Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2011
- Return on Equity (ROE) since 2011
- Debt to Equity since 2011
- Price to Earnings (P/E) since 2011
- Price to Operating Profit (P/OP) since 2011
- Analysis of Revenues
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Solvency Ratios (Summary)
LyondellBasell Industries N.V., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
- Debt to Equity Ratio
- The debt to equity ratio exhibited a general upward trend from March 2014 to December 2016, increasing from 0.58 to a peak of approximately 1.49. From early 2017, the ratio declined steadily to 0.96 by December 2017, indicating a reduction in financial leverage. This decline continued through 2018, reaching 0.78 in September, but showed an uptick in early 2019, climbing back to around 0.98 and 0.97 by mid-2019.
- Debt to Equity Ratio Including Operating Lease Liability
- The pattern closely mirrors the traditional debt to equity ratio with initial growth until late 2016, peaking similarly, followed by a decline through 2017 and 2018. However, the ratio including operating lease liability exhibited a sharper increase at the start of 2019, rising to approximately 1.1 in June 2019, suggesting a growing impact of operating lease liabilities on overall debt levels.
- Debt to Capital Ratio
- Debt to capital rose steadily from 0.37 in March 2014 to about 0.60 in late 2016, signaling increased debt relative to total capital. Starting in 2017, this ratio decreased, bottoming around 0.44 by late 2018, before trending upward slightly to approximately 0.49 by mid-2019. The inclusion of operating lease liabilities also reflects a similar trend but with slightly higher values by 2019, indicating increasing lease-related obligations as part of the capital structure.
- Debt to Assets Ratio
- This ratio showed a moderate increase from 0.25 in early 2014 to 0.39 by late 2016, indicating higher debt relative to assets over this period. From 2017 onwards, there was a gradual decrease to around 0.30 in late 2018, followed by a modest rise to approximately 0.33 by mid-2019. The inclusion of operating lease liabilities slightly elevates these ratios, particularly in 2019, underscoring the significance of lease obligations in the asset base.
- Financial Leverage
- Financial leverage followed a rising trajectory from 2.36 in early 2014 to a peak above 3.85 by the end of 2016, indicating increased use of debt relative to equity. This was followed by a notable reduction throughout 2017 and 2018, dipping below 3.0 in late 2017 and early 2018, before a recovery to approximately 2.91 by mid-2019. This suggests a cautious deleveraging phase succeeded by a moderate increase in leverage.
- Interest Coverage
- The interest coverage ratio data is available only from late 2014 onward. It peaked around 21.47 in late 2015 and showed a gradual decline through 2016 and 2017, decreasing to approximately 11.82 by late 2017. In 2018, the ratio rose again, reaching 17.03 by mid-year, but then trended downward through early 2019 to about 13.36. The pattern indicates varying capacity to cover interest expenses, with a strong coverage mid-period but some weakening in recent quarters.
Debt Ratios
Coverage Ratios
Debt to Equity
LyondellBasell Industries N.V., debt to equity calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||||||||||||||
| Short-term debt | |||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | |||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Debt to equity = Total debt ÷ Total Company share of stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends in the company's capital structure and leverage from the first quarter of 2014 through the second quarter of 2019.
- Total Debt
- Total debt levels showed an overall upward trajectory during the period under review. Starting at approximately $6.8 billion in the first quarter of 2014, debt increased through 2015 and 2016, reaching above $9 billion by the end of 2015 and sustaining high levels near $9 billion through 2017 and early 2018. The company’s debt peaked at around $10.4 billion in the second quarter of 2019, indicating a substantial increase in leverage over the five-year span.
- Total Company Shareholders’ Equity
- Shareholders’ equity exhibited a declining trend initially, decreasing from roughly $11.8 billion in the first quarter of 2014 to a low of about $6.0 billion by the end of 2016. However, a recovery phase began in early 2017, with equity steadily increasing to reach a peak of approximately $11 billion by the end of 2018. Equity slightly retracted in 2019 but remained elevated compared to the trough in 2016.
- Debt to Equity Ratio
- The debt to equity ratio experienced significant fluctuation, reflecting the interplay between rising debt and changing equity levels. Initially, the ratio increased sharply from 0.58 in early 2014 to a high of approximately 1.49 by the third quarter of 2016, signifying growing leverage and higher reliance on debt financing. From late 2016 through 2018, this ratio decreased consistently, reaching a low near 0.78 by the end of 2018, corresponding with the equity recovery phase and relatively stable debt. In 2019, the ratio increased again, nearing parity at about 0.97 by mid-year, indicating a slight uptick in leverage.
Overall, the data suggest that the company undertook substantial borrowing during the mid-2010s, which, coupled with declining equity, led to elevated financial leverage. Following a period of equity recovery starting in 2017, leverage reduced notably, implying improved balance sheet stability. However, the rise in debt and the debt to equity ratio in early 2019 suggest renewed borrowing or less growth in equity, warranting further monitoring of financial risk and capital management strategies.
