Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Linde plc, solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
A consistent upward trend in solvency metrics is observed from March 2022 through September 2026, indicating a gradual increase in the company's reliance on debt financing relative to its equity and asset base. While there are minor quarterly fluctuations, the long-term trajectory points toward an expansion of the company's leverage profile.
- Debt to Equity
- This ratio exhibited the most significant growth over the analyzed period, rising from 0.38 in March 2022 to a peak of 0.72 in June 2026, before settling at 0.68 by September 2026. The progression suggests a strategic shift toward a more leveraged capital structure, with debt increasing more rapidly than shareholder equity.
- Debt to Capital
- A steady increase is noted in the debt-to-capital ratio, which moved from 0.28 in March 2022 to 0.40 in September 2026. The growth remained relatively linear, peaking at 0.42 in June 2026, reflecting a higher proportion of total capital being sourced from debt instruments.
- Debt to Assets
- The debt-to-assets ratio climbed from 0.20 in March 2022 to 0.30 in September 2026. This indicates that a larger percentage of the company's total assets are financed through liabilities. A peak of 0.32 was reached in June 2026, followed by a slight normalization to 0.30.
- Financial Leverage
- Financial leverage increased from 1.93 in March 2022 to 2.23 in September 2026. The ratio peaked at 2.27 in December 2025, signaling a general increase in the use of debt to amplify potential returns on equity, while simultaneously increasing the company's overall financial risk profile.
The synchronized movement across all four solvency indicators confirms a systemic increase in leverage. The period between December 2023 and June 2026 represents the most aggressive phase of this trend, as evidenced by the sharper acceleration in the debt-to-equity and financial leverage metrics during this window.
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Debt to Equity
Linde plc, debt to equity calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt | 4,645) | 4,861) | 4,822) | 4,510) | 4,962) | 4,879) | 4,465) | 4,223) | 3,509) | 3,326) | 4,046) | 4,713) | 3,849) | 3,018) | 5,337) | 4,117) | 3,179) | 3,215) | 2,549) | ||||||
| Current portion of long-term debt | 1,464) | 2,474) | 1,636) | 1,796) | 2,371) | 1,340) | 1,824) | 2,057) | 1,278) | 1,261) | 1,046) | 1,263) | 922) | 944) | 1,696) | 1,599) | 1,551) | 1,651) | 1,074) | ||||||
| Long-term debt, excluding current portion | 20,593) | 20,678) | 19,859) | 20,683) | 18,592) | 19,701) | 17,608) | 15,343) | 17,475) | 16,931) | 15,227) | 13,397) | 13,232) | 13,528) | 11,744) | 12,198) | 10,608) | 11,177) | 12,833) | ||||||
| Total debt | 26,702) | 28,013) | 26,317) | 26,989) | 25,925) | 25,920) | 23,897) | 21,623) | 22,262) | 21,518) | 20,319) | 19,373) | 18,003) | 17,490) | 18,777) | 17,914) | 15,338) | 16,043) | 16,456) | ||||||
| Total Linde plc shareholders’ equity | 39,422) | 39,081) | 38,566) | 38,245) | 38,616) | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.68 | 0.72 | 0.68 | 0.71 | 0.67 | 0.67 | 0.63 | 0.57 | 0.57 | 0.56 | 0.52 | 0.49 | 0.46 | 0.44 | 0.47 | 0.45 | 0.41 | 0.40 | 0.38 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 2.97 | 3.13 | 2.64 | 2.36 | 2.60 | 2.43 | 2.61 | 2.44 | 2.44 | 2.76 | 3.06 | 2.65 | 2.63 | 2.86 | 3.50 | 3.41 | 4.06 | 4.77 | 4.74 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Total Linde plc shareholders’ equity
= 26,702 ÷ 39,422 = 0.68
2 Click competitor name to see calculations.
An analysis of the solvency metrics indicates a consistent increase in financial leverage over the period from March 2022 to September 2026. This trend is primarily driven by a significant rise in total debt obligations relative to a relatively stagnant shareholders' equity base.
- Total Debt Trends
- Total debt exhibited a sustained upward trajectory, increasing from 16,456 million USD in March 2022 to a peak of 28,013 million USD in June 2026. Despite minor periodic fluctuations, the overall growth reflects a substantial expansion of the company's borrowed capital, concluding the period at 26,702 million USD in September 2026.
- Shareholders' Equity Stability
- Total shareholders' equity remained comparatively stable but showed a slight overall decline from 42,963 million USD in March 2022 to 39,422 million USD in September 2026. The equity levels generally fluctuated within a narrow corridor between 38,000 million and 43,000 million USD, failing to grow in tandem with the increasing debt levels.
- Debt to Equity Ratio Progression
- The debt to equity ratio climbed steadily from 0.38 in March 2022 to 0.68 in September 2026. A notable acceleration in leverage is observable between December 2024 and June 2026, during which the ratio rose from 0.57 to a peak of 0.72. This progression signals an increasing reliance on debt financing to support assets or operations relative to the company's own equity.
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Debt to Capital
Linde plc, debt to capital calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt | 4,645) | 4,861) | 4,822) | 4,510) | 4,962) | 4,879) | 4,465) | 4,223) | 3,509) | 3,326) | 4,046) | 4,713) | 3,849) | 3,018) | 5,337) | 4,117) | 3,179) | 3,215) | 2,549) | ||||||
| Current portion of long-term debt | 1,464) | 2,474) | 1,636) | 1,796) | 2,371) | 1,340) | 1,824) | 2,057) | 1,278) | 1,261) | 1,046) | 1,263) | 922) | 944) | 1,696) | 1,599) | 1,551) | 1,651) | 1,074) | ||||||
| Long-term debt, excluding current portion | 20,593) | 20,678) | 19,859) | 20,683) | 18,592) | 19,701) | 17,608) | 15,343) | 17,475) | 16,931) | 15,227) | 13,397) | 13,232) | 13,528) | 11,744) | 12,198) | 10,608) | 11,177) | 12,833) | ||||||
| Total debt | 26,702) | 28,013) | 26,317) | 26,989) | 25,925) | 25,920) | 23,897) | 21,623) | 22,262) | 21,518) | 20,319) | 19,373) | 18,003) | 17,490) | 18,777) | 17,914) | 15,338) | 16,043) | 16,456) | ||||||
| Total Linde plc shareholders’ equity | 39,422) | 39,081) | 38,566) | 38,245) | 38,616) | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | ||||||
| Total capital | 66,124) | 67,094) | 64,883) | 65,234) | 64,541) | 64,435) | 61,929) | 59,715) | 61,435) | 59,697) | 59,148) | 59,093) | 56,901) | 57,401) | 58,747) | 57,942) | 52,966) | 55,717) | 59,419) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.40 | 0.42 | 0.41 | 0.41 | 0.40 | 0.40 | 0.39 | 0.36 | 0.36 | 0.36 | 0.34 | 0.33 | 0.32 | 0.30 | 0.32 | 0.31 | 0.29 | 0.29 | 0.28 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.75 | 0.76 | 0.73 | 0.70 | 0.72 | 0.71 | 0.72 | 0.71 | 0.71 | 0.73 | 0.75 | 0.73 | 0.72 | 0.74 | 0.78 | 0.77 | 0.80 | 0.83 | 0.83 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 26,702 ÷ 66,124 = 0.40
2 Click competitor name to see calculations.
The solvency profile of the entity demonstrates a progressive increase in leverage over the analyzed period from March 31, 2022, to September 30, 2026. The overarching trend is characterized by a steady rise in the reliance on debt relative to total capital, indicating a shift in the capital structure toward higher gearing.
