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)
Activision Blizzard Inc., solvency ratios
Based on: 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), 10-K (reporting date: 2018-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Activision Blizzard Inc. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Activision Blizzard Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Activision Blizzard Inc. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
| 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. | Activision Blizzard Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Activision Blizzard Inc. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Activision Blizzard Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Activision Blizzard Inc. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Activision Blizzard Inc. interest coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Activision Blizzard Inc. fixed charge coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Debt to Equity
Activision Blizzard Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt, net | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total debt | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Shareholders’ equity | 19,243) | 17,599) | 15,037) | 12,805) | 11,357) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.19 | 0.21 | 0.24 | 0.21 | 0.24 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Alphabet Inc. | 0.06 | 0.06 | 0.07 | — | — | |
| Comcast Corp. | 1.17 | 0.99 | 1.15 | — | — | |
| Meta Platforms Inc. | 0.08 | 0.00 | 0.00 | — | — | |
| Netflix Inc. | 0.69 | 0.97 | 1.47 | — | — | |
| Walt Disney Co. | 0.51 | 0.62 | 0.71 | 0.53 | — | |
| Debt to Equity, Sector | ||||||
| Media & Entertainment | 0.32 | 0.31 | 0.36 | — | — | |
| Debt to Equity, Industry | ||||||
| Communication Services | 0.65 | 0.65 | 0.67 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 3,611 ÷ 19,243 = 0.19
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. | Activision Blizzard Inc. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
Activision Blizzard Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt, net | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total debt | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Current operating lease liabilities (classified as Accrued expenses and other current liabilities) | 83) | 77) | 66) | 63) | —) | |
| Non-current operating lease liabilities (classified as Other liabilities) | 162) | 212) | 224) | 210) | —) | |
| Total debt (including operating lease liability) | 3,856) | 3,897) | 3,895) | 2,948) | 2,671) | |
| Shareholders’ equity | 19,243) | 17,599) | 15,037) | 12,805) | 11,357) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.20 | 0.22 | 0.26 | 0.23 | 0.24 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Alphabet Inc. | 0.12 | 0.11 | 0.13 | — | — | |
| Comcast Corp. | 1.26 | 1.06 | 1.20 | — | — | |
| Meta Platforms Inc. | 0.22 | 0.12 | 0.09 | — | — | |
| Netflix Inc. | 0.81 | 1.14 | 1.67 | — | — | |
| Walt Disney Co. | 0.55 | 0.66 | 0.75 | 0.53 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Media & Entertainment | 0.39 | 0.38 | 0.43 | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Communication Services | 0.80 | 0.79 | 0.80 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 3,856 ÷ 19,243 = 0.20
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. | Activision Blizzard Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
Activision Blizzard Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt, net | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total debt | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Shareholders’ equity | 19,243) | 17,599) | 15,037) | 12,805) | 11,357) | |
| Total capital | 22,854) | 21,207) | 18,642) | 15,480) | 14,028) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.16 | 0.17 | 0.19 | 0.17 | 0.19 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Alphabet Inc. | 0.06 | 0.06 | 0.06 | — | — | |
| Comcast Corp. | 0.54 | 0.50 | 0.53 | — | — | |
| Meta Platforms Inc. | 0.08 | 0.00 | 0.00 | — | — | |
| Netflix Inc. | 0.41 | 0.49 | 0.60 | — | — | |
| Walt Disney Co. | 0.34 | 0.38 | 0.41 | 0.35 | — | |
| Debt to Capital, Sector | ||||||
| Media & Entertainment | 0.24 | 0.24 | 0.27 | — | — | |
| Debt to Capital, Industry | ||||||
| Communication Services | 0.39 | 0.40 | 0.40 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 3,611 ÷ 22,854 = 0.16
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. | Activision Blizzard Inc. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
Activision Blizzard Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt, net | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total debt | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Current operating lease liabilities (classified as Accrued expenses and other current liabilities) | 83) | 77) | 66) | 63) | —) | |
| Non-current operating lease liabilities (classified as Other liabilities) | 162) | 212) | 224) | 210) | —) | |
| Total debt (including operating lease liability) | 3,856) | 3,897) | 3,895) | 2,948) | 2,671) | |
| Shareholders’ equity | 19,243) | 17,599) | 15,037) | 12,805) | 11,357) | |
| Total capital (including operating lease liability) | 23,099) | 21,496) | 18,932) | 15,753) | 14,028) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.17 | 0.18 | 0.21 | 0.19 | 0.19 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Alphabet Inc. | 0.10 | 0.10 | 0.11 | — | — | |
| Comcast Corp. | 0.56 | 0.52 | 0.55 | — | — | |
| Meta Platforms Inc. | 0.18 | 0.10 | 0.08 | — | — | |
| Netflix Inc. | 0.45 | 0.53 | 0.63 | — | — | |
| Walt Disney Co. | 0.35 | 0.40 | 0.43 | 0.35 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Media & Entertainment | 0.28 | 0.28 | 0.30 | — | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Communication Services | 0.44 | 0.44 | 0.44 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 3,856 ÷ 23,099 = 0.17
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. | Activision Blizzard Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
Activision Blizzard Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt, net | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total debt | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total assets | 27,383) | 25,056) | 23,109) | 19,845) | 17,835) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.13 | 0.14 | 0.16 | 0.13 | 0.15 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Alphabet Inc. | 0.04 | 0.04 | 0.05 | — | — | |
| Comcast Corp. | 0.37 | 0.34 | 0.38 | — | — | |
| Meta Platforms Inc. | 0.06 | 0.00 | 0.00 | — | — | |
| Netflix Inc. | 0.30 | 0.35 | 0.42 | — | — | |
| Walt Disney Co. | 0.24 | 0.27 | 0.29 | 0.24 | — | |
| Debt to Assets, Sector | ||||||
| Media & Entertainment | 0.17 | 0.17 | 0.20 | — | — | |
| Debt to Assets, Industry | ||||||
| Communication Services | 0.27 | 0.27 | 0.27 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 3,611 ÷ 27,383 = 0.13
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. | Activision Blizzard Inc. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
Activision Blizzard Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt, net | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Total debt | 3,611) | 3,608) | 3,605) | 2,675) | 2,671) | |
| Current operating lease liabilities (classified as Accrued expenses and other current liabilities) | 83) | 77) | 66) | 63) | —) | |
| Non-current operating lease liabilities (classified as Other liabilities) | 162) | 212) | 224) | 210) | —) | |
| Total debt (including operating lease liability) | 3,856) | 3,897) | 3,895) | 2,948) | 2,671) | |
| Total assets | 27,383) | 25,056) | 23,109) | 19,845) | 17,835) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.14 | 0.16 | 0.17 | 0.15 | 0.15 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Alphabet Inc. | 0.08 | 0.08 | 0.09 | — | — | |
| Comcast Corp. | 0.39 | 0.37 | 0.40 | — | — | |
| Meta Platforms Inc. | 0.15 | 0.09 | 0.07 | — | — | |
| Netflix Inc. | 0.35 | 0.41 | 0.47 | — | — | |
| Walt Disney Co. | 0.26 | 0.29 | 0.31 | 0.24 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Media & Entertainment | 0.22 | 0.21 | 0.23 | — | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Communication Services | 0.33 | 0.33 | 0.33 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 3,856 ÷ 27,383 = 0.14
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. | Activision Blizzard Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
Activision Blizzard Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 27,383) | 25,056) | 23,109) | 19,845) | 17,835) | |
| Shareholders’ equity | 19,243) | 17,599) | 15,037) | 12,805) | 11,357) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.42 | 1.42 | 1.54 | 1.55 | 1.57 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Alphabet Inc. | 1.43 | 1.43 | 1.44 | — | — | |
| Comcast Corp. | 3.18 | 2.87 | 3.03 | — | — | |
| Meta Platforms Inc. | 1.48 | 1.33 | 1.24 | — | — | |
| Netflix Inc. | 2.34 | 2.81 | 3.55 | — | — | |
| Walt Disney Co. | 2.14 | 2.30 | 2.41 | 2.18 | — | |
| Financial Leverage, Sector | ||||||
| Media & Entertainment | 1.83 | 1.82 | 1.85 | — | — | |
| Financial Leverage, Industry | ||||||
| Communication Services | 2.45 | 2.43 | 2.45 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 27,383 ÷ 19,243 = 1.42
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. | Activision Blizzard Inc. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Interest Coverage
Activision Blizzard Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 1,513) | 2,699) | 2,197) | 1,503) | 1,813) | |
| Add: Income tax expense | 231) | 465) | 419) | 130) | 64) | |
| Add: Interest expense from debt | 108) | 108) | 99) | 90) | 140) | |
| Earnings before interest and tax (EBIT) | 1,852) | 3,272) | 2,715) | 1,723) | 2,017) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 17.15 | 30.30 | 27.42 | 19.14 | 14.41 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Alphabet Inc. | 200.80 | 263.24 | 357.16 | — | — | |
| Comcast Corp. | 3.38 | 5.46 | 4.07 | — | — | |
| Meta Platforms Inc. | 164.74 | 3,153.27 | 2,371.00 | — | — | |
| Netflix Inc. | 8.45 | 8.63 | 5.17 | — | — | |
| Walt Disney Co. | 4.41 | 2.66 | -0.06 | 12.19 | — | |
| Interest Coverage, Sector | ||||||
| Media & Entertainment | 18.95 | 24.80 | 14.53 | — | — | |
| Interest Coverage, Industry | ||||||
| Communication Services | 8.50 | 11.90 | 6.51 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,852 ÷ 108 = 17.15
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. | Activision Blizzard Inc. interest coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Fixed Charge Coverage
Activision Blizzard Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 1,513) | 2,699) | 2,197) | 1,503) | 1,813) | |
| Add: Income tax expense | 231) | 465) | 419) | 130) | 64) | |
| Add: Interest expense from debt | 108) | 108) | 99) | 90) | 140) | |
| Earnings before interest and tax (EBIT) | 1,852) | 3,272) | 2,715) | 1,723) | 2,017) | |
| Add: Operating lease costs | 85) | 78) | 75) | 75) | 75) | |
| Earnings before fixed charges and tax | 1,937) | 3,350) | 2,790) | 1,798) | 2,092) | |
| Interest expense from debt | 108) | 108) | 99) | 90) | 140) | |
| Operating lease costs | 85) | 78) | 75) | 75) | 75) | |
| Fixed charges | 193) | 186) | 174) | 165) | 215) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 10.04 | 18.01 | 16.03 | 10.90 | 9.73 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Alphabet Inc. | 22.90 | 30.80 | 21.02 | — | — | |
| Comcast Corp. | 2.82 | 4.48 | 3.47 | — | — | |
| Meta Platforms Inc. | 15.18 | 31.41 | 24.62 | — | — | |
| Netflix Inc. | 5.00 | 5.46 | 3.65 | — | — | |
| Walt Disney Co. | 3.25 | 2.07 | 0.32 | 6.94 | — | |
| Fixed Charge Coverage, Sector | ||||||
| Media & Entertainment | 9.54 | 13.00 | 8.30 | — | — | |
| Fixed Charge Coverage, Industry | ||||||
| Communication Services | 4.31 | 6.03 | 3.77 | — | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,937 ÷ 193 = 10.04
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. | Activision Blizzard Inc. fixed charge coverage ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |