Stock Analysis on Net

Ford Motor Co. (NYSE:F)

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Ford Motor Co., solvency ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Debt Ratios
Debt to equity 3.21 2.85 5.27 4.68 4.29
Debt to equity (including operating lease liability) 3.25 2.87 5.31 4.72 4.29
Debt to capital 0.76 0.74 0.84 0.82 0.81
Debt to capital (including operating lease liability) 0.76 0.74 0.84 0.83 0.81
Debt to assets 0.54 0.54 0.60 0.60 0.60
Debt to assets (including operating lease liability) 0.55 0.54 0.61 0.61 0.60
Financial leverage 5.92 5.30 8.71 7.79 7.14
Coverage Ratios
Interest coverage -1.40 10.86 0.32 0.37 4.54
Fixed charge coverage -0.75 8.91 0.47 0.57 3.44

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Ford Motor Co. debt to equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Ford Motor Co. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Ford Motor Co. debt to capital ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
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. Ford Motor Co. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Ford Motor Co. debt to assets ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Ford Motor Co. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Ford Motor Co. financial leverage ratio decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Ford Motor Co. interest coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Ford Motor Co. fixed charge coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Debt to Equity

Ford Motor Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Debt payable within one year 50,164 49,692 51,343 53,946 53,493
Long-term debt payable after one year 88,805 88,400 110,341 101,361 100,720
Total debt 138,969 138,092 161,684 155,307 154,213
 
Equity attributable to Ford Motor Company 43,242 48,519 30,690 33,185 35,932
Solvency Ratio
Debt to equity1 3.21 2.85 5.27 4.68 4.29
Benchmarks
Debt to Equity, Competitors2
General Motors Co. 1.69 1.83 2.44 2.47 2.70
Tesla Inc. 0.07 0.23 0.53 2.03 2.43
Debt to Equity, Sector
Automobiles & Components 1.65 1.84 2.89 3.33 3.40
Debt to Equity, Industry
Consumer Discretionary 1.64 1.57 2.26 2.39 2.34

Based on: 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).

1 2022 Calculation
Debt to equity = Total debt ÷ Equity attributable to Ford Motor Company
= 138,969 ÷ 43,242 = 3.21

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. Ford Motor Co. debt to equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Debt to Equity (including Operating Lease Liability)

Ford Motor Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Debt payable within one year 50,164 49,692 51,343 53,946 53,493
Long-term debt payable after one year 88,805 88,400 110,341 101,361 100,720
Total debt 138,969 138,092 161,684 155,307 154,213
Current operating lease liabilities 404 345 323 367
Non-current operating lease liabilities 1,101 1,048 991 1,047
Total debt (including operating lease liability) 140,474 139,485 162,998 156,721 154,213
 
Equity attributable to Ford Motor Company 43,242 48,519 30,690 33,185 35,932
Solvency Ratio
Debt to equity (including operating lease liability)1 3.25 2.87 5.31 4.72 4.29
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
General Motors Co. 1.71 1.85 2.47 2.50 2.70
Tesla Inc. 0.13 0.29 0.60 2.21 2.43
Debt to Equity (including Operating Lease Liability), Sector
Automobiles & Components 1.68 1.87 2.93 3.38 3.40
Debt to Equity (including Operating Lease Liability), Industry
Consumer Discretionary 2.02 1.92 2.67 2.64 2.34

Based on: 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).

1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Equity attributable to Ford Motor Company
= 140,474 ÷ 43,242 = 3.25

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. Ford Motor Co. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Debt to Capital

Ford Motor Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Debt payable within one year 50,164 49,692 51,343 53,946 53,493
Long-term debt payable after one year 88,805 88,400 110,341 101,361 100,720
Total debt 138,969 138,092 161,684 155,307 154,213
Equity attributable to Ford Motor Company 43,242 48,519 30,690 33,185 35,932
Total capital 182,211 186,611 192,374 188,492 190,145
Solvency Ratio
Debt to capital1 0.76 0.74 0.84 0.82 0.81
Benchmarks
Debt to Capital, Competitors2
General Motors Co. 0.63 0.65 0.71 0.71 0.73
Tesla Inc. 0.06 0.18 0.34 0.67 0.71
Debt to Capital, Sector
Automobiles & Components 0.62 0.65 0.74 0.77 0.77
Debt to Capital, Industry
Consumer Discretionary 0.62 0.61 0.69 0.71 0.70

Based on: 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).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 138,969 ÷ 182,211 = 0.76

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. Ford Motor Co. debt to capital ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Debt to Capital (including Operating Lease Liability)

Ford Motor Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Debt payable within one year 50,164 49,692 51,343 53,946 53,493
Long-term debt payable after one year 88,805 88,400 110,341 101,361 100,720
Total debt 138,969 138,092 161,684 155,307 154,213
Current operating lease liabilities 404 345 323 367
Non-current operating lease liabilities 1,101 1,048 991 1,047
Total debt (including operating lease liability) 140,474 139,485 162,998 156,721 154,213
Equity attributable to Ford Motor Company 43,242 48,519 30,690 33,185 35,932
Total capital (including operating lease liability) 183,716 188,004 193,688 189,906 190,145
Solvency Ratio
Debt to capital (including operating lease liability)1 0.76 0.74 0.84 0.83 0.81
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
General Motors Co. 0.63 0.65 0.71 0.71 0.73
Tesla Inc. 0.11 0.23 0.37 0.69 0.71
Debt to Capital (including Operating Lease Liability), Sector
Automobiles & Components 0.63 0.65 0.75 0.77 0.77
Debt to Capital (including Operating Lease Liability), Industry
Consumer Discretionary 0.67 0.66 0.73 0.72 0.70

Based on: 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).

