Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Analysis of Solvency Ratios

Microsoft Excel

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Solvency Ratios (Summary)

UnitedHealth Group Inc., solvency ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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: 2024-12-31), 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).


Debt to equity ratios
The debt to equity ratio exhibited a generally upward trend over the five-year period. Starting at 0.66 in 2020, it decreased slightly to 0.64 in 2021, then increased steadily to 0.74 in 2022, 0.7 in 2023, and reached 0.83 in 2024. When including operating lease liabilities, the pattern was similar but at a marginally higher level, rising from 0.73 in 2020 to 0.88 in 2024. This suggests a gradual increase in leverage relative to equity, indicating a rising reliance on debt financing.
Debt to capital ratios
The debt to capital ratio also showed an overall upward movement. The ratio was 0.40 in 2020, slightly declining to 0.39 in 2021, then climbing to 0.43 in 2022, dipping to 0.41 in 2023, and increasing again to 0.45 in 2024. Including operating lease liabilities, the ratio increased from 0.42 in 2020 to 0.47 in 2024, following a similar pattern. The data indicate a modest increase in the proportion of capital structure represented by debt over time.
Debt to assets ratios
The debt to assets ratio remained relatively stable through 2020 to 2023, fluctuating slightly between 0.22 and 0.23, then rose to 0.26 in 2024. Including operating lease liabilities, the ratio followed the same trend with slightly higher values, moving from 0.24 to 0.27 over the period. This stability followed by a subtle increase towards the end of the period suggests a gradual elevation in the company's leverage with respect to its asset base.
Financial leverage
Financial leverage demonstrated minor fluctuations, starting at 3.01 in 2020, dipping slightly to 2.96 in 2021, then increasing to 3.16 in 2022, pulling back to 3.08 in 2023, and rising again to 3.22 in 2024. This indicates that while the company's use of debt relative to equity has somewhat varied, the overall leverage ratio has increased slightly by the end of the period.
Interest coverage
The interest coverage ratio experienced a consistent decline over the period. From a comparatively high level of 13.47 in 2020, it increased to 14.44 in 2021 but then decreased to 13.59 in 2022, fell substantially to 9.97 in 2023, and dropped further to 6.14 in 2024. This trend reflects a diminishing ability to cover interest expenses from operating earnings, which may suggest increased interest burdens or declining operating income.
Fixed charge coverage
Fixed charge coverage followed a similar downward trajectory as interest coverage. It rose slightly from 8.51 in 2020 to 8.80 in 2021, stabilized near 8.77 in 2022, then declined to 7.27 in 2023, and further down to 4.78 in 2024. This reduction indicates a weakening ability to cover fixed financial obligations, implying increased financial strain or reduced earnings available for covering such charges.

Debt Ratios


Coverage Ratios


Debt to Equity

UnitedHealth Group Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt
Long-term debt, less current maturities
Total debt
 
Shareholders’ equity attributable to UnitedHealth Group
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Debt to Equity, Sector
Health Care Equipment & Services
Debt to Equity, Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =

2 Click competitor name to see calculations.


The financial data reveals a clear upward trajectory in both total debt and shareholders’ equity over the five-year period. Total debt increased from $43,467 million in 2020 to $76,904 million in 2024, indicating a significant rise in the company's leverage. This represents an approximate 77% increase over the period, suggesting a strategic approach to financing that involves greater reliance on borrowed funds.

Shareholders’ equity attributable to the company also grew steadily from $65,491 million in 2020 to $92,658 million in 2024. This growth of about 41.5% reflects a strengthening equity base, which could be attributed to retained earnings accumulation, issuance of new stock, or other equity-enhancing activities.

The debt-to-equity ratio fluctuated but generally increased over the timeframe, moving from 0.66 in 2020 to 0.83 in 2024. After a slight decline in 2021, the ratio rose in subsequent years, suggesting that the increase in total debt outpaced that of equity. The upward trend in this leverage ratio points to a shift in the company’s capital structure towards relatively more debt financing over equity.

Total Debt
Increased consistently, with notable acceleration after 2021, indicating expanded borrowing.
Shareholders' Equity
Exhibited steady growth, signifying enhanced financial strength and potential profitability.
Debt to Equity Ratio
Although relatively stable initially, it increased in later years, reflecting higher leverage.

In summary, the company has progressively increased both its liabilities and equity, with debt growth occurring at a faster rate. This trend may suggest strategic investment or expansion efforts financed partly through debt, which warrants monitoring to assess the impact on financial risk and long-term sustainability.


Debt to Equity (including Operating Lease Liability)

UnitedHealth Group Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt
Long-term debt, less current maturities
Total debt
Current operating lease liabilities (included in Other current liabilities)
Noncurrent operating lease liabilities (included in Other liabilities)
Total debt (including operating lease liability)
 
Shareholders’ equity attributable to UnitedHealth Group
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services
Debt to Equity (including Operating Lease Liability), Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =

2 Click competitor name to see calculations.


Total Debt (including operating lease liability)
The total debt increased consistently over the five-year period from 47,914 million US dollars in 2020 to 81,793 million US dollars in 2024. Notably, the largest annual increments occurred between 2023 and 2024, suggesting an acceleration in the company's debt accumulation during the latest year.
Shareholders’ Equity Attributable to UnitedHealth Group
Shareholders’ equity exhibited a steady upward trend throughout the period, rising from 65,491 million US dollars in 2020 to 92,658 million US dollars in 2024. The growth in equity indicates sustained value creation for shareholders over the years, with the most substantial year-on-year increase recorded between 2022 and 2023.
Debt to Equity Ratio (including operating lease liability)
The debt to equity ratio experienced moderate fluctuations within a range of 0.7 to 0.88. It started at 0.73 in 2020, slightly decreased to 0.7 in 2021, then increased to 0.8 in 2022. A subsequent dip to 0.76 in 2023 was followed by a notable increase to 0.88 in 2024. This pattern indicates that while equity has grown, debt has increased at a somewhat faster pace in certain years, particularly in the latest year, suggesting a trend toward higher leverage.

Debt to Capital

UnitedHealth Group Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt
Long-term debt, less current maturities
Total debt
Shareholders’ equity attributable to UnitedHealth Group
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Debt to Capital, Sector
Health Care Equipment & Services
Debt to Capital, Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.


The financial data presents an overview of the company's capital structure over a five-year period, specifically focusing on total debt, total capital, and the debt to capital ratio. Several notable trends emerge from the analysis of these figures.

Total Debt
The company’s total debt shows a consistent upward trajectory throughout the observed period. Starting at $43,467 million at the end of 2020, it increased steadily each year, reaching $76,904 million by the end of 2024. This represents a significant growth in debt levels, with the largest absolute increases observed in the later years, particularly from 2023 to 2024.
Total Capital
Total capital also demonstrates a continuous increase from $108,958 million in 2020 to $169,562 million in 2024. The growth in total capital mirrors the expansion in total debt, with capital rising by approximately 55% over the five-year span. This suggests the company has been expanding its overall capital base substantially.
Debt to Capital Ratio
The debt to capital ratio exhibits relative stability, fluctuating moderately around the 0.4 mark. It started at 0.40 in 2020, dipped slightly to 0.39 in 2021, increased to a peak of 0.43 in 2022, decreased again to 0.41 in 2023, and rose to 0.45 in 2024. These fluctuations indicate that while the company has increased its debt, the proportion of debt to total capital has generally remained within a narrow range, suggesting managed leverage levels despite the rising absolute debt amounts.

In summary, the data reflects a consistent increase in both total debt and total capital over the five years. The company’s approach to capital management appears to accommodate growing debt alongside increasing capital, maintaining a relatively stable leverage ratio with only modest variations. This indicates a strategy that supports growth and expansion while managing financial risk associated with debt levels.


Debt to Capital (including Operating Lease Liability)

UnitedHealth Group Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt
Long-term debt, less current maturities
Total debt
Current operating lease liabilities (included in Other current liabilities)
Noncurrent operating lease liabilities (included in Other liabilities)
Total debt (including operating lease liability)
Shareholders’ equity attributable to UnitedHealth Group
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
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services
Debt to Capital (including Operating Lease Liability), Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 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.


The analysis of the financial data indicates evolving trends in UnitedHealth Group Inc.'s capital structure over the five-year period ending December 31, 2024.

