷ Total capital
= 4,962,900 ÷ 23,494,500 = 0.21
2 Click competitor name to see calculations.
The solvency profile exhibits a consistent pattern of low leverage and stability across the analyzed period. The company maintains a conservative approach to its capital structure, characterized by a debt-to-capital ratio that remains within a narrow range, indicating a disciplined management of long-term obligations relative to total capital.
- Total Debt Trends
- Total debt experienced a gradual decline from a peak of 4.89 billion USD in May 2021 to a minimum of 4.06 billion USD in November 2024. This downward trend suggests a period of debt reduction or repayment. However, a reversal occurred starting in early 2025, with debt levels rising steadily to reach 4.96 billion USD by August 2026.
- Total Capital Evolution
- Total capital remained relatively stable around 20 billion USD between 2021 and 2023 before undergoing a contraction that reached a low of 17.47 billion USD in November 2024. Following this trough, there was a significant expansion in the capital base, which increased to 23.49 billion USD by August 2026, representing a substantial growth in the company's overall funding structure.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio fluctuated minimally between a high of 0.25 and a low of 0.21. A notable dip to 0.21 occurred in July 2023, and despite the subsequent increase in total debt toward 2026, the ratio returned to 0.21 by August 2026. This indicates that the growth in total capital has outpaced the increase in debt, effectively maintaining or improving the solvency position.
Overall, the solvency data reflects a stable financial position. The ability to expand the total capital base more rapidly than the total debt in the final quarters suggests an increase in equity or other non-debt capital sources, which reinforces the company's solvency and reduces its relative reliance on borrowed funds.
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Debt to Assets
Marvell Technology Inc., debt to assets calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Short-term convertible debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 193,269) | |||||||
| Short-term debt | —) | —) | 499,800) | 499,500) | 499,300) | 1,255,200) | 129,500) | 129,400) | 129,300) | 118,300) | 107,300) | 96,300) | 1,018,600) | 1,517,600) | 584,400) | 584,000) | 653,500) | 74,100) | 63,166) | 52,205) | 41,390) | 30,308) | |||||||
| Long-term convertible debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,146) | |||||||
| Long-term debt | 4,962,900) | 4,961,300) | 3,970,800) | 3,969,400) | 3,967,900) | 2,977,400) | 3,934,300) | 3,965,500) | 3,996,500) | 4,027,600) | 4,058,600) | 4,089,600) | 3,134,500) | 3,154,900) | 3,907,700) | 3,927,600) | 3,947,400) | 4,465,300) | 4,484,811) | 4,504,321) | 4,662,844) | 4,673,707) | |||||||
| Total debt | 4,962,900) | 4,961,300) | 4,470,600) | 4,468,900) | 4,467,200) | 4,232,600) | 4,063,800) | 4,094,900) | 4,125,800) | 4,145,900) | 4,165,900) | 4,185,900) | 4,153,100) | 4,672,500) | 4,492,100) | 4,511,600) | 4,600,900) | 4,539,400) | 4,547,977) | 4,556,526) | 4,704,234) | 4,898,430) | |||||||
| Total assets | 27,554,600) | 26,944,500) | 22,285,300) | 21,579,000) | 20,586,300) | 20,023,700) | 20,204,500) | 19,715,600) | 20,293,400) | 20,491,000) | 21,228,500) | 21,714,400) | 21,750,100) | 22,273,200) | 22,522,100) | 22,522,100) | 22,162,100) | 22,038,700) | 22,108,597) | 22,018,842) | 20,838,632) | 21,229,937) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.18 | 0.18 | 0.20 | 0.21 | 0.22 | 0.21 | 0.20 | 0.21 | 0.20 | 0.20 | 0.20 | 0.19 | 0.19 | 0.21 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.23 | 0.23 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | |||||||
