Debt to Equity
since 2005
Calculation
Kimberly-Clark Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Kimberly-Clark Corporation stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2020 | 13.36 | = | 8,364) | ÷ | 626) |
| Dec 31, 2019 | — | = | 7,747) | ÷ | (33) |
| Dec 31, 2018 | — | = | 7,455) | ÷ | (287) |
| Dec 31, 2017 | 11.80 | = | 7,425) | ÷ | 629) |
| Dec 31, 2016 | — | = | 7,572) | ÷ | (102) |
| Dec 31, 2015 | — | = | 7,775) | ÷ | (174) |
| Dec 31, 2014 | 9.54 | = | 6,956) | ÷ | 729) |
| Dec 31, 2013 | 1.19 | = | 5,761) | ÷ | 4,856) |
| Dec 31, 2012 | 1.24 | = | 6,185) | ÷ | 4,985) |
| Dec 31, 2011 | 1.17 | = | 6,132) | ÷ | 5,249) |
| Dec 31, 2010 | 0.92 | = | 5,464) | ÷ | 5,917) |
| Dec 31, 2009 | 1.00 | = | 5,402) | ÷ | 5,406) |
| Dec 31, 2008 | 1.54 | = | 5,965) | ÷ | 3,878) |
| Dec 31, 2007 | 1.05 | = | 5,492) | ÷ | 5,224) |
| Dec 31, 2006 | 0.59 | = | 3,602) | ÷ | 6,097) |
| Dec 31, 2005 | 0.69 | = | 3,817) | ÷ | 5,558) |
Based on: 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 between 2005 and 2020 is characterized by a consistent increase in total debt coupled with a significant erosion of stockholders' equity, resulting in a substantial increase in financial leverage.
- Total Debt Trends
- Total debt exhibited a long-term upward trend, increasing from 3,817 million US$ in 2005 to 8,364 million US$ by 2020. While the growth was gradual between 2005 and 2006, a notable increase occurred in 2007, after which debt levels remained relatively elevated, generally staying above 5,000 million US$. A second period of expansion is observed between 2013 and 2015, where debt rose from 5,761 million US$ to 7,775 million US$.
- Stockholders' Equity Volatility
- Stockholders' equity experienced a severe decline and high volatility over the analyzed period. Starting at 5,558 million US$ in 2005, equity remained relatively stable until 2013. However, a precipitous drop occurred in 2014, with equity falling to 729 million US$. This downward trend led to negative equity positions in 2015, 2016, 2018, and 2019. Despite intermittent recoveries in 2017 and 2020, the equity base remained a fraction of its 2005 levels.
- Debt to Equity Ratio Analysis
- The debt to equity ratio shifted from a conservative profile to one of extreme leverage. From 2005 to 2013, the ratio fluctuated between 0.59 and 1.54, indicating a balanced capital structure. Beginning in 2014, the ratio spiked to 9.54, reflecting the collapse of the equity base. In subsequent years where equity remained positive, the ratio reached unprecedented levels, climbing to 11.80 in 2017 and peaking at 13.36 in 2020. The absence of ratio values in 2015, 2016, 2018, and 2019 coincides with periods of negative stockholders' equity, rendering the standard ratio calculation inapplicable.
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Comparison to Competitors
Kimberly-Clark Corp., debt to equity, long-term trends, comparison to competitors
| Kimberly-Clark Corp. | Procter & Gamble Co. | |
|---|---|---|
| Dec 31, 2020 | 13.36 | 0.75 |
| Dec 31, 2019 | — | 0.64 |
| Dec 31, 2018 | — | 0.60 |
| Dec 31, 2017 | 11.80 | 0.57 |
| Dec 31, 2016 | — | 0.53 |
| Dec 31, 2015 | — | 0.49 |
| Dec 31, 2014 | 9.54 | 0.51 |
| Dec 31, 2013 | 1.19 | 0.46 |
| Dec 31, 2012 | 1.24 | 0.47 |
| Dec 31, 2011 | 1.17 | 0.47 |
| Dec 31, 2010 | 0.92 | 0.49 |
| Dec 31, 2009 | 1.00 | 0.59 |
| Dec 31, 2008 | 1.54 | 0.53 |
| Dec 31, 2007 | 1.05 | 0.53 |
| Dec 31, 2006 | 0.59 | 0.61 |
| Dec 31, 2005 | 0.69 | 1.39 |
Based on: 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 Staples)
Kimberly-Clark Corp., debt to equity, long-term trends, comparison to industry (consumer staples)
| Kimberly-Clark Corp. | Consumer Staples | |
|---|---|---|
| Dec 31, 2020 | 13.36 | 1.24 |
| Dec 31, 2019 | — | 1.18 |
| Dec 31, 2018 | — | 1.11 |
| Dec 31, 2017 | 11.80 | 1.20 |
| Dec 31, 2016 | — | 1.09 |
| Dec 31, 2015 | — | 1.00 |
| Dec 31, 2014 | 9.54 | 0.96 |
| Dec 31, 2013 | 1.19 | 0.87 |
| Dec 31, 2012 | 1.24 | 0.83 |
| Dec 31, 2011 | 1.17 | 0.80 |
| Dec 31, 2010 | 0.92 | 0.74 |
| Dec 31, 2009 | 1.00 | 0.69 |
| Dec 31, 2008 | 1.54 | 0.68 |
| Dec 31, 2007 | 1.05 | 0.55 |
| Dec 31, 2006 | 0.59 | 0.52 |
| Dec 31, 2005 | 0.69 | 0.59 |
Based on: 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).