Debt to Equity
since 2010
Calculation
Generac Holdings Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total borrowings and finance lease obligations1 | ÷ | Stockholders’ equity attributable to Generac Holdings Inc.1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.44 | = | 980,056) | ÷ | 2,213,774) |
| Dec 31, 2020 | 0.64 | = | 885,193) | ÷ | 1,390,293) |
| Dec 31, 2019 | 0.87 | = | 898,864) | ÷ | 1,032,382) |
| Dec 31, 2018 | 1.21 | = | 923,956) | ÷ | 760,549) |
| Dec 31, 2017 | 1.66 | = | 928,722) | ÷ | 559,552) |
| Dec 31, 2016 | 2.62 | = | 1,052,921) | ÷ | 401,122) |
| Dec 31, 2015 | 2.27 | = | 1,059,348) | ÷ | 465,871) |
| Dec 31, 2014 | 2.22 | = | 1,088,017) | ÷ | 489,799) |
| Dec 31, 2013 | 3.78 | = | 1,197,395) | ÷ | 317,071) |
| Dec 31, 2012 | 1.93 | = | 893,818) | ÷ | 463,628) |
| Dec 31, 2011 | 0.78 | = | 597,874) | ÷ | 768,889) |
| Dec 31, 2010 | 1.49 | = | 657,229) | ÷ | 441,067) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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).
1 US$ in thousands
The capital structure underwent a significant transformation between 2010 and 2021, transitioning from a period of high leverage and volatility to a state of substantial financial strengthening. This evolution is marked by a strategic expansion of the equity base alongside the stabilization of total debt obligations.
- Total Borrowings and Finance Lease Obligations
- Total borrowings exhibited an initial upward trajectory, increasing from 657 million in 2010 to a peak of 1.197 billion in 2013. Following this peak, debt levels remained relatively contained, fluctuating within a range of 885 million to 1.088 billion through 2020, before concluding the period at 980 million in 2021.
- Stockholders’ Equity
- Equity levels showed marked instability in the early years, reaching a period low of 317 million in 2013. Subsequently, a consistent and accelerating growth pattern emerged. Equity grew from 559 million in 2017 to 2.213 billion by the end of 2021, representing a significant increase in the internal funding capacity of the organization.
- Debt to Equity Ratio
- The leverage ratio peaked at 3.78 in 2013, indicating a high dependency on borrowed capital relative to shareholder investment. A sustained deleveraging trend is observed starting in 2017, as the ratio declined steadily from 1.66 to 0.44 by December 31, 2021. This downward trend signifies a reduced financial risk profile and a shift toward a more equity-heavy capital structure.
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Comparison to Competitors
Generac Holdings Inc., debt to equity, long-term trends, comparison to competitors
| Generac Holdings Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.44 | — | 2.29 | 0.52 | 0.87 | 1.06 | 1.07 | 0.43 |
| Dec 31, 2020 | 0.64 | — | 2.42 | 0.54 | 2.11 | 1.28 | 2.02 | 0.44 |
| Dec 31, 2019 | 0.87 | — | 2.58 | 0.52 | 3.21 | 0.87 | 4.05 | 1.04 |
| Dec 31, 2018 | 1.21 | 40.85 | 2.60 | 0.47 | 3.55 | 0.89 | 9.04 | 1.18 |
| Dec 31, 2017 | 1.66 | 31.32 | 2.55 | 0.45 | 2.09 | 1.04 | — | 0.93 |
| Dec 31, 2016 | 2.62 | 12.18 | 2.80 | 0.56 | 1.80 | 0.81 | 9.45 | 0.87 |
| Dec 31, 2015 | 2.27 | 1.57 | 2.57 | 0.56 | 2.02 | 0.66 | 4.62 | 0.75 |
| Dec 31, 2014 | 2.22 | 1.05 | 2.35 | 0.57 | 2.85 | 0.49 | 1.81 | 0.63 |
| Dec 31, 2013 | 3.78 | 0.65 | 1.81 | 0.57 | 2.93 | 0.51 | 1.25 | 0.64 |
| Dec 31, 2012 | 1.93 | 1.77 | 2.29 | 0.72 | 3.37 | 0.58 | 157.90 | 0.90 |
| Dec 31, 2011 | 0.78 | 3.52 | 2.69 | 0.51 | 3.89 | 0.70 | 6.45 | 0.47 |
| Dec 31, 2010 | 1.49 | 4.49 | 2.63 | 0.47 | 4.02 | 0.62 | 1.35 | 0.48 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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).
Comparison to Sector (Capital Goods)
Generac Holdings Inc., debt to equity, long-term trends, comparison to sector (capital goods)
| Generac Holdings Inc. | Capital Goods | |
|---|---|---|
| Dec 31, 2021 | 0.44 | 1.26 |
| Dec 31, 2020 | 0.64 | 1.75 |
| Dec 31, 2019 | 0.87 | 2.08 |
| Dec 31, 2018 | 1.21 | 2.03 |
| Dec 31, 2017 | 1.66 | 1.74 |
| Dec 31, 2016 | 2.62 | 1.60 |
| Dec 31, 2015 | 2.27 | 1.64 |
| Dec 31, 2014 | 2.22 | 2.06 |
| Dec 31, 2013 | 3.78 | 2.00 |
| Dec 31, 2012 | 1.93 | 2.56 |
| Dec 31, 2011 | 0.78 | 3.04 |
| Dec 31, 2010 | 1.49 | 3.10 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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).
Comparison to Industry (Industrials)
Generac Holdings Inc., debt to equity, long-term trends, comparison to industry (industrials)
| Generac Holdings Inc. | Industrials | |
|---|---|---|
| Dec 31, 2021 | 0.44 | 1.37 |
| Dec 31, 2020 | 0.64 | 1.82 |
| Dec 31, 2019 | 0.87 | 1.82 |
| Dec 31, 2018 | 1.21 | 1.85 |
| Dec 31, 2017 | 1.66 | 1.65 |
| Dec 31, 2016 | 2.62 | 1.54 |
| Dec 31, 2015 | 2.27 | 1.51 |
| Dec 31, 2014 | 2.22 | 1.89 |
| Dec 31, 2013 | 3.78 | 1.79 |
| Dec 31, 2012 | 1.93 | 2.29 |
| Dec 31, 2011 | 0.78 | 2.60 |
| Dec 31, 2010 | 1.49 | 2.68 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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).