- Debt to Capital Ratio Trend
- The debt to capital ratio exhibited a consistent upward trajectory, rising from 0.28 in March 2022 to a peak of 0.42 in June 2026. This represents a total increase of 14 percentage points over the period. While the ratio remained relatively stable between 0.28 and 0.31 throughout 2022, a more pronounced acceleration occurred from 2024 onwards, where the ratio climbed from 0.34 in March 2024 to 0.41 by December 2025. A slight moderation to 0.40 was observed by September 30, 2026.
- Total Debt Analysis
- Total debt grew from 16,456 million USD in March 2022 to 26,702 million USD by September 2026. The growth was not linear; a brief decline occurred in the first three quarters of 2022, reaching a low of 15,338 million USD in September 2022. However, a sustained period of accumulation followed. The most significant expansion in debt levels took place between December 31, 2024, and June 30, 2025, during which total debt increased from 21,623 million USD to 25,920 million USD.
- Total Capital Behavior
- Total capital showed more stability than total debt but followed a similar general growth pattern after an initial dip. Capital decreased from 59,419 million USD in March 2022 to 52,966 million USD in September 2022 before recovering. From December 31, 2022, total capital grew gradually, reaching 66,124 million USD by September 2026. Because the growth rate of total debt significantly exceeded the growth rate of total capital, the solvency ratio increased proportionally.
- Solvency Correlation
- The increase in the debt to capital ratio is directly attributable to the aggressive expansion of total debt. While total capital grew by approximately 11.2% between March 2022 and September 2026, total debt increased by approximately 62.3% during the same period. This imbalance suggests a strategic increase in leverage to fund operations or expansions during the latter half of the observed timeframe.
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Debt to Assets
Linde plc, debt to assets calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt | 4,645) | 4,861) | 4,822) | 4,510) | 4,962) | 4,879) | 4,465) | 4,223) | 3,509) | 3,326) | 4,046) | 4,713) | 3,849) | 3,018) | 5,337) | 4,117) | 3,179) | 3,215) | 2,549) | ||||||
| Current portion of long-term debt | 1,464) | 2,474) | 1,636) | 1,796) | 2,371) | 1,340) | 1,824) | 2,057) | 1,278) | 1,261) | 1,046) | 1,263) | 922) | 944) | 1,696) | 1,599) | 1,551) | 1,651) | 1,074) | ||||||
| Long-term debt, excluding current portion | 20,593) | 20,678) | 19,859) | 20,683) | 18,592) | 19,701) | 17,608) | 15,343) | 17,475) | 16,931) | 15,227) | 13,397) | 13,232) | 13,528) | 11,744) | 12,198) | 10,608) | 11,177) | 12,833) | ||||||
| Total debt | 26,702) | 28,013) | 26,317) | 26,989) | 25,925) | 25,920) | 23,897) | 21,623) | 22,262) | 21,518) | 20,319) | 19,373) | 18,003) | 17,490) | 18,777) | 17,914) | 15,338) | 16,043) | 16,456) | ||||||
| Total assets | 88,075) | 88,349) | 86,315) | 86,817) | 85,993) | 86,078) | 82,704) | 80,147) | 82,546) | 80,215) | 80,347) | 80,811) | 77,827) | 78,718) | 80,308) | 79,658) | 74,323) | 77,885) | 82,767) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.30 | 0.32 | 0.30 | 0.31 | 0.30 | 0.30 | 0.29 | 0.27 | 0.27 | 0.27 | 0.25 | 0.24 | 0.23 | 0.22 | 0.23 | 0.22 | 0.21 | 0.21 | 0.20 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.44 | 0.45 | 0.44 | 0.42 | 0.44 | 0.42 | 0.44 | 0.42 | 0.42 | 0.44 | 0.46 | 0.43 | 0.43 | 0.45 | 0.48 | 0.47 | 0.47 | 0.48 | 0.49 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 26,702 ÷ 88,075 = 0.30
2 Click competitor name to see calculations.
A consistent upward trend in the debt-to-assets ratio is observed over the analyzed period, signaling a strategic increase in financial leverage. The ratio transitioned from 0.20 in March 2022 to 0.30 by September 2026, reflecting a gradual expansion of debt obligations relative to the growth of the asset base.
