Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Analysis of Solvency Ratios 

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Bristol-Myers Squibb Co., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity 1.24 1.34 0.91 0.52 0.68
Debt to equity (including operating lease liability) 1.27 1.37 0.92 0.52 0.68
Debt to capital 0.55 0.57 0.48 0.34 0.40
Debt to capital (including operating lease liability) 0.56 0.58 0.48 0.34 0.40
Debt to assets 0.41 0.43 0.36 0.21 0.24
Debt to assets (including operating lease liability) 0.42 0.44 0.37 0.21 0.24
Financial leverage 3.04 3.13 2.52 2.49 2.86
Coverage Ratios
Interest coverage 7.07 -3.84 8.58 33.61 27.18
Fixed charge coverage 6.01 -3.08 7.10 20.07 17.24

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Bristol-Myers Squibb Co. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Bristol-Myers Squibb Co. interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Bristol-Myers Squibb Co. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Equity

Bristol-Myers Squibb Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term debt obligations 4,948  2,340  3,346  1,703  987 
Long-term debt, excluding current portion 39,605  48,336  43,387  5,646  6,975 
Total debt 44,553  50,676  46,733  7,349  7,962 
 
Total Bristol-Myers Squibb Company shareholders’ equity 35,946  37,822  51,598  14,031  11,741 
Solvency Ratio
Debt to equity1 1.24 1.34 0.91 0.52 0.68
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.50 0.57 0.58 0.64 0.90
CVS Health Corp. 0.75 0.93 1.07 1.26 0.72
Danaher Corp. 0.49 0.53 0.72 0.35 0.40
Elevance Health Inc. 0.64 0.60 0.63 0.67 0.75
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.51 0.49 0.51 0.51 0.66
UnitedHealth Group Inc. 0.64 0.66 0.71 0.71 0.66
Debt to Equity, Sector
Health Care Equipment & Services 0.65 0.72 0.74 0.71 0.67
Debt to Equity, Industry
Health Care 0.79 0.93 0.93 0.86 0.81

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Bristol-Myers Squibb Company shareholders’ equity
= 44,553 ÷ 35,946 = 1.24

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Equity (including Operating Lease Liability)

Bristol-Myers Squibb Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term debt obligations 4,948  2,340  3,346  1,703  987 
Long-term debt, excluding current portion 39,605  48,336  43,387  5,646  6,975 
Total debt 44,553  50,676  46,733  7,349  7,962 
Current operating lease liabilities 169  164  133  —  — 
Non-current operating lease liabilities 874  833  672  —  — 
Total debt (including operating lease liability) 45,596  51,673  47,538  7,349  7,962 
 
Total Bristol-Myers Squibb Company shareholders’ equity 35,946  37,822  51,598  14,031  11,741 
Solvency Ratio
Debt to equity (including operating lease liability)1 1.27 1.37 0.92 0.52 0.68
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.54 0.61 0.61 0.64 0.90
CVS Health Corp. 1.01 1.23 1.39 1.26 0.72
Danaher Corp. 0.52 0.56 0.74 0.35 0.40
Elevance Health Inc. 0.67 0.63 0.65 0.67 0.75
Intuitive Surgical Inc. 0.01 0.01 0.01 0.00 0.00
Medtronic PLC 0.53 0.51 0.51 0.51 0.66
UnitedHealth Group Inc. 0.70 0.73 0.77 0.71 0.66
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.73 0.81 0.83 0.71 0.67
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.84 0.99 0.99 0.86 0.81

Based on: 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).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Bristol-Myers Squibb Company shareholders’ equity
= 45,596 ÷ 35,946 = 1.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Capital

Bristol-Myers Squibb Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term debt obligations 4,948  2,340  3,346  1,703  987 
Long-term debt, excluding current portion 39,605  48,336  43,387  5,646  6,975 
Total debt 44,553  50,676  46,733  7,349  7,962 
Total Bristol-Myers Squibb Company shareholders’ equity 35,946  37,822  51,598  14,031  11,741 
Total capital 80,499  88,498  98,331  21,380  19,703 
Solvency Ratio
Debt to capital1 0.55 0.57 0.48 0.34 0.40
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.34 0.36 0.37 0.39 0.47
CVS Health Corp. 0.43 0.48 0.52 0.56 0.42
Danaher Corp. 0.33 0.35 0.42 0.26 0.29
Elevance Health Inc. 0.39 0.38 0.39 0.40 0.43
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.34 0.33 0.34 0.34 0.40
UnitedHealth Group Inc. 0.39 0.40 0.41 0.41 0.40
Debt to Capital, Sector
Health Care Equipment & Services 0.39 0.42 0.43 0.42 0.40
Debt to Capital, Industry
Health Care 0.44 0.48 0.48 0.46 0.45

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 44,553 ÷ 80,499 = 0.55

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

Bristol-Myers Squibb Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term debt obligations 4,948  2,340  3,346  1,703  987 
Long-term debt, excluding current portion 39,605  48,336  43,387  5,646  6,975 
Total debt 44,553  50,676  46,733  7,349  7,962 
Current operating lease liabilities 169  164  133  —  — 
Non-current operating lease liabilities 874  833  672  —  — 
Total debt (including operating lease liability) 45,596  51,673  47,538  7,349  7,962 
Total Bristol-Myers Squibb Company shareholders’ equity 35,946  37,822  51,598  14,031  11,741 
Total capital (including operating lease liability) 81,542  89,495  99,136  21,380  19,703 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.56 0.58 0.48 0.34 0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.35 0.38 0.38 0.39 0.47
CVS Health Corp. 0.50 0.55 0.58 0.56 0.42
Danaher Corp. 0.34 0.36 0.43 0.26 0.29
Elevance Health Inc. 0.40 0.39 0.40 0.40 0.43
Intuitive Surgical Inc. 0.01 0.01 0.01 0.00 0.00
Medtronic PLC 0.35 0.34 0.34 0.34 0.40
UnitedHealth Group Inc. 0.41 0.42 0.44 0.41 0.40
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.42 0.45 0.45 0.42 0.40
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.46 0.50 0.50 0.46 0.45

Based on: 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).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 45,596 ÷ 81,542 = 0.56

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Assets

Bristol-Myers Squibb Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term debt obligations 4,948  2,340  3,346  1,703  987 
Long-term debt, excluding current portion 39,605  48,336  43,387  5,646  6,975 
Total debt 44,553  50,676  46,733  7,349  7,962 
 
Total assets 109,314  118,481  129,944  34,986  33,551 
Solvency Ratio
Debt to assets1 0.41 0.43 0.36 0.21 0.24
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.24 0.26 0.27 0.29 0.37
CVS Health Corp. 0.24 0.28 0.31 0.37 0.28
Danaher Corp. 0.27 0.28 0.35 0.20 0.23
Elevance Health Inc. 0.24 0.23 0.26 0.27 0.28
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.28 0.27 0.28 0.28 0.34
UnitedHealth Group Inc. 0.22 0.22 0.23 0.24 0.23
Debt to Assets, Sector
Health Care Equipment & Services 0.26 0.28 0.29 0.29 0.28
Debt to Assets, Industry
Health Care 0.29 0.31 0.32 0.31 0.31

Based on: 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).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 44,553 ÷ 109,314 = 0.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

Bristol-Myers Squibb Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term debt obligations 4,948  2,340  3,346  1,703  987 
Long-term debt, excluding current portion 39,605  48,336  43,387  5,646  6,975 
Total debt 44,553  50,676  46,733  7,349  7,962 
Current operating lease liabilities 169  164  133  —  — 
Non-current operating lease liabilities 874  833  672  —  — 
Total debt (including operating lease liability) 45,596  51,673  47,538  7,349  7,962 
 
Total assets 109,314  118,481  129,944  34,986  33,551 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.42 0.44 0.37 0.21 0.24
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.26 0.27 0.28 0.29 0.37
CVS Health Corp. 0.33 0.37 0.40 0.37 0.28
Danaher Corp. 0.28 0.29 0.36 0.20 0.23
Elevance Health Inc. 0.25 0.24 0.27 0.27 0.28
Intuitive Surgical Inc. 0.01 0.01 0.01 0.00 0.00
Medtronic PLC 0.29 0.28 0.28 0.28 0.34
UnitedHealth Group Inc. 0.24 0.24 0.26 0.24 0.23
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.29 0.31 0.32 0.29 0.28
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.31 0.34 0.34 0.31 0.31

Based on: 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).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 45,596 ÷ 109,314 = 0.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Financial Leverage

Bristol-Myers Squibb Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Total assets 109,314  118,481  129,944  34,986  33,551 
Total Bristol-Myers Squibb Company shareholders’ equity 35,946  37,822  51,598  14,031  11,741 
Solvency Ratio
Financial leverage1 3.04 3.13 2.52 2.49 2.86
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 2.10 2.21 2.18 2.20 2.47
CVS Health Corp. 3.10 3.32 3.48 3.37 2.52
Danaher Corp. 1.84 1.92 2.05 1.70 1.77
Elevance Health Inc. 2.70 2.61 2.44 2.51 2.66
Intuitive Surgical Inc. 1.14 1.15 1.18 1.17 1.22
Medtronic PLC 1.81 1.79 1.79 1.80 1.98
UnitedHealth Group Inc. 2.96 3.01 3.02 2.94 2.91
Financial Leverage, Sector
Health Care Equipment & Services 2.53 2.61 2.57 2.49 2.40
Financial Leverage, Industry
Health Care 2.74 2.95 2.89 2.78 2.65

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Bristol-Myers Squibb Company shareholders’ equity
= 109,314 ÷ 35,946 = 3.04

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Bristol-Myers Squibb Co. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Interest Coverage

Bristol-Myers Squibb Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 6,994  (9,015) 3,439  4,920  1,007 
Add: Net income attributable to noncontrolling interest 20  20  21  27  (32)
Add: Income tax expense 1,084  2,124  1,515  1,021  4,156 
Add: Interest expense 1,334  1,420  656  183  196 
Earnings before interest and tax (EBIT) 9,432  (5,451) 5,631  6,151  5,327 
Solvency Ratio
Interest coverage1 7.07 -3.84 8.58 33.61 27.18
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 16.41 10.10 7.09 4.48 3.47
CVS Health Corp. 5.16 4.36 3.96 1.54 8.79
Danaher Corp. 32.92 17.35 31.44 21.92 19.06
Elevance Health Inc. 10.93 8.96 9.02 7.73 6.36
Intuitive Surgical Inc.
Medtronic PLC 5.21 4.71 4.60 5.95 5.21
UnitedHealth Group Inc. 14.44 13.47 11.55 12.39 12.82
Interest Coverage, Sector
Health Care Equipment & Services 9.80 6.13 7.22 6.86 8.91
Interest Coverage, Industry
Health Care 13.43 7.42 9.11 8.47 10.15

Based on: 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).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 9,432 ÷ 1,334 = 7.07

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Bristol-Myers Squibb Co. interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Fixed Charge Coverage

Bristol-Myers Squibb Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 6,994  (9,015) 3,439  4,920  1,007 
Add: Net income attributable to noncontrolling interest 20  20  21  27  (32)
Add: Income tax expense 1,084  2,124  1,515  1,021  4,156 
Add: Interest expense 1,334  1,420  656  183  196 
Earnings before interest and tax (EBIT) 9,432  (5,451) 5,631  6,151  5,327 
Add: Operating lease expense 281  263  160  130  120 
Earnings before fixed charges and tax 9,713  (5,188) 5,791  6,281  5,447 
 
Interest expense 1,334  1,420  656  183  196 
Operating lease expense 281  263  160  130  120 
Fixed charges 1,615  1,683  816  313  316 
Solvency Ratio
Fixed charge coverage1 6.01 -3.08 7.10 20.07 17.24
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories 10.21 6.68 5.14 4.48 3.47
CVS Health Corp. 3.03 2.75 2.56 1.27 3.35
Danaher Corp. 10.85 7.10 8.38 8.49 8.14
Elevance Health Inc. 8.48 6.10 7.34 6.28 5.20
Intuitive Surgical Inc. 93.66 58.48 79.65
Medtronic PLC 4.31 3.98 3.97 4.87 4.32
UnitedHealth Group Inc. 8.80 8.51 7.65 8.41 8.40
Fixed Charge Coverage, Sector
Health Care Equipment & Services 6.19 4.13 4.87 4.67 5.51
Fixed Charge Coverage, Industry
Health Care 9.33 5.42 6.68 6.31 7.25

Based on: 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).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 9,713 ÷ 1,615 = 6.01

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Bristol-Myers Squibb Co. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.