Debt to Equity (including Operating Lease Liability)
LyondellBasell Industries N.V., debt to equity (including operating lease liability) calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||||||||||||||
| Short-term debt | |||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | |||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||
| Operating lease liabilities | |||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Company share of stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and shifts in the company's financial leverage and equity structure over the observed periods.
- Total Debt (including operating lease liability)
- The total debt demonstrates a general upward trend from the beginning to the end of the period. Starting at approximately $6,827 million in the first quarter of 2014, debt increased steadily with some fluctuations, reaching a peak of $11,706 million by the second quarter of 2019. Notably, there was a sharp increase in the last three quarters observed, indicating intensified leverage or borrowing activity.
- Total Company Share of Stockholders’ Equity
- The stockholders' equity presents a declining trend in the earlier years, dropping from near $11,791 million in the first quarter of 2014 to a low point of $6,048 million by the end of 2016. Subsequently, equity began to recover, showing improvement through 2017 and 2018, peaking at $11,044 million by the third quarter of 2018. However, there is another modest decline observed from late 2018 into mid-2019, with equity decreasing to $10,721 million by June 2019.
- Debt to Equity Ratio (including operating lease liability)
- This ratio reflects the interplay between debt and equity and serves as an indicator of financial risk. The ratio increased significantly from 0.58 in early 2014 to a high of 1.49 in late 2016, indicating growing leverage and higher financial risk. After peaking, the ratio declined steadily through 2017 and 2018, reaching a low of 0.78 by the end of 2018, suggesting a strengthening equity base relative to debt. However, in 2019, the ratio rose again sharply to around 1.10, indicating renewed increases in financial leverage.
Overall, the data depict a company that experienced increasing leverage and diminishing equity in the early period, followed by a phase of equity recovery and deleveraging. The latest periods, however, show a reversal with both increased debt and a higher debt-to-equity ratio, implying renewed financial risk considerations. Monitoring the evolving balance between debt and equity will be critical for evaluating the company’s financial stability and capital structure management going forward.
Debt to Capital
LyondellBasell Industries N.V., debt to capital calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||||||||||||||
| Short-term debt | |||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | |||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity | |||||||||||||||||||||||||||||
| Total capital | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt of the company shows a general upward trend over the period analyzed. Starting at approximately $6,827 million in March 2014, the debt level remains relatively stable through 2014 but increases more significantly from early 2015 onward. By the end of the data range in June 2019, total debt reaches $10,402 million, indicating a consistent rise. Some minor fluctuations are visible, such as a decrease in the fourth quarter of 2015 and slight drops toward the end of 2017, but the overall pattern is one of increasing leverage.
- Total Capital
- Total capital exhibits a less consistent trajectory compared to total debt. Initially, it declines from $18,618 million in March 2014 to a low of around $15,029 million by December 2016. Thereafter, capital levels begin to rise more steadily and significantly, peaking at $21,123 million by June 2019. This suggests that after a period of contraction, the company improved its capital base substantially from 2017 forwards.
- Debt to Capital Ratio
- The debt to capital ratio reflects the interplay between the changes in total debt and total capital. Starting at 0.37 in March 2014, the ratio climbs steadily to reach a high near 0.60 in late 2016. This upward movement indicates that total debt growth had outpaced equity or other capital components during this period, increasing financial leverage. From early 2017, the ratio gradually declines to around 0.44 by the end of 2018, reflecting better equity growth relative to debt. However, in the first half of 2019, the ratio rises again to approximately 0.49, suggesting a modest increase in leverage.
- Summary
- Overall, the analysis points to a company that increased its borrowing steadily over the period in question, with total debt growing by over 50% from 2014 to mid-2019. Total capital initially declined but then recovered and expanded significantly, particularly after 2016. This resulted in a peak in leverage around 2016, followed by a deleveraging phase until late 2018, and a slight reversal in leverage trend in 2019. These movements could indicate changes in financial strategy, investment activity, or market conditions impacting capital structure decisions.
Debt to Capital (including Operating Lease Liability)
LyondellBasell Industries N.V., debt to capital (including operating lease liability) calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||||||||||||||
| Short-term debt | |||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | |||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||
| Operating lease liabilities | |||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity | |||||||||||||||||||||||||||||
| Total capital (including operating lease liability) | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
- Total debt (including operating lease liability)
- The total debt shows a general upward trend over the observed periods, increasing from 6,827 million US dollars in March 2014 to 11,706 million US dollars by June 2019. The debt level remained relatively stable around the 6,800 to 8,300 million US dollars range until the end of 2015. Starting in 2016, there is a noticeable increase, with fluctuations but an overall rising trajectory, culminating in the highest recorded value towards mid-2019.
- Total capital (including operating lease liability)
- Total capital decreased substantially from 18,618 million US dollars in March 2014 to a low of approximately 14,578 million US dollars by December 2015. After this low point, the total capital began a sustained recovery, growing steadily to reach 22,427 million US dollars in June 2019. This indicates a period of capital contraction followed by expansion over the subsequent years.
- Debt to capital ratio (including operating lease liability)
- The debt-to-capital ratio increased notably between early 2014 and late 2015, moving from 0.37 to a peak of approximately 0.60 in late 2016. This suggests that debt made up a larger portion of the capital structure during this period. However, starting in early 2017, the ratio commenced a decline, falling to around 0.44 by the end of 2018, implying an improvement in the capital structure with relatively less debt. In 2019, the ratio again rose moderately to roughly 0.52 by June, indicating a slight increase in leverage.
- Summary of trends and insights
- The data reflects a phased evolution in financial structure characterized by an initial increase in leverage and reduction in total capital up until 2015. Subsequently, the company focused on capital growth, demonstrated by steadily increasing total capital from 2016 onwards. The debt levels also rose, but the proportion of debt relative to capital improved during 2017-2018 before slightly increasing again in 2019. These dynamics suggest strategic adjustments in financing, with the company managing to reduce leverage following a period of elevated indebtedness, before moderately increasing leverage again in the latest periods under review.
Debt to Assets
LyondellBasell Industries N.V., debt to assets calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||||||||||||||
| Short-term debt | |||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | |||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt shows an overall increasing trend over the entire period. Starting at approximately 6,827 million USD in March 2014, the debt rises gradually with occasional minor decreases, reaching a peak of about 10,402 million USD by June 2019. Notable increments appear between late 2017 and mid-2019, indicating a significant increase in leverage over the last two years in the dataset.
- Total Assets
- Total assets depict a fluctuating pattern with a general upward trend towards the end of the period. Initially, assets show a decline from 27,827 million USD in March 2014 to around 22,757 million USD by December 2015. After that point, the asset base begins to recover steadily, rising to 31,171 million USD by June 2019. This reflects a period of contraction followed by expansion in the asset base, with the latter years showing consistent asset growth.
- Debt to Assets Ratio
- The debt to assets ratio increases noticeably from 0.25 in March 2014 to a peak of 0.39 during the 2015-2016 period, indicating that debt levels grew faster than asset levels during that time. Subsequently, the ratio gradually declines to about 0.30 by the end of 2018, suggesting an improvement in the capital structure or asset base relative to debt. However, from early 2019 onward, the ratio slightly rises again, stabilizing around 0.33, reflecting a moderate increase in leverage amid continued asset growth.
- Summary Insights
- The company experienced a phase of increasing leverage from 2014 through 2016, with debt growing faster than assets, peaking in the debt to assets ratio. From late 2016 to 2018, the company appears to have improved its financial standing, as assets grew at a faster rate than debt, reducing relative leverage. However, in 2019, there is a renewed increase in debt levels alongside robust asset growth, resulting in a moderate uptick in the debt to assets ratio. This pattern suggests an ongoing strategy of leveraging to finance asset expansion or operational needs, balanced with periods of deleveraging or asset optimization.
Debt to Assets (including Operating Lease Liability)
LyondellBasell Industries N.V., debt to assets (including operating lease liability) calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||||||||||||||
| Short-term debt | |||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | |||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||
| Operating lease liabilities | |||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in the company’s leverage and asset base over the analyzed periods. Total debt, inclusive of operating lease liabilities, shows a general upward trajectory, increasing from $6,827 million as of March 31, 2014, to $11,706 million by June 30, 2019. This growth in debt exhibits some fluctuations, with periods of stabilization and minor declines, notably between the fourth quarter of 2015 and early 2017, before resuming its upward path in subsequent years.
Total assets display a contrasting trend, initially declining from $27,827 million at the end of the first quarter of 2014 to a low point of $22,757 million by December 31, 2015. Subsequently, assets recover steadily, reaching $31,171 million by mid-2019. This recovery and growth phase surpass the earlier peak assets figure, suggesting expansion or acquisition activities, capital investments, or asset revaluations during this period.
The debt to assets ratio, which measures leverage by comparing total debt to total assets, illustrates the interplay between these two components. Starting at a relatively moderate 0.25 ratio in March 2014, it escalates to a peak of 0.39 by mid-2016 and remains elevated around this level through mid-2017. Following 2017, it declines gradually to approximately 0.30 by the end of 2018, indicating an improvement in leverage, before rising again to 0.38 by mid-2019. This pattern aligns with the movements in total debt and assets; as assets decreased and debt increased early on, leverage intensified, but as assets recovered, leverage eased temporarily before increasing once more due to rising debt levels outpacing asset growth.
