Debt to Equity
since 2005
Calculation
Ford Motor Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Equity (deficit) attributable to Ford Motor Company1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 4.54 | = | 163,336) | ÷ | 35,952) |
| Dec 31, 2024 | 3.54 | = | 158,522) | ÷ | 44,835) |
| Dec 31, 2023 | 3.49 | = | 149,231) | ÷ | 42,773) |
| Dec 31, 2022 | 3.21 | = | 138,969) | ÷ | 43,242) |
| Dec 31, 2021 | 2.85 | = | 138,092) | ÷ | 48,519) |
| Dec 31, 2020 | 5.27 | = | 161,684) | ÷ | 30,690) |
| Dec 31, 2019 | 4.68 | = | 155,307) | ÷ | 33,185) |
| Dec 31, 2018 | 4.29 | = | 154,213) | ÷ | 35,932) |
| Dec 31, 2017 | 4.42 | = | 154,287) | ÷ | 34,890) |
| Dec 31, 2016 | 4.90 | = | 142,970) | ÷ | 29,170) |
| Dec 31, 2015 | 4.64 | = | 132,854) | ÷ | 28,642) |
| Dec 31, 2014 | 4.80 | = | 119,171) | ÷ | 24,805) |
| Dec 31, 2013 | 4.35 | = | 114,688) | ÷ | 26,383) |
| Dec 31, 2012 | 6.59 | = | 105,058) | ÷ | 15,947) |
| Dec 31, 2011 | 6.63 | = | 99,689) | ÷ | 15,028) |
| Dec 31, 2010 | — | = | 104,189) | ÷ | (673) |
| Dec 31, 2009 | — | = | 133,087) | ÷ | (7,820) |
| Dec 31, 2008 | — | = | 154,688) | ÷ | (17,311) |
| Dec 31, 2007 | 29.94 | = | 168,530) | ÷ | 5,628) |
| Dec 31, 2006 | — | = | 172,049) | ÷ | (3,465) |
| Dec 31, 2005 | 11.91 | = | 154,332) | ÷ | 12,957) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The relationship between total debt and equity attributable to Ford Motor Company exhibits significant fluctuations between 2005 and 2025. Initially, the debt-to-equity ratio was very high, then decreased substantially before increasing again, followed by a recent period of relative stability and then a final increase.
- Initial High Leverage (2005-2008)
- In 2005, the debt-to-equity ratio stood at 11.91. While a value for 2006 is missing, the ratio increased sharply to 29.94 by 2007, indicating a substantial increase in debt relative to equity. This high leverage continued into 2008, although the total debt amount decreased slightly. Values for the debt-to-equity ratio are missing for 2008 and 2009.
- Deleveraging and Equity Recovery (2010-2014)
- From 2010 through 2014, a clear trend of deleveraging is observed. The debt-to-equity ratio decreased from approximately 6.63 in 2011 to 4.35 in 2013, and then to 4.80 in 2014. This decline coincided with a recovery in equity, which moved from a deficit in prior years to positive values starting in 2011. Total debt also decreased during this period.
- Moderate Leverage (2015-2019)
- Between 2015 and 2019, the debt-to-equity ratio remained relatively stable, fluctuating between 4.42 and 4.80. Total debt remained relatively consistent, while equity experienced moderate growth. This suggests a period of financial consolidation and operational stability.
- Increased Debt and Volatility (2020-2025)
- From 2020, the debt-to-equity ratio began to increase, reaching 5.27 in 2020. A significant decrease was observed in 2021, falling to 2.85, likely due to a substantial increase in equity. However, the ratio increased again in subsequent years, reaching 3.54 in 2022, 4.54 in 2023, and 4.54 in 2025. This recent trend suggests a renewed reliance on debt financing or a slower growth rate in equity compared to debt.
Overall, the debt-to-equity ratio demonstrates a cyclical pattern, with periods of high leverage followed by deleveraging and stabilization. The most recent trend indicates a potential increase in financial risk, as the ratio has been trending upwards after a period of relative stability.