Total Debt (including operating lease liability)
The total debt exhibited consistent growth each year, rising from $47.9 billion in 2020 to $81.8 billion in 2024. The most notable increase occurred between 2023 and 2024, with a substantial increment of approximately $14.4 billion. This persistent upward trend suggests an increasing reliance on debt financing over time.
Total Capital (including operating lease liability)
Total capital also showed a steady increase annually, moving from $113.4 billion in 2020 to $174.5 billion in 2024. The capital base expanded by over 53% during the period, reflecting growth in both debt and equity components. This growth indicates the company's efforts to enhance its overall financial capacity and resource base.
Debt to Capital Ratio (including operating lease liability)
The debt to capital ratio fluctuated moderately across the examined years, starting at 0.42 in 2020 and ending higher at 0.47 in 2024. Notably, the ratio dipped slightly to 0.41 in 2021 and rebounded to 0.45 in 2022 before a brief decline to 0.43 in 2023. The increase to 0.47 in 2024 indicates a higher proportion of debt financing relative to total capital, signaling a gradual shift towards increased leverage.

In summary, the financial data demonstrates a pattern of stable expansion in total capital accompanied by an increasing level of debt. The rising debt to capital ratio by the end of 2024 suggests a strategic inclination towards leveraging, which may affect the company's financial risk profile. Continuous monitoring of leverage and capital structure will be essential to ensure sustainability and balance between growth and financial stability.


Debt to Assets

UnitedHealth Group Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt
Long-term debt, less current maturities
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Debt to Assets, Sector
Health Care Equipment & Services
Debt to Assets, Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


Total Debt
The total debt of the company shows a consistently increasing trend over the five-year period. Starting at $43,467 million at the end of 2020, it rises each year to reach $76,904 million by the end of 2024. This represents a significant increase in borrowing or liabilities over the period, with the most notable escalation occurring between 2023 and 2024.
Total Assets
Total assets also demonstrate steady growth throughout the period. From $197,289 million in 2020, the asset base expands annually to $298,278 million in 2024. This growth indicates ongoing asset accumulation by the company, with asset values increasing by approximately 51% over the five years.
Debt to Assets Ratio
The debt to assets ratio maintains a relatively stable level initially, remaining at 0.22 for both 2020 and 2021, then slightly increasing to 0.23 for 2022 and 2023. In 2024, the ratio increases more noticeably to 0.26. This suggests that while the company’s assets are growing, its relative leverage is also increasing, indicating a higher proportion of debt financing in relation to its assets by the end of the period.

Debt to Assets (including Operating Lease Liability)

UnitedHealth Group Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt
Long-term debt, less current maturities
Total debt
Current operating lease liabilities (included in Other current liabilities)
Noncurrent operating lease liabilities (included in Other 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
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services
Debt to Assets (including Operating Lease Liability), Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


The analysis of the financial data over the five-year period reveals distinct trends in the company's capital structure and overall asset base.

Total Debt (including operating lease liability)

The total debt increased consistently each year, rising from $47,914 million in 2020 to $81,793 million in 2024. This represents an overall increase of approximately 70.6% over the period, indicating a significant rise in the company's leverage and financial obligations.

Total Assets

Total assets also demonstrated steady growth, increasing from $197,289 million at the end of 2020 to $298,278 million by the end of 2024. This corresponds to an approximately 51.2% increase over the five-year span, reflecting expansion in the company's asset base.

Debt to Assets Ratio (including operating lease liability)

The debt to assets ratio remained relatively stable at 0.24 in both 2020 and 2021, then experienced a slight increase to 0.25 in 2022 and 2023. In 2024, the ratio rose further to 0.27. This gradual upward trend suggests that the company's debt is growing at a faster pace than its assets, leading to a modest increase in financial leverage.

Overall, the data indicates an ongoing strategy of increasing debt financing coinciding with asset growth, resulting in a moderate rise in leverage. The increasing debt levels and debt to asset ratio may warrant careful monitoring to ensure financial stability and creditworthiness in subsequent periods.


