Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Mosaic Co., solvency ratios
Based on: 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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Mosaic Co. debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Mosaic Co. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Mosaic Co. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021. |
| 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. | Mosaic Co. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Mosaic Co. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Mosaic Co. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Mosaic Co. financial leverage ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Mosaic Co. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Mosaic Co. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity
Mosaic Co., debt to equity calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term debt | 302,800) | 100) | 41,600) | 11,500) | 6,100) | |
| Current maturities of long-term debt | 596,600) | 504,200) | 47,200) | 26,000) | 343,500) | |
| Structured accounts payable arrangements | 743,700) | 640,000) | 740,600) | 572,800) | 386,200) | |
| Long-term debt, less current maturities | 3,382,200) | 4,073,800) | 4,525,500) | 4,491,500) | 4,878,100) | |
| Total debt | 5,025,300) | 5,218,100) | 5,354,900) | 5,101,800) | 5,613,900) | |
| Total Mosaic stockholders’ equity | 10,604,100) | 9,581,400) | 9,185,500) | 10,397,300) | 9,617,500) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.47 | 0.54 | 0.58 | 0.49 | 0.58 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Linde plc | 0.33 | 0.34 | 0.28 | — | — | |
| Debt to Equity, Industry | ||||||
| Materials | 0.38 | 0.41 | 0.38 | — | — | |
Based on: 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).
1 2021 Calculation
Debt to equity = Total debt ÷ Total Mosaic stockholders’ equity
= 5,025,300 ÷ 10,604,100 = 0.47
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Mosaic Co. debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity (including Operating Lease Liability)
Mosaic Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term debt | 302,800) | 100) | 41,600) | 11,500) | 6,100) | |
| Current maturities of long-term debt | 596,600) | 504,200) | 47,200) | 26,000) | 343,500) | |
| Structured accounts payable arrangements | 743,700) | 640,000) | 740,600) | 572,800) | 386,200) | |
| Long-term debt, less current maturities | 3,382,200) | 4,073,800) | 4,525,500) | 4,491,500) | 4,878,100) | |
| Total debt | 5,025,300) | 5,218,100) | 5,354,900) | 5,101,800) | 5,613,900) | |
| Short-term operating lease obligation | 59,700) | 64,000) | 67,100) | —) | —) | |
| Long-term operating lease obligation | 64,300) | 109,600) | 127,000) | —) | —) | |
| Total debt (including operating lease liability) | 5,149,300) | 5,391,700) | 5,549,000) | 5,101,800) | 5,613,900) | |
| Total Mosaic stockholders’ equity | 10,604,100) | 9,581,400) | 9,185,500) | 10,397,300) | 9,617,500) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.49 | 0.56 | 0.60 | 0.49 | 0.58 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Linde plc | 0.35 | 0.36 | 0.30 | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Materials | 0.39 | 0.42 | 0.40 | — | — | |
Based on: 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).
1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mosaic stockholders’ equity
= 5,149,300 ÷ 10,604,100 = 0.49
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Mosaic Co. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital
Mosaic Co., debt to capital calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term debt | 302,800) | 100) | 41,600) | 11,500) | 6,100) | |
| Current maturities of long-term debt | 596,600) | 504,200) | 47,200) | 26,000) | 343,500) | |
| Structured accounts payable arrangements | 743,700) | 640,000) | 740,600) | 572,800) | 386,200) | |
| Long-term debt, less current maturities | 3,382,200) | 4,073,800) | 4,525,500) | 4,491,500) | 4,878,100) | |
| Total debt | 5,025,300) | 5,218,100) | 5,354,900) | 5,101,800) | 5,613,900) | |
| Total Mosaic stockholders’ equity | 10,604,100) | 9,581,400) | 9,185,500) | 10,397,300) | 9,617,500) | |
| Total capital | 15,629,400) | 14,799,500) | 14,540,400) | 15,499,100) | 15,231,400) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.32 | 0.35 | 0.37 | 0.33 | 0.37 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Linde plc | 0.25 | 0.26 | 0.22 | — | — | |
| Debt to Capital, Industry | ||||||
| Materials | 0.27 | 0.29 | 0.28 | — | — | |
Based on: 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).