| Analog Devices Inc. | — | — | — | 0.19 | 0.18 | 0.18 | 0.18 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | 0.16 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | |||||||
| Applied Materials Inc. | — | — | — | 0.15 | 0.16 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | |||||||
| Broadcom Inc. | — | — | — | 0.32 | 0.36 | 0.39 | 0.38 | 0.39 | 0.41 | 0.40 | 0.41 | 0.42 | 0.42 | 0.43 | 0.54 | 0.55 | 0.55 | 0.54 | 0.54 | 0.55 | 0.55 | 0.54 | |||||||
| Intel Corp. | — | — | — | — | 0.25 | 0.22 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.26 | 0.26 | 0.27 | 0.26 | 0.26 | 0.26 | 0.27 | 0.23 | 0.23 | 0.21 | 0.21 | |||||||
| KLA Corp. | — | — | 0.33 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.39 | 0.42 | 0.43 | 0.44 | 0.41 | 0.42 | 0.42 | 0.43 | 0.45 | 0.48 | 0.53 | 0.31 | 0.29 | 0.31 | |||||||
| Lam Research Corp. | — | — | 0.16 | 0.18 | 0.21 | 0.20 | 0.21 | 0.22 | 0.25 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.26 | 0.26 | 0.27 | 0.29 | 0.30 | 0.30 | 0.32 | |||||||
| Micron Technology Inc. | — | — | 0.03 | 0.04 | 0.10 | 0.14 | 0.18 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | 0.20 | 0.18 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | |||||||
| NVIDIA Corp. | 0.10 | 0.03 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.10 | 0.13 | 0.15 | 0.18 | 0.20 | 0.25 | 0.27 | 0.27 | 0.25 | 0.24 | 0.25 | 0.27 | 0.31 | 0.23 | |||||||
| Qualcomm Inc. | — | — | — | 0.27 | 0.27 | 0.28 | 0.30 | 0.27 | 0.26 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.30 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.35 | 0.37 | |||||||
| Texas Instruments Inc. | — | — | — | — | 0.39 | 0.41 | 0.41 | 0.40 | 0.40 | 0.38 | 0.38 | 0.39 | 0.40 | 0.41 | 0.35 | 0.35 | 0.36 | 0.35 | 0.32 | 0.30 | 0.29 | 0.31 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Debt to assets = Total debt ÷ Total assets
= 4,962,900 ÷ 27,554,600 = 0.18
2 Click competitor name to see calculations.
The solvency profile indicates a stable long-term approach to leverage, characterized by a general downward trend in the debt-to-assets ratio over the analyzed period. The ratio began at 0.23 in May 2021 and concluded at 0.18 by August 2026, reflecting a gradual improvement in the proportion of assets financed through debt.
- Total Debt Dynamics
- Debt levels experienced a steady contraction from May 2021, falling from approximately 4.9 billion US dollars to a trough of 4.1 billion US dollars by July 2023. Following a period of relative stability throughout 2024 and early 2025, a notable increase occurred in May 2026, with total debt rising back to approximately 5 billion US dollars.
- Total Asset Evolution
- Total assets remained largely range-bound between 20 billion and 22.5 billion US dollars for the majority of the analyzed timeframe. However, a significant expansion was observed in the first half of 2026, where assets grew from approximately 22.3 billion US dollars in January to 27.6 billion US dollars by August 2026.
- Solvency Ratio Interpretation
- The debt-to-assets ratio exhibited a consistent decline from 0.23 to 0.19 by the second half of 2023. While the ratio fluctuated slightly between 0.20 and 0.22 during 2024 and 2025, it reached its lowest level of 0.18 by May 2026. This final reduction is attributed to the fact that asset growth significantly outpaced the increase in total debt during the 2026 period, thereby strengthening the overall solvency position.
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Financial Leverage
Marvell Technology Inc., financial leverage calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Total assets | 27,554,600) | 26,944,500) | 22,285,300) | 21,579,000) | 20,586,300) | 20,023,700) | 20,204,500) | 19,715,600) | 20,293,400) | 20,491,000) | 21,228,500) | 21,714,400) | 21,750,100) | 22,273,200) | 22,522,100) | 22,522,100) | 22,162,100) | 22,038,700) | 22,108,597) | 22,018,842) | 20,838,632) | 21,229,937) | |||||||
| Stockholders’ equity | 18,531,600) | 18,215,800) | 14,308,400) | 14,056,600) | 13,421,700) | 13,312,700) | 13,427,000) | 13,372,900) | 14,204,900) | 14,478,700) | 14,831,400) | 15,233,400) | 15,389,500) | 15,493,900) | 15,637,200) | 15,559,000) | 15,530,200) | 15,465,000) | 15,702,097) | 15,686,344) | 14,741,197) | 14,855,370) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 1.49 | 1.48 | 1.56 | 1.54 | 1.53 | 1.50 | 1.50 | 1.47 | 1.43 | 1.42 | 1.43 | 1.43 | 1.41 | 1.44 | 1.44 | 1.45 | 1.43 | 1.43 | 1.41 | 1.40 | 1.41 | 1.43 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 1.26 | 1.24 | 1.22 | 1.26 | 1.25 | 1.24 | 1.20 | 1.22 | 1.20 | 1.21 | 1.21 | 1.23 | 1.23 | 1.24 | 1.23 | 1.24 | 1.22 | 1.21 | |||||||
| Analog Devices Inc. | — | — | — | 1.44 | 1.42 | 1.42 | 1.42 | 1.41 | 1.35 | 1.37 | 1.37 | 1.38 | 1.39 | 1.36 | 1.37 | 1.37 | 1.38 | 1.38 | 1.38 | 1.37 | 1.37 | 1.37 | |||||||
| Applied Materials Inc. | — | — | — | 1.70 | 1.68 | 1.73 | 1.78 | 1.75 | 1.77 | 1.79 | 1.81 | 1.79 | 1.76 | 1.81 | 1.88 | 2.01 | 2.06 | 2.08 | 2.19 | 2.17 | 2.20 | 2.14 | |||||||
| Broadcom Inc. | — | — | — | 1.89 | 2.04 | 2.13 | 2.10 | 2.26 | 2.37 | 2.37 | 2.45 | 2.56 | 2.50 | 2.53 | 3.04 | 3.24 | 3.26 | 3.13 | 3.23 | 3.42 | 3.42 | 3.19 | |||||||
| Intel Corp. | — | — | — | — | 2.31 | 1.84 | 1.85 | 1.92 | 1.97 | 1.93 | 1.98 | 1.94 | 1.79 | 1.82 | 1.81 | 1.85 | 1.84 | 1.89 | 1.80 | 1.75 | 1.68 | 1.71 | |||||||
| KLA Corp. | — | — | 2.83 | 2.89 | 3.06 | 3.27 | 3.42 | 3.79 | 4.19 | 4.41 | 4.58 | 4.83 | 4.69 | 4.73 | 4.82 | 5.10 | 5.27 | 6.24 | 8.99 | 2.95 | 2.89 | 2.89 | |||||||
| Lam Research Corp. | — | — | 1.89 | 1.96 | 2.11 | 2.15 | 2.16 | 2.10 | 2.25 | 2.31 | 2.20 | 2.28 | 2.28 | 2.30 | 2.29 | 2.29 | 2.31 | 2.53 | 2.74 | 2.75 | 2.58 | 2.67 | |||||||
| Micron Technology Inc. | — | — | 1.42 | 1.33 | 1.40 | 1.46 | 1.53 | 1.54 | 1.50 | 1.53 | 1.54 | 1.50 | 1.50 | 1.49 | 1.46 | 1.45 | 1.41 | 1.38 | 1.33 | 1.32 | 1.33 | 1.33 | |||||||
| NVIDIA Corp. | 1.40 | 1.33 | 1.31 | 1.36 | 1.41 | 1.49 | 1.41 | 1.46 | 1.47 | 1.57 | 1.53 | 1.63 | 1.80 | 1.81 | 1.86 | 1.90 | 1.82 | 1.72 | 1.66 | 1.71 | 1.83 | 1.64 | |||||||
| Qualcomm Inc. | — | — | — | 2.07 | 2.09 | 2.30 | 2.36 | 2.02 | 2.00 | 2.07 | 2.10 | 2.14 | 2.17 | 2.26 | 2.37 | 2.37 | 2.46 | 2.66 | 2.72 | 2.93 | 3.32 | 3.78 | |||||||
| Texas Instruments Inc. | — | — | — | — | 1.99 | 2.05 | 2.13 | 2.11 | 2.13 | 2.06 | 2.10 | 2.05 | 2.04 | 2.05 | 1.91 | 1.90 | 1.94 | 1.92 | 1.87 | 1.80 | 1.75 | 1.80 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 27,554,600 ÷ 18,531,600 = 1.49
2 Click competitor name to see calculations.
The analysis of the financial structure reveals a period of relative stability in leverage followed by a significant expansion of the balance sheet. Between May 2021 and February 2024, the organization maintained a consistent capital structure, with total assets fluctuating between approximately 20.5 billion and 22.5 billion US dollars. During this phase, stockholders' equity remained largely stable, supporting a steady financial leverage ratio.