Overall, the data suggests that the company has actively managed its capital structure with increasing debt levels that peaked in mid-2019, while total assets have shown resilience through a recovery phase, ultimately reaching new highs. The fluctuating but generally increasing debt to asset ratio points to a cautious balance between leveraging growth opportunities and maintaining asset coverage, signaling strategic financial decisions impacting the company’s risk profile over the examined timeframe.
- Total Debt
- Increased from $6.8 billion to $11.7 billion between Q1 2014 and Q2 2019, with periods of stabilization.
- Total Assets
- Initially declined until late 2015, then rose steadily to exceed previous levels, reaching $31.2 billion by mid-2019.
- Debt to Assets Ratio
- Started at 0.25, peaked near 0.39 in mid-2016, decreased toward 0.30 by end of 2018, then increased again to 0.38 in mid-2019, reflecting changes in both debt and asset levels.
Financial Leverage
LyondellBasell Industries N.V., financial leverage calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
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| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Financial leverage = Total assets ÷ Total Company share of stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data over the analyzed period reveals distinct trends in the company's asset base, equity position, and leverage ratios.
- Total assets
- The total assets demonstrate a general decline from March 2014 through December 2015, decreasing from approximately $27.8 billion to around $22.8 billion. From early 2016 onwards, a gradual recovery is observable, with total assets rising steadily to reach over $31 billion by mid-2019. This pattern suggests an initial phase of asset contraction followed by a period of growth and expansion in asset holdings.
- Total Company share of stockholders’ equity
- Shareholders' equity follows a declining trajectory from $11.8 billion at the start of 2014 down to a low near $6.5 billion by the end of 2015. Subsequently, equity starts to rebuild, climbing steadily and surpassing $10.7 billion by June 2019. This indicates a restoration of the company’s net asset value after a notable reduction during the initial period.
- Financial leverage (ratio)
- The financial leverage ratio increases from 2.36 in early 2014 to a peak of 3.88 at the end of 2016, signifying greater reliance on debt financing during this interval. After reaching this peak, the leverage ratio declines consistently, falling back to approximately 2.91 by mid-2019. This reduction implies a strategic deleveraging effort or enhancement of equity relative to debt over the latter period.
Overall, the data depicts a period characterized by contracting assets and equity alongside increasing leverage until late 2016, followed by a phase of asset and equity growth accompanied by reduced financial leverage. This suggests the company experienced financial pressure or restructuring initially, then moved towards strengthening capital structure and asset base in later years.
Interest Coverage
LyondellBasell Industries N.V., interest coverage calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
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| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to the Company shareholders | |||||||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||||||||
| Less: Income (loss) from discontinued operations, net of tax | |||||||||||||||||||||||||||||
| Add: Income tax expense | |||||||||||||||||||||||||||||
| Add: Interest expense | |||||||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | |||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Interest coverage1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Interest coverage
= (EBITQ2 2019
+ EBITQ1 2019
+ EBITQ4 2018
+ EBITQ3 2018)
÷ (Interest expenseQ2 2019
+ Interest expenseQ1 2019
+ Interest expenseQ4 2018
+ Interest expenseQ3 2018)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The earnings before interest and tax (EBIT) figures demonstrate noticeable fluctuations throughout the reported periods. Starting at 1,418 million USD in the first quarter of 2014, EBIT rose steadily to reach a peak of 1,946 million USD in the second quarter of 2015. Following this, a decline is evident, dropping to as low as 884 million USD in the fourth quarter of 2018. Although there is some recovery towards the end of the data series, reaching 1,256 million USD by the second quarter of 2019, EBIT does not regain the earlier highs observed in mid-2015.
The interest expense values remain relatively stable over the quarters, primarily fluctuating within the range of 69 to 96 million USD. A significant spike occurs in the first quarter of 2017, where interest expense rises sharply to 207 million USD, more than double the typical range observed in other quarters. After this anomaly, the interest expense returns to its previous level, hovering near 90 million USD in subsequent periods.
Interest coverage ratios, which measure the ability to meet interest obligations from operating earnings, show a strong performance initially, with ratios above 17 in early periods. The ratio peaks at 21.47 in the fourth quarter of 2014, indicating robust earnings relative to the interest burden. However, there is a clear downward trend post-2014, with ratios declining gradually to 13.36 by the second quarter of 2019. Despite the fall, interest coverage remains above 10, suggesting that earnings still cover interest expenses by comfortable margins.
- EBIT Trends
- Initial growth to a peak in mid-2015 followed by a period of decline and partial recovery through 2019.
- Interest Expense Trends
- Generally stable except for a significant temporary increase in early 2017.
- Interest Coverage Ratio Trends
- High coverage ratios at the beginning, with a gradual decline over time but remaining sufficient to cover interest expenses.