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)
Stryker Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 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).
- Debt to Equity Ratio
- The debt to equity ratio exhibited fluctuations over the observed period, beginning at 0.86 in March 2018, declining to a low of 0.68 in September 2019, before rising sharply to a peak of 1.07 in December 2020. Following this peak, the ratio gradually declined again to 0.84 by December 2021, with a slight uptick to 0.94 in March 2022. This pattern suggests periods of both deleveraging and increased reliance on debt relative to equity, with a notable increase in financial leverage around late 2020.
- Debt to Capital Ratio
- The debt to capital ratio remained relatively stable throughout the period, fluctuating modestly between 0.41 and 0.52. Initially at 0.46 in March 2018, the ratio showed minor decreases in mid-2019 but then trended upward to reach 0.52 in December 2020. Afterward, it slightly decreased again, ending near 0.48 in March 2022. This stability indicates a consistent portion of capital structure financed by debt, with marginal shifts in financing strategy.
- Debt to Assets Ratio
- This ratio demonstrated moderate variation, starting at 0.36 in March 2018 and dipping to 0.32 in September 2019. It increased significantly to 0.41 by December 2020 and maintained this elevated level through early 2021, before diminishing towards 0.36 by December 2021 and rising again to 0.39 in March 2022. These movements reflect changes in the company's asset base and leverage, aligning with the observed patterns in the debt to equity and debt to capital ratios.
- Financial Leverage Ratio
- The financial leverage ratio showed relative consistency with gradual fluctuations around a central tendency. Starting at 2.4 in March 2018, it decreased slightly to 2.16 by September 2019, followed by an upward trend reaching 2.62 in December 2020. Thereafter, it declined steadily, reaching 2.33 at the end of 2021, and returning to 2.4 by March 2022. The data indicates a controlled use of debt to finance assets, with an increased leverage noted during the latter part of 2020.
In summary, the financial leverage metrics indicate a period of relatively balanced debt management with a noticeable increase in debt utilization around late 2020. The company's leverage peaked in this timeframe before returning to levels more consistent with earlier periods. The overall trends suggest strategic adjustments in capital structure, with fluctuations in debt relative to equity and assets reflecting adaptive financial management in response to market or operational conditions.
Debt Ratios
Debt to Equity
Stryker Corp., debt to equity calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current maturities of debt | 214) | 7) | 22) | 6) | 15) | 761) | 1,119) | 1,110) | 1,103) | 859) | 526) | 539) | 521) | 1,373) | 1,275) | 1,277) | 1,984) | ||||||
| Long-term debt, excluding current maturities | 13,885) | 12,472) | 12,629) | 12,734) | 13,059) | 13,230) | 12,008) | 11,811) | 9,404) | 10,231) | 7,889) | 7,974) | 7,950) | 8,486) | 5,928) | 5,925) | 5,920) | ||||||
| Total debt | 14,099) | 12,479) | 12,651) | 12,740) | 13,074) | 13,991) | 13,127) | 12,921) | 10,507) | 11,090) | 8,415) | 8,513) | 8,471) | 9,859) | 7,203) | 7,202) | 7,904) | ||||||
| Total Stryker shareholders’ equity | 15,046) | 14,877) | 14,178) | 13,820) | 13,502) | 13,084) | 12,986) | 12,754) | 13,115) | 12,807) | 12,315) | 11,943) | 11,693) | 11,730) | 9,860) | 9,460) | 9,214) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity1 | 0.94 | 0.84 | 0.89 | 0.92 | 0.97 | 1.07 | 1.01 | 1.01 | 0.80 | 0.87 | 0.68 | 0.71 | 0.72 | 0.84 | 0.73 | 0.76 | 0.86 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.48 | 0.50 | 0.53 | 0.55 | 0.55 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 0.65 | 0.64 | 0.64 | 0.66 | 0.69 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 0.50 | 0.51 | 0.60 | 0.60 | 0.57 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 0.65 | 0.64 | 0.67 | 0.70 | 0.70 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 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).
