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Allergan PLC (AGN)
Long-term Debt and Solvency Analysis
Difficulty: Beginner
Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.
Ratios (Summary)
Allergan PLC, debt and solvency ratios
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Debt Ratios | ||||||
| Debt to equity | |
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| Debt to capital | |
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| Debt to assets | |
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| Financial leverage | |
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| Coverage Ratios | ||||||
| Interest coverage | |
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| Fixed charge coverage | |
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Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
| Ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Allergan PLC’s debt to equity ratio improved from 2016 to 2017 and from 2017 to 2018. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Allergan PLC’s debt to capital ratio improved from 2016 to 2017 and from 2017 to 2018. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Allergan PLC’s debt to assets ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Allergan PLC’s financial leverage ratio improved from 2016 to 2017 and from 2017 to 2018. |
| Ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Allergan PLC’s interest coverage ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Allergan PLC’s fixed charge coverage ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018. |
Debt to Equity
Allergan PLC, debt to equity calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in thousands) | ||||||
| Current portion of long-term debt and capital leases | |
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| Long-term debt and capital leases, excluding current portion | |
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| Total debt | |
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| Shareholders’ equity | |
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| Ratio | ||||||
| Debt to equity1 | |
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| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Abbott Laboratories | |
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| AbbVie Inc. | |
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| Amgen Inc. | |
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| Biogen Inc. | |
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| Bristol-Myers Squibb Co. | |
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| Celgene Corp. | |
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| Eli Lilly & Co. | |
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| Gilead Sciences Inc. | |
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| Johnson & Johnson | |
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| Merck & Co. Inc. | |
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| Pfizer Inc. | |
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| Regeneron Pharmaceuticals Inc. | |
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| Debt to Equity, Sector | ||||||
| Pharmaceuticals & Biotechnology | |
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| Debt to Equity, Industry | ||||||
| Health Care | |
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Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
1 2018 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Allergan PLC’s debt to equity ratio improved from 2016 to 2017 and from 2017 to 2018. |
Debt to Capital
Allergan PLC, debt to capital calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in thousands) | ||||||
| Current portion of long-term debt and capital leases | |
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| Long-term debt and capital leases, excluding current portion | |
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| Total debt | |
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| Shareholders’ equity | |
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| Total capital | |
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| Ratio | ||||||
| Debt to capital1 | |
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| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Abbott Laboratories | |
|
|
|
|
|
| AbbVie Inc. | |
|
|
|
|
|
| Amgen Inc. | |
|
|
|
|
|
| Biogen Inc. | |
|
|
|
|
|
| Bristol-Myers Squibb Co. | |
|
|
|
|
|
| Celgene Corp. | |
|
|
|
|
|
| Eli Lilly & Co. | |
|
|
|
|
|
| Gilead Sciences Inc. | |
|
|
|
|
|
| Johnson & Johnson | |
|
|
|
|
|
| Merck & Co. Inc. | |
|
|
|
|
|
| Pfizer Inc. | |
|
|
|
|
|
| Regeneron Pharmaceuticals Inc. | |
|
|
|
|
|
| Debt to Capital, Sector | ||||||
| Pharmaceuticals & Biotechnology | |
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| Debt to Capital, Industry | ||||||
| Health Care | |
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Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
1 2018 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
| Ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Allergan PLC’s debt to capital ratio improved from 2016 to 2017 and from 2017 to 2018. |
Debt to Assets
Allergan PLC, debt to assets calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in thousands) | ||||||
| Current portion of long-term debt and capital leases | |
|
|
|
|
|
| Long-term debt and capital leases, excluding current portion | |
|
|
|
|
|
| Total debt | |
|
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|
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| Total assets | |
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| Ratio | ||||||
| Debt to assets1 | |
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|
|
|
|
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Abbott Laboratories | |
|
|
|
|
|
| AbbVie Inc. | |
|
|
|
|
|
| Amgen Inc. | |
|
|
|
|
|
| Biogen Inc. | |
|
|
|
|
|
| Bristol-Myers Squibb Co. | |
|
|
|
|
|
| Celgene Corp. | |
|
|
|
|
|
| Eli Lilly & Co. | |
|
|
|
|
|
| Gilead Sciences Inc. | |
|
|
|
|
|
