Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

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Analysis of Solvency Ratios

Microsoft Excel

Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

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Solvency Ratios (Summary)

Apple Inc., solvency ratios

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
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: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Apple Inc. debt to equity ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Apple Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Apple Inc. debt to capital ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
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. Apple Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Apple Inc. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Apple Inc. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Apple Inc. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Apple Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Debt to Equity

Apple Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total debt
 
Shareholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Debt to Equity, Sector
Technology Hardware & Equipment
Debt to Equity, Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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

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. Apple Inc. debt to equity ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Debt to Equity (including Operating Lease Liability)

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

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total debt
Lease liabilities, operating leases (included in Other current liabilities)
Lease liabilities, operating leases (included in Other non-current liabilities)
Total debt (including operating lease liability)
 
Shareholders’ equity
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Debt to Equity (including Operating Lease Liability), Sector
Technology Hardware & Equipment
Debt to Equity (including Operating Lease Liability), Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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

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. Apple Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Debt to Capital

Apple Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total debt
Shareholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Debt to Capital, Sector
Technology Hardware & Equipment
Debt to Capital, Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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

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. Apple Inc. debt to capital ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Debt to Capital (including Operating Lease Liability)

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

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total debt
Lease liabilities, operating leases (included in Other current liabilities)
Lease liabilities, operating leases (included in Other non-current liabilities)
Total debt (including operating lease liability)
Shareholders’ equity
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
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Debt to Capital (including Operating Lease Liability), Sector
Technology Hardware & Equipment
Debt to Capital (including Operating Lease Liability), Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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.

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. Apple Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Debt to Assets

Apple Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Debt to Assets, Sector
Technology Hardware & Equipment
Debt to Assets, Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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

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. Apple Inc. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024.

Debt to Assets (including Operating Lease Liability)

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

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total debt
Lease liabilities, operating leases (included in Other current liabilities)
Lease liabilities, operating leases (included in Other non-current 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
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Debt to Assets (including Operating Lease Liability), Sector
Technology Hardware & Equipment
Debt to Assets (including Operating Lease Liability), Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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.

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. Apple Inc. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Financial Leverage

Apple Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Financial Leverage, Sector
Technology Hardware & Equipment
Financial Leverage, Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =

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. Apple Inc. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Interest Coverage

Apple Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Interest Coverage, Sector
Technology Hardware & Equipment
Interest Coverage, Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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

2 Click competitor name to see calculations.

Fixed Charge Coverage

Apple Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Lease costs associated with fixed payments on operating leases
Earnings before fixed charges and tax
 
Interest expense
Lease costs associated with fixed payments on operating leases
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
Arista Networks Inc.
Cisco Systems Inc.
Super Micro Computer Inc.
Fixed Charge Coverage, Sector
Technology Hardware & Equipment
Fixed Charge Coverage, Industry
Information Technology

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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

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. Apple Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.