1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 5,025,300 ÷ 15,629,400 = 0.32
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. | Mosaic Co. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital (including Operating Lease Liability)
Mosaic Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term debt | 302,800) | 100) | 41,600) | 11,500) | 6,100) | |
| Current maturities of long-term debt | 596,600) | 504,200) | 47,200) | 26,000) | 343,500) | |
| Structured accounts payable arrangements | 743,700) | 640,000) | 740,600) | 572,800) | 386,200) | |
| Long-term debt, less current maturities | 3,382,200) | 4,073,800) | 4,525,500) | 4,491,500) | 4,878,100) | |
| Total debt | 5,025,300) | 5,218,100) | 5,354,900) | 5,101,800) | 5,613,900) | |
| Short-term operating lease obligation | 59,700) | 64,000) | 67,100) | —) | —) | |
| Long-term operating lease obligation | 64,300) | 109,600) | 127,000) | —) | —) | |
| Total debt (including operating lease liability) | 5,149,300) | 5,391,700) | 5,549,000) | 5,101,800) | 5,613,900) | |
| Total Mosaic stockholders’ equity | 10,604,100) | 9,581,400) | 9,185,500) | 10,397,300) | 9,617,500) | |
| Total capital (including operating lease liability) | 15,753,400) | 14,973,100) | 14,734,500) | 15,499,100) | 15,231,400) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.33 | 0.36 | 0.38 | 0.33 | 0.37 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Linde plc | 0.26 | 0.27 | 0.23 | — | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Materials | 0.28 | 0.30 | 0.29 | — | — | |
Based on: 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).
1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 5,149,300 ÷ 15,753,400 = 0.33
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. | Mosaic Co. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets
Mosaic Co., debt to assets calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term debt | 302,800) | 100) | 41,600) | 11,500) | 6,100) | |
| Current maturities of long-term debt | 596,600) | 504,200) | 47,200) | 26,000) | 343,500) | |
| Structured accounts payable arrangements | 743,700) | 640,000) | 740,600) | 572,800) | 386,200) | |
| Long-term debt, less current maturities | 3,382,200) | 4,073,800) | 4,525,500) | 4,491,500) | 4,878,100) | |
| Total debt | 5,025,300) | 5,218,100) | 5,354,900) | 5,101,800) | 5,613,900) | |
| Total assets | 22,036,400) | 19,789,800) | 19,298,500) | 20,119,200) | 18,633,400) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.23 | 0.26 | 0.28 | 0.25 | 0.30 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Linde plc | 0.18 | 0.18 | 0.16 | — | — | |
| Debt to Assets, Industry | ||||||
| Materials | 0.18 | 0.19 | 0.18 | — | — | |
Based on: 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).
1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 5,025,300 ÷ 22,036,400 = 0.23
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. | Mosaic Co. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets (including Operating Lease Liability)
Mosaic Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term debt | 302,800) | 100) | 41,600) | 11,500) | 6,100) | |
| Current maturities of long-term debt | 596,600) | 504,200) | 47,200) | 26,000) | 343,500) | |
| Structured accounts payable arrangements | 743,700) | 640,000) | 740,600) | 572,800) | 386,200) | |
| Long-term debt, less current maturities | 3,382,200) | 4,073,800) | 4,525,500) | 4,491,500) | 4,878,100) | |
| Total debt | 5,025,300) | 5,218,100) | 5,354,900) | 5,101,800) | 5,613,900) | |
| Short-term operating lease obligation | 59,700) | 64,000) | 67,100) | —) | —) | |
| Long-term operating lease obligation | 64,300) | 109,600) | 127,000) | —) | —) | |
| Total debt (including operating lease liability) | 5,149,300) | 5,391,700) | 5,549,000) | 5,101,800) | 5,613,900) | |
| Total assets | 22,036,400) | 19,789,800) | 19,298,500) | 20,119,200) | 18,633,400) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.23 | 0.27 | 0.29 | 0.25 | 0.30 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Linde plc | 0.19 | 0.20 | 0.17 | — | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Materials | 0.18 | 0.20 | 0.19 | — | — | |
Based on: 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).