1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 140,474 ÷ 183,716 = 0.76

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. Ford Motor Co. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Debt to Assets

Ford Motor Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Debt payable within one year 50,164 49,692 51,343 53,946 53,493
Long-term debt payable after one year 88,805 88,400 110,341 101,361 100,720
Total debt 138,969 138,092 161,684 155,307 154,213
 
Total assets 255,884 257,035 267,261 258,537 256,540
Solvency Ratio
Debt to assets1 0.54 0.54 0.60 0.60 0.60
Benchmarks
Debt to Assets, Competitors2
General Motors Co. 0.43 0.45 0.47 0.45 0.46
Tesla Inc. 0.04 0.11 0.22 0.39 0.40
Debt to Assets, Sector
Automobiles & Components 0.43 0.45 0.51 0.52 0.53
Debt to Assets, Industry
Consumer Discretionary 0.37 0.37 0.42 0.44 0.46

Based on: 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).

1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 138,969 ÷ 255,884 = 0.54

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. Ford Motor Co. debt to assets ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Debt to Assets (including Operating Lease Liability)

Ford Motor Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Debt payable within one year 50,164 49,692 51,343 53,946 53,493
Long-term debt payable after one year 88,805 88,400 110,341 101,361 100,720
Total debt 138,969 138,092 161,684 155,307 154,213
Current operating lease liabilities 404 345 323 367
Non-current operating lease liabilities 1,101 1,048 991 1,047
Total debt (including operating lease liability) 140,474 139,485 162,998 156,721 154,213
 
Total assets 255,884 257,035 267,261 258,537 256,540
Solvency Ratio
Debt to assets (including operating lease liability)1 0.55 0.54 0.61 0.61 0.60
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
General Motors Co. 0.44 0.45 0.47 0.46 0.46
Tesla Inc. 0.07 0.14 0.25 0.43 0.40
Debt to Assets (including Operating Lease Liability), Sector
Automobiles & Components 0.44 0.46 0.52 0.53 0.53
Debt to Assets (including Operating Lease Liability), Industry
Consumer Discretionary 0.45 0.45 0.50 0.48 0.46

Based on: 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).

1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 140,474 ÷ 255,884 = 0.55

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. Ford Motor Co. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Financial Leverage

Ford Motor Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Total assets 255,884 257,035 267,261 258,537 256,540
Equity attributable to Ford Motor Company 43,242 48,519 30,690 33,185 35,932
Solvency Ratio
Financial leverage1 5.92 5.30 8.71 7.79 7.14
Benchmarks
Financial Leverage, Competitors2
General Motors Co. 3.89 4.10 5.22 5.46 5.85
Tesla Inc. 1.84 2.06 2.35 5.18 6.04
Financial Leverage, Sector
Automobiles & Components 3.87 4.07 5.66 6.38 6.44
Financial Leverage, Industry
Consumer Discretionary 4.49 4.26 5.39 5.48 5.11

Based on: 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).

1 2022 Calculation
Financial leverage = Total assets ÷ Equity attributable to Ford Motor Company
= 255,884 ÷ 43,242 = 5.92

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. Ford Motor Co. financial leverage ratio decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

Interest Coverage

Ford Motor Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company (1,981) 17,937 (1,279) 47 3,677
Add: Net income attributable to noncontrolling interest (171) (27) 3 37 18
Add: Income tax expense (864) (130) 160 (724) 650
Add: Interest expense on Company debt excluding Ford Credit 1,259 1,803 1,649 1,020 1,228
Earnings before interest and tax (EBIT) (1,757) 19,583 533 380 5,573
Solvency Ratio
Interest coverage1 -1.40 10.86 0.32 0.37 4.54
Benchmarks
Interest Coverage, Competitors2
General Motors Co. 12.75 14.39 8.37 10.51 14.05
Tesla Inc. 72.83 18.10 2.54 0.03 -0.52
Interest Coverage, Sector
Automobiles & Components 10.15 12.79 3.33 3.47 5.67
Interest Coverage, Industry
Consumer Discretionary 7.70 11.01 6.57 9.33 10.04

Based on: 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).

1 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= -1,757 ÷ 1,259 = -1.40

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. Ford Motor Co. interest coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Fixed Charge Coverage

Ford Motor Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company (1,981) 17,937 (1,279) 47 3,677
Add: Net income attributable to noncontrolling interest (171) (27) 3 37 18
Add: Income tax expense (864) (130) 160 (724) 650
Add: Interest expense on Company debt excluding Ford Credit 1,259 1,803 1,649 1,020 1,228
Earnings before interest and tax (EBIT) (1,757) 19,583 533 380 5,573
Add: Operating lease expense 463 444 463 467 552
Earnings before fixed charges and tax (1,294) 20,027 996 847 6,125
 
Interest expense on Company debt excluding Ford Credit 1,259 1,803 1,649 1,020 1,228
Operating lease expense 463 444 463 467 552
Fixed charges 1,722 2,247 2,112 1,487 1,780
Solvency Ratio
Fixed charge coverage1 -0.75 8.91 0.47 0.57 3.44
Benchmarks
Fixed Charge Coverage, Competitors2
General Motors Co. 4.97 9.47 5.79 6.46 8.81
Tesla Inc. 14.87 7.36 1.96 0.40 -0.19
Fixed Charge Coverage, Sector
Automobiles & Components 4.96 8.76 2.60 2.51 4.18
Fixed Charge Coverage, Industry
Consumer Discretionary 3.47 5.30 3.45 4.38 4.76

Based on: 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).

1 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= -1,294 ÷ 1,722 = -0.75

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. Ford Motor Co. fixed charge coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.