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Humana Inc. (NYSE:HUM)

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

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 0.74 = 12,009 ÷ 16,262
Dec 31, 2022 0.75 = 11,424 ÷ 15,311
Dec 31, 2021 0.80 = 12,820 ÷ 16,080
Dec 31, 2020 0.51 = 6,980 ÷ 13,728
Dec 31, 2019 0.49 = 5,891 ÷ 12,037
Dec 31, 2018 0.61 = 6,240 ÷ 10,161
Dec 31, 2017 0.51 = 5,061 ÷ 9,842
Dec 31, 2016 0.40 = 4,304 ÷ 10,685
Dec 31, 2015 0.43 = 4,421 ÷ 10,346
Dec 31, 2014 0.43 = 4,159 ÷ 9,646
Dec 31, 2013 0.32 = 3,003 ÷ 9,316
Dec 31, 2012 0.33 = 2,935 ÷ 8,847
Dec 31, 2011 0.24 = 1,965 ÷ 8,063
Dec 31, 2010 0.30 = 2,078 ÷ 6,924
Dec 31, 2009 0.36 = 2,053 ÷ 5,776
Dec 31, 2008 0.48 = 2,162 ÷ 4,457
Dec 31, 2007 0.49 = 1,957 ÷ 4,029
Dec 31, 2006 0.51 = 1,563 ÷ 3,054
Dec 31, 2005 0.44 = 1,095 ÷ 2,474

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

The financial trajectory from 2005 to 2023 is characterized by a long-term expansion of both total debt and stockholders' equity, with the debt-to-equity ratio experiencing distinct cycles of deleveraging followed by significant leverage increases.

Initial Deleveraging Phase (2005–2011)
Between 2005 and 2011, a general downward trend in the debt-to-equity ratio is observed. While total debt rose from 1,095 million to 1,965 million, stockholders' equity grew at a significantly faster rate, increasing from 2,474 million to 8,063 million. This disproportionate growth in equity led the debt-to-equity ratio to decline from 0.44 in 2005 to a period low of 0.24 in 2011.
Moderate Leverage Expansion (2012–2020)
From 2012 to 2020, the company entered a period of gradual leverage increase. Total debt climbed from 2,935 million in 2012 to 6,980 million by 2020. Despite steady growth in stockholders' equity, the debt-to-equity ratio trended upward, rising from 0.33 to 0.51, with a notable temporary peak of 0.61 recorded in 2018.
Acute Debt Increase and Recent Stabilization (2021–2023)
A significant shift in the capital structure occurred in 2021, marked by a sharp increase in total debt, which jumped from 6,980 million to 12,820 million. This surge pushed the debt-to-equity ratio to its historical maximum of 0.80. In the following two years, the ratio experienced a slight moderation, settling at 0.74 by December 31, 2023. This indicates a sustained higher level of leverage relative to the historical averages maintained between 2005 and 2020.

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Comparison to Competitors

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

Microsoft Excel
Humana Inc. Abbott Laboratories Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
Dec 31, 2023 0.74 0.38 0.64 0.00 0.47 0.70
Dec 31, 2022 0.75 0.46 0.66 0.00 0.46 0.74
Dec 31, 2021 0.80 0.50 0.64 0.00 0.51 0.64
Dec 31, 2020 0.51 0.57 0.60 0.00 0.49 0.66
Dec 31, 2019 0.49 0.58 0.63 0.00 0.51 0.71
Dec 31, 2018 0.61 0.64 0.67 0.00 0.51 0.71
Dec 31, 2017 0.51 0.90 0.75 0.00 0.66 0.66
Dec 31, 2016 0.40 1.07 0.63 0.00 0.60 0.86
Dec 31, 2015 0.43 0.42 0.69 0.00 0.68 0.95
Dec 31, 2014 0.43 0.36 0.62 0.00 0.61 0.54
Dec 31, 2013 0.32 0.26 0.59 0.00 0.57 0.52
Dec 31, 2012 0.33 0.77 0.63 0.00 0.62 0.54
Dec 31, 2011 0.24 0.63 0.42 0.00 0.62 0.41
Dec 31, 2010 0.30 0.85 0.38 0.00 0.65 0.43
Dec 31, 2009 0.36 0.72 0.34 0.00 0.57 0.47
Dec 31, 2008 0.48 0.65 0.41 0.00 0.60 0.62
Dec 31, 2007 0.49 0.69 0.39 0.00 0.55 0.55
Dec 31, 2006 0.51 0.88 0.29 0.00 0.84 0.36
Dec 31, 2005 0.44 0.46 0.27 0.00 0.23 0.40

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
Dec 31, 2023 0.74 0.55
Dec 31, 2022 0.75 0.57
Dec 31, 2021 0.80 0.55
Dec 31, 2020 0.51 0.56
Dec 31, 2019 0.49 0.58
Dec 31, 2018 0.61 0.60
Dec 31, 2017 0.51 0.71
Dec 31, 2016 0.40 0.72
Dec 31, 2015 0.43 0.69
Dec 31, 2014 0.43 0.52
Dec 31, 2013 0.32 0.47
Dec 31, 2012 0.33 0.61
Dec 31, 2011 0.24 0.49
Dec 31, 2010 0.30 0.55
Dec 31, 2009 0.36 0.51
Dec 31, 2008 0.48 0.55
Dec 31, 2007 0.49 0.53
Dec 31, 2006 0.51 0.50
Dec 31, 2005 0.44 0.34

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 0.74 0.82
Dec 31, 2022 0.75 0.72
Dec 31, 2021 0.80 0.80
Dec 31, 2020 0.51 0.92
Dec 31, 2019 0.49 0.90
Dec 31, 2018 0.61 0.80
Dec 31, 2017 0.51 0.82
Dec 31, 2016 0.40 0.77
Dec 31, 2015 0.43 0.69
Dec 31, 2014 0.43 0.54
Dec 31, 2013 0.32 0.50
Dec 31, 2012 0.33 0.54
Dec 31, 2011 0.24 0.47
Dec 31, 2010 0.30 0.43
Dec 31, 2009 0.36 0.42
Dec 31, 2008 0.48 0.42
Dec 31, 2007 0.49 0.36
Dec 31, 2006 0.51 0.32
Dec 31, 2005 0.44 0.30

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).