Debt to equity
How much of the company is borrowed against what the owners put in.
In plain English
For every dollar the owners have in the business, how much has it borrowed?
Try it with pocket-money numbers. Owners put in $100; the company borrowed $80. 80 ÷ 100 = 0.8x — eighty cents of debt per owner dollar.
That is the whole calculation. The tables below run it on what 442 companies actually filed.
| Formula | Total debt ÷ shareholders’ equity |
|---|---|
| Companies reporting it | 442 of 573 |
| Median | 0.79x |
| Middle half | 0.39x – 1.45x |
| Range | 0.00x – 16.57x |
When it lies. Meaningless where equity is negative or where deposits are not borrowings, so it is blank for banks and for buyback-driven negative equity rather than shown as a huge number.
By sector
| Sector | n | Median | 25th | 75th |
|---|---|---|---|---|
| Utilities | 57 | 1.41x | 1.13x | 1.77x |
| Communications | 26 | 1.25x | 0.71x | 2.52x |
| Investment company | 4 | 1.03x | 1.01x | 1.03x |
| Consumer discretionary | 35 | 1.01x | 0.44x | 2.57x |
| Consumer staples | 35 | 0.86x | 0.46x | 1.66x |
| Real estate | 46 | 0.85x | 0.66x | 1.53x |
| Financial services | 22 | 0.79x | 0.46x | 1.63x |
| Health care | 35 | 0.73x | 0.34x | 0.98x |
| Industrials | 65 | 0.67x | 0.32x | 1.15x |
| Materials | 43 | 0.59x | 0.33x | 0.92x |
| Technology | 34 | 0.42x | 0.17x | 1.03x |
| Energy | 38 | 0.37x | 0.23x | 0.68x |
| not classified | 2 | 0.00x | 0.00x | 0.35x |
Highest debt to equity
| # | Ticker | Company | Sector | Debt to equity |
|---|---|---|---|---|
| 1 | BRN | Barnwell Industries | Energy | 0.00x |
| 2 | GILT | Gilat Satellite Networks | Technology | 0.00x |
| 3 | OCG | Oriental Culture Holding | not classified | 0.00x |
| 4 | UAMY | United States Antimony | Materials | 0.00x |
| 5 | AMR | Alpha Metallurgical Resources | Energy | 0.00x |
| 6 | PHM | Pultegroup | Industrials | 0.00x |
| 7 | CXDO | Crexendo | Communications | 0.02x |
| 8 | ESLT | Elbit Systems | Industrials | 0.02x |
| 9 | CTSH | Cognizant Technology Solutions | Technology | 0.04x |
| 10 | NHC | National Healthcare | Health care | 0.04x |
| 11 | CMTL | Comtech Telecommunications | Technology | 0.04x |
| 12 | IOTR | iOThree | Communications | 0.04x |
| 13 | ZYBT | Zhengye Biotechnology Holding | Health care | 0.04x |
| 14 | LUD | Luda Technology Group | Materials | 0.05x |
| 15 | ASPI | ASP Isotopes | Materials | 0.05x |
| 16 | BABA | Alibaba Group Holding | Industrials | 0.05x |
| 17 | NVDA | Nvidia | Technology | 0.05x |
| 18 | SND | Smart Sand | Materials | 0.05x |
| 19 | FIX | Comfort Systems Usa | Industrials | 0.06x |
| 20 | RMD | Resmed | Health care | 0.06x |
Lowest
| # | Ticker | Company | Sector | Debt to equity |
|---|---|---|---|---|
| 442 | TNET | Trinet Group | Industrials | 16.57x |
| 441 | OGN | Organon | Health care | 11.49x |
| 440 | AMT | American Tower | Real estate | 10.19x |
| 439 | SBGI | Sinclair | Communications | 9.87x |
| 438 | NRG | NRG Energy | Utilities | 9.76x |
| 437 | XRX | Xerox Holdings | Technology | 9.57x |
| 436 | LVS | Las Vegas Sands | Consumer discretionary | 9.22x |
| 435 | SVC | Service Properties Trust | Real estate | 8.52x |
| 434 | CLX | Clorox | Consumer staples | 7.74x |
| 433 | AMGN | Amgen | Health care | 6.31x |