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Comparison to Competitors
Ford Motor Co., debt to equity, long-term trends, comparison to competitors
| Ford Motor Co. | General Motors Co. | Tesla Inc. | |
|---|---|---|---|
| Dec 31, 2025 | 4.54 | 2.13 | 0.10 |
| Dec 31, 2024 | 3.54 | 2.06 | 0.11 |
| Dec 31, 2023 | 3.49 | 1.89 | 0.08 |
| Dec 31, 2022 | 3.21 | 1.69 | 0.07 |
| Dec 31, 2021 | 2.85 | 1.83 | 0.23 |
| Dec 31, 2020 | 5.27 | 2.44 | 0.53 |
| Dec 31, 2019 | 4.68 | 2.47 | 2.03 |
| Dec 31, 2018 | 4.29 | 2.70 | 2.43 |
| Dec 31, 2017 | 4.42 | 2.69 | 2.43 |
| Dec 31, 2016 | 4.90 | 1.93 | 1.50 |
| Dec 31, 2015 | 4.64 | 1.58 | 2.46 |
| Dec 31, 2014 | 4.80 | 1.32 | 2.67 |
| Dec 31, 2013 | 4.35 | 0.85 | 0.91 |
| Dec 31, 2012 | 6.59 | 0.44 | 3.74 |
| Dec 31, 2011 | 6.63 | 0.36 | 1.25 |
| Dec 31, 2010 | — | 0.32 | 0.35 |
| Dec 31, 2009 | — | — | — |
| Dec 31, 2008 | — | — | — |
| Dec 31, 2007 | 29.94 | — | — |
| Dec 31, 2006 | — | — | — |
| Dec 31, 2005 | 11.91 | — | — |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Automobiles & Components)
Ford Motor Co., debt to equity, long-term trends, comparison to sector (automobiles & components)
| Ford Motor Co. | Automobiles & Components | |
|---|---|---|
| Dec 31, 2025 | 4.54 | 1.69 |
| Dec 31, 2024 | 3.54 | 1.64 |
| Dec 31, 2023 | 3.49 | 1.63 |
| Dec 31, 2022 | 3.21 | 1.65 |
| Dec 31, 2021 | 2.85 | 1.84 |
| Dec 31, 2020 | 5.27 | 2.89 |
| Dec 31, 2019 | 4.68 | 3.33 |
| Dec 31, 2018 | 4.29 | 3.40 |
| Dec 31, 2017 | 4.42 | 3.49 |
| Dec 31, 2016 | 4.90 | 3.02 |
| Dec 31, 2015 | 4.64 | 2.85 |
| Dec 31, 2014 | 4.80 | 2.75 |
| Dec 31, 2013 | 4.35 | 2.17 |
| Dec 31, 2012 | 6.59 | 2.32 |
| Dec 31, 2011 | 6.63 | 2.13 |
| Dec 31, 2010 | — | 3.25 |
| Dec 31, 2009 | — | — |
| Dec 31, 2008 | — | — |
| Dec 31, 2007 | 29.94 | 29.94 |
| Dec 31, 2006 | — | — |
| Dec 31, 2005 | 11.91 | 11.91 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Ford Motor Co., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Ford Motor Co. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2025 | 4.54 | 0.89 |
| Dec 31, 2024 | 3.54 | 1.06 |
| Dec 31, 2023 | 3.49 | 1.28 |
| Dec 31, 2022 | 3.21 | 1.44 |
| Dec 31, 2021 | 2.85 | 1.41 |
| Dec 31, 2020 | 5.27 | 2.17 |
| Dec 31, 2019 | 4.68 | 2.60 |
| Dec 31, 2018 | 4.29 | 2.59 |
| Dec 31, 2017 | 4.42 | 2.55 |
| Dec 31, 2016 | 4.90 | 2.21 |
| Dec 31, 2015 | 4.64 | 1.88 |
| Dec 31, 2014 | 4.80 | 1.60 |
| Dec 31, 2013 | 4.35 | 1.25 |
| Dec 31, 2012 | 6.59 | 1.19 |
| Dec 31, 2011 | 6.63 | 1.09 |
| Dec 31, 2010 | — | 1.26 |
| Dec 31, 2009 | — | 2.58 |
| Dec 31, 2008 | — | 4.06 |
| Dec 31, 2007 | 29.94 | 2.62 |
| Dec 31, 2006 | — | 2.96 |
| Dec 31, 2005 | 11.91 | 2.35 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).