Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

$24.99

Analysis of Solvency Ratios

Microsoft Excel

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Solvency Ratios (Summary)

McDonald’s Corp., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

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).

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. McDonald’s Corp. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. McDonald’s Corp. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. McDonald’s Corp. debt to assets ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. McDonald’s Corp. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. McDonald’s Corp. interest coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. McDonald’s Corp. fixed charge coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Equity

McDonald’s Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Current finance lease liability
Long-term debt, excluding current maturities
Long-term finance lease liability
Total debt
 
Shareholders’ equity (deficit)
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Debt to Equity, Sector
Consumer Services
Debt to Equity, Industry
Consumer Discretionary

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


Debt to Equity (including Operating Lease Liability)

McDonald’s Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Current finance lease liability
Long-term debt, excluding current maturities
Long-term finance lease liability
Total debt
Current operating lease liability
Long-term operating lease liability
Total debt (including operating lease liability)
 
Shareholders’ equity (deficit)
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Debt to Equity (including Operating Lease Liability), Sector
Consumer Services
Debt to Equity (including Operating Lease Liability), Industry
Consumer Discretionary

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).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


Debt to Capital

McDonald’s Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Current finance lease liability
Long-term debt, excluding current maturities
Long-term finance lease liability
Total debt
Shareholders’ equity (deficit)
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Debt to Capital, Sector
Consumer Services
Debt to Capital, Industry
Consumer Discretionary

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. McDonald’s Corp. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Capital (including Operating Lease Liability)

McDonald’s Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Current finance lease liability
Long-term debt, excluding current maturities
Long-term finance lease liability
Total debt
Current operating lease liability
Long-term operating lease liability
Total debt (including operating lease liability)
Shareholders’ equity (deficit)
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
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Debt to Capital (including Operating Lease Liability), Sector
Consumer Services
Debt to Capital (including Operating Lease Liability), Industry
Consumer Discretionary

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).

1 2023 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.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. McDonald’s Corp. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Assets

McDonald’s Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Current finance lease liability
Long-term debt, excluding current maturities
Long-term finance lease liability
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Debt to Assets, Sector
Consumer Services
Debt to Assets, Industry
Consumer Discretionary

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).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. McDonald’s Corp. debt to assets ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

McDonald’s Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Current finance lease liability
Long-term debt, excluding current maturities
Long-term finance lease liability
Total debt
Current operating lease liability
Long-term operating lease liability
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
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Debt to Assets (including Operating Lease Liability), Sector
Consumer Services
Debt to Assets (including Operating Lease Liability), Industry
Consumer Discretionary

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).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. McDonald’s Corp. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Financial Leverage

McDonald’s Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Total assets
Shareholders’ equity (deficit)
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Financial Leverage, Sector
Consumer Services
Financial Leverage, Industry
Consumer Discretionary

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


Interest Coverage

McDonald’s Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net income
Add: Income tax expense
Add: Interest expense, net of capitalized interest
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Interest Coverage, Sector
Consumer Services
Interest Coverage, Industry
Consumer Discretionary

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).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. McDonald’s Corp. interest coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Fixed Charge Coverage

McDonald’s Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net income
Add: Income tax expense
Add: Interest expense, net of capitalized interest
Earnings before interest and tax (EBIT)
Add: Rent expense
Earnings before fixed charges and tax
 
Interest expense, net of capitalized interest
Rent expense
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
Airbnb Inc.
Booking Holdings Inc.
Chipotle Mexican Grill Inc.
Starbucks Corp.
Fixed Charge Coverage, Sector
Consumer Services
Fixed Charge Coverage, Industry
Consumer Discretionary

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).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. McDonald’s Corp. fixed charge coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.