- Financial Leverage Trends
- A period of high stability is observed from May 2021 through February 2024, where the leverage ratio remained tightly range-bound between 1.40 and 1.45. Starting in May 2024, a gradual upward trend emerged, with the ratio peaking at 1.56 in November 2025. This indicates a period where asset growth slightly outpaced the growth of equity, or equity experienced a marginal decline relative to total assets. However, this trend reversed in 2026, with the ratio normalizing to 1.49 by August 2026.
- Asset and Equity Dynamics
- Total assets experienced a moderate decline reaching a low of approximately 19.7 billion US dollars in August 2024. This was followed by a substantial increase beginning in early 2026, where assets surged from 22.2 billion US dollars in January 2026 to 27.5 billion US dollars by August 2026. Stockholders' equity followed a similar trajectory, increasing from 14.3 billion US dollars in January 2026 to 18.5 billion US dollars by August 2026. The simultaneous increase in both metrics suggests a significant capital injection or a substantial increase in retained earnings that expanded the overall scale of the balance sheet without disproportionately increasing financial risk.
- Solvency Outlook
- The overall solvency profile remains conservative. Despite the temporary increase in leverage toward the end of 2025, the ratio has consistently stayed below 1.60, indicating that the company relies more heavily on equity than on debt to finance its assets. The recent alignment of asset growth with equity growth in 2026 suggests a balanced approach to expansion, maintaining a stable leverage position while increasing total operational capacity.
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Interest Coverage
Marvell Technology Inc., interest coverage calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net income (loss) | 308,000) | 34,500) | 396,100) | 1,901,300) | 194,800) | 177,900) | 200,200) | (676,300) | (193,300) | (215,600) | (392,700) | (164,300) | (207,500) | (168,900) | (15,400) | 13,300) | 4,300) | (165,700) | 6,168) | (62,532) | (276,428) | (88,242) | |||||||
| Add: Income tax expense | 70,300) | 48,800) | (14,500) | 314,100) | 38,900) | 38,000) | (400) | (74,200) | 47,100) | 17,800) | 305,400) | (23,200) | (44,100) | (63,400) | (7,800) | 52,000) | (500) | 204,900) | (4,094) | (5,044) | (25,558) | (27,765) | |||||||
| Add: Interest expense | 61,600) | 52,800) | 50,800) | 51,200) | 51,900) | 48,700) | 45,000) | 47,200) | 48,400) | 48,800) | 52,600) | 52,600) | 53,800) | 52,700) | 49,300) | 45,200) | 39,800) | 36,300) | 34,963) | 35,423) | 33,814) | 35,141) | |||||||
| Earnings before interest and tax (EBIT) | 439,900) | 136,100) | 432,400) | 2,266,600) | 285,600) | 264,600) | 244,800) | (703,300) | (97,800) | (149,000) | (34,700) | (134,900) | (197,800) | (179,600) | 26,100) | 110,500) | 43,600) | 75,500) | 37,037) | (32,153) | (268,172) | (80,866) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Interest coverage1 | 15.13 | 15.10 | 16.04 | 15.56 | 0.48 | -1.54 | -3.72 | -5.00 | -2.06 | -2.49 | -2.58 | -2.33 | -1.20 | 0.00 | 1.50 | 1.71 | 0.85 | -1.34 | -2.47 | -3.06 | -3.40 | -2.77 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 52.48 | 34.41 | 32.80 | 27.25 | 25.11 | 32.99 | 22.98 | 15.91 | 10.78 | 7.65 | 5.79 | 1.05 | -2.15 | 2.73 | 14.61 | 33.91 | 69.08 | 104.42 | |||||||
| Analog Devices Inc. | — | — | — | 14.41 | 12.48 | 10.80 | 9.54 | 8.50 | 7.29 | 6.31 | 6.52 | 6.89 | 8.74 | 11.83 | 14.63 | 17.96 | 19.23 | 19.42 | 16.46 | 10.14 | 9.06 | 7.26 | |||||||
| Applied Materials Inc. | — | — | — | 39.73 | 38.76 | 35.60 | 35.46 | 34.71 | 32.79 | 32.62 | 34.00 | 36.27 | 36.06 | 34.86 | 33.42 | 32.62 | 33.39 | 34.20 | 34.33 | 34.58 | 34.95 | 33.14 | |||||||
| Broadcom Inc. | — | — | — | 13.99 | 10.69 | 9.11 | 8.08 | 6.83 | 5.73 | 4.61 | 3.51 | 3.94 | 4.91 | 6.88 | 10.31 | 10.09 | 9.94 | 8.83 | 8.16 | 7.22 | 6.28 | 5.69 | |||||||
| KLA Corp. | — | — | 20.71 | 19.94 | 19.31 | 17.75 | 16.37 | 14.66 | 12.56 | 11.71 | 11.25 | 11.00 | 11.51 | 13.03 | 13.76 | 15.81 | 18.22 | 20.31 | 22.76 | 21.81 | 20.60 | 17.91 | |||||||
| Micron Technology Inc. | — | — | 941.85 | 257.85 | 80.25 | 32.36 | 21.26 | 16.43 | 12.88 | 9.29 | 3.19 | -2.13 | -7.02 | -13.14 | -13.58 | -7.73 | 10.11 | 36.19 | 51.66 | 58.47 | 51.74 | 45.03 | |||||||
| NVIDIA Corp. | 1,715.51 | 967.55 | 547.14 | 471.72 | 408.49 | 361.39 | 341.19 | 293.83 | 244.51 | 192.72 | 132.59 | 82.40 | 43.66 | 18.63 | 16.96 | 23.23 | 31.40 | 39.65 | 43.12 | 38.65 | 34.29 | 26.81 | |||||||
| Qualcomm Inc. | — | — | — | 17.30 | 18.26 | 19.77 | 20.07 | 19.26 | 18.26 | 17.14 | 15.83 | 14.25 | 13.43 | 12.44 | 11.72 | 15.28 | 22.27 | 26.92 | 31.61 | 31.54 | 24.20 | 21.71 | |||||||
| Texas Instruments Inc. | — | — | — | — | 13.25 | 12.06 | 11.52 | 11.71 | 11.86 | 11.45 | 11.73 | 12.85 | 14.57 | 17.87 | 22.01 | 26.51 | 33.49 | 42.10 | 47.88 | 51.88 | 52.00 | 51.03 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Q2 2027 Calculation
Interest coverage
= (EBITQ2 2027
+ EBITQ1 2027
+ EBITQ4 2026
+ EBITQ3 2026)
÷ (Interest expenseQ2 2027
+ Interest expenseQ1 2027
+ Interest expenseQ4 2026
+ Interest expenseQ3 2026)
= (439,900 + 136,100 + 432,400 + 2,266,600)
÷ (61,600 + 52,800 + 50,800 + 51,200)
= 15.13
2 Click competitor name to see calculations.
The analysis of interest coverage reveals a period of significant financial volatility followed by a substantial recovery in the capacity to service debt obligations. The trajectory moves from recurring operating losses to a position of strong solvency by the end of the analyzed period.
- Earnings Before Interest and Tax (EBIT) Performance
- EBIT demonstrates extreme fluctuations throughout the timeline. Initial negative earnings were briefly interrupted by a period of profitability between January 2022 and January 2023. A severe decline followed, with losses peaking at 703.3 million US dollars in November 2024. A decisive reversal occurred starting February 2025, characterized by a massive surge in earnings that peaked at 2.266 billion US dollars in November 2025, before settling into a positive range between 136.1 million and 439.9 million US dollars in the final quarters.
- Interest Expense Stability
- In contrast to the volatility of EBIT, interest expenses remained relatively consistent. Costs transitioned from approximately 35 million US dollars in mid-2021 to a peak of 61.6 million US dollars by August 2026. The lack of drastic swings in interest expenses suggests a stable debt structure, meaning the fluctuations in the interest coverage ratio were driven almost entirely by operating performance rather than changes in borrowing costs.
- Interest Coverage Ratio Trajectory
- The interest coverage ratio evolved through three distinct stages. The first stage was defined by negative coverage from May 2021 to April 2022, indicating that operating earnings were insufficient to meet interest payments. A brief period of marginal solvency occurred between July 2022 and January 2023, with the ratio peaking at 1.71. This was followed by a second period of instability where the ratio declined sharply, reaching a low of -5.00 in November 2024. The final stage, beginning in May 2025, marks a significant shift toward financial strength, with the ratio jumping to a range of 15.10 to 16.04, signifying a robust ability to cover interest expenses multiple times over.
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