Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
CSX Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | CSX Corp. debt to equity ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | CSX Corp. debt to equity ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | CSX Corp. debt to capital ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | CSX Corp. debt to capital ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | CSX Corp. debt to assets ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | CSX Corp. debt to assets ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | CSX Corp. financial leverage ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | CSX Corp. interest coverage ratio deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023. |
Debt to Equity
CSX Corp., debt to equity calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | 11) | 151) | 155) | 236) | 317) | 181) | 211) | 122) | 41) | 401) | 371) | 378) | 255) | 245) | 745) | 245) | 18) | 18) | 18) | 19) | 19) | |||||||
| Long-term debt, excluding current portion | 17,911) | 17,896) | 17,895) | 15,974) | 16,019) | 16,185) | 16,182) | 16,229) | 16,306) | 16,304) | 16,121) | 16,128) | 16,477) | 15,993) | 15,992) | 15,522) | 15,748) | 14,739) | 13,754) | 13,769) | 13,768) | |||||||
| Total debt | 17,922) | 18,047) | 18,050) | 16,210) | 16,336) | 16,366) | 16,393) | 16,351) | 16,347) | 16,705) | 16,492) | 16,506) | 16,732) | 16,238) | 16,737) | 15,767) | 15,766) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Shareholders’ equity, attributable to CSX | 12,326) | 12,615) | 12,874) | 13,131) | 13,184) | 13,490) | 13,163) | 13,426) | 13,151) | 13,101) | 12,713) | 12,150) | 11,871) | 11,848) | 11,864) | 12,276) | 12,428) | 12,563) | 13,719) | 14,009) | 14,378) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity1 | 1.45 | 1.43 | 1.40 | 1.23 | 1.24 | 1.21 | 1.25 | 1.22 | 1.24 | 1.28 | 1.30 | 1.36 | 1.41 | 1.37 | 1.41 | 1.28 | 1.27 | 1.17 | 1.00 | 0.98 | 0.96 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | 0.86 | 1.07 | 1.11 | 1.20 | 1.20 | 1.03 | 1.01 | 1.03 | 0.99 | 0.93 | 0.90 | 0.88 | — | — | — | — | |||||||
| Uber Technologies Inc. | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | 0.64 | 0.67 | 0.55 | 0.57 | 0.62 | 0.75 | 0.70 | 0.50 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | 2.10 | 2.11 | 2.01 | 1.64 | 1.58 | 1.63 | 1.73 | 1.74 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 4.80 | 4.68 | 6.74 | 8.55 | 9.55 | 7.03 | 6.55 | 7.39 | 5.69 | 4.75 | 4.03 | 2.25 | 1.88 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | 1.54 | 1.84 | 2.09 | 3.32 | 37.53 | 4.60 | 6.18 | 8.67 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity, attributable to CSX
= 17,922 ÷ 12,326 = 1.45
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. | CSX Corp. debt to equity ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Debt to Equity (including Operating Lease Liability)
CSX Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | 11) | 151) | 155) | 236) | 317) | 181) | 211) | 122) | 41) | 401) | 371) | 378) | 255) | 245) | 745) | 245) | 18) | 18) | 18) | 19) | 19) | |||||||
| Long-term debt, excluding current portion | 17,911) | 17,896) | 17,895) | 15,974) | 16,019) | 16,185) | 16,182) | 16,229) | 16,306) | 16,304) | 16,121) | 16,128) | 16,477) | 15,993) | 15,992) | 15,522) | 15,748) | 14,739) | 13,754) | 13,769) | 13,768) | |||||||
| Total debt | 17,922) | 18,047) | 18,050) | 16,210) | 16,336) | 16,366) | 16,393) | 16,351) | 16,347) | 16,705) | 16,492) | 16,506) | 16,732) | 16,238) | 16,737) | 15,767) | 15,766) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Long-term operating lease liability | 478) | 488) | 487) | 473) | 476) | 478) | 482) | 450) | 453) | 455) | 475) | 481) | 489) | 493) | 494) | 501) | 502) | —) | —) | —) | —) | |||||||