- Debt Accumulation Trends
- Total debt demonstrated a significant and sustained increase, rising from 16,456 million US dollars in March 2022 to 26,702 million US dollars by September 2026. While minor fluctuations occurred—most notably a decrease in the third quarter of 2022—the long-term trajectory remains strongly positive, with debt levels increasing by approximately 62% over the observed timeframe.
- Asset Base Evolution
- Total assets exhibited more moderate growth and higher volatility compared to debt. Starting at 82,767 million US dollars in March 2022, assets dipped to a low of 74,323 million US dollars in September 2022 before recovering and eventually reaching 88,075 million US dollars by September 2026. The slower pace of asset growth relative to debt accumulation is the primary driver behind the increasing leverage ratio.
- Solvency Ratio Trajectory
- The debt-to-assets ratio climbed steadily from 0.20 to a peak of 0.32 in June 2026, before normalizing slightly to 0.30 in the final quarter. This progression indicates that a larger proportion of the total asset base is financed through debt. The transition from 0.20 to 0.30 suggests a shift in capital structure, increasing the company's reliance on borrowed funds over the four-and-a-half-year period.
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Financial Leverage
Linde plc, financial leverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 88,075) | 88,349) | 86,315) | 86,817) | 85,993) | 86,078) | 82,704) | 80,147) | 82,546) | 80,215) | 80,347) | 80,811) | 77,827) | 78,718) | 80,308) | 79,658) | 74,323) | 77,885) | 82,767) | ||||||
| Total Linde plc shareholders’ equity | 39,422) | 39,081) | 38,566) | 38,245) | 38,616) | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 2.23 | 2.26 | 2.24 | 2.27 | 2.23 | 2.23 | 2.17 | 2.10 | 2.11 | 2.10 | 2.07 | 2.03 | 2.00 | 1.97 | 2.01 | 1.99 | 1.98 | 1.96 | 1.93 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 6.78 | 6.99 | 5.95 | 5.63 | 5.92 | 5.76 | 5.97 | 5.83 | 5.77 | 6.33 | 6.69 | 6.18 | 6.09 | 6.38 | 7.30 | 7.28 | 8.56 | 9.91 | 9.73 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Total Linde plc shareholders’ equity
= 88,075 ÷ 39,422 = 2.23
2 Click competitor name to see calculations.
An analysis of the solvency position from March 2022 through September 2026 reveals a gradual and consistent increase in financial leverage. This trend is characterized by a steady expansion of the total asset base contrasted with relatively stagnant shareholders' equity, indicating an increased reliance on external financing to fund growth.
- Total Asset Trends
- Total assets experienced initial volatility, declining from 82,767 million USD in March 2022 to a period low of 74,323 million USD by September 2022. Following a phase of stabilization around the 80,000 million USD level between 2023 and 2024, a sustained upward trajectory began in early 2025. Assets reached a peak of 88,349 million USD in June 2026 before slightly moderating to 88,075 million USD by September 2026.
- Shareholders' Equity Dynamics
- Shareholders' equity exhibited a downward trend during the first half of 2022, falling from 42,963 million USD to 37,628 million USD. For the remainder of the observed period, equity remained largely range-bound, fluctuating minimally between 38,000 million USD and 40,000 million USD. The lack of significant growth in equity relative to the growth in assets is a primary driver of the increasing leverage ratio.
- Financial Leverage Ratio Analysis
- The financial leverage ratio rose progressively from 1.93 in March 2022 to 2.23 in September 2026. The ratio surpassed the 2.00 threshold in March 2023 and maintained a general upward slope throughout 2024 and 2025. A peak leverage of 2.27 was recorded in December 2025. The movement from 1.93 to 2.23 reflects a structural shift in the balance sheet, where the proportion of debt-financed assets increased relative to equity-financed assets.
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