Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Solvency Ratios (Summary)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Debt to Capital Ratio
- The Debt to Capital ratio exhibits fluctuations throughout the analyzed periods. Starting at 1.33 in March 2020, it decreased slightly to a low of 1.23 in June 2020, followed by relative stability around 1.3 to 1.4 during 2020 and 2021. From early 2022 onward, the ratio generally increased, peaking at 1.69 in December 2024 before dropping sharply to approximately 1.07 by March 2025. This pattern suggests variations in the capital structure with periods of increased debt financing, followed by a sizeable reduction in leverage by the final quarter.
- Debt to Assets Ratio
- The Debt to Assets ratio began at 0.27 in March 2020, increased steadily to around 0.42-0.43 through 2020 and 2021, indicating a rising proportion of debt relative to total assets during this period. From 2022 through 2024, it showed minor volatility, declining to about 0.36 in mid-2024, peaking briefly around 0.42 toward the end of 2024, and settling at 0.34 by March 2025. Overall, there is a pattern of moderate debt usage relative to assets with a slight decline toward the end of the timeframe.
- Interest Coverage Ratio
- The Interest Coverage ratio reveals significant volatility and predominantly negative values during the recorded quarters, indicating challenges in meeting interest obligations from operating earnings. Negative coverage values prevailed from September 2020 through September 2024, reaching a low near -5.71 in the quarter ending September 2020. There was a brief improvement with ratios approaching zero and even slightly positive (up to 0.21) in mid-2023, suggesting a temporary easing of financial strain. However, by the end of 2024 and into early 2025, the ratio again deteriorated to negative territory around -3, reflecting recurring difficulties in covering interest expenses.
Debt Ratios
Coverage 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 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | ||||||||||||||||||||||||||||
Long-term debt, excluding current portion | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Shareholders’ deficit | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to equity1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Honeywell International Inc. | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ deficit
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends regarding the company's total debt and shareholders' deficit over the five-year period from March 2020 to March 2025.
- Total Debt
- Total debt exhibited significant volatility throughout the period. Initially, there was a sharp increase from 38,927 million USD in March 2020 to a peak of 63,583 million USD in December 2020. Subsequently, debt levels generally trended downwards with some fluctuations, reaching 47,940 million USD by March 2024. However, an uptick occurred again in mid-2024, with debt rising to approximately 57,927 million USD by June 2024, before settling around 53,618 million USD by March 2025. The data indicate efforts toward debt reduction following the peak levels reached in 2020 but also suggest intermittent increases in indebtedness later in the timeline.
- Shareholders’ Deficit
- The shareholders' deficit remained consistently negative, reflecting a deficit position throughout the entire period. Initial deficit values worsened from -9,665 million USD in March 2020 to a trough of -18,316 million USD in December 2020, indicating a deterioration of equity during this period. Thereafter, some recovery was observed through 2021, with the deficit decreasing in absolute terms but remaining negative. Variability continued in subsequent years, with the deficit deteriorating again, notably spiking to -23,552 million USD in September 2024, which represents the worst point recorded. By March 2025, the deficit showed significant improvement to around -3,325 million USD, indicating a substantial reduction in negative equity towards the end of the observed timeframe.
- Relationship Between Debt and Equity
- Although the explicit debt-to-equity ratio was not provided, the data on total debt alongside the negative and fluctuating shareholders' deficit imply a complex leverage position. The increasing total debt in early 2020 combined with a worsening shareholders' deficit suggests heightened financial risk during that period. Later partial improvements in shareholders' deficit alongside fluctuating debt levels indicate ongoing adjustments in capital structure. The substantial deficit reduction approaching 2025 could reflect capital strengthening initiatives or asset revaluation, which may impact the overall leverage profile positively.
Overall, the data demonstrate a period marked by increased leverage and deteriorated equity positions during early 2020, followed by phases of partial fiscal consolidation and volatility in capital structure over the subsequent years. The final quarters indicate notable improvement in equity deficit levels, which may suggest enhanced financial stability moving forward.