| Total debt (including operating lease liability) | 18,400) | 18,535) | 18,537) | 16,683) | 16,812) | 16,844) | 16,875) | 16,801) | 16,800) | 17,160) | 16,967) | 16,987) | 17,221) | 16,731) | 17,231) | 16,268) | 16,268) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Shareholders’ equity, attributable to CSX | 12,326) | 12,615) | 12,874) | 13,131) | 13,184) | 13,490) | 13,163) | 13,426) | 13,151) | 13,101) | 12,713) | 12,150) | 11,871) | 11,848) | 11,864) | 12,276) | 12,428) | 12,563) | 13,719) | 14,009) | 14,378) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 1.49 | 1.47 | 1.44 | 1.27 | 1.28 | 1.25 | 1.28 | 1.25 | 1.28 | 1.31 | 1.33 | 1.40 | 1.45 | 1.41 | 1.45 | 1.33 | 1.31 | 1.17 | 1.00 | 0.98 | 0.96 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | 1.51 | 1.75 | 1.83 | 1.95 | 1.97 | 1.78 | 1.78 | 1.81 | 0.99 | 0.93 | 0.90 | 0.88 | — | — | — | — | |||||||
| Uber Technologies Inc. | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | 0.77 | 0.78 | 0.67 | 0.70 | 0.76 | 0.94 | 0.88 | 0.65 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | 2.20 | 2.20 | 2.10 | 1.71 | 1.65 | 1.71 | 1.81 | 1.83 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 5.58 | 5.41 | 7.84 | 9.94 | 11.12 | 8.17 | 7.60 | 8.52 | 6.77 | 5.69 | 4.83 | 2.92 | 2.49 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | 1.79 | 2.13 | 2.42 | 3.75 | 42.24 | 5.14 | 6.86 | 9.58 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity, attributable to CSX
= 18,400 ÷ 12,326 = 1.49
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | CSX Corp. debt to equity ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Debt to Capital
CSX Corp., debt to capital calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | 11) | 151) | 155) | 236) | 317) | 181) | 211) | 122) | 41) | 401) | 371) | 378) | 255) | 245) | 745) | 245) | 18) | 18) | 18) | 19) | 19) | |||||||
| Long-term debt, excluding current portion | 17,911) | 17,896) | 17,895) | 15,974) | 16,019) | 16,185) | 16,182) | 16,229) | 16,306) | 16,304) | 16,121) | 16,128) | 16,477) | 15,993) | 15,992) | 15,522) | 15,748) | 14,739) | 13,754) | 13,769) | 13,768) | |||||||
| Total debt | 17,922) | 18,047) | 18,050) | 16,210) | 16,336) | 16,366) | 16,393) | 16,351) | 16,347) | 16,705) | 16,492) | 16,506) | 16,732) | 16,238) | 16,737) | 15,767) | 15,766) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Shareholders’ equity, attributable to CSX | 12,326) | 12,615) | 12,874) | 13,131) | 13,184) | 13,490) | 13,163) | 13,426) | 13,151) | 13,101) | 12,713) | 12,150) | 11,871) | 11,848) | 11,864) | 12,276) | 12,428) | 12,563) | 13,719) | 14,009) | 14,378) | |||||||
| Total capital | 30,248) | 30,662) | 30,924) | 29,341) | 29,520) | 29,856) | 29,556) | 29,777) | 29,498) | 29,806) | 29,205) | 28,656) | 28,603) | 28,086) | 28,601) | 28,043) | 28,194) | 27,320) | 27,491) | 27,797) | 28,165) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital1 | 0.59 | 0.59 | 0.58 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.56 | 0.56 | 0.58 | 0.58 | 0.58 | 0.59 | 0.56 | 0.56 | 0.54 | 0.50 | 0.50 | 0.49 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | 0.46 | 0.52 | 0.53 | 0.54 | 0.55 | 0.51 | 0.50 | 0.51 | 0.50 | 0.48 | 0.47 | 0.47 | — | — | — | — | |||||||
| Uber Technologies Inc. | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | 0.39 | 0.40 | 0.35 | 0.36 | 0.38 | 0.43 | 0.41 | 0.33 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | 0.68 | 0.68 | 0.67 | 0.62 | 0.61 | 0.62 | 0.63 | 0.64 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.83 | 0.82 | 0.87 | 0.90 | 0.91 | 0.88 | 0.87 | 0.88 | 0.85 | 0.83 | 0.80 | 0.69 | 0.65 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | 0.61 | 0.65 | 0.68 | 0.77 | 0.97 | 0.82 | 0.86 | 0.90 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 17,922 ÷ 30,248 = 0.59
