Debt to Equity
since 2012
Calculation
AbbVie Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt and finance lease obligations1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | — | = | 67,496) | ÷ | (3,270) |
| Dec 31, 2024 | 20.19 | = | 67,144) | ÷ | 3,325) |
| Dec 31, 2023 | 5.73 | = | 59,385) | ÷ | 10,360) |
| Dec 31, 2022 | 3.67 | = | 63,271) | ÷ | 17,254) |
| Dec 31, 2021 | 4.98 | = | 76,684) | ÷ | 15,408) |
| Dec 31, 2020 | 6.58 | = | 86,056) | ÷ | 13,076) |
| Dec 31, 2019 | — | = | 66,728) | ÷ | (8,172) |
| Dec 31, 2018 | — | = | 40,310) | ÷ | (8,446) |
| Dec 31, 2017 | 7.33 | = | 37,368) | ÷ | 5,097) |
| Dec 31, 2016 | 7.95 | = | 36,842) | ÷ | 4,636) |
| Dec 31, 2015 | 8.03 | = | 31,671) | ÷ | 3,945) |
| Dec 31, 2014 | 8.62 | = | 15,011) | ÷ | 1,742) |
| Dec 31, 2013 | 3.28 | = | 14,723) | ÷ | 4,492) |
| Dec 31, 2012 | 4.66 | = | 15,672) | ÷ | 3,363) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$ in millions
The relationship between total debt and stockholders’ equity has fluctuated considerably between 2012 and 2025. Initially, the debt-to-equity ratio exhibited a decreasing trend, followed by a period of relative stability, and then a substantial increase before declining again, and finally increasing sharply in the most recent period.
- Initial Decline (2012-2013)
- From 2012 to 2013, the debt-to-equity ratio decreased from 4.66 to 3.28. This indicates a reduction in leverage, potentially due to debt repayment or an increase in equity. However, the decrease was not substantial.
- Increase and Stabilization (2013-2016)
- Following the initial decline, the ratio increased significantly in 2014 to 8.62, then stabilized between 7.33 and 8.03 for the subsequent three years (2015-2017). This suggests a period of increased debt financing, followed by a consistent capital structure.
- Significant Increase (2018-2019)
- The ratio experienced a dramatic increase from 2018 to 2019, reaching 6.58 in 2020. This substantial rise suggests a significant increase in debt relative to equity, potentially driven by acquisitions, share repurchases, or other financial activities. Stockholders’ equity became negative in 2018 and 2019.
- Subsequent Decline (2020-2022)
- From 2020 to 2022, the debt-to-equity ratio decreased from 6.58 to 3.67. This decline coincided with a recovery in stockholders’ equity, indicating improved financial health and a reduction in leverage. Total debt also decreased during this period.
- Recent Increase (2022-2024)
- The ratio increased again from 3.67 in 2022 to 20.19 in 2024. This represents a substantial increase in leverage, driven by an increase in total debt and a significant decrease in stockholders’ equity, which became negative in 2024. This suggests a potentially concerning trend in the company’s financial structure.
- Data Gaps
- Values for the debt-to-equity ratio are missing for 2018, 2019, and 2025. The absence of these values limits a complete understanding of the trend during those periods. Stockholders’ equity is also negative in 2018, 2019, 2024 and 2025.
Overall, the debt-to-equity ratio demonstrates a volatile pattern over the analyzed period. While periods of decreasing leverage were observed, the recent trend indicates a substantial increase in financial risk, particularly in 2024, warranting further investigation.