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | ||||||||||||||||||||||||||||
Long-term debt, excluding current portion | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Shareholders’ deficit | ||||||||||||||||||||||||||||
Total capital | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to capital1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Honeywell International Inc. | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited significant fluctuation over the observed quarters. Starting at approximately $38.9 billion in the first quarter of 2020, it saw a steep increase reaching a peak around mid-2020, close to $61.4 billion. Thereafter, the debt level displayed a gradual mostly downward trend with some minor oscillations, declining to approximately $53.6 billion by the first quarter of 2025. This represents an overall reduction in debt from the peak levels seen in 2020, though still above the initial 2020 value.
- Total Capital
- Total capital followed a somewhat different pattern. Beginning at about $29.3 billion in early 2020, it surged significantly alongside debt to nearly $49.7 billion by mid-2020. In the quarters following, total capital experienced a consistent decline, falling to a low around $30.9 billion by early 2024. A sharp rebound occurred in late 2024, with capital rising again to approximately $50.3 billion by the first quarter of 2025. This recovery phase marks a return to capital levels similar to those seen during the 2020 peak.
- Debt to Capital Ratio
- The debt to capital ratio initially declined slightly from 1.33 at the start of 2020 to around 1.23-1.24 by mid-2020, indicating a faster growth in capital relative to debt. However, from late 2020 onward, the ratio generally trended upward, peaking at about 1.69 in late 2024, signaling an increasing proportion of debt relative to total capital. Notably, at the end of the period, the ratio sharply inverted to about 1.08-1.07, suggesting a relatively balanced or capital-favored structure after a prolonged period of elevated leverage.
- Overall Trend and Insights
- The data reveals an initial phase of increasing leverage through 2020, coinciding with rising debt and capital, likely reflecting financing activities during a volatile period. Subsequently, while both debt and capital declined, the debt declined more slowly, increasing leverage as reflected in the debt to capital ratio. The sharp recovery of capital in late 2024 accompanied by a reduction in the leverage ratio indicates an improvement in financial structure, possibly due to capital raises or debt repayments, leading to a healthier balance sheet position by early 2025.
Debt to Assets
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | ||||||||||||||||||||||||||||
Long-term debt, excluding current portion | ||||||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to assets1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Honeywell International Inc. | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in the company's debt and asset management over the observed periods.
- Total Debt
- The total debt exhibited a significant increase from the first quarter of 2020 to the second quarter of 2020, rising sharply from approximately 38.9 billion US dollars to 61.4 billion US dollars. Following this surge, the debt level remained relatively stable with minor fluctuations, generally staying in the range of 52 billion to 63 billion US dollars through to the end of 2023. From early 2024, there is a visible decline in total debt to about 53.6 billion US dollars by the first quarter of 2025, indicating a downward adjustment in liabilities.
- Total Assets
- Total assets demonstrated an overall volatile trend within the timeline. Initially, there was an increase from roughly 143 billion US dollars at the start of 2020 to a peak near 163 billion US dollars by mid-2020. After this peak, assets decreased steadily until the end of 2021, reaching around 138.5 billion US dollars. Through 2022 and 2023, asset levels showed modest fluctuations mostly hovering around 134 to 137 billion US dollars. A notable rise occurred again starting early 2024, with assets climbing significantly towards 156.5 billion US dollars by the first quarter of 2025.
- Debt to Assets Ratio
- The debt to assets ratio increased sharply from 0.27 at the start of 2020 to about 0.42 by the end of that year, reflecting the quick rise in debt relative to assets during this period. This ratio stayed relatively stable around the 0.42 mark through 2021 and 2022, with slight fluctuations indicating steady leverage. In 2023, the ratio declined moderately to around 0.39, which corresponds with the observed decrease in debt and slight decrease in assets. Early 2024 shows the ratio dipping further to approximately 0.34, suggesting an improvement in the company’s leverage position due to either rising asset levels, declining debt, or both. The ratio experiences a brief rebound to about 0.42 in the middle of 2024 before decreasing once more to 0.34 by the first quarter of 2025.
Overall, the data reflects a period of increased leverage in 2020 followed by a phase of stabilization and gradual reduction in debt relative to assets as of early 2024 and onwards, indicating efforts to strengthen financial health through liability management and asset growth.
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||
Shareholders’ deficit | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Financial leverage1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Honeywell International Inc. | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ deficit
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several important trends regarding the company's asset base, equity status, and financial leverage over the reported periods.
