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)
Intuit Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
- Debt to Equity
- The debt to equity ratio shows relative stability at low levels from October 2018 through April 2020, fluctuating between 0.08 and 0.15. There is a sharp increase peaking at 0.66 in July 2020, followed by a downward trend stabilizing near 0.32-0.35 towards the most recent periods in 2024 and 2025. Including operating lease liabilities, the pattern is similar but slightly elevated, with peaks at 0.7 and a later range near 0.35-0.38.
- Debt to Capital
- Debt to capital ratios follow a similar trajectory to debt to equity, maintaining low values around 0.1 until early 2020, increasing sharply to approximately 0.4 in mid-2020, then declining and stabilizing around 0.24-0.26 in the latest reported quarters. Inclusion of operating lease liabilities slightly increases these ratios but retains the overall pattern of initial stability, spike, and subsequent moderation.
- Debt to Assets
- The debt to assets metric remains low through early 2020, averaging around 0.05 to 0.09, then abruptly rises to above 0.3 during mid-2020. Afterward, it decreases and stabilizes near 0.18 to 0.2 in recent quarters. The inclusion of operating lease liabilities consistently raises this ratio by a modest margin but with a parallel trend.
- Financial Leverage
- Financial leverage ratios demonstrate mild volatility, starting from 1.7-1.9 range in 2018-2019, peaking at 2.14 in July 2020. Subsequently, the ratio decreases and oscillates between 1.5 and 1.8 with a slight upward bias towards the most current periods, indicating persistent moderate leverage over the observed timeline.
- Interest Coverage
- The interest coverage ratio is notably high in the initial available data points starting in January 2019, with values frequently exceeding 100, peaking at about 164 in April 2020. From mid-2020 onward, a pronounced declining trend is visible, reaching the low teens by late 2023 and maintaining a range roughly between 13 and 18 in the latest quarters. This decline suggests reduced ability to cover interest expenses despite the still relatively comfortable coverage levels.
- Overall Observations
- The data reflects a significant increase in leverage and debt-related ratios around mid-2020, likely indicating a strategic or situational shift in capital structure or financing activities during that time. Following this peak, the ratios gradually recede to moderate levels somewhat higher than prior to 2020. Interest coverage, while initially very strong, shows a sustained decrease, suggesting rising interest burdens or diminished earnings relative to interest expenses. Operating lease liabilities contribute a consistent but moderate increase in debt-related ratios across all periods.
Debt Ratios
Coverage Ratios
Debt to Equity
Intuit Inc., debt to equity calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Short-term debt | 500) | 500) | 499) | 499) | —) | —) | —) | —) | 501) | 501) | 499) | 499) | —) | —) | —) | —) | —) | 325) | 325) | 1,338) | 350) | 38) | 50) | 50) | 50) | 50) | 50) | ||||||||
| Long-term debt | 5,906) | 5,760) | 5,625) | 5,539) | 5,952) | 5,950) | 5,879) | 6,120) | 6,109) | 6,576) | 6,486) | 6,415) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,033) | 2,032) | 2,031) | 48) | 373) | 373) | 386) | 398) | 363) | 375) | ||||||||
| Total debt | 6,406) | 6,260) | 6,124) | 6,038) | 5,952) | 5,950) | 5,879) | 6,120) | 6,610) | 7,077) | 6,985) | 6,914) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,358) | 2,357) | 3,369) | 398) | 411) | 423) | 436) | 448) | 413) | 425) | ||||||||
| Stockholders’ equity | 20,125) | 17,949) | 18,136) | 18,436) | 18,757) | 16,908) | 16,992) | 17,269) | 17,592) | 15,842) | 16,067) | 16,441) | 16,961) | 15,595) | 9,733) | 9,869) | 9,955) | 8,868) | 5,245) | 5,106) | 4,740) | 3,727) | 3,633) | 3,749) | 4,070) | 2,796) | 2,782) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to equity1 | 0.32 | 0.35 | 0.34 | 0.33 | 0.32 | 0.35 | 0.35 | 0.35 | 0.38 | 0.45 | 0.43 | 0.42 | 0.40 | 0.43 | 0.21 | 0.21 | 0.20 | 0.27 | 0.45 | 0.66 | 0.08 | 0.11 | 0.12 | 0.12 | 0.11 | 0.15 | 0.15 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 0.17 | 0.18 | 0.18 | 0.04 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Adobe Inc. | — | 0.54 | 0.47 | 0.40 | 0.39 | 0.38 | 0.24 | 0.22 | 0.23 | 0.24 | 0.26 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.29 | 0.30 | 0.30 | 0.31 | 0.35 | 0.38 | 0.39 | 0.39 | 0.40 | 0.42 | 0.42 | ||||||||
| Cadence Design Systems Inc. | — | — | 0.52 | 0.53 | 0.62 | 0.32 | 0.18 | 0.19 | 0.21 | 0.22 | 0.23 | 0.27 | 0.29 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.29 | 0.31 | 0.32 | — | — | — | — | ||||||||
| CrowdStrike Holdings Inc. | 0.24 | 0.26 | 0.29 | 0.32 | 0.37 | 0.40 | 0.46 | 0.51 | 0.56 | 0.60 | 0.67 | 0.72 | 0.78 | 0.82 | 0.87 | 0.85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.46 | 4.32 | 2.69 | 2.52 | 3.75 | 4.43 | 3.81 | 2.85 | 3.07 | 3.32 | 3.65 | ||||||||
| International Business Machines Corp. | — | — | 2.35 | 2.01 | 2.31 | 2.35 | 2.56 | 2.51 | 2.39 | 2.59 | 2.72 | 2.32 | 2.53 | 2.59 | 2.85 | 2.74 | 2.45 | 2.51 | 2.64 | 2.99 | 3.08 | 3.15 | 3.22 | — | — | — | — | ||||||||
| Microsoft Corp. | 0.13 | 0.15 | 0.16 | 0.19 | 0.26 | 0.31 | 0.32 | 0.23 | 0.25 | 0.26 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | 0.41 | 0.43 | 0.46 | 0.52 | 0.54 | 0.58 | 0.63 | 0.66 | 0.71 | 0.77 | 0.79 | 0.89 | ||||||||
| Oracle Corp. | 5.75 | 6.45 | 7.81 | 9.98 | 15.65 | 22.97 | 37.53 | 84.33 | — | — | — | — | — | — | — | 16.08 | 7.79 | 8.94 | 7.46 | 5.93 | 3.63 | 3.32 | 2.95 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 0.05 | 0.08 | 0.11 | 0.19 | 0.26 | 0.42 | 0.90 | 1.14 | 2.99 | 5.05 | 7.24 | 17.51 | 10.89 | 31.19 | 7.08 | 5.08 | 3.20 | 3.04 | 4.18 | 2.80 | 1.98 | 0.91 | 0.95 | 0.90 | 1.08 | 1.45 | 1.30 | ||||||||
| Salesforce Inc. | 0.14 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.19 | 0.24 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.17 | 0.19 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 | 0.20 | 0.21 | 0.21 | 0.27 | 0.30 | 0.33 | 0.35 | 0.39 | 0.43 | 0.45 | 0.48 | 0.53 | 0.58 | 0.64 | 0.28 | 0.31 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.06 | 0.08 | 0.03 | 0.04 | 0.07 | 0.14 | ||||||||
| Workday Inc. | 0.35 | 0.36 | 0.37 | 0.37 | 0.45 | 0.47 | 0.50 | 0.53 | 0.55 | 0.80 | 0.86 | 0.41 | 0.44 | 0.48 | 0.55 | 0.55 | 0.58 | 0.63 | 0.68 | 0.51 | 0.54 | 0.56 | 0.60 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 6,406 ÷ 20,125 = 0.32
2 Click competitor name to see calculations.
The analysis of the financial data reveals several key trends and patterns over the observed periods.
- Total Debt
- The total debt shows moderate fluctuations in the early periods, ranging between approximately 398 and 448 million US dollars from October 2018 to April 2020. A significant and abrupt increase occurs in July 2020, with total debt reaching 3,369 million US dollars, marking a sharp spike compared to previous quarters. Following this, the debt level decreases somewhat but remains elevated in the 2,000 to 7,000 million US dollars range, peaking notably at 7,077 million in January 2023. After this peak, the debt appears to decline gradually though still remains at a high absolute level, finishing at 6,406 million US dollars by April 2025. This suggests episodic large borrowings or refinancing activities leading to a higher debt base in recent years.
- Stockholders’ Equity
- Stockholders' equity demonstrates a strong upward trajectory over the entire period. Initially, equity fluctuates near 2,700 million to 4,700 million US dollars until the first half of 2020. Thereafter, a marked increase is observed from mid-2020 onwards, rising sharply to approximately 8,868 million in October 2020 and continuing to grow consistently, with some minor quarterly variability. By April 2025, equity stands at over 20,000 million US dollars, representing a substantial increase compared to the beginning of the data series. This growth indicates considerable value creation for shareholders, potentially through retained earnings, stock issuance, or other equity-enhancing activities.
- Debt to Equity Ratio
- The debt to equity ratio remains relatively low and stable, between approximately 0.08 and 0.21 from October 2018 through mid-2021, signifying a conservative leverage position during this time. A pronounced rise is evident starting mid-2020, coinciding with the increase in absolute debt levels, causing the ratio to reach as high as 0.66 briefly. Subsequently, the ratio declines and stabilizes around 0.32 to 0.35 in the later periods, indicating that although total debt increased significantly, stockholders' equity increased proportionately more, resulting in a moderate leverage position overall by the end of the timespan.
In summary, the company’s capital structure experienced a notable transition beginning mid-2020, characterized by a significant increase in both total debt and stockholders’ equity. Despite the rise in debt, the proportional growth in equity has maintained the debt to equity ratio at moderate levels, reflecting controlled leveraging. The continuous rise in equity highlights a strengthening financial position and an expanding shareholder value base over time.
Debt to Equity (including Operating Lease Liability)
Intuit Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Short-term debt | 500) | 500) | 499) | 499) | —) | —) | —) | —) | 501) | 501) | 499) | 499) | —) | —) | —) | —) | —) | 325) | 325) | 1,338) | 350) | 38) | 50) | 50) | 50) | 50) | 50) | ||||||||
| Long-term debt | 5,906) | 5,760) | 5,625) | 5,539) | 5,952) | 5,950) | 5,879) | 6,120) | 6,109) | 6,576) | 6,486) | 6,415) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,033) | 2,032) | 2,031) | 48) | 373) | 373) | 386) | 398) | 363) | 375) | ||||||||
| Total debt | 6,406) | 6,260) | 6,124) | 6,038) | 5,952) | 5,950) | 5,879) | 6,120) | 6,610) | 7,077) | 6,985) | 6,914) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,358) | 2,357) | 3,369) | 398) | 411) | 423) | 436) | 448) | 413) | 425) | ||||||||
| Operating lease liabilities, excluding current portion | 614) | 573) | 592) | 458) | 468) | 473) | 474) | 480) | 499) | 514) | 530) | 542) | 415) | 429) | 403) | 380) | 365) | 391) | 228) | 221) | 215) | 286) | 297) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 7,020) | 6,833) | 6,716) | 6,496) | 6,420) | 6,423) | 6,353) | 6,600) | 7,109) | 7,591) | 7,515) | 7,456) | 7,268) | 7,161) | 2,440) | 2,414) | 2,398) | 2,749) | 2,585) | 3,590) | 613) | 697) | 720) | 436) | 448) | 413) | 425) | ||||||||
| Stockholders’ equity | 20,125) | 17,949) | 18,136) | 18,436) | 18,757) | 16,908) | 16,992) | 17,269) | 17,592) | 15,842) | 16,067) | 16,441) | 16,961) | 15,595) | 9,733) | 9,869) | 9,955) | 8,868) | 5,245) | 5,106) | 4,740) | 3,727) | 3,633) | 3,749) | 4,070) | 2,796) | 2,782) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.35 | 0.38 | 0.37 | 0.35 | 0.34 | 0.38 | 0.37 | 0.38 | 0.40 | 0.48 | 0.47 | 0.45 | 0.43 | 0.46 | 0.25 | 0.24 | 0.24 | 0.31 | 0.49 | 0.70 | 0.13 | 0.19 | 0.20 | 0.12 | 0.11 | 0.15 | 0.15 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 0.27 | 0.28 | 0.28 | 0.15 | 0.17 | 0.12 | 0.12 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.21 | 0.22 | 0.22 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Adobe Inc. | — | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 | 0.26 | 0.28 | 0.29 | 0.33 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.34 | 0.35 | 0.35 | 0.40 | 0.43 | 0.45 | 0.39 | 0.40 | 0.42 | 0.42 | ||||||||
| CrowdStrike Holdings Inc. | 0.26 | 0.28 | 0.31 | 0.34 | 0.39 | 0.43 | 0.49 | 0.54 | 0.59 | 0.63 | 0.70 | 0.76 | 0.82 | 0.86 | 0.92 | 0.89 | 0.05 | 0.06 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.92 | 4.59 | 2.90 | 2.74 | 4.05 | 4.79 | 4.14 | 2.85 | 3.07 | 3.32 | 3.65 | ||||||||
| International Business Machines Corp. | — | — | 2.49 | 2.14 | 2.46 | 2.49 | 2.70 | 2.66 | 2.54 | 2.72 | 2.85 | 2.46 | 2.68 | 2.75 | 3.02 | 2.92 | 2.65 | 2.72 | 2.86 | 3.23 | 3.32 | 3.39 | 3.47 | — | — | — | — | ||||||||
| Microsoft Corp. | 0.19 | 0.21 | 0.21 | 0.25 | 0.32 | 0.37 | 0.39 | 0.29 | 0.31 | 0.33 | 0.35 | 0.37 | 0.38 | 0.40 | 0.42 | 0.48 | 0.50 | 0.53 | 0.58 | 0.60 | 0.65 | 0.70 | 0.72 | 0.77 | 0.83 | 0.86 | 0.95 | ||||||||
| Palantir Technologies Inc. | — | — | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.25 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 0.10 | 0.14 | 0.17 | 0.26 | 0.34 | 0.50 | 1.02 | 1.30 | 3.20 | 5.42 | 7.80 | 18.82 | 11.70 | 33.58 | 7.65 | 5.58 | 3.52 | 3.35 | 4.61 | 3.10 | 2.45 | 1.13 | 1.20 | 0.90 | 1.08 | 1.45 | 1.30 | ||||||||
| Salesforce Inc. | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.22 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.25 | 0.30 | 0.14 | 0.15 | 0.14 | 0.15 | 0.17 | 0.17 | 0.18 | 0.35 | 0.38 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 0.24 | 0.24 | 0.24 | 0.26 | 0.28 | 0.30 | 0.31 | 0.32 | 0.40 | 0.44 | 0.47 | 0.51 | 0.55 | 0.60 | 0.63 | 0.64 | 0.69 | 0.75 | 0.82 | 0.48 | 0.53 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 1.08 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.13 | 0.13 | 0.14 | 0.13 | 0.14 | 0.15 | 0.18 | 0.21 | 0.03 | 0.04 | 0.07 | 0.14 | ||||||||
| Workday Inc. | 0.39 | 0.40 | 0.41 | 0.41 | 0.49 | 0.52 | 0.55 | 0.58 | 0.60 | 0.86 | 0.92 | 0.46 | 0.51 | 0.56 | 0.63 | 0.68 | 0.72 | 0.75 | 0.81 | 0.63 | 0.67 | 0.70 | 0.75 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 7,020 ÷ 20,125 = 0.35
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the observed periods related to total debt, stockholders’ equity, and the debt to equity ratio.
- Total Debt (including operating lease liability)
- The total debt levels show significant fluctuations across the quarters. Initially, debt was relatively low and stable, fluctuating slightly between approximately $413 million and $720 million from late 2018 through early 2020. However, beginning in mid-2020, a marked increase is evident, peaking at $7,161 million in January 2022. Following this peak, the debt levels remain elevated, hovering generally between $6,000 million and $7,500 million through to the latest period in April 2025. This substantial rise indicates a strategic shift toward higher leverage or increased borrowing during this timeframe.
- Stockholders’ Equity
- Stockholders' equity exhibits a strong upward trajectory overall. Starting at approximately $2,782 million in late 2018, equity grows steadily, experiencing a sharp increase from early 2021, reaching as high as $19,949 million by the latest reported quarter in April 2025. Although there are minor fluctuations in certain quarters, the general trend reflects consistent growth in shareholders' capital base, suggesting positive retained earnings and/or successful capital raises.
- Debt to Equity Ratio (including operating lease liability)
- The debt to equity ratio demonstrates variability in alignment with the trends observed in debt and equity. Initially, the ratio remains low, around 0.11 to 0.2, suggesting conservative leverage. A significant jump occurs in mid-2020, corresponding with the increase in total debt, reaching a peak of approximately 0.7, indicating the highest leverage point. Subsequently, the ratio declines somewhat but stabilizes in the range of 0.34 to 0.48, indicating a moderately leveraged position maintained over the following quarters. The ratio's fluctuation mirrors the dynamics between increasing equity and elevated debt levels during this period.
In summary, the reported data reveals a period of heightened borrowing starting in 2020, which coincides with an overall substantial increase in equity. The company appears to have expanded its balance sheet significantly during this phase, resulting in increased financial leverage that has been somewhat tempered but remains above historical low levels. The sustained growth in equity alongside elevated debt suggests strategic investments or expansions funded through a mix of equity and debt financing.
Debt to Capital
Intuit Inc., debt to capital calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Short-term debt | 500) | 500) | 499) | 499) | —) | —) | —) | —) | 501) | 501) | 499) | 499) | —) | —) | —) | —) | —) | 325) | 325) | 1,338) | 350) | 38) | 50) | 50) | 50) | 50) | 50) | ||||||||
| Long-term debt | 5,906) | 5,760) | 5,625) | 5,539) | 5,952) | 5,950) | 5,879) | 6,120) | 6,109) | 6,576) | 6,486) | 6,415) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,033) | 2,032) | 2,031) | 48) | 373) | 373) | 386) | 398) | 363) | 375) | ||||||||
| Total debt | 6,406) | 6,260) | 6,124) | 6,038) | 5,952) | 5,950) | 5,879) | 6,120) | 6,610) | 7,077) | 6,985) | 6,914) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,358) | 2,357) | 3,369) | 398) | 411) | 423) | 436) | 448) | 413) | 425) | ||||||||
| Stockholders’ equity | 20,125) | 17,949) | 18,136) | 18,436) | 18,757) | 16,908) | 16,992) | 17,269) | 17,592) | 15,842) | 16,067) | 16,441) | 16,961) | 15,595) | 9,733) | 9,869) | 9,955) | 8,868) | 5,245) | 5,106) | 4,740) | 3,727) | 3,633) | 3,749) | 4,070) | 2,796) | 2,782) | ||||||||
| Total capital | 26,531) | 24,209) | 24,260) | 24,474) | 24,709) | 22,858) | 22,871) | 23,389) | 24,202) | 22,919) | 23,052) | 23,355) | 23,814) | 22,327) | 11,770) | 11,903) | 11,988) | 11,226) | 7,602) | 8,475) | 5,138) | 4,138) | 4,056) | 4,185) | 4,518) | 3,209) | 3,207) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to capital1 | 0.24 | 0.26 | 0.25 | 0.25 | 0.24 | 0.26 | 0.26 | 0.26 | 0.27 | 0.31 | 0.30 | 0.30 | 0.29 | 0.30 | 0.17 | 0.17 | 0.17 | 0.21 | 0.31 | 0.40 | 0.08 | 0.10 | 0.10 | 0.10 | 0.10 | 0.13 | 0.13 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 0.14 | 0.15 | 0.15 | 0.03 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Adobe Inc. | — | 0.35 | 0.32 | 0.29 | 0.28 | 0.27 | 0.19 | 0.18 | 0.19 | 0.20 | 0.20 | 0.23 | 0.22 | 0.23 | 0.23 | 0.22 | 0.22 | 0.23 | 0.23 | 0.24 | 0.26 | 0.27 | 0.28 | 0.28 | 0.29 | 0.29 | 0.29 | ||||||||
| Cadence Design Systems Inc. | — | — | 0.34 | 0.35 | 0.38 | 0.24 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.23 | 0.12 | 0.11 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.23 | 0.24 | 0.24 | — | — | — | — | ||||||||
| CrowdStrike Holdings Inc. | 0.20 | 0.21 | 0.23 | 0.24 | 0.27 | 0.29 | 0.32 | 0.34 | 0.36 | 0.38 | 0.40 | 0.42 | 0.44 | 0.45 | 0.47 | 0.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | 1.80 | 1.89 | 1.77 | 1.64 | 1.56 | 1.59 | 1.59 | 1.57 | 1.67 | 1.72 | 1.76 | 1.76 | 1.59 | 1.49 | 1.10 | 0.89 | 0.81 | 0.73 | 0.72 | 0.79 | 0.82 | 0.79 | 0.74 | 0.75 | 0.77 | 0.79 | ||||||||
| International Business Machines Corp. | — | — | 0.70 | 0.67 | 0.70 | 0.70 | 0.72 | 0.72 | 0.71 | 0.72 | 0.73 | 0.70 | 0.72 | 0.72 | 0.74 | 0.73 | 0.71 | 0.72 | 0.73 | 0.75 | 0.76 | 0.76 | 0.76 | — | — | — | — | ||||||||
| Microsoft Corp. | 0.12 | 0.13 | 0.14 | 0.16 | 0.21 | 0.24 | 0.24 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.26 | 0.29 | 0.30 | 0.32 | 0.34 | 0.35 | 0.37 | 0.39 | 0.40 | 0.41 | 0.44 | 0.44 | 0.47 | ||||||||
| Oracle Corp. | 0.85 | 0.87 | 0.89 | 0.91 | 0.94 | 0.96 | 0.97 | 0.99 | 1.03 | 1.05 | 1.07 | 1.09 | 1.12 | 1.15 | 1.02 | 0.94 | 0.89 | 0.90 | 0.88 | 0.86 | 0.78 | 0.77 | 0.75 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 0.05 | 0.08 | 0.10 | 0.16 | 0.21 | 0.29 | 0.47 | 0.53 | 0.75 | 0.83 | 0.88 | 0.95 | 0.92 | 0.97 | 0.88 | 0.84 | 0.76 | 0.75 | 0.81 | 0.74 | 0.66 | 0.48 | 0.49 | 0.47 | 0.52 | 0.59 | 0.56 | ||||||||
| Salesforce Inc. | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.15 | 0.16 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 0.13 | 0.13 | 0.14 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.21 | 0.23 | 0.25 | 0.26 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | 0.37 | 0.39 | 0.22 | 0.24 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.05 | 0.07 | 0.03 | 0.03 | 0.07 | 0.13 | ||||||||
| Workday Inc. | 0.26 | 0.26 | 0.27 | 0.27 | 0.31 | 0.32 | 0.33 | 0.35 | 0.35 | 0.45 | 0.46 | 0.29 | 0.30 | 0.32 | 0.35 | 0.35 | 0.37 | 0.39 | 0.41 | 0.34 | 0.35 | 0.36 | 0.37 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,406 ÷ 26,531 = 0.24
2 Click competitor name to see calculations.
The financial data reveals a dynamic pattern in both total debt and total capital over the examined periods, reflecting changes in the company's financial structure and leverage.
- Total Debt
-
Total debt exhibited relative stability initially, fluctuating modestly around the 400 million US dollar mark from late 2018 through early 2020. A sudden and significant increase occurred in mid-2020, where debt surged sharply to exceed 3,300 million US dollars. This peak was followed by a gradual decline, moving downward to approximately 2,000 million by mid-2021. Subsequently, another pronounced escalation was observed, peaking around 7,000 million US dollars toward early 2022. Following this peak, total debt displayed a moderately downward trend with some fluctuations, decreasing to roughly 5,800 million by late 2023. Towards the most recent periods, minor increases brought the level back toward 6,400 million US dollars by early 2025.
- Total Capital
-
Total capital mirrored a somewhat similar trajectory, beginning near 3,200 million US dollars and remaining relatively flat through early 2019. It then jumped to over 4,500 million in the first quarter of 2019 but decreased shortly thereafter. A marked increase happened in mid-2020, reaching a high point of around 8,475 million US dollars, followed by further growth to levels exceeding 11,000 million by early 2021. Entering 2022, total capital grew substantially, nearly doubling to levels above 22,000 million US dollars. From this point onward, it fluctuated but generally maintained an elevated position between roughly 22,000 and 24,000 million US dollars, with a modest increase noted near the end of the analyzed period, closing near 26,500 million US dollars by early 2025.
- Debt to Capital Ratio
-
The ratio of debt to total capital reveals changing leverage dynamics throughout the periods. Initially, the ratio was low and stable, hovering around 0.1 to 0.13, indicating low reliance on debt financing. A sharp rise is visible in mid-2020 when the ratio spiked to approximately 0.4, reflecting the significant increase in debt relative to capital. This figure gradually decreased over the following periods, reaching levels near 0.17 through mid-2021 before rising again to around 0.3 in early 2022, coinciding with the surge in debt. Subsequently, the ratio trended downward moderately, maintaining a range roughly between 0.24 and 0.27 into early 2025. The data suggests the company experienced periods of heightened leverage, particularly around 2020 and 2022, but generally managed to reduce its debt proportion relative to capital after peaks.
Debt to Capital (including Operating Lease Liability)
Intuit Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Short-term debt | 500) | 500) | 499) | 499) | —) | —) | —) | —) | 501) | 501) | 499) | 499) | —) | —) | —) | —) | —) | 325) | 325) | 1,338) | 350) | 38) | 50) | 50) | 50) | 50) | 50) | ||||||||
| Long-term debt | 5,906) | 5,760) | 5,625) | 5,539) | 5,952) | 5,950) | 5,879) | 6,120) | 6,109) | 6,576) | 6,486) | 6,415) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,033) | 2,032) | 2,031) | 48) | 373) | 373) | 386) | 398) | 363) | 375) | ||||||||
| Total debt | 6,406) | 6,260) | 6,124) | 6,038) | 5,952) | 5,950) | 5,879) | 6,120) | 6,610) | 7,077) | 6,985) | 6,914) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,358) | 2,357) | 3,369) | 398) | 411) | 423) | 436) | 448) | 413) | 425) | ||||||||
| Operating lease liabilities, excluding current portion | 614) | 573) | 592) | 458) | 468) | 473) | 474) | 480) | 499) | 514) | 530) | 542) | 415) | 429) | 403) | 380) | 365) | 391) | 228) | 221) | 215) | 286) | 297) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 7,020) | 6,833) | 6,716) | 6,496) | 6,420) | 6,423) | 6,353) | 6,600) | 7,109) | 7,591) | 7,515) | 7,456) | 7,268) | 7,161) | 2,440) | 2,414) | 2,398) | 2,749) | 2,585) | 3,590) | 613) | 697) | 720) | 436) | 448) | 413) | 425) | ||||||||
| Stockholders’ equity | 20,125) | 17,949) | 18,136) | 18,436) | 18,757) | 16,908) | 16,992) | 17,269) | 17,592) | 15,842) | 16,067) | 16,441) | 16,961) | 15,595) | 9,733) | 9,869) | 9,955) | 8,868) | 5,245) | 5,106) | 4,740) | 3,727) | 3,633) | 3,749) | 4,070) | 2,796) | 2,782) | ||||||||
| Total capital (including operating lease liability) | 27,145) | 24,782) | 24,852) | 24,932) | 25,177) | 23,331) | 23,345) | 23,869) | 24,701) | 23,433) | 23,582) | 23,897) | 24,229) | 22,756) | 12,173) | 12,283) | 12,353) | 11,617) | 7,830) | 8,696) | 5,353) | 4,424) | 4,353) | 4,185) | 4,518) | 3,209) | 3,207) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.26 | 0.28 | 0.27 | 0.26 | 0.25 | 0.28 | 0.27 | 0.28 | 0.29 | 0.32 | 0.32 | 0.31 | 0.30 | 0.31 | 0.20 | 0.20 | 0.19 | 0.24 | 0.33 | 0.41 | 0.11 | 0.16 | 0.17 | 0.10 | 0.10 | 0.13 | 0.13 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 0.21 | 0.22 | 0.22 | 0.13 | 0.14 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.18 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Adobe Inc. | — | 0.36 | 0.33 | 0.30 | 0.29 | 0.29 | 0.21 | 0.20 | 0.21 | 0.22 | 0.23 | 0.25 | 0.24 | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 | 0.26 | 0.26 | 0.29 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.29 | ||||||||
| CrowdStrike Holdings Inc. | 0.21 | 0.22 | 0.24 | 0.26 | 0.28 | 0.30 | 0.33 | 0.35 | 0.37 | 0.39 | 0.41 | 0.43 | 0.45 | 0.46 | 0.48 | 0.47 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | 1.79 | 1.87 | 1.76 | 1.63 | 1.55 | 1.58 | 1.57 | 1.56 | 1.65 | 1.70 | 1.74 | 1.74 | 1.56 | 1.47 | 1.09 | 0.90 | 0.82 | 0.74 | 0.73 | 0.80 | 0.83 | 0.81 | 0.74 | 0.75 | 0.77 | 0.79 | ||||||||
| International Business Machines Corp. | — | — | 0.71 | 0.68 | 0.71 | 0.71 | 0.73 | 0.73 | 0.72 | 0.73 | 0.74 | 0.71 | 0.73 | 0.73 | 0.75 | 0.74 | 0.73 | 0.73 | 0.74 | 0.76 | 0.77 | 0.77 | 0.78 | — | — | — | — | ||||||||
| Microsoft Corp. | 0.16 | 0.17 | 0.18 | 0.20 | 0.24 | 0.27 | 0.28 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.27 | 0.29 | 0.29 | 0.32 | 0.33 | 0.35 | 0.37 | 0.38 | 0.39 | 0.41 | 0.42 | 0.43 | 0.45 | 0.46 | 0.49 | ||||||||
| Palantir Technologies Inc. | — | — | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.20 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 0.09 | 0.12 | 0.15 | 0.21 | 0.26 | 0.33 | 0.51 | 0.56 | 0.76 | 0.84 | 0.89 | 0.95 | 0.92 | 0.97 | 0.88 | 0.85 | 0.78 | 0.77 | 0.82 | 0.76 | 0.71 | 0.53 | 0.55 | 0.47 | 0.52 | 0.59 | 0.56 | ||||||||
| Salesforce Inc. | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.23 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | 0.26 | 0.27 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 0.19 | 0.19 | 0.19 | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | 0.29 | 0.31 | 0.32 | 0.34 | 0.36 | 0.37 | 0.39 | 0.39 | 0.41 | 0.43 | 0.45 | 0.33 | 0.35 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 0.52 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | 0.15 | 0.17 | 0.03 | 0.03 | 0.07 | 0.13 | ||||||||
| Workday Inc. | 0.28 | 0.29 | 0.29 | 0.29 | 0.33 | 0.34 | 0.35 | 0.37 | 0.38 | 0.46 | 0.48 | 0.32 | 0.34 | 0.36 | 0.39 | 0.41 | 0.42 | 0.43 | 0.45 | 0.39 | 0.40 | 0.41 | 0.43 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 7,020 ÷ 27,145 = 0.26
2 Click competitor name to see calculations.
The financial data reveals varying trends regarding the company's leverage and capital structure over the observed quarters.
- Total Debt (including operating lease liability)
-
Total debt initially fluctuated modestly around the 400 US$ million mark through late 2018 and early 2019, then exhibited a notable increase starting in mid-2020, surging to a peak exceeding 7,500 US$ million by late 2022. Following this peak, debt levels gradually declined and stabilized at values slightly above 6,500 US$ million by early 2025. This pattern suggests a significant borrowing or lease obligation accumulation during 2020-2022, followed by some deleveraging or repayment efforts thereafter.
- Total Capital (including operating lease liability)
-
Total capital maintained a steady range between approximately 3,200 and 4,500 US$ million up to early 2020. A marked increase began around mid-2020, corresponding with the rise in debt, leading to a peak exceeding 24,000 US$ million in early 2022. Subsequent quarters witnessed relatively stable capital levels, oscillating around 24,000 to 27,000 US$ million through early 2025. The increase in total capital coinciding with rising debt levels points to capital structure expansion, likely linked to growth or investment activities over this period.
- Debt to Capital Ratio (including operating lease liability)
-
The debt-to-capital ratio remained low and stable in the 0.10 to 0.17 range through early 2020, indicating conservative leverage. A sharp increase occurred during mid-2020, peaking above 0.40, which aligns with the spike in total debt and capital. Subsequently, the ratio gradually declined but stayed elevated relative to earlier periods, fluctuating mostly between 0.25 and 0.32 through early 2025. This reflects a structurally higher leverage position post-2020, albeit with some management toward reducing relative debt levels.
Debt to Assets
Intuit Inc., debt to assets calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Short-term debt | 500) | 500) | 499) | 499) | —) | —) | —) | —) | 501) | 501) | 499) | 499) | —) | —) | —) | —) | —) | 325) | 325) | 1,338) | 350) | 38) | 50) | 50) | 50) | 50) | 50) | ||||||||
| Long-term debt | 5,906) | 5,760) | 5,625) | 5,539) | 5,952) | 5,950) | 5,879) | 6,120) | 6,109) | 6,576) | 6,486) | 6,415) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,033) | 2,032) | 2,031) | 48) | 373) | 373) | 386) | 398) | 363) | 375) | ||||||||
| Total debt | 6,406) | 6,260) | 6,124) | 6,038) | 5,952) | 5,950) | 5,879) | 6,120) | 6,610) | 7,077) | 6,985) | 6,914) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,358) | 2,357) | 3,369) | 398) | 411) | 423) | 436) | 448) | 413) | 425) | ||||||||
| Total assets | 36,593) | 31,682) | 33,193) | 32,132) | 31,560) | 29,688) | 28,488) | 27,780) | 28,921) | 27,202) | 27,085) | 27,734) | 28,514) | 26,303) | 14,870) | 15,516) | 15,758) | 14,598) | 9,707) | 10,931) | 7,764) | 6,701) | 6,183) | 6,283) | 6,917) | 5,335) | 4,928) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to assets1 | 0.18 | 0.20 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.24 | 0.26 | 0.14 | 0.13 | 0.13 | 0.16 | 0.24 | 0.31 | 0.05 | 0.06 | 0.07 | 0.07 | 0.06 | 0.08 | 0.09 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 0.08 | 0.09 | 0.09 | 0.02 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Adobe Inc. | — | 0.22 | 0.21 | 0.19 | 0.19 | 0.19 | 0.13 | 0.12 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | ||||||||
| Cadence Design Systems Inc. | — | — | 0.27 | 0.28 | 0.31 | 0.19 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.15 | 0.16 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.17 | 0.17 | 0.18 | — | — | — | — | ||||||||
| CrowdStrike Holdings Inc. | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 | 0.19 | 0.20 | 0.22 | 0.24 | 0.26 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | 1.38 | 1.42 | 1.29 | 1.24 | 1.20 | 1.23 | 1.18 | 1.22 | 1.28 | 1.32 | 1.29 | 1.34 | 1.21 | 1.12 | 0.80 | 0.66 | 0.61 | 0.55 | 0.52 | 0.59 | 0.61 | 0.59 | 0.58 | 0.60 | 0.62 | 0.64 | ||||||||
| International Business Machines Corp. | — | — | 0.43 | 0.40 | 0.42 | 0.42 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.40 | 0.40 | 0.39 | 0.41 | 0.39 | 0.38 | 0.38 | 0.38 | 0.39 | 0.42 | 0.42 | 0.42 | — | — | — | — | ||||||||
| Microsoft Corp. | 0.08 | 0.08 | 0.09 | 0.10 | 0.14 | 0.16 | 0.16 | 0.11 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.16 | 0.17 | 0.19 | 0.20 | 0.21 | 0.21 | 0.23 | 0.25 | 0.25 | 0.25 | 0.28 | 0.28 | 0.30 | ||||||||
| Oracle Corp. | 0.60 | 0.60 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 | 0.67 | 0.70 | 0.71 | 0.70 | 0.69 | 0.72 | 0.73 | 0.67 | 0.64 | 0.59 | 0.64 | 0.62 | 0.62 | 0.53 | 0.52 | 0.51 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 0.02 | 0.03 | 0.03 | 0.05 | 0.06 | 0.10 | 0.13 | 0.14 | 0.26 | 0.28 | 0.29 | 0.30 | 0.33 | 0.35 | 0.35 | 0.31 | 0.33 | 0.33 | 0.36 | 0.34 | 0.23 | 0.20 | 0.21 | 0.22 | 0.25 | 0.27 | 0.28 | ||||||||
| Salesforce Inc. | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 | 0.15 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.09 | 0.10 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.17 | 0.18 | 0.19 | 0.22 | 0.11 | 0.11 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | 0.05 | 0.02 | 0.02 | 0.05 | 0.09 | ||||||||
| Workday Inc. | 0.18 | 0.18 | 0.19 | 0.18 | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | 0.31 | 0.32 | 0.18 | 0.20 | 0.20 | 0.22 | 0.21 | 0.23 | 0.24 | 0.25 | 0.19 | 0.20 | 0.21 | 0.21 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 6,406 ÷ 36,593 = 0.18
2 Click competitor name to see calculations.
The financial data exhibits notable fluctuations in the key metrics of total debt, total assets, and the debt-to-assets ratio over the examined quarterly periods.
- Total Debt
- The total debt remained relatively stable at a low level, fluctuating moderately between 398 million and 448 million US dollars from October 2018 through July 2020. A sharp increase occurred in this period, with total debt jumping significantly to 3,369 million US dollars in July 2020. Subsequently, total debt showed a declining trend until January 2021, falling to approximately 2,034 million US dollars. From that point, total debt climbed again sharply to peak at 7,077 million US dollars in January 2023. Thereafter, a gradual decline is observed from early 2023 through April 2025, ending around 6,406 million US dollars.
