Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Fair Isaac Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
- Debt to Equity
- The debt to equity ratio shows a fluctuating trend, initially decreasing from 3.65 at the end of 2018 to 2.85 by September 2019, before rising significantly to a peak of 8.46 by June 2021. Data beyond this point is not available, which limits a full assessment of recent trends. The ratio including operating lease liability follows a similar pattern, with slightly higher values, peaking at 8.92 in June 2021.
- Debt to Capital
- Between December 2018 and September 2020, the debt to capital ratio exhibits a gradual decline from 0.79 to 0.72, suggesting a slight reduction in debt relative to capital. However, starting from December 2020, the ratio increases steadily, reaching values above 1.7 from around September 2022 onwards, and peaking at 2.01 in December 2024. This indicates a substantial rise in debt relative to total capital during this later period. The ratio including operating lease liability follows a similar pattern with slightly higher levels, though it remains close in magnitude to the standard debt to capital ratio.
- Debt to Assets
- The debt to assets ratio declines from 0.64 at the end of 2018 to 0.52 by September 2020, reflecting a decreasing proportion of debt to the total assets initially. Subsequently, it trends upward sharply from September 2020, surpassing 1.0 in December 2021 and reaching approximately 1.49 in December 2024. This suggests a growing reliance on debt financing relative to assets over time. The analogous ratio including operating lease liability shows a consistent pattern with slightly elevated readings.
- Financial Leverage
- Financial leverage demonstrates a decrease from 5.73 in December 2018 to 4.95 by September 2019, then sharply increases to a high of 12.73 by June 2021. There is no data available after this point, precluding further trend analysis. This metric indicates increasing use of debt or other liabilities relative to equity until mid-2021.
- Interest Coverage
- Interest coverage ratios commence from June 2019 with a value of 6.44 and increase progressively to a peak of 12.80 in December 2021, suggesting improved capacity to cover interest expenses with earnings. After December 2021, the ratio declines gradually to about 6.96 by December 2024, reflecting a moderate deterioration in interest coverage though still remaining above 6.0, which typically signifies comfortable capacity to service debt interest.
- Overall Observations
- The data reveals an initial period of relative stability or improvement in leverage ratios and credit metrics up to around 2019-2020, followed by a marked increase in debt ratios starting late 2020 through 2024. This increase in leverage is accompanied by an initially strong interest coverage ratio peaking in late 2021, but subsequently declining to lower levels by the end of the data horizon. The significant rise in debt relative to equity, capital, and assets after 2020 may suggest expanded borrowing or funding changes, while the interest coverage trend indicates the company initially maintained good earnings relative to debt costs before the slight erosion in later periods.
Debt Ratios
Coverage Ratios
Debt to Equity
Fair Isaac Corp., debt to equity calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current maturities on debt | 399,345) | 15,000) | 15,000) | 15,000) | 15,000) | 15,000) | 153,000) | 50,000) | 115,000) | 107,000) | 100,000) | 30,000) | 130,000) | 130,000) | 65,000) | 250,000) | 250,000) | 225,000) | 131,000) | 95,000) | 188,000) | 209,000) | 180,000) | 218,000) | 218,000) | 218,000) | 228,000) | ||||||||
| Long-term debt, excluding current maturities | 2,380,209) | 2,513,179) | 2,406,100) | 2,194,021) | 2,104,943) | 2,028,652) | 1,808,655) | 1,811,658) | 1,814,660) | 1,817,663) | 1,820,666) | 1,823,669) | 1,826,671) | 1,664,674) | 1,568,292) | 1,009,018) | 806,622) | 740,226) | 739,831) | 739,435) | 739,039) | 738,632) | 738,259) | 606,790) | 604,582) | 604,369) | 604,157) | ||||||||
| Total debt | 2,779,554) | 2,528,179) | 2,421,100) | 2,209,021) | 2,119,943) | 2,043,652) | 1,961,655) | 1,861,658) | 1,929,660) | 1,924,663) | 1,920,666) | 1,853,669) | 1,956,671) | 1,794,674) | 1,633,292) | 1,259,018) | 1,056,622) | 965,226) | 870,831) | 834,435) | 927,039) | 947,632) | 918,259) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Stockholders’ equity (deficit) | (1,397,446) | (1,124,052) | (1,138,164) | (962,679) | (829,306) | (735,660) | (725,765) | (687,990) | (703,976) | (770,793) | (802,095) | (801,947) | (847,472) | (663,416) | (538,299) | (110,942) | 124,838) | 223,303) | 324,121) | 331,082) | 247,286) | 214,151) | 240,961) | 289,767) | 268,317) | 247,478) | 227,895) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.46 | 4.32 | 2.69 | 2.52 | 3.75 | 4.43 | 3.81 | 2.85 | 3.07 | 3.32 | 3.65 | ||||||||
| 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. | — | 0.49 | 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 0.31 | 0.55 | 0.59 | 0.28 | 0.31 | 0.34 | 0.37 | 0.41 | 0.45 | 0.49 | 0.52 | 0.57 | 0.61 | 0.66 | 0.71 | 0.77 | 0.80 | 0.87 | 0.60 | 0.61 | 0.61 | 0.00 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 2.33 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| 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 | 0.00 | 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. | — | 0.14 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 2,779,554 ÷ -1,397,446 = —
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and shifts in the company's capital structure and financial position over the observed periods.
- Total Debt
- Total debt shows a generally increasing trend from the end of 2018 through the first half of 2025. Starting at approximately $832 million at the end of 2018, total debt experienced fluctuations but maintained an upward trajectory, reaching over $2.7 billion by mid-2025. A notable increase is observed especially from late 2020 onwards, where total debt surged sharply from around $1 billion to more than $2.5 billion by late 2024 and continued growing into 2025.