- Total Assets
- The total assets demonstrate a fluctuating pattern over the reported quarters. From March 31, 2020, to December 31, 2020, assets initially increased to a peak around mid-2020 but then decreased steadily towards the end of 2020. The asset base generally declined through 2021 and 2022, hitting a low around 134,000 million US dollars. However, starting in late 2023 and continuing into 2024 and early 2025, total assets increased significantly, peaking at approximately 156,494 million US dollars by March 31, 2025. This rise suggests an expansion of asset holdings after a period of contraction or stabilization.
- Shareholders’ Deficit
- The shareholders’ deficit shows a persistently negative balance throughout the periods, indicating that liabilities exceeded shareholders' equity consistently. Initially, the deficit deepened from approximately -9,665 million US dollars in March 2020 to a peak negative value of around -18,316 million US dollars by December 2020. Following that, the deficit slightly improved during 2021 but remained significantly negative, fluctuating around the -15,000 to -17,000 million range. Notably, in late 2024 and early 2025, there was a substantial reduction in deficit to about -3,325 million US dollars by March 2025, signaling a considerable improvement in equity position, though still negative. This trend indicates potential financial restructuring or improved operational performance affecting equity.
- Financial Leverage
- The data for financial leverage is missing across all periods. Given the importance of this ratio in assessing the company's use of debt relative to equity, the absence restricts a direct analysis of leverage trends. However, given the negative shareholders’ equity throughout most periods and the fluctuations in total assets, it is likely that financial leverage levels experienced volatility or significant changes in composition, corresponding with the shifts in equity and asset base.
In summary, the company exhibited volatility in total assets and a consistently negative shareholders’ equity with a notable improvement toward the end of the period analyzed. These trends suggest periods of financial stress followed by recovery or restructuring. The absence of financial leverage data limits a complete assessment, but the observed asset and equity movements imply changes in the capital structure that warrant further review.
Interest Coverage
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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Net earnings (loss) attributable to Boeing Shareholders | ||||||||||||||||||||||||||||
Add: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||||||
Add: Income tax expense | ||||||||||||||||||||||||||||
Add: Interest and debt expense | ||||||||||||||||||||||||||||
Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Interest coverage1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Honeywell International Inc. | ||||||||||||||||||||||||||||
Lockheed Martin Corp. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Interest coverage
= (EBITQ1 2025
+ EBITQ4 2024
+ EBITQ3 2024
+ EBITQ2 2024)
÷ (Interest expenseQ1 2025
+ Interest expenseQ4 2024
+ Interest expenseQ3 2024
+ Interest expenseQ2 2024)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Earnings Before Interest and Tax (EBIT)
- The EBIT displays significant volatility throughout the observed periods. Starting with a major loss of -1241 million in March 2020, the EBIT further deteriorates drastically to -7927 million by December 2020, marking the lowest point in the timeline. Subsequently, a recovery phase is observed in 2021 with positive EBIT values recorded during the first two quarters, peaking at 1222 million in June 2021. However, the EBIT again fluctuates sharply, re-entering negative territory towards the end of 2021 and shows erratic behavior through 2022 and 2023, with losses and modest gains intermixed. Notably, the EBIT falls to -5496 million in December 2024, signaling another deep decline. The final recorded quarter, March 2025, registers a positive EBIT of 784 million, indicating some recovery.
- Interest and Debt Expense
- Interest and debt expenses remain relatively stable over the entire period, ranging roughly between 550 million and 750 million. There is a slight upward trend in the latter part of the dataset, with values increasing from about 569 million in March 2024 to a peak of 755 million in September 2024 before slightly reducing in March 2025. The consistency suggests stable financing costs despite the fluctuations in operating performance.
- Interest Coverage Ratio
- The interest coverage ratio is predominantly negative or below 1 throughout the timeline, reflecting ongoing difficulties in covering interest expenses from operating earnings. Early 2020 records highly negative ratios, with values such as -5.71 in December 2020, indicating insufficient EBIT relative to interest costs. Although there is some improvement and the ratio briefly approaches positive territory around the first half of 2024, it dips back into negative figures by the end of that year, reaching -3.48 in March 2025. This pattern signals persistent challenges in earning enough to meet interest obligations consistently.