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. | CSX Corp. debt to capital ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Debt to Capital (including Operating Lease Liability)
CSX Corp., debt to capital (including operating lease liability) calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | 11) | 151) | 155) | 236) | 317) | 181) | 211) | 122) | 41) | 401) | 371) | 378) | 255) | 245) | 745) | 245) | 18) | 18) | 18) | 19) | 19) | |||||||
| Long-term debt, excluding current portion | 17,911) | 17,896) | 17,895) | 15,974) | 16,019) | 16,185) | 16,182) | 16,229) | 16,306) | 16,304) | 16,121) | 16,128) | 16,477) | 15,993) | 15,992) | 15,522) | 15,748) | 14,739) | 13,754) | 13,769) | 13,768) | |||||||
| Total debt | 17,922) | 18,047) | 18,050) | 16,210) | 16,336) | 16,366) | 16,393) | 16,351) | 16,347) | 16,705) | 16,492) | 16,506) | 16,732) | 16,238) | 16,737) | 15,767) | 15,766) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Long-term operating lease liability | 478) | 488) | 487) | 473) | 476) | 478) | 482) | 450) | 453) | 455) | 475) | 481) | 489) | 493) | 494) | 501) | 502) | —) | —) | —) | —) | |||||||
| Total debt (including operating lease liability) | 18,400) | 18,535) | 18,537) | 16,683) | 16,812) | 16,844) | 16,875) | 16,801) | 16,800) | 17,160) | 16,967) | 16,987) | 17,221) | 16,731) | 17,231) | 16,268) | 16,268) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Shareholders’ equity, attributable to CSX | 12,326) | 12,615) | 12,874) | 13,131) | 13,184) | 13,490) | 13,163) | 13,426) | 13,151) | 13,101) | 12,713) | 12,150) | 11,871) | 11,848) | 11,864) | 12,276) | 12,428) | 12,563) | 13,719) | 14,009) | 14,378) | |||||||
| Total capital (including operating lease liability) | 30,726) | 31,150) | 31,411) | 29,814) | 29,996) | 30,334) | 30,038) | 30,227) | 29,951) | 30,261) | 29,680) | 29,137) | 29,092) | 28,579) | 29,095) | 28,544) | 28,696) | 27,320) | 27,491) | 27,797) | 28,165) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.60 | 0.60 | 0.59 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.57 | 0.57 | 0.58 | 0.59 | 0.59 | 0.59 | 0.57 | 0.57 | 0.54 | 0.50 | 0.50 | 0.49 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.65 | 0.66 | 0.66 | 0.64 | 0.64 | 0.64 | 0.50 | 0.48 | 0.47 | 0.47 | — | — | — | — | |||||||
| Uber Technologies Inc. | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | 0.43 | 0.44 | 0.40 | 0.41 | 0.43 | 0.48 | 0.47 | 0.40 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | 0.69 | 0.69 | 0.68 | 0.63 | 0.62 | 0.63 | 0.64 | 0.65 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.85 | 0.84 | 0.89 | 0.91 | 0.92 | 0.89 | 0.88 | 0.89 | 0.87 | 0.85 | 0.83 | 0.75 | 0.71 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | 0.64 | 0.68 | 0.71 | 0.79 | 0.98 | 0.84 | 0.87 | 0.91 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 18,400 ÷ 30,726 = 0.60
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | CSX Corp. debt to capital ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Debt to Assets
CSX Corp., debt to assets calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | 11) | 151) | 155) | 236) | 317) | 181) | 211) | 122) | 41) | 401) | 371) | 378) | 255) | 245) | 745) | 245) | 18) | 18) | 18) | 19) | 19) | |||||||
| Long-term debt, excluding current portion | 17,911) | 17,896) | 17,895) | 15,974) | 16,019) | 16,185) | 16,182) | 16,229) | 16,306) | 16,304) | 16,121) | 16,128) | 16,477) | 15,993) | 15,992) | 15,522) | 15,748) | 14,739) | 13,754) | 13,769) | 13,768) | |||||||
| Total debt | 17,922) | 18,047) | 18,050) | 16,210) | 16,336) | 16,366) | 16,393) | 16,351) | 16,347) | 16,705) | 16,492) | 16,506) | 16,732) | 16,238) | 16,737) | 15,767) | 15,766) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Total assets | 41,478) | 41,912) | 42,242) | 40,366) | 40,452) | 40,531) | 40,129) | 40,015) | 39,692) | 39,793) | 39,443) | 38,904) | 38,834) | 38,257) | 38,795) | 37,924) | 38,154) | 36,729) | 36,861) | 36,924) | 37,439) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets1 | 0.43 | 0.43 | 0.43 | 0.40 | 0.40 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.43 | 0.42 | 0.43 | 0.42 | 0.41 | 0.40 | 0.37 | 0.37 | 0.37 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.25 | 0.28 | 0.29 | 0.30 | 0.30 | 0.28 | 0.27 | 0.27 | 0.32 | 0.34 | 0.32 | 0.33 | — | — | — | — | |||||||
| Uber Technologies Inc. | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.24 | 0.25 | 0.22 | 0.23 | 0.23 | 0.23 | 0.24 | 0.19 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.47 | 0.47 | 0.46 | 0.43 | 0.43 | 0.44 | 0.45 | 0.45 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.45 | 0.48 | 0.48 | 0.48 | 0.50 | 0.52 | 0.51 | 0.51 | 0.48 | 0.48 | 0.46 | 0.35 | 0.33 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.37 | 0.40 | 0.41 | 0.43 | 0.47 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 17,922 ÷ 41,478 = 0.43
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. | CSX Corp. debt to assets ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Debt to Assets (including Operating Lease Liability)
CSX Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | 11) | 151) | 155) | 236) | 317) | 181) | 211) | 122) | 41) | 401) | 371) | 378) | 255) | 245) | 745) | 245) | 18) | 18) | 18) | 19) | 19) | |||||||
| Long-term debt, excluding current portion | 17,911) | 17,896) | 17,895) | 15,974) | 16,019) | 16,185) | 16,182) | 16,229) | 16,306) | 16,304) | 16,121) | 16,128) | 16,477) | 15,993) | 15,992) | 15,522) | 15,748) | 14,739) | 13,754) | 13,769) | 13,768) | |||||||
| Total debt | 17,922) | 18,047) | 18,050) | 16,210) | 16,336) | 16,366) | 16,393) | 16,351) | 16,347) | 16,705) | 16,492) | 16,506) | 16,732) | 16,238) | 16,737) | 15,767) | 15,766) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Long-term operating lease liability | 478) | 488) | 487) | 473) | 476) | 478) | 482) | 450) | 453) | 455) | 475) | 481) | 489) | 493) | 494) | 501) | 502) | —) | —) | —) | —) | |||||||
| Total debt (including operating lease liability) | 18,400) | 18,535) | 18,537) | 16,683) | 16,812) | 16,844) | 16,875) | 16,801) | 16,800) | 17,160) | 16,967) | 16,987) | 17,221) | 16,731) | 17,231) | 16,268) | 16,268) | 14,757) | 13,772) | 13,788) | 13,787) | |||||||
| Total assets | 41,478) | 41,912) | 42,242) | 40,366) | 40,452) | 40,531) | 40,129) | 40,015) | 39,692) | 39,793) | 39,443) | 38,904) | 38,834) | 38,257) | 38,795) | 37,924) | 38,154) | 36,729) | 36,861) | 36,924) | 37,439) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.44 | 0.44 | 0.44 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.43 | 0.40 | 0.37 | 0.37 | 0.37 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.47 | 0.47 | 0.49 | 0.49 | 0.48 | 0.47 | 0.48 | 0.32 | 0.34 | 0.32 | 0.33 | — | — | — | — | |||||||
| Uber Technologies Inc. | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | 0.29 | 0.30 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.25 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | 0.49 | 0.49 | 0.48 | 0.45 | 0.45 | 0.46 | 0.47 | 0.47 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.53 | 0.55 | 0.56 | 0.56 | 0.58 | 0.60 | 0.60 | 0.59 | 0.57 | 0.57 | 0.55 | 0.45 | 0.44 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.44 | 0.46 | 0.48 | 0.52 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 18,400 ÷ 41,478 = 0.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | CSX Corp. debt to assets ratio (including operating lease liability) deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Financial Leverage
CSX Corp., financial leverage calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Total assets | 41,478) | 41,912) | 42,242) | 40,366) | 40,452) | 40,531) | 40,129) | 40,015) | 39,692) | 39,793) | 39,443) | 38,904) | 38,834) | 38,257) | 38,795) | 37,924) | 38,154) | 36,729) | 36,861) | 36,924) | 37,439) | |||||||
| Shareholders’ equity, attributable to CSX | 12,326) | 12,615) | 12,874) | 13,131) | 13,184) | 13,490) | 13,163) | 13,426) | 13,151) | 13,101) | 12,713) | 12,150) | 11,871) | 11,848) | 11,864) | 12,276) | 12,428) | 12,563) | 13,719) | 14,009) | 14,378) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | 3.37 | 3.32 | 3.28 | 3.07 | 3.07 | 3.00 | 3.05 | 2.98 | 3.02 | 3.04 | 3.10 | 3.20 | 3.27 | 3.23 | 3.27 | 3.09 | 3.07 | 2.92 | 2.69 | 2.64 | 2.60 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | 3.43 | 3.77 | 3.86 | 3.99 | 4.02 | 3.72 | 3.75 | 3.77 | 3.06 | 2.74 | 2.76 | 2.71 | — | — | — | — | |||||||
| Uber Technologies Inc. | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | 2.68 | 2.65 | 2.56 | 2.55 | 2.71 | 3.23 | 2.96 | 2.65 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | 4.49 | 4.48 | 4.34 | 3.80 | 3.68 | 3.70 | 3.86 | 3.89 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | 13.56 | 12.76 | 14.49 | 11.84 | 9.99 | 8.74 | 6.45 | 5.63 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | 4.87 | 5.46 | 6.00 | 8.86 | 94.99 | 11.16 | 14.22 | 18.46 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity, attributable to CSX
= 41,478 ÷ 12,326 = 3.37
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. | CSX Corp. financial leverage ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
Interest Coverage
CSX Corp., interest coverage calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings | 987) | 1,018) | 1,111) | 1,178) | 859) | 934) | 968) | 1,173) | 706) | 760) | 736) | 499) | 770) | 771) | 856) | 870) | 834) | 843) | 894) | 877) | 695) | |||||||
| Add: Income tax expense | 317) | 286) | 312) | 380) | 270) | 271) | 311) | 357) | 231) | 234) | 232) | 153) | 243) | 210) | 269) | 276) | 230) | 255) | 256) | 267) | 217) | |||||||
| Add: Interest expense | 201) | 199) | 193) | 171) | 179) | 180) | 177) | 181) | 184) | 189) | 187) | 191) | 187) | 189) | 186) | 184) | 178) | 171) | 162) | 157) | 149) | |||||||
| Earnings before interest and tax (EBIT) | 1,505) | 1,503) | 1,616) | 1,729) | 1,308) | 1,385) | 1,456) | 1,711) | 1,121) | 1,183) | 1,155) | 843) | 1,200) | 1,170) | 1,311) | 1,330) | 1,242) | 1,269) | 1,312) | 1,301) | 1,061) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Interest coverage1 | 8.32 | 8.30 | 8.35 | 8.31 | 8.17 | 7.86 | 7.48 | 6.98 | 5.73 | 5.81 | 5.79 | 6.01 | 6.72 | 6.86 | 7.17 | 7.41 | 7.67 | 7.74 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | -1.20 | -4.91 | -1.89 | -7.20 | -14.24 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | 8.33 | 8.05 | 7.66 | 6.91 | 7.12 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 2.44 | 1.59 | 0.40 | 0.06 | -0.56 | -0.62 | -1.71 | -4.00 | -6.18 | -7.89 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | 24.91 | 12.99 | 12.33 | 10.56 | 3.63 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Interest coverage
= (EBITQ1 2023
+ EBITQ4 2022
+ EBITQ3 2022
+ EBITQ2 2022)
÷ (Interest expenseQ1 2023
+ Interest expenseQ4 2022
+ Interest expenseQ3 2022
+ Interest expenseQ2 2022)
= (1,505 + 1,503 + 1,616 + 1,729)
÷ (201 + 199 + 193 + 171)
= 8.32
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. | CSX Corp. interest coverage ratio deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023. |