1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Total Stryker shareholders’ equity
= 14,099 ÷ 15,046 = 0.94
2 Click competitor name to see calculations.
- Total Debt
- Over the observed periods, total debt exhibited notable fluctuations with an overall increasing trend. Initially, the debt decreased from $7.904 billion to approximately $7.2 billion between March and June 2018, before rising sharply to nearly $9.86 billion at the end of 2018. Throughout 2019, debt levels remained elevated, hovering between $8.4 billion and $11.1 billion. A significant increase is evident in 2020, where debt escalated from about $10.5 billion in Q1 to nearly $14 billion by the end of the year. Subsequently, in 2021, total debt showed a slight decline but remained above $12 billion, only to rise again nearing $14.1 billion in the first quarter of 2022.
- Total Shareholders’ Equity
- Shareholders’ equity demonstrated a consistent, steady upward trajectory throughout the entire timeframe. Starting at roughly $9.2 billion in early 2018, equity increased gradually each quarter with no major declines, reaching over $15 billion by March 2022. This consistent growth indicates a continuous strengthening of the company’s net asset base over the period under review.
- Debt to Equity Ratio
- The debt to equity ratio mirrored the variations in total debt while reflecting the steady equity growth. Initially, the ratio declined from 0.86 to 0.68 in late 2018, indicating an improvement in the balance between debt and equity. However, the ratio increased again in late 2018 and throughout 2020, peaking above 1.07, suggesting a period where debt levels grew faster than equity. In 2021, the ratio decreased steadily, falling to 0.84 by the end of the year, before rising again to 0.94 in March 2022. This pattern suggests periods of increased leverage followed by deleveraging phases, with the company generally maintaining a moderate level of leverage.
Debt to Capital
Stryker Corp., debt to capital calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current maturities of debt | 214) | 7) | 22) | 6) | 15) | 761) | 1,119) | 1,110) | 1,103) | 859) | 526) | 539) | 521) | 1,373) | 1,275) | 1,277) | 1,984) | ||||||
| Long-term debt, excluding current maturities | 13,885) | 12,472) | 12,629) | 12,734) | 13,059) | 13,230) | 12,008) | 11,811) | 9,404) | 10,231) | 7,889) | 7,974) | 7,950) | 8,486) | 5,928) | 5,925) | 5,920) | ||||||
| Total debt | 14,099) | 12,479) | 12,651) | 12,740) | 13,074) | 13,991) | 13,127) | 12,921) | 10,507) | 11,090) | 8,415) | 8,513) | 8,471) | 9,859) | 7,203) | 7,202) | 7,904) | ||||||
| Total Stryker shareholders’ equity | 15,046) | 14,877) | 14,178) | 13,820) | 13,502) | 13,084) | 12,986) | 12,754) | 13,115) | 12,807) | 12,315) | 11,943) | 11,693) | 11,730) | 9,860) | 9,460) | 9,214) | ||||||
| Total capital | 29,145) | 27,356) | 26,829) | 26,560) | 26,576) | 27,075) | 26,113) | 25,675) | 23,622) | 23,897) | 20,730) | 20,456) | 20,164) | 21,589) | 17,063) | 16,662) | 17,118) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital1 | 0.48 | 0.46 | 0.47 | 0.48 | 0.49 | 0.52 | 0.50 | 0.50 | 0.44 | 0.46 | 0.41 | 0.42 | 0.42 | 0.46 | 0.42 | 0.43 | 0.46 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.33 | 0.34 | 0.35 | 0.35 | 0.35 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 0.39 | 0.39 | 0.39 | 0.40 | 0.41 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 0.34 | 0.34 | 0.37 | 0.37 | 0.36 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 0.39 | 0.39 | 0.40 | 0.41 | 0.41 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 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).
1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,099 ÷ 29,145 = 0.48
2 Click competitor name to see calculations.
- Overall Debt Level
- The total debt exhibited fluctuations over the analyzed periods, initially declining from approximately 7.9 billion US dollars at the end of March 2018 to around 7.2 billion by mid-2018. However, there was a pronounced increase beginning in late 2018, peaking at nearly 14 billion by the end of 2020. Subsequent quarters experienced a moderate decline and stabilization, with debt levels remaining above 12 billion into early 2022.
