Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Debt to equity
- The debt to equity ratio shows a consistent downward trend from 0.89 in September 2018 to a low of 0.13 by March 2025. This indicates a steady reduction in the company's reliance on debt relative to shareholders’ equity. A slight rebound is observable around September to December 2023, where the ratio increased to 0.32 before declining again.
- Debt to equity (including operating lease liability)
- This ratio follows a similar decreasing pattern as the standard debt to equity ratio, moving from 0.95 in September 2018 to 0.19 in March 2025. The inclusion of operating lease liabilities results in slightly higher ratios throughout the periods but the overall trend of reducing leverage remains clear. Seasonal increases around late 2023 are also present here.
- Debt to capital
- The debt to capital ratio decreases gradually from 0.47 in September 2018 to 0.12 by March 2025. This reflects a consistent strengthening of the company's capital structure over time, with less debt proportionate to total capital. Similar to the previous metrics, a temporary increase occurs during late 2023, peaking at 0.24 before declining again.
- Debt to capital (including operating lease liability)
- Including operating lease liabilities, the debt to capital ratio trends downward from 0.49 to 0.16 over the analyzed timeframe. The pattern mirrors that of the standard debt to capital ratio, with the adjustment leading to moderately higher values at each point. The modest rise in late 2023 is also notable here.
- Debt to assets
- There is a clear decline in the debt to assets ratio, moving from 0.30 in September 2018 to 0.08 in March 2025. This decreasing ratio suggests a lower proportion of debt financing relative to total assets, indicating improved solvency and reduced financial risk. Again, the metrics show an increase in the latter part of 2023 before resuming the downtrend.
- Debt to assets (including operating lease liability)
- With operating lease liabilities included, the debt to assets ratio falls from 0.32 to 0.11 during the same period. The inclusion consistently produces slightly higher ratios than the standard metric, maintaining the same downward trend and late 2023 fluctuation.
- Financial leverage
- Financial leverage decreases from 3.0 in September 2018 to 1.75 by March 2025, reflecting a reduction in the use of debt to finance assets relative to equity. There is some volatility, with minor fluctuations but the overall pattern indicates strengthening equity relative to debt. A small increase toward 2.02 is observable near June 2023, followed by a return to the downward trajectory.
Debt 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Short-term debt | —) | —) | —) | 6,693) | 20,535) | 27,041) | 25,808) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
Current portion of long-term debt | 2,999) | 5,248) | 2,249) | 2,249) | 2,249) | 2,250) | 3,748) | 5,247) | 6,245) | 3,997) | 3,248) | 2,749) | 1,749) | 4,998) | 3,249) | 8,072) | 8,051) | 5,387) | 6,497) | 3,749) | 3,748) | 6,247) | 3,017) | 5,516) | 6,515) | 3,516) | 6,497) | ||||||||
Long-term debt, excluding current portion | 39,882) | 39,722) | 42,868) | 42,688) | 42,658) | 44,928) | 41,946) | 41,990) | 41,965) | 44,119) | 45,374) | 47,032) | 48,177) | 48,260) | 50,039) | 50,074) | 50,007) | 55,136) | 57,055) | 59,578) | 62,862) | 63,361) | 66,478) | 66,662) | 66,585) | 69,653) | 69,733) | ||||||||
Total debt | 42,881) | 44,970) | 45,117) | 51,630) | 65,442) | 74,219) | 71,502) | 47,237) | 48,210) | 48,116) | 48,622) | 49,781) | 49,926) | 53,258) | 53,288) | 58,146) | 58,058) | 60,523) | 63,552) | 63,327) | 66,610) | 69,608) | 69,495) | 72,178) | 73,100) | 73,169) | 76,230) | ||||||||
Stockholders’ equity | 321,891) | 302,695) | 287,723) | 268,477) | 253,152) | 238,268) | 220,714) | 206,223) | 194,683) | 183,136) | 173,566) | 166,542) | 162,924) | 160,010) | 151,978) | 141,988) | 134,505) | 130,236) | 123,392) | 118,304) | 114,501) | 110,109) | 106,061) | 102,330) | 94,864) | 92,128) | 85,967) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to equity1 | 0.13 | 0.15 | 0.16 | 0.19 | 0.26 | 0.31 | 0.32 | 0.23 | 0.25 | 0.26 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | 0.41 | 0.43 | 0.46 | 0.52 | 0.54 | 0.58 | 0.63 | 0.66 | 0.71 | 0.77 | 0.79 | 0.89 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 0.17 | 0.18 | 0.18 | 0.04 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Adobe Inc. | — | 0.54 | 0.47 | 0.40 | 0.39 | 0.38 | 0.24 | 0.22 | 0.23 | 0.24 | 0.26 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.29 | 0.30 | 0.30 | 0.31 | 0.35 | 0.38 | 0.39 | 0.39 | 0.40 | 0.42 | 0.42 | ||||||||
Cadence Design Systems Inc. | — | — | 0.52 | 0.53 | 0.62 | 0.32 | 0.18 | 0.19 | 0.21 | 0.22 | 0.23 | 0.27 | 0.29 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.29 | 0.31 | 0.32 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 0.24 | 0.26 | 0.29 | 0.32 | 0.37 | 0.40 | 0.46 | 0.51 | 0.56 | 0.60 | 0.67 | 0.72 | 0.78 | 0.82 | 0.87 | 0.85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.46 | 4.32 | 2.69 | 2.52 | 3.75 | 4.43 | 3.81 | 2.85 | 3.07 | 3.32 | 3.65 | ||||||||
International Business Machines Corp. | — | — | 2.35 | 2.01 | 2.31 | 2.35 | 2.56 | 2.51 | 2.39 | 2.59 | 2.72 | 2.32 | 2.53 | 2.59 | 2.85 | 2.74 | 2.45 | 2.51 | 2.64 | 2.99 | 3.08 | 3.15 | 3.22 | — | — | — | — | ||||||||
Intuit Inc. | 0.32 | 0.35 | 0.34 | 0.33 | 0.32 | 0.35 | 0.35 | 0.35 | 0.38 | 0.45 | 0.43 | 0.42 | 0.40 | 0.43 | 0.21 | 0.21 | 0.20 | 0.27 | 0.45 | 0.66 | 0.08 | 0.11 | 0.12 | 0.12 | 0.11 | 0.15 | 0.15 | ||||||||
Oracle Corp. | 5.75 | 6.45 | 7.81 | 9.98 | 15.65 | 22.97 | 37.53 | 84.33 | — | — | — | — | — | — | — | 16.08 | 7.79 | 8.94 | 7.46 | 5.93 | 3.63 | 3.32 | 2.95 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 0.05 | 0.08 | 0.11 | 0.19 | 0.26 | 0.42 | 0.90 | 1.14 | 2.99 | 5.05 | 7.24 | 17.51 | 10.89 | 31.19 | 7.08 | 5.08 | 3.20 | 3.04 | 4.18 | 2.80 | 1.98 | 0.91 | 0.95 | 0.90 | 1.08 | 1.45 | 1.30 | ||||||||
Salesforce Inc. | 0.14 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.19 | 0.24 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.17 | 0.19 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 | 0.20 | 0.21 | 0.21 | 0.27 | 0.30 | 0.33 | 0.35 | 0.39 | 0.43 | 0.45 | 0.48 | 0.53 | 0.58 | 0.64 | 0.28 | 0.31 | — | — | — | — | ||||||||
Synopsys Inc. | — | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.06 | 0.08 | 0.03 | 0.04 | 0.07 | 0.14 | ||||||||
Workday Inc. | 0.35 | 0.36 | 0.37 | 0.37 | 0.45 | 0.47 | 0.50 | 0.53 | 0.55 | 0.80 | 0.86 | 0.41 | 0.44 | 0.48 | 0.55 | 0.55 | 0.58 | 0.63 | 0.68 | 0.51 | 0.54 | 0.56 | 0.60 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 42,881 ÷ 321,891 = 0.13
2 Click competitor name to see calculations.
- Total debt
- The total debt demonstrates a generally declining trend from September 30, 2018, to June 30, 2024. Specifically, the debt decreases from 76,230 million US dollars in late 2018 to approximately 42,881 million US dollars by late 2024. There are minor fluctuations in certain quarters; for instance, the debt temporarily increases around the end of 2023 before returning to the downward trend. Overall, the reduction in total debt is significant, indicating a steady effort to deleverage over this period.
- Stockholders’ equity
- Stockholders’ equity exhibits a consistent upward trajectory throughout the observed quarters. Starting from 85,967 million US dollars in September 2018, it rises steadily to 321,891 million US dollars by late 2024. This continuous growth reflects the accumulation of earnings and possibly additional equity contributions, reinforcing the company’s strengthening financial position over time.
- Debt to equity ratio
- The debt to equity ratio steadily declines over the period, moving from 0.89 in September 2018 to 0.13 in late 2024. This indicates that the company is reducing its reliance on debt financing relative to equity. Despite a slight uptick around the end of 2023 where the ratio increases to 0.32 before resuming its decline, the overall pattern confirms improved solvency and leverage management.
Debt to Equity (including Operating Lease Liability)
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Short-term debt | —) | —) | —) | 6,693) | 20,535) | 27,041) | 25,808) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
Current portion of long-term debt | 2,999) | 5,248) | 2,249) | 2,249) | 2,249) | 2,250) | 3,748) | 5,247) | 6,245) | 3,997) | 3,248) | 2,749) | 1,749) | 4,998) | 3,249) | 8,072) | 8,051) | 5,387) | 6,497) | 3,749) | 3,748) | 6,247) | 3,017) | 5,516) | 6,515) | 3,516) | 6,497) | ||||||||
Long-term debt, excluding current portion | 39,882) | 39,722) | 42,868) | 42,688) | 42,658) | 44,928) | 41,946) | 41,990) | 41,965) | 44,119) | 45,374) | 47,032) | 48,177) | 48,260) | 50,039) | 50,074) | 50,007) | 55,136) | 57,055) | 59,578) | 62,862) | 63,361) | 66,478) | 66,662) | 66,585) | 69,653) | 69,733) | ||||||||
Total debt | 42,881) | 44,970) | 45,117) | 51,630) | 65,442) | 74,219) | 71,502) | 47,237) | 48,210) | 48,116) | 48,622) | 49,781) | 49,926) | 53,258) | 53,288) | 58,146) | 58,058) | 60,523) | 63,552) | 63,327) | 66,610) | 69,608) | 69,495) | 72,178) | 73,100) | 73,169) | 76,230) | ||||||||
Long-term operating lease liabilities | 17,686) | 17,254) | 16,361) | 15,497) | 14,469) | 14,155) | 13,487) | 12,728) | 12,312) | 11,998) | 11,660) | 11,489) | 11,357) | 10,774) | 10,050) | 9,629) | 9,272) | 8,875) | 7,753) | 7,671) | 7,248) | 7,172) | 6,659) | 6,188) | 5,972) | 5,683) | 5,652) | ||||||||
Total debt (including operating lease liability) | 60,567) | 62,224) | 61,478) | 67,127) | 79,911) | 88,374) | 84,989) | 59,965) | 60,522) | 60,114) | 60,282) | 61,270) | 61,283) | 64,032) | 63,338) | 67,775) | 67,330) | 69,398) | 71,305) | 70,998) | 73,858) | 76,780) | 76,154) | 78,366) | 79,072) | 78,852) | 81,882) | ||||||||
Stockholders’ equity | 321,891) | 302,695) | 287,723) | 268,477) | 253,152) | 238,268) | 220,714) | 206,223) | 194,683) | 183,136) | 173,566) | 166,542) | 162,924) | 160,010) | 151,978) | 141,988) | 134,505) | 130,236) | 123,392) | 118,304) | 114,501) | 110,109) | 106,061) | 102,330) | 94,864) | 92,128) | 85,967) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to equity (including operating lease liability)1 | 0.19 | 0.21 | 0.21 | 0.25 | 0.32 | 0.37 | 0.39 | 0.29 | 0.31 | 0.33 | 0.35 | 0.37 | 0.38 | 0.40 | 0.42 | 0.48 | 0.50 | 0.53 | 0.58 | 0.60 | 0.65 | 0.70 | 0.72 | 0.77 | 0.83 | 0.86 | 0.95 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 0.27 | 0.28 | 0.28 | 0.15 | 0.17 | 0.12 | 0.12 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.21 | 0.22 | 0.22 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Adobe Inc. | — | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 | 0.26 | 0.28 | 0.29 | 0.33 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.34 | 0.35 | 0.35 | 0.40 | 0.43 | 0.45 | 0.39 | 0.40 | 0.42 | 0.42 | ||||||||
CrowdStrike Holdings Inc. | 0.26 | 0.28 | 0.31 | 0.34 | 0.39 | 0.43 | 0.49 | 0.54 | 0.59 | 0.63 | 0.70 | 0.76 | 0.82 | 0.86 | 0.92 | 0.89 | 0.05 | 0.06 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.92 | 4.59 | 2.90 | 2.74 | 4.05 | 4.79 | 4.14 | 2.85 | 3.07 | 3.32 | 3.65 | ||||||||
International Business Machines Corp. | — | — | 2.49 | 2.14 | 2.46 | 2.49 | 2.70 | 2.66 | 2.54 | 2.72 | 2.85 | 2.46 | 2.68 | 2.75 | 3.02 | 2.92 | 2.65 | 2.72 | 2.86 | 3.23 | 3.32 | 3.39 | 3.47 | — | — | — | — | ||||||||
Intuit Inc. | 0.35 | 0.38 | 0.37 | 0.35 | 0.34 | 0.38 | 0.37 | 0.38 | 0.40 | 0.48 | 0.47 | 0.45 | 0.43 | 0.46 | 0.25 | 0.24 | 0.24 | 0.31 | 0.49 | 0.70 | 0.13 | 0.19 | 0.20 | 0.12 | 0.11 | 0.15 | 0.15 | ||||||||
Palantir Technologies Inc. | — | — | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.25 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 0.10 | 0.14 | 0.17 | 0.26 | 0.34 | 0.50 | 1.02 | 1.30 | 3.20 | 5.42 | 7.80 | 18.82 | 11.70 | 33.58 | 7.65 | 5.58 | 3.52 | 3.35 | 4.61 | 3.10 | 2.45 | 1.13 | 1.20 | 0.90 | 1.08 | 1.45 | 1.30 | ||||||||
Salesforce Inc. | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.22 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.25 | 0.30 | 0.14 | 0.15 | 0.14 | 0.15 | 0.17 | 0.17 | 0.18 | 0.35 | 0.38 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 0.24 | 0.24 | 0.24 | 0.26 | 0.28 | 0.30 | 0.31 | 0.32 | 0.40 | 0.44 | 0.47 | 0.51 | 0.55 | 0.60 | 0.63 | 0.64 | 0.69 | 0.75 | 0.82 | 0.48 | 0.53 | — | — | — | — | ||||||||
Synopsys Inc. | — | 1.08 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.13 | 0.13 | 0.14 | 0.13 | 0.14 | 0.15 | 0.18 | 0.21 | 0.03 | 0.04 | 0.07 | 0.14 | ||||||||
Workday Inc. | 0.39 | 0.40 | 0.41 | 0.41 | 0.49 | 0.52 | 0.55 | 0.58 | 0.60 | 0.86 | 0.92 | 0.46 | 0.51 | 0.56 | 0.63 | 0.68 | 0.72 | 0.75 | 0.81 | 0.63 | 0.67 | 0.70 | 0.75 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 60,567 ÷ 321,891 = 0.19
2 Click competitor name to see calculations.
- Total debt (including operating lease liability)
- The total debt demonstrates an overall decreasing trend from September 30, 2018, to June 30, 2024. The debt initially reduced gradually from approximately $81.9 billion to a low near $60.1 billion by September 2022. Subsequently, there was an increase peaking around $88.4 billion by December 31, 2023, before falling again to approximately $60.6 billion by September 30, 2024. This pattern suggests periods of debt reduction interspersed with strategic borrowing or liability recognition towards the end of 2023.
- Stockholders’ equity
- Stockholders’ equity shows a consistent, steady increase throughout the entire period under review. Beginning at roughly $85.97 billion in September 2018, equity rose uniformly quarter over quarter, reaching approximately $321.89 billion by September 30, 2024. This continuous growth indicates expanding net assets and value attributable to shareholders without any significant downturns or volatility.
- Debt to equity (including operating lease liability)
- The debt to equity ratio exhibits a general downward trend, indicating improving financial leverage and reduced reliance on debt relative to equity. The ratio decreased steadily from 0.95 in September 2018 to a low point of 0.19 by September 2024, with a minor uptick observed around the fourth quarter of 2023, corresponding to the temporary rise in total debt. This decline in the ratio reflects stronger equity growth compared to debt, enhancing balance sheet stability over time.
Debt to Capital
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Short-term debt | —) | —) | —) | 6,693) | 20,535) | 27,041) | 25,808) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
Current portion of long-term debt | 2,999) | 5,248) | 2,249) | 2,249) | 2,249) | 2,250) | 3,748) | 5,247) | 6,245) | 3,997) | 3,248) | 2,749) | 1,749) | 4,998) | 3,249) | 8,072) | 8,051) | 5,387) | 6,497) | 3,749) | 3,748) | 6,247) | 3,017) | 5,516) | 6,515) | 3,516) | 6,497) | ||||||||
Long-term debt, excluding current portion | 39,882) | 39,722) | 42,868) | 42,688) | 42,658) | 44,928) | 41,946) | 41,990) | 41,965) | 44,119) | 45,374) | 47,032) | 48,177) | 48,260) | 50,039) | 50,074) | 50,007) | 55,136) | 57,055) | 59,578) | 62,862) | 63,361) | 66,478) | 66,662) | 66,585) | 69,653) | 69,733) | ||||||||
Total debt | 42,881) | 44,970) | 45,117) | 51,630) | 65,442) | 74,219) | 71,502) | 47,237) | 48,210) | 48,116) | 48,622) | 49,781) | 49,926) | 53,258) | 53,288) | 58,146) | 58,058) | 60,523) | 63,552) | 63,327) | 66,610) | 69,608) | 69,495) | 72,178) | 73,100) | 73,169) | 76,230) | ||||||||
Stockholders’ equity | 321,891) | 302,695) | 287,723) | 268,477) | 253,152) | 238,268) | 220,714) | 206,223) | 194,683) | 183,136) | 173,566) | 166,542) | 162,924) | 160,010) | 151,978) | 141,988) | 134,505) | 130,236) | 123,392) | 118,304) | 114,501) | 110,109) | 106,061) | 102,330) | 94,864) | 92,128) | 85,967) | ||||||||
Total capital | 364,772) | 347,665) | 332,840) | 320,107) | 318,594) | 312,487) | 292,216) | 253,460) | 242,893) | 231,252) | 222,188) | 216,323) | 212,850) | 213,268) | 205,266) | 200,134) | 192,563) | 190,759) | 186,944) | 181,631) | 181,111) | 179,717) | 175,556) | 174,508) | 167,964) | 165,297) | 162,197) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to capital1 | 0.12 | 0.13 | 0.14 | 0.16 | 0.21 | 0.24 | 0.24 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.26 | 0.29 | 0.30 | 0.32 | 0.34 | 0.35 | 0.37 | 0.39 | 0.40 | 0.41 | 0.44 | 0.44 | 0.47 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 0.14 | 0.15 | 0.15 | 0.03 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Adobe Inc. | — | 0.35 | 0.32 | 0.29 | 0.28 | 0.27 | 0.19 | 0.18 | 0.19 | 0.20 | 0.20 | 0.23 | 0.22 | 0.23 | 0.23 | 0.22 | 0.22 | 0.23 | 0.23 | 0.24 | 0.26 | 0.27 | 0.28 | 0.28 | 0.29 | 0.29 | 0.29 | ||||||||
Cadence Design Systems Inc. | — | — | 0.34 | 0.35 | 0.38 | 0.24 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.23 | 0.12 | 0.11 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.23 | 0.24 | 0.24 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 0.20 | 0.21 | 0.23 | 0.24 | 0.27 | 0.29 | 0.32 | 0.34 | 0.36 | 0.38 | 0.40 | 0.42 | 0.44 | 0.45 | 0.47 | 0.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 1.80 | 1.89 | 1.77 | 1.64 | 1.56 | 1.59 | 1.59 | 1.57 | 1.67 | 1.72 | 1.76 | 1.76 | 1.59 | 1.49 | 1.10 | 0.89 | 0.81 | 0.73 | 0.72 | 0.79 | 0.82 | 0.79 | 0.74 | 0.75 | 0.77 | 0.79 | ||||||||
International Business Machines Corp. | — | — | 0.70 | 0.67 | 0.70 | 0.70 | 0.72 | 0.72 | 0.71 | 0.72 | 0.73 | 0.70 | 0.72 | 0.72 | 0.74 | 0.73 | 0.71 | 0.72 | 0.73 | 0.75 | 0.76 | 0.76 | 0.76 | — | — | — | — | ||||||||
Intuit Inc. | 0.24 | 0.26 | 0.25 | 0.25 | 0.24 | 0.26 | 0.26 | 0.26 | 0.27 | 0.31 | 0.30 | 0.30 | 0.29 | 0.30 | 0.17 | 0.17 | 0.17 | 0.21 | 0.31 | 0.40 | 0.08 | 0.10 | 0.10 | 0.10 | 0.10 | 0.13 | 0.13 | ||||||||
Oracle Corp. | 0.85 | 0.87 | 0.89 | 0.91 | 0.94 | 0.96 | 0.97 | 0.99 | 1.03 | 1.05 | 1.07 | 1.09 | 1.12 | 1.15 | 1.02 | 0.94 | 0.89 | 0.90 | 0.88 | 0.86 | 0.78 | 0.77 | 0.75 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 0.05 | 0.08 | 0.10 | 0.16 | 0.21 | 0.29 | 0.47 | 0.53 | 0.75 | 0.83 | 0.88 | 0.95 | 0.92 | 0.97 | 0.88 | 0.84 | 0.76 | 0.75 | 0.81 | 0.74 | 0.66 | 0.48 | 0.49 | 0.47 | 0.52 | 0.59 | 0.56 | ||||||||
