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)
Apple Inc., solvency ratios
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
| 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 | 144) | 165) | 129) | 79) | 24) | —) | |
| Commercial paper | 9,967) | 5,985) | 9,982) | 6,000) | 4,996) | 5,980) | |
| Current portion of term debt | 10,912) | 9,822) | 11,128) | 9,613) | 8,773) | 10,260) | |
| Non-current portion of term debt | 85,750) | 95,281) | 98,959) | 109,106) | 98,667) | 91,807) | |
| Non-current portion of finance leases | 752) | 859) | 812) | 769) | 637) | —) | |
| Total debt | 107,525) | 112,112) | 121,010) | 125,567) | 113,097) | 108,047) | |
| Shareholders’ equity | 56,950) | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 1.89 | 1.80 | 2.39 | 1.99 | 1.73 | 1.19 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cisco Systems Inc. | 0.68 | 0.19 | 0.24 | 0.28 | 0.38 | 0.73 | |
| Dell Technologies Inc. | — | — | — | 19.36 | — | — | |
| Super Micro Computer Inc. | — | 0.15 | 0.42 | 0.09 | 0.03 | 0.03 | |
| Debt to Equity, Sector | |||||||
| Technology Hardware & Equipment | — | 1.34 | 1.66 | 1.65 | 1.69 | — | |
| Debt to Equity, Industry | |||||||
| Information Technology | — | 0.66 | 0.70 | 0.83 | 0.97 | — | |
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
= 107,525 ÷ 56,950 = 1.89
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
| 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 | 144) | 165) | 129) | 79) | 24) | —) | |
| Commercial paper | 9,967) | 5,985) | 9,982) | 6,000) | 4,996) | 5,980) | |
| Current portion of term debt | 10,912) | 9,822) | 11,128) | 9,613) | 8,773) | 10,260) | |
| Non-current portion of term debt | 85,750) | 95,281) | 98,959) | 109,106) | 98,667) | 91,807) | |
| Non-current portion of finance leases | 752) | 859) | 812) | 769) | 637) | —) | |
| Total debt | 107,525) | 112,112) | 121,010) | 125,567) | 113,097) | 108,047) | |
| Lease liabilities, operating leases (included in Other current liabilities) | 1,488) | 1,410) | 1,534) | 1,449) | 1,436) | —) | |
| Lease liabilities, operating leases (included in Other non-current liabilities) | 10,046) | 10,408) | 9,936) | 9,506) | 7,745) | —) | |
| Total debt (including operating lease liability) | 119,059) | 123,930) | 132,480) | 136,522) | 122,278) | 108,047) | |
| Shareholders’ equity | 56,950) | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 2.09 | 1.99 | 2.61 | 2.16 | 1.87 | 1.19 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Arista Networks Inc. | — | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | |
| Cisco Systems Inc. | 0.71 | 0.21 | 0.27 | 0.31 | 0.41 | 0.73 | |
| Dell Technologies Inc. | — | — | — | 20.25 | — | — | |
| Super Micro Computer Inc. | — | 0.16 | 0.44 | 0.11 | 0.05 | 0.03 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Technology Hardware & Equipment | — | 1.46 | 1.81 | 1.78 | 1.81 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.72 | 0.77 | 0.90 | 1.04 | — | |
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
= 119,059 ÷ 56,950 = 2.09
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
| 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 | 144) | 165) | 129) | 79) | 24) | —) | |
| Commercial paper | 9,967) | 5,985) | 9,982) | 6,000) | 4,996) | 5,980) | |
| Current portion of term debt | 10,912) | 9,822) | 11,128) | 9,613) | 8,773) | 10,260) | |
| Non-current portion of term debt | 85,750) | 95,281) | 98,959) | 109,106) | 98,667) | 91,807) | |
| Non-current portion of finance leases | 752) | 859) | 812) | 769) | 637) | —) | |
| Total debt | 107,525) | 112,112) | 121,010) | 125,567) | 113,097) | 108,047) | |
| Shareholders’ equity | 56,950) | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | |
| Total capital | 164,475) | 174,258) | 171,682) | 188,657) | 178,436) | 198,535) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.65 | 0.64 | 0.70 | 0.67 | 0.63 | 0.54 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cisco Systems Inc. | 0.41 | 0.16 | 0.19 | 0.22 | 0.28 | 0.42 | |
| Dell Technologies Inc. | 1.10 | 1.12 | 1.07 | 0.95 | 1.03 | 1.12 | |
| Super Micro Computer Inc. | — | 0.13 | 0.30 | 0.08 | 0.03 | 0.02 | |
| Debt to Capital, Sector | |||||||
| Technology Hardware & Equipment | — | 0.57 | 0.62 | 0.62 | 0.63 | — | |
| Debt to Capital, Industry | |||||||
| Information Technology | — | 0.40 | 0.41 | 0.45 | 0.49 | — | |
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
= 107,525 ÷ 164,475 = 0.65