Financial Leverage

UnitedHealth Group Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity attributable to UnitedHealth Group
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Financial Leverage, Sector
Health Care Equipment & Services
Financial Leverage, Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =

2 Click competitor name to see calculations.


Total Assets
The total assets have demonstrated a consistent upward trend over the observed five-year period. Starting from US$197,289 million at the end of 2020, the assets increased to US$298,278 million by the end of 2024, representing substantial growth. This indicates an expanding asset base, which may reflect business growth, acquisitions, or increased investments.
Shareholders’ Equity Attributable to UnitedHealth Group
Shareholders' equity also showed a positive trajectory, rising steadily from US$65,491 million in 2020 to US$92,658 million in 2024. This growth in equity suggests retained earnings and possibly additional equity infusions, contributing to strengthening the company’s net worth and financial stability over the period.
Financial Leverage
Financial leverage, measured as a ratio, has exhibited minor fluctuations but generally maintained levels around 3.0. The ratio started at 3.01 in 2020, dipped slightly to 2.96 in 2021, then rose to 3.16 in 2022, followed by 3.08 in 2023, and reached 3.22 in 2024. This indicates a consistent use of debt relative to equity to finance assets, with a modest increase toward 2024. The stability of the financial leverage ratio suggests controlled leverage management despite growing asset and equity bases.

Interest Coverage

UnitedHealth Group Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Interest Coverage, Sector
Health Care Equipment & Services
Interest Coverage, Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

2 Click competitor name to see calculations.


The analysis of the provided financial data over the five-year period reveals several important trends in the company's earnings and interest-related metrics.

Earnings before interest and tax (EBIT)
The EBIT shows a general upward trend from 2020 through 2023, increasing from 22,405 million USD in 2020 to a peak of 32,358 million USD in 2023. This represents a significant growth over four years. However, in 2024, EBIT declines sharply to 23,977 million USD, nearly reverting to its 2021 level. This decline in 2024 interrupts what had been a steady improvement in operating earnings.
Interest expense
Interest expense remains relatively stable between 2020 and 2021, close to 1,660 million USD, but then rises steadily each year afterward, reaching 3,906 million USD in 2024. This sharp increase in interest expense, more than doubling over the five-year period, indicates growing financial cost burdens possibly due to increased borrowing or higher interest rates.
Interest coverage ratio
The interest coverage ratio exhibits a declining trend from a high of 14.44 in 2021 to 6.14 in 2024. This ratio, which measures the company's ability to meet interest obligations from operating earnings, suggests a diminishing cushion over time. While still above 1, the reduction from nearly 14 to just over 6 suggests a weakening ability to cover interest expenses, particularly impacted by increased interest costs and the drop in EBIT in the final year.

In summary, the company demonstrated strong EBIT growth through 2023, but experienced a notable decline in EBIT in 2024 alongside rising interest expenses, resulting in a marked decrease in interest coverage. These patterns may reflect increased financial leverage or changes in financing costs, and suggest a need for careful monitoring of debt servicing capacity going forward.


Fixed Charge Coverage

UnitedHealth Group Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Operating lease costs
Earnings before fixed charges and tax
 
Interest expense
Operating lease costs
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
Fixed Charge Coverage, Sector
Health Care Equipment & Services
Fixed Charge Coverage, Industry
Health Care

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

2 Click competitor name to see calculations.


Earnings before fixed charges and tax

The earnings before fixed charges and tax demonstrate a generally upward trend from 2020 to 2023, increasing from 23,505 million USD in 2020 to a peak of 33,758 million USD in 2023. However, in 2024, there is a noticeable decline to 25,377 million USD, indicating a significant decrease compared to the previous year and nearing the 2021 level.

Fixed charges

Fixed charges have steadily increased every year, rising from 2,763 million USD in 2020 to 5,306 million USD in 2024. The most substantial increases appear between 2022 and 2023, as well as between 2023 and 2024, suggesting growing obligations or expenses under this category.

Fixed charge coverage ratio

The fixed charge coverage ratio, which measures the ability to meet fixed charges, remained relatively stable between 2020 and 2022 at around 8.5 to 8.8. However, in 2023, it declined noticeably to 7.27 and dropped sharply in 2024 to 4.78. This decrease corresponds with the rise in fixed charges and the reduction in earnings, indicating reduced capacity to cover fixed obligations, which may signal increased financial risk.