- Stockholders’ Equity (Deficit)
- Stockholders’ equity exhibited a declining trend throughout the same timeframe. Beginning with a positive equity balance around $228 million at the end of 2018, equity rose initially until the third quarter of 2019, peaking near $290 million. However, from late 2019 onward, equity turned negative and continued deteriorating significantly, reaching a deficit exceeding $1.3 billion by the end of 2024. This indicates increasing accumulated losses or significant equity reductions, reflecting a weakening net asset position.
- Debt to Equity Ratio
- The debt to equity ratio data is only available for early periods through mid-2021, showing considerable volatility. Initially, the ratio decreased from 3.65 at the end of 2018 to 2.52 in the third quarter of 2020, suggesting improved relative equity strength versus debt for that period. However, there was a sharp rise starting in late 2020, peaking at 8.46 by mid-2021. Beyond this point, data for this ratio is missing, likely due to the transition of equity into negative territory, which makes the ratio less meaningful or undefined.
- Overall Financial Position Trends
- The company appears to have increased its leverage substantially in the latter years, as indicated by the rising total debt and the growing negative equity balance. The transition of equity into large deficits alongside increasing debt suggests elevated financial risk, potentially due to operational losses, increased borrowing, or other capital structure changes. The marked increase in the debt to equity ratio in earlier periods aligns with these observations but becomes less calculable once equity turns negative.
- Implications
- The growing indebtedness concurrent with a declining equity base signals a possible weakening in the company’s financial stability and solvency. Such conditions might affect creditworthiness, increase borrowing costs, and impose constraints on financial flexibility. It is advisable to further investigate the drivers behind equity depletion and the purpose of increased debt to understand the sustainability of this financial trajectory.
Debt to Equity (including Operating Lease Liability)
Fair Isaac Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current maturities on debt | 399,345) | 15,000) | 15,000) | 15,000) | 15,000) | 15,000) | 153,000) | 50,000) | 115,000) | 107,000) | 100,000) | 30,000) | 130,000) | 130,000) | 65,000) | 250,000) | 250,000) | 225,000) | 131,000) | 95,000) | 188,000) | 209,000) | 180,000) | 218,000) | 218,000) | 218,000) | 228,000) | ||||||||
| Long-term debt, excluding current maturities | 2,380,209) | 2,513,179) | 2,406,100) | 2,194,021) | 2,104,943) | 2,028,652) | 1,808,655) | 1,811,658) | 1,814,660) | 1,817,663) | 1,820,666) | 1,823,669) | 1,826,671) | 1,664,674) | 1,568,292) | 1,009,018) | 806,622) | 740,226) | 739,831) | 739,435) | 739,039) | 738,632) | 738,259) | 606,790) | 604,582) | 604,369) | 604,157) | ||||||||
| Total debt | 2,779,554) | 2,528,179) | 2,421,100) | 2,209,021) | 2,119,943) | 2,043,652) | 1,961,655) | 1,861,658) | 1,929,660) | 1,924,663) | 1,920,666) | 1,853,669) | 1,956,671) | 1,794,674) | 1,633,292) | 1,259,018) | 1,056,622) | 965,226) | 870,831) | 834,435) | 927,039) | 947,632) | 918,259) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Non-current operating lease liabilities | 21,124) | 20,816) | 20,881) | 21,963) | 18,420) | 20,558) | 11,899) | 23,903) | 24,619) | 28,825) | 32,400) | 39,192) | 42,970) | 47,362) | 50,972) | 53,670) | 56,815) | 59,100) | 69,815) | 73,207) | 74,000) | 77,485) | 80,424) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 2,800,678) | 2,548,995) | 2,441,981) | 2,230,984) | 2,138,363) | 2,064,210) | 1,973,554) | 1,885,561) | 1,954,279) | 1,953,488) | 1,953,066) | 1,892,861) | 1,999,641) | 1,842,036) | 1,684,264) | 1,312,688) | 1,113,437) | 1,024,326) | 940,646) | 907,642) | 1,001,039) | 1,025,117) | 998,683) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Stockholders’ equity (deficit) | (1,397,446) | (1,124,052) | (1,138,164) | (962,679) | (829,306) | (735,660) | (725,765) | (687,990) | (703,976) | (770,793) | (802,095) | (801,947) | (847,472) | (663,416) | (538,299) | (110,942) | 124,838) | 223,303) | 324,121) | 331,082) | 247,286) | 214,151) | 240,961) | 289,767) | 268,317) | 247,478) | 227,895) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.92 | 4.59 | 2.90 | 2.74 | 4.05 | 4.79 | 4.14 | 2.85 | 3.07 | 3.32 | 3.65 | ||||||||
| 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 0.40 | 0.64 | 0.68 | 0.37 | 0.40 | 0.43 | 0.45 | 0.49 | 0.54 | 0.56 | 0.59 | 0.65 | 0.67 | 0.72 | 0.78 | 0.84 | 0.87 | 0.95 | 0.67 | 0.68 | 0.69 | 0.07 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 2.46 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | 0.04 | 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. | — | 0.22 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= 2,800,678 ÷ -1,397,446 = —
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several significant trends in the company's capital structure and financial health over the periods assessed.
- Total Debt (including operating lease liability)
- Total debt shows a fluctuating yet generally increasing trend from December 31, 2018, through June 30, 2025. Beginning at approximately $832 million, debt rises with occasional declines but maintains an upward trajectory, reaching about $2.8 billion by mid-2025. Notable growth occurred particularly from late 2020 onwards, indicating a substantial increase in indebtedness over recent years.