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
| 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 | 144) | 165) | 129) | 79) | 24) | —) | |
| Commercial paper | 9,967) | 5,985) | 9,982) | 6,000) | 4,996) | 5,980) | |
| Current portion of term debt | 10,912) | 9,822) | 11,128) | 9,613) | 8,773) | 10,260) | |
| Non-current portion of term debt | 85,750) | 95,281) | 98,959) | 109,106) | 98,667) | 91,807) | |
| Non-current portion of finance leases | 752) | 859) | 812) | 769) | 637) | —) | |
| Total debt | 107,525) | 112,112) | 121,010) | 125,567) | 113,097) | 108,047) | |
| Lease liabilities, operating leases (included in Other current liabilities) | 1,488) | 1,410) | 1,534) | 1,449) | 1,436) | —) | |
| Lease liabilities, operating leases (included in Other non-current liabilities) | 10,046) | 10,408) | 9,936) | 9,506) | 7,745) | —) | |
| Total debt (including operating lease liability) | 119,059) | 123,930) | 132,480) | 136,522) | 122,278) | 108,047) | |
| Shareholders’ equity | 56,950) | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | |
| Total capital (including operating lease liability) | 176,009) | 186,076) | 183,152) | 199,612) | 187,617) | 198,535) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.68 | 0.67 | 0.72 | 0.68 | 0.65 | 0.54 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Arista Networks Inc. | — | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | |
| Cisco Systems Inc. | 0.41 | 0.18 | 0.21 | 0.24 | 0.29 | 0.42 | |
| Dell Technologies Inc. | 1.10 | 1.11 | 1.06 | 0.95 | 1.03 | 1.12 | |
| Super Micro Computer Inc. | — | 0.14 | 0.30 | 0.10 | 0.05 | 0.02 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Technology Hardware & Equipment | — | 0.59 | 0.64 | 0.64 | 0.64 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.42 | 0.43 | 0.47 | 0.51 | — | |
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)
= 119,059 ÷ 176,009 = 0.68
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
| 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 | 144) | 165) | 129) | 79) | 24) | —) | |
| Commercial paper | 9,967) | 5,985) | 9,982) | 6,000) | 4,996) | 5,980) | |
| Current portion of term debt | 10,912) | 9,822) | 11,128) | 9,613) | 8,773) | 10,260) | |
| Non-current portion of term debt | 85,750) | 95,281) | 98,959) | 109,106) | 98,667) | 91,807) | |
| Non-current portion of finance leases | 752) | 859) | 812) | 769) | 637) | —) | |
| Total debt | 107,525) | 112,112) | 121,010) | 125,567) | 113,097) | 108,047) | |
| Total assets | 364,980) | 352,583) | 352,755) | 351,002) | 323,888) | 338,516) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.29 | 0.32 | 0.34 | 0.36 | 0.35 | 0.32 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cisco Systems Inc. | 0.25 | 0.08 | 0.10 | 0.12 | 0.15 | 0.25 | |
| Dell Technologies Inc. | 0.32 | 0.33 | 0.29 | 0.39 | 0.44 | 0.48 | |
| Super Micro Computer Inc. | — | 0.08 | 0.19 | 0.04 | 0.02 | 0.01 | |
| Debt to Assets, Sector | |||||||
| Technology Hardware & Equipment | — | 0.27 | 0.29 | 0.32 | 0.33 | — | |
| Debt to Assets, Industry | |||||||
| Information Technology | — | 0.26 | 0.26 | 0.29 | 0.31 | — | |
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
= 107,525 ÷ 364,980 = 0.29
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
| 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 | 144) | 165) | 129) | 79) | 24) | —) | |
| Commercial paper | 9,967) | 5,985) | 9,982) | 6,000) | 4,996) | 5,980) | |
| Current portion of term debt | 10,912) | 9,822) | 11,128) | 9,613) | 8,773) | 10,260) | |
| Non-current portion of term debt | 85,750) | 95,281) | 98,959) | 109,106) | 98,667) | 91,807) | |
| Non-current portion of finance leases | 752) | 859) | 812) | 769) | 637) | —) | |
| Total debt | 107,525) | 112,112) | 121,010) | 125,567) | 113,097) | 108,047) | |
| Lease liabilities, operating leases (included in Other current liabilities) | 1,488) | 1,410) | 1,534) | 1,449) | 1,436) | —) | |
| Lease liabilities, operating leases (included in Other non-current liabilities) | 10,046) | 10,408) | 9,936) | 9,506) | 7,745) | —) | |
| Total debt (including operating lease liability) | 119,059) | 123,930) | 132,480) | 136,522) | 122,278) | 108,047) | |
| Total assets | 364,980) | 352,583) | 352,755) | 351,002) | 323,888) | 338,516) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.33 | 0.35 | 0.38 | 0.39 | 0.38 | 0.32 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Arista Networks Inc. | — | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | |
| Cisco Systems Inc. | 0.26 | 0.09 | 0.11 | 0.13 | 0.16 | 0.25 | |
| Dell Technologies Inc. | 0.33 | 0.34 | 0.30 | 0.41 | 0.45 | 0.48 | |
| Super Micro Computer Inc. | — | 0.08 | 0.19 | 0.05 | 0.03 | 0.01 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Technology Hardware & Equipment | — | 0.29 | 0.31 | 0.34 | 0.35 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.28 | 0.29 | 0.31 | 0.33 | — | |
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
= 119,059 ÷ 364,980 = 0.33
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
| 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 | 364,980) | 352,583) | 352,755) | 351,002) | 323,888) | 338,516) | |
| Shareholders’ equity | 56,950) | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 6.41 | 5.67 | 6.96 | 5.56 | 4.96 | 3.74 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Arista Networks Inc. | — | 1.38 | 1.39 | 1.44 | 1.43 | 1.45 | |
| Cisco Systems Inc. | 2.74 | 2.30 | 2.36 | 2.36 | 2.50 | 2.91 | |
| Dell Technologies Inc. | — | — | — | 49.78 | — | — | |
| Super Micro Computer Inc. | — | 1.86 | 2.25 | 2.05 | 1.80 | 1.79 | |
| Financial Leverage, Sector | |||||||
| Technology Hardware & Equipment | — | 4.95 | 5.78 | 5.18 | 5.13 | — | |
| Financial Leverage, Industry | |||||||
| Information Technology | — | 2.55 | 2.68 | 2.89 | 3.12 | — | |
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
= 364,980 ÷ 56,950 = 6.41
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
| 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 | 93,736) | 96,995) | 99,803) | 94,680) | 57,411) | 55,256) | |
| Add: Income tax expense | 29,749) | 16,741) | 19,300) | 14,527) | 9,680) | 10,481) | |
| Add: Interest expense | —) | 3,933) | 2,931) | 2,645) | 2,873) | 3,576) | |
| Earnings before interest and tax (EBIT) | 123,485) | 117,669) | 122,034) | 111,852) | 69,964) | 69,313) | |
| Solvency Ratio | |||||||
| Interest coverage1 | — | 29.92 | 41.64 | 42.29 | 24.35 | 19.38 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Arista Networks Inc. | — | — | — | — | — | — | |
| Cisco Systems Inc. | 13.16 | 36.87 | 41.21 | 31.56 | 24.88 | 17.96 | |
| Dell Technologies Inc. | 3.59 | 3.64 | 4.84 | 2.54 | 1.00 | 0.05 | |
| Super Micro Computer Inc. | — | 72.55 | 53.71 | 48.81 | 40.01 | 13.97 | |
| Interest Coverage, Sector | |||||||
| Technology Hardware & Equipment | — | 25.22 | 30.22 | 24.25 | 14.35 | — | |
| Interest Coverage, Industry | |||||||
| Information Technology | — | 17.89 | 22.78 | 20.06 | 14.26 | — | |
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
= 123,485 ÷ 0 = —
2 Click competitor name to see calculations.
Fixed Charge Coverage
Apple Inc., fixed charge coverage calculation, comparison to benchmarks
| 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 | 93,736) | 96,995) | 99,803) | 94,680) | 57,411) | 55,256) | |
| Add: Income tax expense | 29,749) | 16,741) | 19,300) | 14,527) | 9,680) | 10,481) | |
| Add: Interest expense | —) | 3,933) | 2,931) | 2,645) | 2,873) | 3,576) | |
| Earnings before interest and tax (EBIT) | 123,485) | 117,669) | 122,034) | 111,852) | 69,964) | 69,313) | |
| Add: Lease costs associated with fixed payments on operating leases | 2,000) | 2,000) | 1,900) | 1,700) | 1,500) | 1,300) | |
| Earnings before fixed charges and tax | 125,485) | 119,669) | 123,934) | 113,552) | 71,464) | 70,613) | |
| Interest expense | —) | 3,933) | 2,931) | 2,645) | 2,873) | 3,576) | |
| Lease costs associated with fixed payments on operating leases | 2,000) | 2,000) | 1,900) | 1,700) | 1,500) | 1,300) | |
| Fixed charges | 2,000) | 5,933) | 4,831) | 4,345) | 4,373) | 4,876) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 62.74 | 20.17 | 25.65 | 26.13 | 16.34 | 14.48 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Arista Networks Inc. | — | 73.83 | 49.20 | 31.02 | 24.95 | 30.94 | |
| Cisco Systems Inc. | 9.58 | 18.98 | 20.30 | 16.92 | 14.79 | 12.28 | |
| Dell Technologies Inc. | 3.17 | 3.14 | 4.16 | 2.26 | 1.00 | 0.20 | |
| Super Micro Computer Inc. | — | 40.95 | 24.03 | 12.52 | 10.45 | 7.48 | |
| Fixed Charge Coverage, Sector | |||||||
| Technology Hardware & Equipment | — | 17.24 | 19.84 | 16.62 | 10.51 | — | |
| Fixed Charge Coverage, Industry | |||||||
| Information Technology | — | 11.45 | 13.53 | 12.31 | 9.12 | — | |
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
= 125,485 ÷ 2,000 = 62.74
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. |