Salesforce Inc. | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.15 | 0.16 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 0.13 | 0.13 | 0.14 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.21 | 0.23 | 0.25 | 0.26 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | 0.37 | 0.39 | 0.22 | 0.24 | — | — | — | — | ||||||||
Synopsys Inc. | — | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.05 | 0.07 | 0.03 | 0.03 | 0.07 | 0.13 | ||||||||
Workday Inc. | 0.26 | 0.26 | 0.27 | 0.27 | 0.31 | 0.32 | 0.33 | 0.35 | 0.35 | 0.45 | 0.46 | 0.29 | 0.30 | 0.32 | 0.35 | 0.35 | 0.37 | 0.39 | 0.41 | 0.34 | 0.35 | 0.36 | 0.37 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 42,881 ÷ 364,772 = 0.12
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits a general downward trend from September 2018 through June 2023, declining from 76,230 million USD to 47,237 million USD. This decline indicates a consistent reduction in debt levels over this period. However, from September 2023 onwards, there is a noticeable increase in total debt amounting to 71,502 million USD by that quarter, followed by fluctuations but maintaining a relatively elevated level compared to the prior downward trend. The overall pattern suggests a strategic decrease in leverage in the initial years, which later shifts to increased borrowing or debt issuance in the most recent periods.
- Total Capital
- Total capital shows a steady increase throughout the entire timeframe, rising from 162,197 million USD in September 2018 to 364,772 million USD in March 2025. This consistent growth reflects ongoing capital accumulation, which may be attributed to retained earnings, equity issuance, or other forms of financing contributing positively to the company’s financial base. The growth in capital appears uninterrupted and demonstrates a strong capital expansion strategy alongside the company's operational growth or investment activities.
- Debt to Capital Ratio
- The debt to capital ratio declines steadily from 0.47 in September 2018 to a low of 0.19 in June 2023, indicating a reduction in financial leverage and an improved capital structure over this period. This trend corresponds with the declining total debt and increasing total capital. Starting from September 2023, the ratio rises sharply to 0.24 and remains elevated through December 2023, then decreases again to 0.12 by March 2025. This pattern implies an initial increase in leverage followed by renewed deleveraging efforts. The overall ratio trend highlights effective management of capital composition with cautious use of debt financing in most periods, but also flexibility to increase leverage when necessary.
- Summary Insights
- The observed data indicate a deliberate shift towards strengthening the capital base while reducing reliance on debt over the majority of the period analyzed. The later increase in debt levels and temporary rise in the debt to capital ratio may reflect tactical financing decisions possibly linked to investment opportunities or changing market conditions. Despite fluctuations in debt, the continuous growth in total capital suggests robust financial health and capacity for long-term investment. The company's capital structure management reflects prudence with responsiveness to external or internal financial needs.
Debt to Capital (including Operating Lease Liability)
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Short-term debt | —) | —) | —) | 6,693) | 20,535) | 27,041) | 25,808) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
Current portion of long-term debt | 2,999) | 5,248) | 2,249) | 2,249) | 2,249) | 2,250) | 3,748) | 5,247) | 6,245) | 3,997) | 3,248) | 2,749) | 1,749) | 4,998) | 3,249) | 8,072) | 8,051) | 5,387) | 6,497) | 3,749) | 3,748) | 6,247) | 3,017) | 5,516) | 6,515) | 3,516) | 6,497) | ||||||||
Long-term debt, excluding current portion | 39,882) | 39,722) | 42,868) | 42,688) | 42,658) | 44,928) | 41,946) | 41,990) | 41,965) | 44,119) | 45,374) | 47,032) | 48,177) | 48,260) | 50,039) | 50,074) | 50,007) | 55,136) | 57,055) | 59,578) | 62,862) | 63,361) | 66,478) | 66,662) | 66,585) | 69,653) | 69,733) | ||||||||
Total debt | 42,881) | 44,970) | 45,117) | 51,630) | 65,442) | 74,219) | 71,502) | 47,237) | 48,210) | 48,116) | 48,622) | 49,781) | 49,926) | 53,258) | 53,288) | 58,146) | 58,058) | 60,523) | 63,552) | 63,327) | 66,610) | 69,608) | 69,495) | 72,178) | 73,100) | 73,169) | 76,230) | ||||||||
Long-term operating lease liabilities | 17,686) | 17,254) | 16,361) | 15,497) | 14,469) | 14,155) | 13,487) | 12,728) | 12,312) | 11,998) | 11,660) | 11,489) | 11,357) | 10,774) | 10,050) | 9,629) | 9,272) | 8,875) | 7,753) | 7,671) | 7,248) | 7,172) | 6,659) | 6,188) | 5,972) | 5,683) | 5,652) | ||||||||
Total debt (including operating lease liability) | 60,567) | 62,224) | 61,478) | 67,127) | 79,911) | 88,374) | 84,989) | 59,965) | 60,522) | 60,114) | 60,282) | 61,270) | 61,283) | 64,032) | 63,338) | 67,775) | 67,330) | 69,398) | 71,305) | 70,998) | 73,858) | 76,780) | 76,154) | 78,366) | 79,072) | 78,852) | 81,882) | ||||||||
Stockholders’ equity | 321,891) | 302,695) | 287,723) | 268,477) | 253,152) | 238,268) | 220,714) | 206,223) | 194,683) | 183,136) | 173,566) | 166,542) | 162,924) | 160,010) | 151,978) | 141,988) | 134,505) | 130,236) | 123,392) | 118,304) | 114,501) | 110,109) | 106,061) | 102,330) | 94,864) | 92,128) | 85,967) | ||||||||
Total capital (including operating lease liability) | 382,458) | 364,919) | 349,201) | 335,604) | 333,063) | 326,642) | 305,703) | 266,188) | 255,205) | 243,250) | 233,848) | 227,812) | 224,207) | 224,042) | 215,316) | 209,763) | 201,835) | 199,634) | 194,697) | 189,302) | 188,359) | 186,889) | 182,215) | 180,696) | 173,936) | 170,980) | 167,849) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to capital (including operating lease liability)1 | 0.16 | 0.17 | 0.18 | 0.20 | 0.24 | 0.27 | 0.28 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.27 | 0.29 | 0.29 | 0.32 | 0.33 | 0.35 | 0.37 | 0.38 | 0.39 | 0.41 | 0.42 | 0.43 | 0.45 | 0.46 | 0.49 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 0.21 | 0.22 | 0.22 | 0.13 | 0.14 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.18 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Adobe Inc. | — | 0.36 | 0.33 | 0.30 | 0.29 | 0.29 | 0.21 | 0.20 | 0.21 | 0.22 | 0.23 | 0.25 | 0.24 | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 | 0.26 | 0.26 | 0.29 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.29 | ||||||||
CrowdStrike Holdings Inc. | 0.21 | 0.22 | 0.24 | 0.26 | 0.28 | 0.30 | 0.33 | 0.35 | 0.37 | 0.39 | 0.41 | 0.43 | 0.45 | 0.46 | 0.48 | 0.47 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 1.79 | 1.87 | 1.76 | 1.63 | 1.55 | 1.58 | 1.57 | 1.56 | 1.65 | 1.70 | 1.74 | 1.74 | 1.56 | 1.47 | 1.09 | 0.90 | 0.82 | 0.74 | 0.73 | 0.80 | 0.83 | 0.81 | 0.74 | 0.75 | 0.77 | 0.79 | ||||||||
International Business Machines Corp. | — | — | 0.71 | 0.68 | 0.71 | 0.71 | 0.73 | 0.73 | 0.72 | 0.73 | 0.74 | 0.71 | 0.73 | 0.73 | 0.75 | 0.74 | 0.73 | 0.73 | 0.74 | 0.76 | 0.77 | 0.77 | 0.78 | — | — | — | — | ||||||||
Intuit Inc. | 0.26 | 0.28 | 0.27 | 0.26 | 0.25 | 0.28 | 0.27 | 0.28 | 0.29 | 0.32 | 0.32 | 0.31 | 0.30 | 0.31 | 0.20 | 0.20 | 0.19 | 0.24 | 0.33 | 0.41 | 0.11 | 0.16 | 0.17 | 0.10 | 0.10 | 0.13 | 0.13 | ||||||||
Palantir Technologies Inc. | — | — | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.20 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 0.09 | 0.12 | 0.15 | 0.21 | 0.26 | 0.33 | 0.51 | 0.56 | 0.76 | 0.84 | 0.89 | 0.95 | 0.92 | 0.97 | 0.88 | 0.85 | 0.78 | 0.77 | 0.82 | 0.76 | 0.71 | 0.53 | 0.55 | 0.47 | 0.52 | 0.59 | 0.56 | ||||||||
Salesforce Inc. | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.23 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | 0.26 | 0.27 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 0.19 | 0.19 | 0.19 | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | 0.29 | 0.31 | 0.32 | 0.34 | 0.36 | 0.37 | 0.39 | 0.39 | 0.41 | 0.43 | 0.45 | 0.33 | 0.35 | — | — | — | — | ||||||||
Synopsys Inc. | — | 0.52 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | 0.15 | 0.17 | 0.03 | 0.03 | 0.07 | 0.13 | ||||||||
Workday Inc. | 0.28 | 0.29 | 0.29 | 0.29 | 0.33 | 0.34 | 0.35 | 0.37 | 0.38 | 0.46 | 0.48 | 0.32 | 0.34 | 0.36 | 0.39 | 0.41 | 0.42 | 0.43 | 0.45 | 0.39 | 0.40 | 0.41 | 0.43 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 60,567 ÷ 382,458 = 0.16
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
-
The total debt showed an overall decreasing trend from September 30, 2018, through June 30, 2023, declining from approximately 81,882 million US dollars to about 59,965 million US dollars. This reflects a consistent reduction in debt levels over nearly five years. However, starting from the quarter ending September 30, 2023, there is a notable increase, with debt rising sharply to 84,989 million US dollars by December 31, 2023, followed by fluctuations but remaining elevated around the 60,000 to 62,000 million range through March 31, 2025. This suggests a significant repayment of debt followed by renewed borrowing or increased liabilities in the latter part of the observed period.
- Total Capital (including operating lease liability)
-
Total capital displayed a continuous growth trend throughout the entire period under review. Starting at approximately 167,849 million US dollars in September 2018, it rose steadily and substantially, reaching 382,458 million US dollars by March 31, 2025. This represents more than a doubling of the capital base over six and a half years, indicative of consistent capital accumulation, possibly through retained earnings, equity issuances, or asset revaluation.
- Debt to Capital Ratio (including operating lease liability)
-
The debt-to-capital ratio exhibited a clear declining trend from 0.49 in September 2018 to a low of 0.16 by March 31, 2025, demonstrating a significant reduction in financial leverage over time. This reduction aligns with the decreasing debt load relative to the expanding capital base. Notably, despite the increase in total debt observed in late 2023, the ratio only experienced a modest uptick, rising temporarily to around 0.28 before continuing its decline. The lower leverage ratio reflects a strengthening balance sheet and potentially lower financial risk.
- Summary of Trends and Insights
-
Over the examined quarters, the data reveal a strategic focus on deleveraging, seen through the steady decline in total debt and the debt-to-capital ratio, coupled with continuous capital growth. The overall reduction in financial leverage suggests an improvement in solvency and risk profile. The sharp but transient increase in debt towards the end of 2023 might correspond to specific financing needs, acquisitions, or capital projects, followed by a return to a conservative debt management approach. The growing capital base supports enhanced capacity for investment and operational expansion, underscoring financial stability and resilience.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Short-term debt | —) | —) | —) | 6,693) | 20,535) | 27,041) | 25,808) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
Current portion of long-term debt | 2,999) | 5,248) | 2,249) | 2,249) | 2,249) | 2,250) | 3,748) | 5,247) | 6,245) | 3,997) | 3,248) | 2,749) | 1,749) | 4,998) | 3,249) | 8,072) | 8,051) | 5,387) | 6,497) | 3,749) | 3,748) | 6,247) | 3,017) | 5,516) | 6,515) | 3,516) | 6,497) | ||||||||
Long-term debt, excluding current portion | 39,882) | 39,722) | 42,868) | 42,688) | 42,658) | 44,928) | 41,946) | 41,990) | 41,965) | 44,119) | 45,374) | 47,032) | 48,177) | 48,260) | 50,039) | 50,074) | 50,007) | 55,136) | 57,055) | 59,578) | 62,862) | 63,361) | 66,478) | 66,662) | 66,585) | 69,653) | 69,733) | ||||||||
Total debt | 42,881) | 44,970) | 45,117) | 51,630) | 65,442) | 74,219) | 71,502) | 47,237) | 48,210) | 48,116) | 48,622) | 49,781) | 49,926) | 53,258) | 53,288) | 58,146) | 58,058) | 60,523) | 63,552) | 63,327) | 66,610) | 69,608) | 69,495) | 72,178) | 73,100) | 73,169) | 76,230) | ||||||||
Total assets | 562,624) | 533,898) | 523,013) | 512,163) | 484,275) | 470,558) | 445,785) | 411,976) | 380,088) | 364,552) | 359,784) | 364,840) | 344,607) | 340,389) | 335,418) | 333,779) | 308,879) | 304,137) | 301,001) | 301,311) | 285,449) | 282,794) | 278,955) | 286,556) | 263,281) | 258,859) | 257,619) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to assets1 | 0.08 | 0.08 | 0.09 | 0.10 | 0.14 | 0.16 | 0.16 | 0.11 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.16 | 0.17 | 0.19 | 0.20 | 0.21 | 0.21 | 0.23 | 0.25 | 0.25 | 0.25 | 0.28 | 0.28 | 0.30 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 0.08 | 0.09 | 0.09 | 0.02 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Adobe Inc. | — | 0.22 | 0.21 | 0.19 | 0.19 | 0.19 | 0.13 | 0.12 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | ||||||||
Cadence Design Systems Inc. | — | — | 0.27 | 0.28 | 0.31 | 0.19 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.15 | 0.16 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.17 | 0.17 | 0.18 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 | 0.19 | 0.20 | 0.22 | 0.24 | 0.26 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 1.38 | 1.42 | 1.29 | 1.24 | 1.20 | 1.23 | 1.18 | 1.22 | 1.28 | 1.32 | 1.29 | 1.34 | 1.21 | 1.12 | 0.80 | 0.66 | 0.61 | 0.55 | 0.52 | 0.59 | 0.61 | 0.59 | 0.58 | 0.60 | 0.62 | 0.64 | ||||||||
International Business Machines Corp. | — | — | 0.43 | 0.40 | 0.42 | 0.42 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.40 | 0.40 | 0.39 | 0.41 | 0.39 | 0.38 | 0.38 | 0.38 | 0.39 | 0.42 | 0.42 | 0.42 | — | — | — | — | ||||||||
Intuit Inc. | 0.18 | 0.20 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.24 | 0.26 | 0.14 | 0.13 | 0.13 | 0.16 | 0.24 | 0.31 | 0.05 | 0.06 | 0.07 | 0.07 | 0.06 | 0.08 | 0.09 | ||||||||
Oracle Corp. | 0.60 | 0.60 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 | 0.67 | 0.70 | 0.71 | 0.70 | 0.69 | 0.72 | 0.73 | 0.67 | 0.64 | 0.59 | 0.64 | 0.62 | 0.62 | 0.53 | 0.52 | 0.51 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 0.02 | 0.03 | 0.03 | 0.05 | 0.06 | 0.10 | 0.13 | 0.14 | 0.26 | 0.28 | 0.29 | 0.30 | 0.33 | 0.35 | 0.35 | 0.31 | 0.33 | 0.33 | 0.36 | 0.34 | 0.23 | 0.20 | 0.21 | 0.22 | 0.25 | 0.27 | 0.28 | ||||||||
Salesforce Inc. | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 | 0.15 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.09 | 0.10 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.17 | 0.18 | 0.19 | 0.22 | 0.11 | 0.11 | — | — | — | — | ||||||||
Synopsys Inc. | — | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | 0.05 | 0.02 | 0.02 | 0.05 | 0.09 | ||||||||
Workday Inc. | 0.18 | 0.18 | 0.19 | 0.18 | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | 0.31 | 0.32 | 0.18 | 0.20 | 0.20 | 0.22 | 0.21 | 0.23 | 0.24 | 0.25 | 0.19 | 0.20 | 0.21 | 0.21 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 42,881 ÷ 562,624 = 0.08
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited a general decline from September 30, 2018, through June 30, 2023, decreasing from $76,230 million to $47,237 million. This trend indicates a consistent reduction in debt levels over nearly five years. However, starting in the September 30, 2023, quarter, total debt increased significantly, reaching a peak of $74,219 million by December 31, 2023. Following this peak, total debt decreased again, reaching $42,881 million by March 31, 2025. This pattern suggests a period of increased borrowing or refinancing towards the end of 2023, succeeded by deleveraging in subsequent quarters.
- Total Assets
- Total assets showed a steady upward trend across the entire period, rising from $257,619 million in September 2018 to $562,624 million by March 2025. The consistent increase reflects substantial asset growth, more than doubling the asset base over the time frame. This growth was relatively smooth, without notable downturns, indicating ongoing asset accumulation or appreciation.
- Debt to Assets Ratio
- The debt to assets ratio steadily decreased from 0.30 in September 2018 to a low of 0.11 by June 2023, demonstrating improved leverage and a stronger asset base relative to debt. However, the ratio abruptly increased to 0.16 during the last two quarters of 2023, coinciding with the spike in total debt during the same period. This indicates a temporary increase in leverage. Thereafter, the ratio resumed its downward trend, falling to 0.08 by March 2025, suggesting a return to lower leverage and an optimal capital structure.
- Summary of Trends and Implications
- Overall, the financial data demonstrate a long-term strategy of reducing debt levels relative to assets, enhancing financial stability and strength. The steady increase in total assets combined with falling debt contributes to improving solvency ratios. The short-term surge in debt and leverage towards the end of 2023 could indicate strategic financing activities, such as acquisitions, investments, or refinancing. The subsequent reductions in debt and leverage ratios imply effective management and a swift return to a conservative financial position.
Debt to Assets (including Operating Lease Liability)
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Short-term debt | —) | —) | —) | 6,693) | 20,535) | 27,041) | 25,808) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
Current portion of long-term debt | 2,999) | 5,248) | 2,249) | 2,249) | 2,249) | 2,250) | 3,748) | 5,247) | 6,245) | 3,997) | 3,248) | 2,749) | 1,749) | 4,998) | 3,249) | 8,072) | 8,051) | 5,387) | 6,497) | 3,749) | 3,748) | 6,247) | 3,017) | 5,516) | 6,515) | 3,516) | 6,497) | ||||||||
Long-term debt, excluding current portion | 39,882) | 39,722) | 42,868) | 42,688) | 42,658) | 44,928) | 41,946) | 41,990) | 41,965) | 44,119) | 45,374) | 47,032) | 48,177) | 48,260) | 50,039) | 50,074) | 50,007) | 55,136) | 57,055) | 59,578) | 62,862) | 63,361) | 66,478) | 66,662) | 66,585) | 69,653) | 69,733) | ||||||||
Total debt | 42,881) | 44,970) | 45,117) | 51,630) | 65,442) | 74,219) | 71,502) | 47,237) | 48,210) | 48,116) | 48,622) | 49,781) | 49,926) | 53,258) | 53,288) | 58,146) | 58,058) | 60,523) | 63,552) | 63,327) | 66,610) | 69,608) | 69,495) | 72,178) | 73,100) | 73,169) | 76,230) | ||||||||
Long-term operating lease liabilities | 17,686) | 17,254) | 16,361) | 15,497) | 14,469) | 14,155) | 13,487) | 12,728) | 12,312) | 11,998) | 11,660) | 11,489) | 11,357) | 10,774) | 10,050) | 9,629) | 9,272) | 8,875) | 7,753) | 7,671) | 7,248) | 7,172) | 6,659) | 6,188) | 5,972) | 5,683) | 5,652) | ||||||||
Total debt (including operating lease liability) | 60,567) | 62,224) | 61,478) | 67,127) | 79,911) | 88,374) | 84,989) | 59,965) | 60,522) | 60,114) | 60,282) | 61,270) | 61,283) | 64,032) | 63,338) | 67,775) | 67,330) | 69,398) | 71,305) | 70,998) | 73,858) | 76,780) | 76,154) | 78,366) | 79,072) | 78,852) | 81,882) | ||||||||
Total assets | 562,624) | 533,898) | 523,013) | 512,163) | 484,275) | 470,558) | 445,785) | 411,976) | 380,088) | 364,552) | 359,784) | 364,840) | 344,607) | 340,389) | 335,418) | 333,779) | 308,879) | 304,137) | 301,001) | 301,311) | 285,449) | 282,794) | 278,955) | 286,556) | 263,281) | 258,859) | 257,619) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to assets (including operating lease liability)1 | 0.11 | 0.12 | 0.12 | 0.13 | 0.17 | 0.19 | 0.19 | 0.15 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 | 0.19 | 0.19 | 0.20 | 0.22 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.27 | 0.27 | 0.30 | 0.30 | 0.32 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 0.13 | 0.13 | 0.14 | 0.07 | 0.08 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Adobe Inc. | — | 0.23 | 0.22 | 0.20 | 0.20 | 0.20 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.21 | 0.22 | 0.22 | 0.20 | 0.21 | 0.21 | 0.21 | ||||||||
CrowdStrike Holdings Inc. | 0.10 | 0.11 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.19 | 0.20 | 0.21 | 0.24 | 0.25 | 0.27 | 0.29 | 0.02 | 0.03 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 1.39 | 1.43 | 1.30 | 1.25 | 1.21 | 1.24 | 1.20 | 1.23 | 1.30 | 1.34 | 1.31 | 1.37 | 1.24 | 1.15 | 0.84 | 0.70 | 0.65 | 0.60 | 0.57 | 0.64 | 0.66 | 0.65 | 0.58 | 0.60 | 0.62 | 0.64 | ||||||||
International Business Machines Corp. | — | — | 0.46 | 0.43 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.46 | 0.42 | 0.43 | 0.42 | 0.43 | 0.42 | 0.41 | 0.41 | 0.41 | 0.43 | 0.46 | 0.45 | 0.45 | — | — | — | — | ||||||||
Intuit Inc. | 0.19 | 0.22 | 0.20 | 0.20 | 0.20 | 0.22 | 0.22 | 0.24 | 0.25 | 0.28 | 0.28 | 0.27 | 0.25 | 0.27 | 0.16 | 0.16 | 0.15 | 0.19 | 0.27 | 0.33 | 0.08 | 0.10 | 0.12 | 0.07 | 0.06 | 0.08 | 0.09 | ||||||||
Palantir Technologies Inc. | — | — | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.15 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 0.03 | 0.04 | 0.05 | 0.07 | 0.09 | 0.12 | 0.15 | 0.16 | 0.28 | 0.30 | 0.32 | 0.32 | 0.36 | 0.38 | 0.38 | 0.35 | 0.37 | 0.37 | 0.39 | 0.38 | 0.28 | 0.25 | 0.27 | 0.22 | 0.25 | 0.27 | 0.28 | ||||||||
Salesforce Inc. | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.18 | 0.19 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | 0.19 | 0.19 | 0.20 | 0.21 | 0.23 | 0.23 | 0.24 | 0.24 | 0.29 | 0.18 | 0.19 | — | — | — | — | ||||||||
Synopsys Inc. | — | 0.45 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.11 | 0.12 | 0.02 | 0.02 | 0.05 | 0.09 | ||||||||
Workday Inc. | 0.20 | 0.21 | 0.21 | 0.20 | 0.24 | 0.24 | 0.25 | 0.24 | 0.26 | 0.33 | 0.34 | 0.20 | 0.23 | 0.24 | 0.25 | 0.26 | 0.28 | 0.28 | 0.29 | 0.23 | 0.25 | 0.26 | 0.26 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 60,567 ÷ 562,624 = 0.11
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- Throughout the periods observed, total debt exhibited a general downward trend from approximately 81.9 billion USD in September 2018 to around 60.6 billion USD by September 2024. Notably, this decline was steady until September 2023, when there was a significant spike in total debt reaching almost 85 billion USD, followed by volatile fluctuations thereafter. The sharp increase in late 2023 disrupts the otherwise consistent pattern of debt reduction.
- Total Assets
- Total assets consistently increased over the same timeframe, rising from about 257.6 billion USD in September 2018 to over 562.6 billion USD in September 2024. The growth appears relatively steady with minor acceleration around 2020 and from 2022 onward, indicating expansion and accumulation of resources. This upward trajectory contributes to a strengthening asset base.
- Debt to Assets Ratio (Including Operating Lease Liability)
- The debt to assets ratio demonstrates a clear decreasing pattern from 0.32 in September 2018 to approximately 0.11 in September 2024, reflecting an improving leverage position over the six-year period. The ratio steadily declines as total assets grow and total debt generally falls. However, a temporary reversal is seen between September 2023 and December 2023 where the ratio rises sharply to around 0.19, corresponding to the significant debt increase noted earlier. Subsequently, the ratio resumes its decline, reaching historically low levels by September 2024.
- Summary Insights
- The data indicate a strategic effort to reduce leverage and strengthen the balance sheet over multiple years, manifested in declining total debt and a growing asset base. The improving debt to asset ratio supports this conclusion, highlighting enhanced financial stability. The notable exception is the spike in indebtedness and leverage in late 2023, which appears to be an outlier relative to the prevailing trend and warrants further investigation. Overall, the company shows increasing asset accumulation alongside disciplined debt management, except for the recent temporary increase in debt levels.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Total assets | 562,624) | 533,898) | 523,013) | 512,163) | 484,275) | 470,558) | 445,785) | 411,976) | 380,088) | 364,552) | 359,784) | 364,840) | 344,607) | 340,389) | 335,418) | 333,779) | 308,879) | 304,137) | 301,001) | 301,311) | 285,449) | 282,794) | 278,955) | 286,556) | 263,281) | 258,859) | 257,619) | ||||||||
Stockholders’ equity | 321,891) | 302,695) | 287,723) | 268,477) | 253,152) | 238,268) | 220,714) | 206,223) | 194,683) | 183,136) | 173,566) | 166,542) | 162,924) | 160,010) | 151,978) | 141,988) | 134,505) | 130,236) | 123,392) | 118,304) | 114,501) | 110,109) | 106,061) | 102,330) | 94,864) | 92,128) | 85,967) | ||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Financial leverage1 | 1.75 | 1.76 | 1.82 | 1.91 | 1.91 | 1.97 | 2.02 | 2.00 | 1.95 | 1.99 | 2.07 | 2.19 | 2.12 | 2.13 | 2.21 | 2.35 | 2.30 | 2.34 | 2.44 | 2.55 | 2.49 | 2.57 | 2.63 | 2.80 | 2.78 | 2.81 | 3.00 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||||||||
Accenture PLC | 2.07 | 2.05 | 2.05 | 1.98 | 1.95 | 1.89 | 1.93 | 1.99 | 1.98 | 2.01 | 2.05 | 2.14 | 2.16 | 2.16 | 2.15 | 2.21 | 2.18 | 2.18 | 2.14 | 2.18 | 2.19 | 2.17 | 2.19 | 2.07 | 2.05 | 2.05 | 2.11 | ||||||||
Adobe Inc. | — | 2.46 | 2.29 | 2.14 | 2.05 | 2.02 | 1.86 | 1.80 | 1.84 | 1.88 | 1.88 | 1.93 | 1.86 | 1.88 | 1.89 | 1.84 | 1.81 | 1.85 | 1.84 | 1.83 | 1.91 | 1.99 | 2.03 | 1.97 | 1.96 | 1.98 | 1.98 | ||||||||
Cadence Design Systems Inc. | — | — | 1.89 | 1.92 | 2.01 | 1.70 | 1.60 | 1.67 | 1.74 | 1.77 | 1.76 | 1.87 | 1.83 | 1.66 | 1.59 | 1.60 | 1.60 | 1.64 | 1.57 | 1.58 | 1.73 | 1.77 | 1.75 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 2.55 | 2.52 | 2.70 | 2.88 | 2.87 | 3.00 | 3.20 | 3.43 | 3.40 | 3.39 | 3.48 | 3.53 | 3.48 | 3.47 | 3.39 | 3.14 | 2.15 | 2.04 | 2.02 | 1.89 | 1.75 | 1.61 | 6.29 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 12.73 | 7.07 | 4.87 | 4.85 | 6.33 | 7.25 | 6.41 | 4.95 | 5.12 | 5.37 | 5.73 | ||||||||
International Business Machines Corp. | — | — | 5.42 | 5.02 | 5.49 | 5.57 | 5.90 | 6.00 | 5.60 | 5.96 | 6.19 | 5.80 | 6.27 | 6.57 | 7.00 | 6.98 | 6.49 | 6.69 | 6.95 | 7.57 | 7.27 | 7.50 | 7.67 | — | — | — | — | ||||||||
Intuit Inc. | 1.82 | 1.77 | 1.83 | 1.74 | 1.68 | 1.76 | 1.68 | 1.61 | 1.64 | 1.72 | 1.69 | 1.69 | 1.68 | 1.69 | 1.53 | 1.57 | 1.58 | 1.65 | 1.85 | 2.14 | 1.64 | 1.80 | 1.70 | 1.68 | 1.70 | 1.91 | 1.77 | ||||||||
Oracle Corp. | 9.65 | 10.80 | 13.33 | 16.20 | 24.38 | 34.74 | 57.66 | 125.24 | — | — | — | — | — | — | — | 25.03 | 13.27 | 13.90 | 11.96 | 9.56 | 6.79 | 6.33 | 5.76 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 1.24 | 1.27 | 1.28 | 1.28 | 1.27 | 1.30 | 1.31 | 1.35 | 1.35 | 1.35 | 1.39 | 1.40 | 1.40 | 1.42 | 1.43 | 1.49 | 1.67 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 3.04 | 3.29 | 3.45 | 3.87 | 4.01 | 4.20 | 6.82 | 8.29 | 11.50 | 18.06 | 24.69 | 58.35 | 32.88 | 88.29 | 20.09 | 16.14 | 9.59 | 9.15 | 11.68 | 8.23 | 8.73 | 4.47 | 4.50 | 4.16 | 4.31 | 5.33 | 4.63 | ||||||||
Salesforce Inc. | 1.56 | 1.60 | 1.61 | 1.67 | 1.57 | 1.59 | 1.63 | 1.69 | 1.55 | 1.57 | 1.58 | 1.64 | 1.53 | 1.60 | 1.52 | 1.60 | 1.47 | 1.50 | 1.55 | 1.63 | 1.50 | 1.94 | 2.02 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 2.07 | 2.12 | 1.98 | 2.10 | 2.16 | 2.28 | 2.10 | 2.15 | 2.43 | 2.64 | 2.46 | 2.65 | 2.75 | 2.92 | 2.68 | 2.81 | 2.90 | 3.07 | 2.88 | 2.63 | 2.73 | — | — | — | — | ||||||||
Synopsys Inc. | — | 2.40 | 1.40 | 1.45 | 1.51 | 1.54 | 1.58 | 1.68 | 1.67 | 1.68 | 1.70 | 1.71 | 1.66 | 1.66 | 1.65 | 1.65 | 1.65 | 1.64 | 1.64 | 1.64 | 1.67 | 1.71 | 1.74 | 1.57 | 1.56 | 1.58 | 1.68 | ||||||||
Workday Inc. | 1.90 | 1.95 | 1.95 | 2.04 | 2.10 | 2.19 | 2.23 | 2.41 | 2.29 | 2.58 | 2.68 | 2.31 | 2.24 | 2.36 | 2.53 | 2.66 | 2.55 | 2.64 | 2.78 | 2.74 | 2.65 | 2.71 | 2.85 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 562,624 ÷ 321,891 = 1.75
2 Click competitor name to see calculations.
- Total Assets
- The total assets demonstrate a generally increasing trend over the periods analyzed. Starting at approximately 257.6 billion US dollars in September 2018, the total assets rose gradually with some periods showing more pronounced increases, notably from mid-2021 to late 2023. By June 2024, total assets reached around 562.6 billion US dollars, indicating a more than doubling of asset base over the six-year span. This consistent growth suggests strategic expansion or accumulation of resources.
- Stockholders’ Equity
- Stockholders' equity displayed a steady upward trajectory throughout the analyzed periods. Beginning at about 85.9 billion US dollars in September 2018, equity experienced regular increments, reaching approximately 321.9 billion US dollars by March 2025. The increase appears relatively smooth and continuous, reflecting retained earnings growth, possible capital infusions, or reduced distributions. Equity growth at a steady pace supports a solid financial foundation.
- Financial Leverage Ratio
- The financial leverage ratio, defined as total assets divided by stockholders' equity, presents a declining trend over time. The ratio started at 3 in September 2018, indicating that assets were three times the equity. Over successive periods, the leverage ratio fell to below 2 by the end of the observed timeline, settling at approximately 1.75 in March 2025. This decline signals a reduction in leverage, implying a lower reliance on debt financing relative to equity. The gradual decrease suggests improved capitalization and a potentially more conservative financial structure.
- Overall Insights
- The data illustrates a company steadily growing its assets and equity while concurrently reducing financial leverage. This pattern indicates a strengthening balance sheet, with expansion supported by increasing equity rather than increased debt. The stabilizing leverage ratio below 2 highlights a commitment to maintaining financial prudence, potentially enhancing creditworthiness and reducing financial risk. The consistent growth and deleveraging may positively influence stakeholder confidence and long-term sustainability.