1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 5,149,300 ÷ 22,036,400 = 0.23
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. | Mosaic Co. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021. |
Financial Leverage
Mosaic Co., financial leverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 22,036,400) | 19,789,800) | 19,298,500) | 20,119,200) | 18,633,400) | |
| Total Mosaic stockholders’ equity | 10,604,100) | 9,581,400) | 9,185,500) | 10,397,300) | 9,617,500) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.08 | 2.07 | 2.10 | 1.94 | 1.94 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Linde plc | 1.85 | 1.86 | 1.76 | — | — | |
| Financial Leverage, Industry | ||||||
| Materials | 2.13 | 2.13 | 2.10 | — | — | |
Based on: 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).
1 2021 Calculation
Financial leverage = Total assets ÷ Total Mosaic stockholders’ equity
= 22,036,400 ÷ 10,604,100 = 2.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Mosaic Co. financial leverage ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021. |
Interest Coverage
Mosaic Co., interest coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net earnings (loss) attributable to Mosaic | 1,630,600) | 666,100) | (1,067,400) | 470,000) | (107,200) | |
| Add: Net income attributable to noncontrolling interest | 4,300) | (500) | (23,400) | (100) | 3,000) | |
| Add: Income tax expense | 597,700) | (578,500) | (224,700) | 77,100) | 494,900) | |
| Add: Interest expense | 194,300) | 214,100) | 216,000) | 215,800) | 171,300) | |
| Earnings before interest and tax (EBIT) | 2,426,900) | 301,200) | (1,099,500) | 762,800) | 562,000) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 12.49 | 1.41 | -5.09 | 3.53 | 3.28 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Linde plc | 45.60 | 21.41 | 21.27 | — | — | |
| Interest Coverage, Industry | ||||||
| Materials | 15.26 | 9.00 | 7.67 | — | — | |
Based on: 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).
1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 2,426,900 ÷ 194,300 = 12.49
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. | Mosaic Co. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Fixed Charge Coverage
Mosaic Co., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net earnings (loss) attributable to Mosaic | 1,630,600) | 666,100) | (1,067,400) | 470,000) | (107,200) | |
| Add: Net income attributable to noncontrolling interest | 4,300) | (500) | (23,400) | (100) | 3,000) | |
| Add: Income tax expense | 597,700) | (578,500) | (224,700) | 77,100) | 494,900) | |
| Add: Interest expense | 194,300) | 214,100) | 216,000) | 215,800) | 171,300) | |
| Earnings before interest and tax (EBIT) | 2,426,900) | 301,200) | (1,099,500) | 762,800) | 562,000) | |
| Add: Rental expense | 211,800) | 226,900) | 249,100) | 270,300) | 114,000) | |
| Earnings before fixed charges and tax | 2,638,700) | 528,100) | (850,400) | 1,033,100) | 676,000) | |
| Interest expense | 194,300) | 214,100) | 216,000) | 215,800) | 171,300) | |
| Rental expense | 211,800) | 226,900) | 249,100) | 270,300) | 114,000) | |
| Fixed charges | 406,100) | 441,000) | 465,100) | 486,100) | 285,300) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 6.50 | 1.20 | -1.83 | 2.13 | 2.37 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Linde plc | 13.02 | 7.79 | 6.92 | — | — | |
| Fixed Charge Coverage, Industry | ||||||
| Materials | 10.86 | 6.54 | 5.49 | — | — | |
Based on: 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).
1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,638,700 ÷ 406,100 = 6.50
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. | Mosaic Co. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |