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)
Align Technology 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. | |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Align Technology Inc. debt to equity ratio (including operating lease liability) deteriorated 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. | |
| 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. | Align Technology Inc. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Align Technology Inc. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Align Technology Inc. financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Align Technology Inc. fixed charge coverage ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Debt to Equity
Align Technology 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 thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Stockholders’ equity | 3,601,358) | 3,622,714) | 3,233,865) | 1,346,169) | 1,252,891) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Abbott Laboratories | 0.46 | 0.50 | 0.57 | 0.58 | — | |
| Cigna Group | 0.69 | 0.71 | 0.65 | 0.83 | — | |
| CVS Health Corp. | 0.74 | 0.75 | 0.93 | 1.07 | — | |
| Elevance Health Inc. | 0.66 | 0.64 | 0.60 | 0.63 | — | |
| Humana Inc. | 0.75 | 0.80 | 0.51 | 0.49 | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Medtronic PLC | 0.46 | 0.51 | 0.49 | 0.51 | — | |
| UnitedHealth Group Inc. | 0.74 | 0.64 | 0.66 | 0.71 | — | |
| Debt to Equity, Sector | ||||||
| Health Care Equipment & Services | 0.63 | 0.63 | 0.65 | 0.72 | — | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.72 | 0.78 | 0.90 | 0.91 | — | |
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 ÷ Stockholders’ equity
= 0 ÷ 3,601,358 = 0.00
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. |
Debt to Equity (including Operating Lease Liability)
Align Technology 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 thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Current operating lease liabilities | 26,574) | 22,719) | 21,735) | 15,737) | —) | |
| Long-term operating lease liabilities | 100,334) | 102,656) | 64,445) | 43,463) | —) | |
| Total debt (including operating lease liability) | 126,908) | 125,375) | 86,180) | 59,200) | —) | |
| Stockholders’ equity | 3,601,358) | 3,622,714) | 3,233,865) | 1,346,169) | 1,252,891) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.04 | 0.03 | 0.03 | 0.04 | 0.00 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.49 | 0.54 | 0.61 | 0.61 | — | |
| Cigna Group | 0.70 | 0.73 | 0.67 | 0.84 | — | |
| CVS Health Corp. | 1.00 | 1.01 | 1.23 | 1.39 | — | |
| Elevance Health Inc. | 0.69 | 0.67 | 0.63 | 0.65 | — | |
| Humana Inc. | 0.79 | 0.84 | 0.54 | 0.53 | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | — | |
| Medtronic PLC | 0.48 | 0.53 | 0.51 | 0.51 | — | |
| UnitedHealth Group Inc. | 0.80 | 0.70 | 0.73 | 0.77 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.71 | 0.71 | 0.74 | 0.81 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.77 | 0.84 | 0.96 | 0.97 | — | |
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) ÷ Stockholders’ equity
= 126,908 ÷ 3,601,358 = 0.04
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. | Align Technology Inc. debt to equity ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
Align Technology 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 thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Stockholders’ equity | 3,601,358) | 3,622,714) | 3,233,865) | 1,346,169) | 1,252,891) | |
| Total capital | 3,601,358) | 3,622,714) | 3,233,865) | 1,346,169) | 1,252,891) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Abbott Laboratories | 0.31 | 0.34 | 0.36 | 0.37 | — | |
| Cigna Group | 0.41 | 0.42 | 0.40 | 0.45 | — | |
| CVS Health Corp. | 0.42 | 0.43 | 0.48 | 0.52 | — | |
| Elevance Health Inc. | 0.40 | 0.39 | 0.38 | 0.39 | — | |
| Humana Inc. | 0.43 | 0.44 | 0.34 | 0.33 | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Medtronic PLC | 0.31 | 0.34 | 0.33 | 0.34 | — | |
| UnitedHealth Group Inc. | 0.43 | 0.39 | 0.40 | 0.41 | — | |
| Debt to Capital, Sector | ||||||
| Health Care Equipment & Services | 0.39 | 0.39 | 0.39 | 0.42 | — | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.42 | 0.44 | 0.47 | 0.48 | — | |
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
= 0 ÷ 3,601,358 = 0.00
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. |
Debt to Capital (including Operating Lease Liability)
Align Technology 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 thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Current operating lease liabilities | 26,574) | 22,719) | 21,735) | 15,737) | —) | |
| Long-term operating lease liabilities | 100,334) | 102,656) | 64,445) | 43,463) | —) | |
| Total debt (including operating lease liability) | 126,908) | 125,375) | 86,180) | 59,200) | —) | |
| Stockholders’ equity | 3,601,358) | 3,622,714) | 3,233,865) | 1,346,169) | 1,252,891) | |
| Total capital (including operating lease liability) | 3,728,266) | 3,748,089) | 3,320,045) | 1,405,369) | 1,252,891) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.03 | 0.03 | 0.03 | 0.04 | 0.00 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.33 | 0.35 | 0.38 | 0.38 | — | |
| Cigna Group | 0.41 | 0.42 | 0.40 | 0.46 | — | |
| CVS Health Corp. | 0.50 | 0.50 | 0.55 | 0.58 | — | |
| Elevance Health Inc. | 0.41 | 0.40 | 0.39 | 0.40 | — | |
| Humana Inc. | 0.44 | 0.46 | 0.35 | 0.34 | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | — | |
| Medtronic PLC | 0.32 | 0.35 | 0.34 | 0.34 | — | |
| UnitedHealth Group Inc. | 0.45 | 0.41 | 0.42 | 0.44 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.41 | 0.41 | 0.43 | 0.45 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.44 | 0.46 | 0.49 | 0.49 | — | |
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)
= 126,908 ÷ 3,728,266 = 0.03
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. | Align Technology Inc. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
Align Technology 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 thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Total assets | 5,947,947) | 5,942,110) | 4,829,683) | 2,500,702) | 2,052,458) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Abbott Laboratories | 0.23 | 0.24 | 0.26 | 0.27 | — | |
| Cigna Group | 0.22 | 0.22 | 0.21 | 0.24 | — | |
| CVS Health Corp. | 0.23 | 0.24 | 0.28 | 0.31 | — | |
| Elevance Health Inc. | 0.23 | 0.24 | 0.23 | 0.26 | — | |
| Humana Inc. | 0.27 | 0.29 | 0.20 | 0.20 | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Medtronic PLC | 0.27 | 0.28 | 0.27 | 0.28 | — | |
| UnitedHealth Group Inc. | 0.23 | 0.22 | 0.22 | 0.23 | — | |
| Debt to Assets, Sector | ||||||
| Health Care Equipment & Services | 0.23 | 0.23 | 0.24 | 0.26 | — | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.27 | 0.28 | 0.30 | 0.31 | — | |
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
= 0 ÷ 5,947,947 = 0.00
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. |
Debt to Assets (including Operating Lease Liability)
Align Technology 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 thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Current operating lease liabilities | 26,574) | 22,719) | 21,735) | 15,737) | —) | |
| Long-term operating lease liabilities | 100,334) | 102,656) | 64,445) | 43,463) | —) | |
| Total debt (including operating lease liability) | 126,908) | 125,375) | 86,180) | 59,200) | —) | |
| Total assets | 5,947,947) | 5,942,110) | 4,829,683) | 2,500,702) | 2,052,458) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.24 | 0.26 | 0.27 | 0.28 | — | |
| Cigna Group | 0.22 | 0.22 | 0.22 | 0.24 | — | |
| CVS Health Corp. | 0.31 | 0.33 | 0.37 | 0.40 | — | |
| Elevance Health Inc. | 0.24 | 0.25 | 0.24 | 0.27 | — | |
| Humana Inc. | 0.28 | 0.31 | 0.21 | 0.22 | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | 0.01 | — | |
| Medtronic PLC | 0.27 | 0.29 | 0.28 | 0.28 | — | |
| UnitedHealth Group Inc. | 0.25 | 0.24 | 0.24 | 0.26 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.26 | 0.27 | 0.27 | 0.29 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.29 | 0.30 | 0.32 | 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
= 126,908 ÷ 5,947,947 = 0.02
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. | Align Technology Inc. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
Align Technology 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 thousands) | ||||||
| Total assets | 5,947,947) | 5,942,110) | 4,829,683) | 2,500,702) | 2,052,458) | |
| Stockholders’ equity | 3,601,358) | 3,622,714) | 3,233,865) | 1,346,169) | 1,252,891) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.65 | 1.64 | 1.49 | 1.86 | 1.64 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Abbott Laboratories | 2.03 | 2.10 | 2.21 | 2.18 | — | |
| Cigna Group | 3.21 | 3.29 | 3.09 | 3.44 | — | |
| CVS Health Corp. | 3.21 | 3.10 | 3.32 | 3.48 | — | |
| Elevance Health Inc. | 2.83 | 2.70 | 2.61 | 2.44 | — | |
| Humana Inc. | 2.81 | 2.76 | 2.55 | 2.42 | — | |
| Intuitive Surgical Inc. | 1.17 | 1.14 | 1.15 | 1.18 | — | |
| Medtronic PLC | 1.73 | 1.81 | 1.79 | 1.79 | — | |
| UnitedHealth Group Inc. | 3.16 | 2.96 | 3.01 | 3.02 | — | |
| Financial Leverage, Sector | ||||||
| Health Care Equipment & Services | 2.73 | 2.68 | 2.70 | 2.75 | — | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.66 | 2.77 | 2.95 | 2.93 | — | |
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 ÷ Stockholders’ equity
= 5,947,947 ÷ 3,601,358 = 1.65
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. | Align Technology Inc. financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022. |
Interest Coverage
Align Technology 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 thousands) | ||||||
| Net income | 361,573) | 772,020) | 1,775,888) | 442,776) | 400,235) | |
| Add: Income tax expense | 237,484) | 240,403) | (1,396,939) | 112,347) | 57,723) | |
| Add: Interest expense | —) | —) | —) | —) | —) | |
| Earnings before interest and tax (EBIT) | 599,057) | 1,012,423) | 378,949) | 555,123) | 457,958) | |
| Solvency Ratio | ||||||
| Interest coverage1 | — | — | — | — | — | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Abbott Laboratories | 15.89 | 16.41 | 10.10 | 7.09 | — | |
| Cigna Group | 7.43 | 6.22 | 8.76 | 5.11 | — | |
| CVS Health Corp. | 3.46 | 5.16 | 4.36 | 3.96 | — | |
| Elevance Health Inc. | 10.13 | 10.93 | 8.96 | 9.02 | — | |
| Humana Inc. | 9.89 | 11.49 | 17.52 | 15.34 | — | |
| Intuitive Surgical Inc. | — | — | — | — | — | |
| Medtronic PLC | 10.98 | 5.21 | 4.71 | 4.60 | — | |
| UnitedHealth Group Inc. | 13.59 | 14.44 | 13.47 | 11.55 | — | |
| Interest Coverage, Sector | ||||||
| Health Care Equipment & Services | 9.34 | 9.06 | 8.21 | 6.70 | — | |
| Interest Coverage, Industry | ||||||
| Health Care | 12.97 | 12.85 | 7.67 | 8.84 | — | |
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
= 599,057 ÷ 0 = —
2 Click competitor name to see calculations.
Fixed Charge Coverage
Align Technology 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 thousands) | ||||||
| Net income | 361,573) | 772,020) | 1,775,888) | 442,776) | 400,235) | |
| Add: Income tax expense | 237,484) | 240,403) | (1,396,939) | 112,347) | 57,723) | |
| Add: Interest expense | —) | —) | —) | —) | —) | |
| Earnings before interest and tax (EBIT) | 599,057) | 1,012,423) | 378,949) | 555,123) | 457,958) | |
| Add: Operating lease cost | 37,919) | 33,241) | 27,825) | 22,778) | 16,500) | |
| Earnings before fixed charges and tax | 636,976) | 1,045,664) | 406,774) | 577,901) | 474,458) | |
| Interest expense | —) | —) | —) | —) | —) | |
| Operating lease cost | 37,919) | 33,241) | 27,825) | 22,778) | 16,500) | |
| Fixed charges | 37,919) | 33,241) | 27,825) | 22,778) | 16,500) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 16.80 | 31.46 | 14.62 | 25.37 | 28.76 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Abbott Laboratories | 10.10 | 10.21 | 6.68 | 5.14 | — | |
| Cigna Group | 6.87 | 5.61 | 7.84 | 4.67 | — | |
| CVS Health Corp. | 2.16 | 3.03 | 2.75 | 2.56 | — | |
| Elevance Health Inc. | 8.82 | 8.48 | 6.10 | 7.34 | — | |
| Humana Inc. | 7.10 | 8.05 | 12.02 | 9.76 | — | |
| Intuitive Surgical Inc. | 63.52 | 93.66 | 58.48 | 79.65 | — | |
| Medtronic PLC | 7.79 | 4.31 | 3.98 | 3.97 | — | |
| UnitedHealth Group Inc. | 8.77 | 8.80 | 8.51 | 7.65 | — | |
| Fixed Charge Coverage, Sector | ||||||
| Health Care Equipment & Services | 6.16 | 5.95 | 5.52 | 4.75 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 9.19 | 9.09 | 5.67 | 6.58 | — | |
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
= 636,976 ÷ 37,919 = 16.80
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. | Align Technology Inc. fixed charge coverage ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |