Stock Analysis on Net
Stock Analysis on Net

Humana Inc. (NYSE:HUM)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Humana Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt, including book overdraft1 ÷ Stockholders’ equity1
Dec 31, 2023 = ÷
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Dec 31, 2005 = ÷

Based on: 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

Over the analyzed period, total debt including book overdraft exhibited a generally increasing trend with some fluctuations. Initial values rose steadily from approximately 1,095 million US dollars in 2005 to a peak of around 6,240 million US dollars in 2018. Following this peak, debt levels showed significant variation, reaching the highest recorded amount of about 12,820 million US dollars in 2021, then slightly decreasing but remaining elevated through 2023.

Stockholders’ equity demonstrated consistent growth across the time span. Starting at approximately 2,474 million US dollars in 2005, equity increased almost every year, reaching about 16,262 million US dollars by the end of 2023. Despite minor dips in certain years, the overall trajectory reflects a strong accumulation of equity capital.

The debt to equity ratio reveals notable changes in capital structure over the years. Initially, the ratio hovered around 0.44 to 0.51 from 2005 to 2007, then gradually decreased to a low of 0.24 in 2011, indicating a conservative leverage position at that time. From 2012 onward, the ratio increased again, peaking near 0.8 in 2021, before slightly decreasing to around 0.74 in 2023. This pattern suggests a shift towards higher financial leverage in recent years.

Total debt, including book overdraft
Strong upward trend from 2005 through 2021 with a peak in 2021 followed by a mild decline, indicating growing reliance on debt financing especially in the last decade.
Stockholders’ equity
Continuous growth throughout the period, demonstrating increasing retained earnings and/or new capital injections, contributing to a strengthened equity base.
Debt to equity ratio
Initial moderate leverage decreased significantly up to 2011, followed by a rising trend toward increased leverage, reaching the highest ratio near 0.8 in 2021, before a slight improvement.

In summary, the financial data indicates a company that has steadily built its equity while simultaneously increasing debt levels, particularly in recent years. The growing debt to equity ratio in the latter part of the period suggests a strategic shift towards more aggressive leverage, which may be aimed at capitalizing on expansion opportunities or adjusting to market conditions. Continued monitoring of this ratio will be important to assess risk and financial stability going forward.

Comparison to Competitors

Humana Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Humana Inc. Abbott Laboratories CVS Health Corp. Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
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Based on: 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 (Health Care Equipment & Services)

Humana Inc., debt to equity, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
Humana Inc. Health Care Equipment & Services
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Based on: 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 (Health Care)

Humana Inc., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Humana Inc. Health Care
Dec 31, 2023
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Based on: 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).