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Comparison to Competitors
AbbVie Inc., debt to equity, long-term trends, comparison to competitors
| AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | — | 6.31 | 2.44 | 0.35 | 1.60 | 1.10 | 0.59 | 0.94 | 0.75 | 0.09 | 0.74 | 0.01 |
| Dec 31, 2024 | 20.19 | 10.23 | 3.04 | 0.32 | 2.37 | 1.38 | 0.51 | 0.80 | 0.73 | 0.09 | 0.63 | 0.01 |
| Dec 31, 2023 | 5.73 | 10.37 | 1.35 | 0.34 | 2.34 | 1.09 | 0.43 | 0.93 | 0.81 | 0.10 | 0.75 | 0.02 |
| Dec 31, 2022 | 3.67 | 10.64 | 1.27 | 0.39 | 1.52 | 1.19 | 0.52 | 0.67 | 0.37 | 0.12 | 0.78 | 0.03 |
| Dec 31, 2021 | 4.98 | 4.97 | 1.24 | 0.49 | 1.88 | 1.27 | 0.46 | 0.87 | 0.50 | 0.14 | 0.85 | 0.06 |
| Dec 31, 2020 | 6.58 | 3.51 | 1.34 | 0.53 | 2.94 | 1.73 | 0.56 | 1.26 | 0.63 | 0.24 | 0.63 | 0.07 |
| Dec 31, 2019 | — | 3.09 | 0.91 | 0.72 | 5.88 | 1.09 | 0.47 | 1.02 | 0.83 | 0.06 | 0.60 | 0.09 |
| Dec 31, 2018 | — | 2.71 | 0.52 | 0.35 | 1.30 | 1.28 | 0.51 | 0.94 | 0.66 | 0.08 | 0.69 | 0.13 |
| Dec 31, 2017 | 7.33 | 1.40 | 0.68 | 0.40 | 1.18 | 1.64 | 0.57 | 0.71 | 0.60 | 0.11 | 0.83 | 0.29 |
| Dec 31, 2016 | 7.95 | 1.16 | 0.41 | 0.53 | 0.74 | 1.39 | 0.39 | 0.62 | 0.71 | 0.11 | 0.77 | 0.71 |
| Dec 31, 2015 | 8.03 | 1.12 | 0.47 | 0.54 | 0.55 | 1.20 | 0.28 | 0.59 | 0.60 | 0.10 | 0.59 | 0.86 |
| Dec 31, 2014 | 8.62 | 1.19 | 0.53 | 0.15 | 0.52 | 0.80 | 0.27 | 0.44 | 0.51 | 0.18 | 0.71 | 0.75 |
| Dec 31, 2013 | 3.28 | 1.45 | 0.55 | 0.16 | 0.30 | 0.58 | 0.25 | 0.50 | 0.48 | 0.26 | 0.62 | 0.36 |
| Dec 31, 2012 | 4.66 | 1.39 | 0.54 | 0.28 | 0.37 | 0.88 | 0.25 | 0.39 | 0.46 | 0.37 | 0.46 | 0.68 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
AbbVie Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| AbbVie Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | — | 1.02 |
| Dec 31, 2024 | 20.19 | 1.04 |
| Dec 31, 2023 | 5.73 | 0.97 |
| Dec 31, 2022 | 3.67 | 0.80 |
| Dec 31, 2021 | 4.98 | 0.93 |
| Dec 31, 2020 | 6.58 | 1.12 |
| Dec 31, 2019 | — | 1.09 |
| Dec 31, 2018 | — | 0.93 |
| Dec 31, 2017 | 7.33 | 0.87 |
| Dec 31, 2016 | 7.95 | 0.79 |
| Dec 31, 2015 | 8.03 | 0.68 |
| Dec 31, 2014 | 8.62 | 0.55 |
| Dec 31, 2013 | 3.28 | 0.52 |
| Dec 31, 2012 | 4.66 | 0.51 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Health Care)
AbbVie Inc., debt to equity, long-term trends, comparison to industry (health care)
| AbbVie Inc. | Health Care | |
|---|---|---|
| Dec 31, 2025 | — | 0.86 |
| Dec 31, 2024 | 20.19 | 0.87 |
| Dec 31, 2023 | 5.73 | 0.82 |
| Dec 31, 2022 | 3.67 | 0.72 |
| Dec 31, 2021 | 4.98 | 0.80 |
| Dec 31, 2020 | 6.58 | 0.92 |
| Dec 31, 2019 | — | 0.90 |
| Dec 31, 2018 | — | 0.80 |
| Dec 31, 2017 | 7.33 | 0.82 |
| Dec 31, 2016 | 7.95 | 0.77 |
| Dec 31, 2015 | 8.03 | 0.69 |
| Dec 31, 2014 | 8.62 | 0.54 |
| Dec 31, 2013 | 3.28 | 0.50 |
| Dec 31, 2012 | 4.66 | 0.54 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).