- Stockholders’ Equity (Deficit)
- Stockholders' equity initially follows a growth pattern from late 2018 through September 2019, increasing from approximately $228 million to nearly $290 million. Subsequently, it experiences a marked decline starting in December 2019, turning negative by June 2021. The deficit deepens significantly over time, reaching close to negative $1.4 billion by June 2025. This persistent negative equity indicates accumulated losses or other adverse changes impacting net assets, reflecting potential financial distress or significant shareholder value erosion.
- Debt to Equity Ratio (including operating lease liability)
- The debt to equity ratio exhibits volatility in the early periods, beginning at 3.65 in December 2018, decreasing steadily to 2.74 by September 2020, then increasing sharply to 8.92 by June 2021. Data for subsequent quarters is missing but the pronounced spike during 2020-2021 aligns with the equity turning negative and rising debt levels, highlighting increased leverage and associated financial risk during that timeframe. The absence of further ratio data limits analysis beyond mid-2021.
Overall, the observed trends signify a progressive increase in leverage driven by rising total debt coupled with deteriorating shareholder equity, culminating in a substantial equity deficit. This pattern suggests heightened financial risk, potential challenges in solvency, and an increasing dependency on debt financing. The sharp increase in the debt to equity ratio during 2020-2021 particularly underscores a critical period of financial strain. Continued monitoring of equity recovery and debt management would be essential for a comprehensive understanding of future financial stability.
Debt to Capital
Fair Isaac Corp., debt to capital calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current maturities on debt | 399,345) | 15,000) | 15,000) | 15,000) | 15,000) | 15,000) | 153,000) | 50,000) | 115,000) | 107,000) | 100,000) | 30,000) | 130,000) | 130,000) | 65,000) | 250,000) | 250,000) | 225,000) | 131,000) | 95,000) | 188,000) | 209,000) | 180,000) | 218,000) | 218,000) | 218,000) | 228,000) | ||||||||
| Long-term debt, excluding current maturities | 2,380,209) | 2,513,179) | 2,406,100) | 2,194,021) | 2,104,943) | 2,028,652) | 1,808,655) | 1,811,658) | 1,814,660) | 1,817,663) | 1,820,666) | 1,823,669) | 1,826,671) | 1,664,674) | 1,568,292) | 1,009,018) | 806,622) | 740,226) | 739,831) | 739,435) | 739,039) | 738,632) | 738,259) | 606,790) | 604,582) | 604,369) | 604,157) | ||||||||
| Total debt | 2,779,554) | 2,528,179) | 2,421,100) | 2,209,021) | 2,119,943) | 2,043,652) | 1,961,655) | 1,861,658) | 1,929,660) | 1,924,663) | 1,920,666) | 1,853,669) | 1,956,671) | 1,794,674) | 1,633,292) | 1,259,018) | 1,056,622) | 965,226) | 870,831) | 834,435) | 927,039) | 947,632) | 918,259) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Stockholders’ equity (deficit) | (1,397,446) | (1,124,052) | (1,138,164) | (962,679) | (829,306) | (735,660) | (725,765) | (687,990) | (703,976) | (770,793) | (802,095) | (801,947) | (847,472) | (663,416) | (538,299) | (110,942) | 124,838) | 223,303) | 324,121) | 331,082) | 247,286) | 214,151) | 240,961) | 289,767) | 268,317) | 247,478) | 227,895) | ||||||||
| Total capital | 1,382,108) | 1,404,127) | 1,282,936) | 1,246,342) | 1,290,637) | 1,307,992) | 1,235,890) | 1,173,668) | 1,225,684) | 1,153,870) | 1,118,571) | 1,051,722) | 1,109,199) | 1,131,258) | 1,094,993) | 1,148,076) | 1,181,460) | 1,188,529) | 1,194,952) | 1,165,517) | 1,174,325) | 1,161,783) | 1,159,220) | 1,114,557) | 1,090,899) | 1,069,847) | 1,060,052) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to capital1 | 2.01 | 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 | ||||||||
| 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. | — | 0.33 | 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 0.23 | 0.36 | 0.37 | 0.22 | 0.24 | 0.25 | 0.27 | 0.29 | 0.31 | 0.33 | 0.34 | 0.36 | 0.38 | 0.40 | 0.41 | 0.43 | 0.45 | 0.47 | 0.38 | 0.38 | 0.38 | 0.00 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 0.70 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| 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 | 0.00 | 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. | — | 0.12 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,779,554 ÷ 1,382,108 = 2.01
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in the company's debt structure and overall capital management over the observed period.
- Total Debt
- The total debt exhibits a generally increasing trend from December 31, 2018, through June 30, 2025. Starting at approximately $832 million, the figure shows some fluctuations but rises substantially in later years, peaking around $2.78 billion by mid-2025. Notable increments occur around late 2021 and continue with sustained growth through 2025, indicating increased leverage or financing activities during this timeframe.
- Total Capital
- Total capital demonstrates relatively less volatility compared to total debt. It initially trended upwards modestly until approximately the end of 2019, after which it experienced a decline, particularly evident through 2022. Despite some recovery attempts, total capital values slightly decrease towards 2025, moving from roughly $1.06 billion at the start to about $1.38 billion at the end of the period. This divergence between total capital and total debt highlights a shift in the capital structure.
- Debt to Capital Ratio
- The debt to capital ratio provides insight into the leverage level relative to capital. Early in the timeframe, it remained below 1.0, fluctuating between 0.72 and 0.82, indicating relatively moderate leverage. However, from 2020 onward, the ratio rises significantly, surpassing 1.0 by late 2020 and reaching values as high as 2.01 by December 2024. This elevated ratio suggests that the total debt substantially exceeds total capital in recent periods, highlighting increased reliance on debt financing. The peak in the ratio corresponds with the period of rapid debt increase and a downturn or stagnation in capital levels.
Overall, the data indicate a marked shift toward greater financial leverage over the years, with total debt growing at a faster pace than total capital. This evolving capital structure suggests increasing risk exposure related to debt servicing and potential impacts on financial flexibility. The upward trend in debt relative to capital warrants attention for assessing sustainability and long-term financial health.
Debt to Capital (including Operating Lease Liability)
Fair Isaac Corp., debt to capital (including operating lease liability) calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current maturities on debt | 399,345) | 15,000) | 15,000) | 15,000) | 15,000) | 15,000) | 153,000) | 50,000) | 115,000) | 107,000) | 100,000) | 30,000) | 130,000) | 130,000) | 65,000) | 250,000) | 250,000) | 225,000) | 131,000) | 95,000) | 188,000) | 209,000) | 180,000) | 218,000) | 218,000) | 218,000) | 228,000) | ||||||||
| Long-term debt, excluding current maturities | 2,380,209) | 2,513,179) | 2,406,100) | 2,194,021) | 2,104,943) | 2,028,652) | 1,808,655) | 1,811,658) | 1,814,660) | 1,817,663) | 1,820,666) | 1,823,669) | 1,826,671) | 1,664,674) | 1,568,292) | 1,009,018) | 806,622) | 740,226) | 739,831) | 739,435) | 739,039) | 738,632) | 738,259) | 606,790) | 604,582) | 604,369) | 604,157) | ||||||||
| Total debt | 2,779,554) | 2,528,179) | 2,421,100) | 2,209,021) | 2,119,943) | 2,043,652) | 1,961,655) | 1,861,658) | 1,929,660) | 1,924,663) | 1,920,666) | 1,853,669) | 1,956,671) | 1,794,674) | 1,633,292) | 1,259,018) | 1,056,622) | 965,226) | 870,831) | 834,435) | 927,039) | 947,632) | 918,259) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Non-current operating lease liabilities | 21,124) | 20,816) | 20,881) | 21,963) | 18,420) | 20,558) | 11,899) | 23,903) | 24,619) | 28,825) | 32,400) | 39,192) | 42,970) | 47,362) | 50,972) | 53,670) | 56,815) | 59,100) | 69,815) | 73,207) | 74,000) | 77,485) | 80,424) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 2,800,678) | 2,548,995) | 2,441,981) | 2,230,984) | 2,138,363) | 2,064,210) | 1,973,554) | 1,885,561) | 1,954,279) | 1,953,488) | 1,953,066) | 1,892,861) | 1,999,641) | 1,842,036) | 1,684,264) | 1,312,688) | 1,113,437) | 1,024,326) | 940,646) | 907,642) | 1,001,039) | 1,025,117) | 998,683) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Stockholders’ equity (deficit) | (1,397,446) | (1,124,052) | (1,138,164) | (962,679) | (829,306) | (735,660) | (725,765) | (687,990) | (703,976) | (770,793) | (802,095) | (801,947) | (847,472) | (663,416) | (538,299) | (110,942) | 124,838) | 223,303) | 324,121) | 331,082) | 247,286) | 214,151) | 240,961) | 289,767) | 268,317) | 247,478) | 227,895) | ||||||||
| Total capital (including operating lease liability) | 1,403,232) | 1,424,943) | 1,303,817) | 1,268,305) | 1,309,057) | 1,328,550) | 1,247,789) | 1,197,571) | 1,250,303) | 1,182,695) | 1,150,971) | 1,090,914) | 1,152,169) | 1,178,620) | 1,145,965) | 1,201,746) | 1,238,275) | 1,247,629) | 1,264,767) | 1,238,724) | 1,248,325) | 1,239,268) | 1,239,644) | 1,114,557) | 1,090,899) | 1,069,847) | 1,060,052) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 2.00 | 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 | ||||||||
| 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 0.28 | 0.39 | 0.40 | 0.27 | 0.29 | 0.30 | 0.31 | 0.33 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.44 | 0.46 | 0.46 | 0.49 | 0.40 | 0.40 | 0.41 | 0.07 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 0.71 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | 0.04 | 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. | — | 0.18 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 2,800,678 ÷ 1,403,232 = 2.00
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- The total debt shows a general upward trend from December 31, 2018, through June 30, 2025. Starting at approximately $832 million, the debt level fluctuates mildly in the early periods but increases significantly from late 2020 onward. By December 31, 2024, it reaches about $2.44 billion, and it further grows to approximately $2.8 billion by June 30, 2025. This indicates a more than threefold increase in debt over the analyzed horizon, suggesting an aggressive increase in leverage or capital mobilization.
- Total Capital (including operating lease liability)
- Total capital initially rises slightly from $1.06 billion at the end of 2018 to a peak near $1.24 billion in late 2019 and early 2020. However, starting from late 2020, the capital figures exhibit a downward trend with some fluctuations, declining to around $1.14 billion by the end of 2022. Afterward, total capital fluctuates between about $1.14 billion and $1.4 billion through mid-2025, showing moderate volatility but no consistent long-term increase to match the rise in debt.
- Debt to Capital Ratio (including operating lease liability)
- This ratio displays an initial decrease from 0.79 at the end of 2018 to a low of 0.73 in September 2020, indicating a period where debt growth was modest relative to capital. Subsequently, there is a marked increase beginning in late 2020, climbing sharply to 1.47 by December 2021 and peaking at 1.87 in December 2024. By June 2025, the ratio reaches 2.0, signifying that debt has doubled relative to capital at some points. This rising debt-to-capital ratio signals a significant increase in financial leverage, possibly highlighting increased risk exposure or strategic debt financing during this timeframe.
- Summary of Trends and Insights
- Overall, the company has substantially increased its debt base over the observed period while total capital has not experienced a commensurate increase, resulting in a sharp rise in the debt-to-capital ratio. This suggests a strategic shift towards higher leverage, possibly for expansion, investment, or other financing needs. The increasing leverage ratio above 1.0, particularly post-2020, indicates that debt exceeds capital consistently, which could imply elevated risk. Management and stakeholders should consider this trend carefully, evaluating the impact on financial stability, creditworthiness, and cost of capital.
Debt to Assets
Fair Isaac Corp., debt to assets calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current maturities on debt | 399,345) | 15,000) | 15,000) | 15,000) | 15,000) | 15,000) | 153,000) | 50,000) | 115,000) | 107,000) | 100,000) | 30,000) | 130,000) | 130,000) | 65,000) | 250,000) | 250,000) | 225,000) | 131,000) | 95,000) | 188,000) | 209,000) | 180,000) | 218,000) | 218,000) | 218,000) | 228,000) | ||||||||
| Long-term debt, excluding current maturities | 2,380,209) | 2,513,179) | 2,406,100) | 2,194,021) | 2,104,943) | 2,028,652) | 1,808,655) | 1,811,658) | 1,814,660) | 1,817,663) | 1,820,666) | 1,823,669) | 1,826,671) | 1,664,674) | 1,568,292) | 1,009,018) | 806,622) | 740,226) | 739,831) | 739,435) | 739,039) | 738,632) | 738,259) | 606,790) | 604,582) | 604,369) | 604,157) | ||||||||
| Total debt | 2,779,554) | 2,528,179) | 2,421,100) | 2,209,021) | 2,119,943) | 2,043,652) | 1,961,655) | 1,861,658) | 1,929,660) | 1,924,663) | 1,920,666) | 1,853,669) | 1,956,671) | 1,794,674) | 1,633,292) | 1,259,018) | 1,056,622) | 965,226) | 870,831) | 834,435) | 927,039) | 947,632) | 918,259) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Total assets | 1,862,023) | 1,835,753) | 1,706,608) | 1,717,884) | 1,708,831) | 1,703,117) | 1,593,518) | 1,575,281) | 1,584,569) | 1,502,431) | 1,458,693) | 1,442,034) | 1,456,836) | 1,486,485) | 1,463,310) | 1,567,776) | 1,589,155) | 1,579,608) | 1,576,863) | 1,606,240) | 1,564,120) | 1,552,132) | 1,545,038) | 1,433,448) | 1,373,798) | 1,328,111) | 1,305,626) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to assets1 | 1.49 | 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 | ||||||||
| 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. | — | 0.26 | 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 0.17 | 0.27 | 0.28 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.22 | 0.24 | 0.25 | 0.26 | 0.28 | 0.29 | 0.31 | 0.33 | 0.35 | 0.38 | 0.30 | 0.31 | 0.31 | 0.00 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 0.43 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| 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 | 0.00 | 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 | 0.07 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 2,779,554 ÷ 1,862,023 = 1.49
2 Click competitor name to see calculations.
The quarterly financial data reveals significant shifts in the company's leverage and asset base over the analyzed periods. A detailed examination yields insights into trends and financial position dynamics.
- Total Debt
- The total debt exhibits an overall upward trajectory from approximately 832 million US dollars at the end of 2018 to nearly 2.78 billion US dollars by mid-2025. Noticeable increases occur in certain intervals, notably a substantial rise during 2021, where debt escalated from around 1.26 billion to over 1.63 billion US dollars by the close of that year. The period from late 2024 to mid-2025 also sees a marked increase, with debt rising from approximately 2.42 billion to nearly 2.78 billion US dollars. Despite some fluctuations, the general pattern indicates a steady accumulation of debt across the timeframe.
- Total Assets
- Total assets increased moderately from roughly 1.31 billion US dollars at the end of 2018 to a peak around 1.71 billion US dollars in early 2024. This growth, however, is less pronounced compared to the increase in total debt. Some periods reflect slight declines or stabilization, such as the dip from late 2020 to early 2021 where assets decreased from about 1.58 billion to 1.46 billion US dollars, and again fluctuated mildly during subsequent quarters. By mid-2025, assets slightly rose again, reaching nearly 1.86 billion US dollars, yet the growth pace remains modest relative to debt expansion.
- Debt to Assets Ratio
- The debt to assets ratio demonstrates a clear upward trend, starting at 0.64 in late 2018 and reaching 1.49 by mid-2025. This ratio indicates that the company’s debt increasingly exceeds its asset base, moving from a position where debt was approximately 64% of assets to a situation where debt is nearly 149% of assets. Notably, the ratio spikes substantially through 2021, surpassing 1.0, which suggests debt has outpaced assets significantly during this period. The ratio remains elevated and continues to climb, albeit with some minor fluctuations, implying growing financial leverage and potentially increased financial risk.
In summary, the data reveals a progressive increase in total debt at a pace that exceeds growth in total assets, resulting in a rising debt to assets ratio that suggests heightened leverage. This trend underscores a shift towards greater reliance on debt financing over the period examined, which may have implications for financial stability and risk management considerations. The company appears to be managing higher leverage levels, with debt surpassing assets by a significant margin in recent years.