| Johnson & Johnson | |
|
|
|
|
|
| Merck & Co. Inc. | |
|
|
|
|
|
| Pfizer Inc. | |
|
|
|
|
|
| Regeneron Pharmaceuticals Inc. | |
|
|
|
|
|
| Debt to Assets, Sector | ||||||
| Pharmaceuticals & Biotechnology | |
|
|
|
|
|
| Debt to Assets, Industry | ||||||
| Health Care | |
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|
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|
Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
1 2018 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Allergan PLC’s debt to assets ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level. |
Financial Leverage
Allergan PLC, financial leverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in thousands) | ||||||
| Total assets | |
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|
|
|
|
| Shareholders’ equity | |
|
|
|
|
|
| Ratio | ||||||
| Financial leverage1 | |
|
|
|
|
|
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Abbott Laboratories | |
|
|
|
|
|
| AbbVie Inc. | |
|
|
|
|
|
| Amgen Inc. | |
|
|
|
|
|
| Biogen Inc. | |
|
|
|
|
|
| Bristol-Myers Squibb Co. | |
|
|
|
|
|
| Celgene Corp. | |
|
|
|
|
|
| Eli Lilly & Co. | |
|
|
|
|
|
| Gilead Sciences Inc. | |
|
|
|
|
|
| Johnson & Johnson | |
|
|
|
|
|
| Merck & Co. Inc. | |
|
|
|
|
|
| Pfizer Inc. | |
|
|
|
|
|
| Regeneron Pharmaceuticals Inc. | |
|
|
|
|
|
| Financial Leverage, Sector | ||||||
| Pharmaceuticals & Biotechnology | |
|
|
|
|
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| Financial Leverage, Industry | ||||||
| Health Care | |
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|
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|
Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
1 2018 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Allergan PLC’s financial leverage ratio improved from 2016 to 2017 and from 2017 to 2018. |
Interest Coverage
Allergan PLC, interest coverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in thousands) | ||||||
| Net income (loss) attributable to shareholders | |
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| Add: Net income attributable to noncontrolling interest | |
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| Less: Income (loss) from discontinued operations, net of tax | |
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| Add: Income tax expense | |
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|
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| Add: Interest expense | |
|
|
|
|
|
| Earnings before interest and tax (EBIT) | |
|
|
|
|
|
| Ratio | ||||||
| Interest coverage1 | |
|
|
|
|
|
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Abbott Laboratories | |
|
|
|
|
|
| AbbVie Inc. | |
|
|
|
|
|
| Amgen Inc. | |
|
|
|
|
|
| Biogen Inc. | |
|
|
|
|
|
| Bristol-Myers Squibb Co. | |
|
|
|
|
|
| Celgene Corp. | |
|
|
|
|
|
| Eli Lilly & Co. | |
|
|
|
|
|
| Gilead Sciences Inc. | |
|
|
|
|
|
| Johnson & Johnson | |
|
|
|
|
|
| Merck & Co. Inc. | |
|
|
|
|
|
| Pfizer Inc. | |
|
|
|
|
|
| Regeneron Pharmaceuticals Inc. | |
|
|
|
|
|
| Interest Coverage, Sector | ||||||
| Pharmaceuticals & Biotechnology | |
|
|
|
|
|
| Interest Coverage, Industry | ||||||
| Health Care | |
|
|
|
|
|
Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
1 2018 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Allergan PLC’s interest coverage ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018. |
Fixed Charge Coverage
Allergan PLC, fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Statutory tax rate | |
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|
|
|
|
| Selected Financial Data (USD $ in thousands) | ||||||
| Net income (loss) attributable to shareholders | |
|
|
|
|
|
| Add: Net income attributable to noncontrolling interest | |
|
|
|
|
|
| Less: Income (loss) from discontinued operations, net of tax | |
|
|
|
|
|
| Add: Income tax expense | |
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|
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| Add: Interest expense | |
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| Earnings before interest and tax (EBIT) | |
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| Add: Property rental expense for operating leases | |
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| Earnings before fixed charges and tax | |
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| Interest expense | |
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| Property rental expense for operating leases | |
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| Dividends on preferred shares | |
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| Dividends on preferred shares, tax adjustment1 | |
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| Dividends on preferred shares, after tax adjustment | |
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| Fixed charges | |
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|
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| Ratio | ||||||
| Fixed charge coverage2 | |
|
|
|
|
|
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors3 | ||||||
| AbbVie Inc. | |
|
|
|
|
|
| Amgen Inc. | |
|
|
|
|
|
| Biogen Inc. | |
|
|
|
|
|
| Bristol-Myers Squibb Co. | |
|
|
|
|
|
| Celgene Corp. | |
|
|
|
|
|
| Eli Lilly & Co. | |
|
|
|
|
|
| Gilead Sciences Inc. | |
|
|
|
|
|
| Johnson & Johnson | |
|
|
|
|
|
| Merck & Co. Inc. | |
|
|
|
|
|
| Pfizer Inc. | |
|
|
|
|
|
| Regeneron Pharmaceuticals Inc. | |
|
|
|
|
|
| Fixed Charge Coverage, Sector | ||||||
| Pharmaceuticals & Biotechnology | |
|
|
|
|
|
| Fixed Charge Coverage, Industry | ||||||
| Health Care | |
|
|
|
|
|
Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).
1 2018 Calculation
Dividends on preferred shares, tax adjustment = (Dividends on preferred shares × Statutory tax rate) ÷ (1 − Statutory tax rate)
= ( × ) ÷ (1 − ) =
2 2018 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
3 Click competitor name to see calculations.
| Ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Allergan PLC’s fixed charge coverage ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018. |