- Total Capital Trends
- Total capital showed a steady upward trajectory throughout the period. The capital base increased from about 17.1 billion US dollars in March 2018 to approximately 29.1 billion in March 2022. This growth reflects an expansion in either equity, debt, or a combination of both financing sources, supporting the company’s higher level of financial commitments and asset base.
- Debt to Capital Ratio Behavior
- The debt-to-capital ratio fluctuated within a range of approximately 0.41 to 0.52 over the examined quarters. A decline in the ratio was observed in 2018 and early 2019, reaching the low end around 0.41, suggesting a relatively lower reliance on debt financing during that period. However, from late 2019, this ratio increased, peaking near 0.52 by the end of 2020, indicating a higher proportion of debt in the capital structure. Following this peak, the ratio decreased moderately, stabilizing around 0.46 to 0.48 by early 2022, implying a slight reduction in leverage but maintaining a significant debt component relative to total capital.
- Insights
- The company’s financial strategy appears to have evolved toward greater use of debt around late 2019 and 2020, coinciding with the significant increase in total debt. Despite this, total capital continued to grow, which somewhat contained the leverage ratio's rise. The recent moderation in both total debt and debt-to-capital ratio suggests a cautious approach to leverage after the peak, possibly reflecting management’s response to market conditions or strategic capital allocation priorities.
Debt to Assets
Stryker Corp., debt to assets calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current maturities of debt | 214) | 7) | 22) | 6) | 15) | 761) | 1,119) | 1,110) | 1,103) | 859) | 526) | 539) | 521) | 1,373) | 1,275) | 1,277) | 1,984) | ||||||
| Long-term debt, excluding current maturities | 13,885) | 12,472) | 12,629) | 12,734) | 13,059) | 13,230) | 12,008) | 11,811) | 9,404) | 10,231) | 7,889) | 7,974) | 7,950) | 8,486) | 5,928) | 5,925) | 5,920) | ||||||
| Total debt | 14,099) | 12,479) | 12,651) | 12,740) | 13,074) | 13,991) | 13,127) | 12,921) | 10,507) | 11,090) | 8,415) | 8,513) | 8,471) | 9,859) | 7,203) | 7,202) | 7,904) | ||||||
| Total assets | 36,137) | 34,631) | 34,145) | 33,698) | 33,455) | 34,330) | 32,286) | 31,483) | 29,440) | 30,167) | 26,659) | 26,354) | 25,937) | 27,229) | 22,084) | 21,570) | 22,133) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets1 | 0.39 | 0.36 | 0.37 | 0.38 | 0.39 | 0.41 | 0.41 | 0.41 | 0.36 | 0.37 | 0.32 | 0.32 | 0.33 | 0.36 | 0.33 | 0.33 | 0.36 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.23 | 0.24 | 0.25 | 0.25 | 0.25 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 0.23 | 0.24 | 0.23 | 0.24 | 0.24 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 0.28 | 0.28 | 0.31 | 0.31 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 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).
1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 14,099 ÷ 36,137 = 0.39
2 Click competitor name to see calculations.
- Total Debt
-
The total debt demonstrates a fluctuating but generally increasing trend over the observed periods. Starting at approximately $7.9 billion, it decreased slightly by mid-2018 but then rose sharply towards the end of 2018. During 2019, debt levels remained relatively high with a noticeable peak in the fourth quarter. The upward trajectory continued through 2020, reaching a peak of nearly $14 billion by year-end. Throughout 2021, total debt showed a gradual decline, yet it rose again in the first quarter of 2022 to about $14.1 billion, the highest in the dataset.
- Total Assets
-
Total assets steadily increased over the entire period. Beginning at around $22.1 billion in early 2018, asset levels showed consistent growth with some acceleration in late 2018. The upward trend persisted throughout 2019 and 2020, culminating in a significant increase to over $34 billion by the end of 2020. In 2021, asset growth continued at a more moderate pace, reaching approximately $34.6 billion, before further increasing to $36.1 billion in the first quarter of 2022.
- Debt to Assets Ratio
-
The debt to assets ratio exhibited moderate fluctuations but displayed a generally rising pattern especially after mid-2019. Initially, this ratio was around 0.36, then decreased to low 0.32 levels during 2019, indicating an improvement in the company’s leverage position relative to assets. However, starting from late 2019, the ratio increased steadily, reaching values around 0.41 through most of 2020, signaling increased leverage. In 2021, the ratio declined slightly but remained elevated compared to earlier periods, fluctuating between 0.36 and 0.39, with a slight uptick noted again in early 2022.
- Overall Analysis
-
The data suggests that while total assets have consistently grown, supporting potential expansion and investment activities, total debt has also increased substantially, especially from late 2019 onward. The rising debt to assets ratio during this period indicates a higher reliance on debt financing relative to asset base, which may reflect strategic leveraging or increased capital expenditure. The moderate decline of this ratio during 2021 indicates some deleveraging or asset growth outpacing debt increases during that year, though the ratio remains higher than initial levels. These trends highlight an overall increase in the company's scale coupled with an intensified use of debt as a financing source, warranting continuous monitoring of leverage levels in relation to asset growth and operational performance.
Financial Leverage
Stryker Corp., financial leverage calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Total assets | 36,137) | 34,631) | 34,145) | 33,698) | 33,455) | 34,330) | 32,286) | 31,483) | 29,440) | 30,167) | 26,659) | 26,354) | 25,937) | 27,229) | 22,084) | 21,570) | 22,133) | ||||||
| Total Stryker shareholders’ equity | 15,046) | 14,877) | 14,178) | 13,820) | 13,502) | 13,084) | 12,986) | 12,754) | 13,115) | 12,807) | 12,315) | 11,943) | 11,693) | 11,730) | 9,860) | 9,460) | 9,214) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Financial leverage1 | 2.40 | 2.33 | 2.41 | 2.44 | 2.48 | 2.62 | 2.49 | 2.47 | 2.24 | 2.36 | 2.16 | 2.21 | 2.22 | 2.32 | 2.24 | 2.28 | 2.40 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 2.09 | 2.10 | 2.14 | 2.17 | 2.17 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 2.79 | 2.70 | 2.74 | 2.75 | 2.83 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 1.13 | 1.14 | 1.13 | 1.13 | 1.14 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 1.78 | 1.81 | 1.92 | 1.91 | 1.87 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 3.04 | 2.96 | 3.03 | 3.05 | 3.09 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 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).
1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Total Stryker shareholders’ equity
= 36,137 ÷ 15,046 = 2.40
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's financial position over the examined periods.
- Total Assets
-
Total assets exhibit an overall upward trend from March 31, 2018, through March 31, 2022. Initial values around US$22.1 billion increased steadily, with a significant rise noted in the fourth quarter of 2018, reaching approximately US$27.2 billion. Although some fluctuations occurred, the upward trajectory continued, with total assets exceeding US$36.1 billion by March 31, 2022. This growth suggests ongoing asset accumulation, reflective of investments, acquisitions, or organic growth strategies.
- Total Shareholders’ Equity
-
Total shareholders’ equity also shows a consistent increase over the periods analyzed. Starting at about US$9.2 billion at the beginning of 2018, it rose gradually, reaching approximately US$11.7 billion by the end of 2018. Subsequent periods display steady equity growth, hitting roughly US$15.0 billion by March 31, 2022. This rise indicates retention of earnings and possible equity issuances, contributing to a stronger capital base.
- Financial Leverage
-
The financial leverage ratio fluctuated moderately throughout the reported quarters. Starting at 2.4 in early 2018, the ratio saw slight declines and increases but generally remained within a range of approximately 2.16 to 2.62. In particular, there was a noticeable peak in the fourth quarter of 2020 at 2.62, after which the ratio trended downward to around 2.4 by March 2022. This pattern suggests relatively stable leverage management, with some transient adjustments in debt relative to equity, reflecting efforts to balance risk and capital structure.