Debt to Assets (including Operating Lease Liability)
Fair Isaac Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current maturities on debt | 399,345) | 15,000) | 15,000) | 15,000) | 15,000) | 15,000) | 153,000) | 50,000) | 115,000) | 107,000) | 100,000) | 30,000) | 130,000) | 130,000) | 65,000) | 250,000) | 250,000) | 225,000) | 131,000) | 95,000) | 188,000) | 209,000) | 180,000) | 218,000) | 218,000) | 218,000) | 228,000) | ||||||||
| Long-term debt, excluding current maturities | 2,380,209) | 2,513,179) | 2,406,100) | 2,194,021) | 2,104,943) | 2,028,652) | 1,808,655) | 1,811,658) | 1,814,660) | 1,817,663) | 1,820,666) | 1,823,669) | 1,826,671) | 1,664,674) | 1,568,292) | 1,009,018) | 806,622) | 740,226) | 739,831) | 739,435) | 739,039) | 738,632) | 738,259) | 606,790) | 604,582) | 604,369) | 604,157) | ||||||||
| Total debt | 2,779,554) | 2,528,179) | 2,421,100) | 2,209,021) | 2,119,943) | 2,043,652) | 1,961,655) | 1,861,658) | 1,929,660) | 1,924,663) | 1,920,666) | 1,853,669) | 1,956,671) | 1,794,674) | 1,633,292) | 1,259,018) | 1,056,622) | 965,226) | 870,831) | 834,435) | 927,039) | 947,632) | 918,259) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Non-current operating lease liabilities | 21,124) | 20,816) | 20,881) | 21,963) | 18,420) | 20,558) | 11,899) | 23,903) | 24,619) | 28,825) | 32,400) | 39,192) | 42,970) | 47,362) | 50,972) | 53,670) | 56,815) | 59,100) | 69,815) | 73,207) | 74,000) | 77,485) | 80,424) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 2,800,678) | 2,548,995) | 2,441,981) | 2,230,984) | 2,138,363) | 2,064,210) | 1,973,554) | 1,885,561) | 1,954,279) | 1,953,488) | 1,953,066) | 1,892,861) | 1,999,641) | 1,842,036) | 1,684,264) | 1,312,688) | 1,113,437) | 1,024,326) | 940,646) | 907,642) | 1,001,039) | 1,025,117) | 998,683) | 824,790) | 822,582) | 822,369) | 832,157) | ||||||||
| Total assets | 1,862,023) | 1,835,753) | 1,706,608) | 1,717,884) | 1,708,831) | 1,703,117) | 1,593,518) | 1,575,281) | 1,584,569) | 1,502,431) | 1,458,693) | 1,442,034) | 1,456,836) | 1,486,485) | 1,463,310) | 1,567,776) | 1,589,155) | 1,579,608) | 1,576,863) | 1,606,240) | 1,564,120) | 1,552,132) | 1,545,038) | 1,433,448) | 1,373,798) | 1,328,111) | 1,305,626) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 1.50 | 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 | ||||||||
| 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 0.22 | 0.31 | 0.32 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.27 | 0.27 | 0.28 | 0.30 | 0.31 | 0.32 | 0.34 | 0.37 | 0.38 | 0.41 | 0.34 | 0.35 | 0.35 | 0.06 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 0.46 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | 0.03 | 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 | 0.11 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 2,800,678 ÷ 1,862,023 = 1.50
2 Click competitor name to see calculations.
The financial data over the periods indicate several notable trends and shifts in the company's leverage and asset base.
- Total Debt (including operating lease liability)
-
The total debt exhibits a general upward trajectory from the end of 2018 through mid-2025, increasing from approximately 832 million USD to about 2.8 billion USD. There are intermittent decreases or slower growth periods, such as in late 2019 and parts of 2020 and 2022, but the overall pattern is a substantial rise, particularly notable from late 2020 onward where debt approximately doubles by the end of the observed period.
- Total Assets
-
Total assets show moderate fluctuations during the period. Initially, assets grow from around 1.3 billion USD at the end of 2018 up to roughly 1.57 billion USD by late 2020. However, from 2020 onwards, the value remains relatively stable with minor variances and no significant growth, fluctuating mostly between 1.43 billion and 1.85 billion USD. Unlike debt, asset growth is limited, and in some intervals, a slight decline is evident.
- Debt to Assets Ratio (including operating lease liability)
-
The company’s leverage ratio reveals a marked increase over the observed period. Initially, the ratio stands between 0.58 and 0.65 through 2018 and 2019, indicating that debt levels are slightly over half of the asset value. Starting in 2020, the ratio climbs sharply, surpassing 1.0 in late 2020 to early 2021, peaking at about 1.5 in mid-2025. This reflects a situation where total debt exceeds total assets, signifying a significant rise in financial leverage and potential risk exposure.
Overall, the data demonstrate that while the asset base remains relatively static after initial growth, the debt burden escalates substantially, leading to a considerable increase in the debt-to-assets ratio. This trend suggests increased reliance on debt financing over time, which may impact the company’s financial stability and warrants further evaluation of debt servicing capabilities and risk management strategies.
Financial Leverage
Fair Isaac Corp., financial leverage calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Total assets | 1,862,023) | 1,835,753) | 1,706,608) | 1,717,884) | 1,708,831) | 1,703,117) | 1,593,518) | 1,575,281) | 1,584,569) | 1,502,431) | 1,458,693) | 1,442,034) | 1,456,836) | 1,486,485) | 1,463,310) | 1,567,776) | 1,589,155) | 1,579,608) | 1,576,863) | 1,606,240) | 1,564,120) | 1,552,132) | 1,545,038) | 1,433,448) | 1,373,798) | 1,328,111) | 1,305,626) | ||||||||
| Stockholders’ equity (deficit) | (1,397,446) | (1,124,052) | (1,138,164) | (962,679) | (829,306) | (735,660) | (725,765) | (687,990) | (703,976) | (770,793) | (802,095) | (801,947) | (847,472) | (663,416) | (538,299) | (110,942) | 124,838) | 223,303) | 324,121) | 331,082) | 247,286) | 214,151) | 240,961) | 289,767) | 268,317) | 247,478) | 227,895) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 12.73 | 7.07 | 4.87 | 4.85 | 6.33 | 7.25 | 6.41 | 4.95 | 5.12 | 5.37 | 5.73 | ||||||||
| 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. | — | 1.90 | 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 | — | — | — | — | ||||||||
| Datadog Inc. | — | 1.82 | 2.06 | 2.13 | 1.76 | 1.83 | 1.88 | 1.94 | 1.96 | 2.01 | 2.08 | 2.13 | 2.17 | 2.18 | 2.26 | 2.29 | 2.29 | 2.27 | 2.32 | 1.97 | 1.94 | 1.95 | 1.33 | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 5.40 | 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 | ||||||||
| Microsoft Corp. | 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 | — | — | — | — | ||||||||
| 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 | 1.24 | 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. | — | 2.02 | 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: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 1,862,023 ÷ -1,397,446 = —
2 Click competitor name to see calculations.
- Total assets
- The total assets exhibited a generally upward trend from the end of 2018 through early 2021, rising from approximately $1.31 billion to around $1.57 billion. This period shows steady growth with moderate fluctuations. However, from late 2021 into 2022, total assets decreased slightly, reaching a low near $1.44 billion by September 2022. Following this, a recovery phase is evident, with assets increasing steadily and surpassing previous highs to reach approximately $1.86 billion by mid-2025. Overall, total assets demonstrate cyclical movement with a long-term increasing trajectory.
- Stockholders’ equity (deficit)
- Equity shows a marked shift from positive values in 2018 and 2019, with an increase from about $228 million to nearly $332 million by September 2020, to significant declines thereafter. Starting in late 2020, equity decreased sharply, entering negative territory by the first quarter of 2021. The deficit deepened substantially through 2022 and into 2023, reaching a low point near negative $1.4 billion by the third quarter of 2024. There is a slight improvement afterward but equity remains deeply negative by mid-2025. This indicates a deterioration in net worth or retained earnings, signaling financial distress or impairment events affecting equity.
- Financial leverage
- Financial leverage ratios initially decreased from 5.73 at the end of 2018 to 4.85 by the third quarter of 2020, suggesting reduced reliance on debt relative to equity. Subsequently, leverage rose sharply to 7.07 by March 2021 and then increased dramatically to 12.73 by mid-2021. Data for leverage ratio beyond mid-2021 is not available, but the large increase and corresponding negative equity figures indicate a surge in financial risk and higher debt levels relative to equity capitalization during this period.
In summary, the company experienced asset growth and strengthening equity until late 2020, followed by a period characterized by significant equity erosion and increased financial leverage, indicating heightened risk and possible financial challenges. Assets eventually recovered and grew through 2024 and 2025, but the continued negative equity highlights ongoing financial vulnerability.
Interest Coverage
Fair Isaac Corp., interest coverage calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net income | 181,789) | 162,615) | 152,528) | 135,691) | 126,256) | 129,799) | 121,065) | 101,424) | 128,758) | 101,550) | 97,643) | 90,699) | 93,500) | 104,383) | 84,959) | 85,720) | 151,198) | 68,674) | 86,492) | 59,126) | 64,076) | 58,288) | 54,921) | 54,584) | 64,152) | 33,381) | 40,007) | ||||||||
| Add: Income tax expense | 55,202) | 50,401) | (2,399) | 35,692) | 41,062) | 42,935) | 9,525) | 39,041) | 29,029) | 35,919) | 20,260) | 22,411) | 27,394) | 28,102) | 19,861) | 19,746) | 36,694) | 23,150) | 1,468) | 17,307) | 12,132) | 4,176) | (13,026) | 6,304) | 13,902) | 6,593) | (2,851) | ||||||||
| Add: Interest expense, net | 32,899) | 31,378) | 29,488) | 28,515) | 26,868) | 26,093) | 24,162) | 24,304) | 24,545) | 23,897) | 22,800) | 20,840) | 18,721) | 17,211) | 12,195) | 10,490) | 10,018) | 9,943) | 9,641) | 9,932) | 11,223) | 11,254) | 9,768) | 9,957) | 10,111) | 10,008) | 9,676) | ||||||||
| Earnings before interest and tax (EBIT) | 269,890) | 244,394) | 179,617) | 199,898) | 194,186) | 198,827) | 154,752) | 164,769) | 182,332) | 161,366) | 140,703) | 133,950) | 139,615) | 149,696) | 117,015) | 115,956) | 197,910) | 101,767) | 97,601) | 86,365) | 87,431) | 73,718) | 51,663) | 70,845) | 88,165) | 49,982) | 46,832) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Interest coverage1 | 7.31 | 7.04 | 6.96 | 7.08 | 7.03 | 7.07 | 6.84 | 6.79 | 6.72 | 6.67 | 7.09 | 7.83 | 8.91 | 11.63 | 12.49 | 12.80 | 12.23 | 9.16 | 8.21 | 7.09 | 6.72 | 6.92 | 6.54 | 6.44 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 57.86 | 80.38 | 135.71 | 165.48 | 175.20 | 175.18 | 168.23 | 193.31 | 220.23 | 212.89 | 217.31 | 195.34 | 188.01 | 133.08 | 133.32 | 131.46 | 126.89 | 196.99 | 191.96 | 205.84 | 248.30 | 245.62 | 270.18 | 273.26 | — | — | — | ||||||||
| Adobe Inc. | — | 37.00 | 40.93 | 42.01 | 46.90 | 53.43 | 58.12 | 61.17 | 58.59 | 55.57 | 53.27 | 54.64 | 54.21 | 54.34 | 53.39 | 51.49 | 49.52 | 45.92 | 42.50 | 37.00 | 32.36 | 28.08 | 23.87 | 21.38 | — | — | — | ||||||||
| Cadence Design Systems Inc. | — | 13.50 | 15.95 | 19.37 | 24.99 | 33.48 | 36.67 | 36.43 | 32.16 | 34.13 | 38.63 | 46.58 | 57.84 | 58.34 | 52.92 | 46.26 | 44.21 | 40.38 | 35.68 | 31.50 | — | — | — | — | — | — | — | ||||||||
| CrowdStrike Holdings Inc. | 7.50 | 9.33 | 7.64 | 5.77 | 1.41 | -1.80 | -4.04 | -5.31 | -4.72 | -4.71 | -5.09 | -5.34 | -6.41 | -8.16 | -12.40 | -55.36 | -151.33 | -185.47 | -226.03 | -315.25 | — | — | — | — | — | — | — | ||||||||
| Datadog Inc. | — | 15.42 | 22.90 | 29.85 | 37.27 | 33.23 | 24.08 | 10.56 | -1.85 | -5.72 | -4.15 | -1.30 | 0.81 | 1.72 | 1.24 | 0.12 | -0.48 | -0.44 | -0.18 | 0.27 | — | — | — | — | — | — | — | ||||||||
| International Business Machines Corp. | — | 4.44 | 4.39 | 4.39 | 4.69 | 6.33 | 6.21 | 6.41 | 6.44 | 2.34 | 2.25 | 1.95 | 1.59 | 6.01 | 5.40 | 5.19 | 3.79 | 4.56 | 4.97 | 4.60 | — | — | — | — | — | — | — | ||||||||
| Intuit Inc. | 18.45 | 16.48 | 15.76 | 15.67 | 15.74 | 14.07 | 13.20 | 13.05 | 14.66 | 16.17 | 19.99 | 32.38 | 55.36 | 62.71 | 93.29 | 89.14 | 92.00 | 89.58 | 120.30 | 158.00 | 158.50 | 164.67 | 148.46 | 126.40 | — | — | — | ||||||||
| Oracle Corp. | 4.96 | 4.81 | 4.60 | 4.34 | 4.08 | 3.88 | 3.74 | 3.60 | 3.96 | 4.41 | 3.33 | 3.78 | 3.98 | 4.23 | 6.06 | 6.21 | 6.27 | 6.48 | 6.76 | 7.05 | — | — | — | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | — | — | — | 3,786.90 | 499.52 | 149.97 | 69.33 | 34.43 | -5.32 | -49.82 | -87.97 | -176.15 | -201.09 | -194.27 | -133.20 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 427.74 | 269.85 | 163.77 | 120.07 | 72.96 | 46.08 | 35.96 | 21.82 | 10.40 | 4.05 | -1.99 | -6.56 | -4.28 | -3.42 | -2.65 | -1.85 | -1.68 | -1.49 | -1.36 | -1.61 | -1.55 | -0.92 | -0.09 | 0.11 | — | — | — | ||||||||
| Synopsys Inc. | — | 15.86 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-K (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q3 2025 Calculation
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= (269,890 + 244,394 + 179,617 + 199,898)
÷ (32,899 + 31,378 + 29,488 + 28,515)
= 7.31
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends and patterns related to the earnings before interest and tax (EBIT), interest expense, net, and the interest coverage ratio over the observed period.
- Earnings Before Interest and Tax (EBIT)
-
The EBIT figures demonstrate notable fluctuations, with initial values near 47 million US dollars toward the end of 2018, increasing overall through the subsequent quarters. A significant spike appears around the middle of 2021 where EBIT reaches approximately 198 million US dollars, the highest in the dataset. After this peak, EBIT generally remains at elevated levels compared to the start of the period, with several quarters showing values above 140 million US dollars. The trend suggests an overall growth trajectory with some volatility, possibly reflecting operational or market dynamics impacting profitability.
- Interest Expense, Net
-
Interest expense exhibits a consistent upward trend throughout the period. Starting at around 9.7 million US dollars in late 2018, it steadily increases to exceed 32 million US dollars by mid-2025. This rising interest expense may imply increasing debt levels or higher borrowing costs over time. The incremental increase does not show abrupt spikes but rather a gradual rise, indicating a sustained growth in interest obligations.
- Interest Coverage Ratio
-
The interest coverage ratio is available from mid-2019 and reflects the company's ability to meet its interest obligations from EBIT. The ratio rises from approximately 6.4 in June 2019 to peak values above 12 during 2021, coinciding with the substantial EBIT peak. This indicates a strong ability to cover interest payments during that period. Following this peak, the ratio gradually declines to levels around 6.7 to 7.3 in the later quarters up to 2025. Despite this decrease, the ratio remains well above 1, suggesting continued adequate coverage of interest expenses. The trend aligns with the observed increase in interest expense, balancing against still robust EBIT figures.
In summary, the company's earnings before interest and tax exhibit substantial growth with some variability, reaching record highs in 2021. Interest expenses have steadily increased throughout the period, suggesting rising debt burdens or costs. The interest coverage ratio reflects these dynamics, showing improved coverage during the EBIT peak, then moderated levels as interest expenses grow, but remaining at safe levels. Overall, the financial data suggests strong operational performance tempered by steadily increasing financing costs.