- Total Assets
- Total assets demonstrated a persistent upward trend throughout the entire timeline. Starting at 4,928 million US dollars in October 2018, the assets steadily increased with periodic surges, including a substantial rise around July 2020 exceeding 10,931 million US dollars. The upward momentum continued sharply, with assets reaching over 26,303 million US dollars by January 2022. Despite minor fluctuations thereafter, assets maintained a strong level and continued growing, culminating near 36,593 million US dollars by April 2025.
- Debt to Assets Ratio
- This ratio remained relatively low and stable, fluctuating between 0.05 and 0.09 during the initial years up to July 2020. The ratio then increased markedly to 0.31 in July 2020, reflecting the significant rise in total debt relative to assets. Following this peak, the ratio decreased steadily to around 0.13 by July 2021, then showed a secondary rise peaking approximately at 0.26 in October 2022 and January 2023. This was followed by a gradual declining trend, ending close to 0.18 by April 2025. Overall, although the leverage level increased compared to the early period, it remains substantially below 0.35, indicating a moderate leverage profile relative to assets.
In summary, the data reveals a period of low leverage and steady asset growth initially, followed by sharp increases in both debt and assets around mid-2020. While debt levels have remained elevated at a higher base compared to earlier periods, the growth in total assets has maintained leverage at moderate levels. The debt to assets ratio reflects these dynamics, showing periods of increased leverage that gradually stabilize and trend downward, suggesting effective management of debt relative to asset growth over the analyzed duration.
Debt to Assets (including Operating Lease Liability)
Intuit Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Short-term debt | 500) | 500) | 499) | 499) | —) | —) | —) | —) | 501) | 501) | 499) | 499) | —) | —) | —) | —) | —) | 325) | 325) | 1,338) | 350) | 38) | 50) | 50) | 50) | 50) | 50) | ||||||||
| Long-term debt | 5,906) | 5,760) | 5,625) | 5,539) | 5,952) | 5,950) | 5,879) | 6,120) | 6,109) | 6,576) | 6,486) | 6,415) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,033) | 2,032) | 2,031) | 48) | 373) | 373) | 386) | 398) | 363) | 375) | ||||||||
| Total debt | 6,406) | 6,260) | 6,124) | 6,038) | 5,952) | 5,950) | 5,879) | 6,120) | 6,610) | 7,077) | 6,985) | 6,914) | 6,853) | 6,732) | 2,037) | 2,034) | 2,033) | 2,358) | 2,357) | 3,369) | 398) | 411) | 423) | 436) | 448) | 413) | 425) | ||||||||
| Operating lease liabilities, excluding current portion | 614) | 573) | 592) | 458) | 468) | 473) | 474) | 480) | 499) | 514) | 530) | 542) | 415) | 429) | 403) | 380) | 365) | 391) | 228) | 221) | 215) | 286) | 297) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 7,020) | 6,833) | 6,716) | 6,496) | 6,420) | 6,423) | 6,353) | 6,600) | 7,109) | 7,591) | 7,515) | 7,456) | 7,268) | 7,161) | 2,440) | 2,414) | 2,398) | 2,749) | 2,585) | 3,590) | 613) | 697) | 720) | 436) | 448) | 413) | 425) | ||||||||
| Total assets | 36,593) | 31,682) | 33,193) | 32,132) | 31,560) | 29,688) | 28,488) | 27,780) | 28,921) | 27,202) | 27,085) | 27,734) | 28,514) | 26,303) | 14,870) | 15,516) | 15,758) | 14,598) | 9,707) | 10,931) | 7,764) | 6,701) | 6,183) | 6,283) | 6,917) | 5,335) | 4,928) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.19 | 0.22 | 0.20 | 0.20 | 0.20 | 0.22 | 0.22 | 0.24 | 0.25 | 0.28 | 0.28 | 0.27 | 0.25 | 0.27 | 0.16 | 0.16 | 0.15 | 0.19 | 0.27 | 0.33 | 0.08 | 0.10 | 0.12 | 0.07 | 0.06 | 0.08 | 0.09 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 0.13 | 0.13 | 0.14 | 0.07 | 0.08 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Adobe Inc. | — | 0.23 | 0.22 | 0.20 | 0.20 | 0.20 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.21 | 0.22 | 0.22 | 0.20 | 0.21 | 0.21 | 0.21 | ||||||||
| CrowdStrike Holdings Inc. | 0.10 | 0.11 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.19 | 0.20 | 0.21 | 0.24 | 0.25 | 0.27 | 0.29 | 0.02 | 0.03 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | 1.39 | 1.43 | 1.30 | 1.25 | 1.21 | 1.24 | 1.20 | 1.23 | 1.30 | 1.34 | 1.31 | 1.37 | 1.24 | 1.15 | 0.84 | 0.70 | 0.65 | 0.60 | 0.57 | 0.64 | 0.66 | 0.65 | 0.58 | 0.60 | 0.62 | 0.64 | ||||||||
| International Business Machines Corp. | — | — | 0.46 | 0.43 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.46 | 0.42 | 0.43 | 0.42 | 0.43 | 0.42 | 0.41 | 0.41 | 0.41 | 0.43 | 0.46 | 0.45 | 0.45 | — | — | — | — | ||||||||
| Microsoft Corp. | 0.11 | 0.12 | 0.12 | 0.13 | 0.17 | 0.19 | 0.19 | 0.15 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 | 0.19 | 0.19 | 0.20 | 0.22 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.27 | 0.27 | 0.30 | 0.30 | 0.32 | ||||||||
| Palantir Technologies Inc. | — | — | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.15 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 0.03 | 0.04 | 0.05 | 0.07 | 0.09 | 0.12 | 0.15 | 0.16 | 0.28 | 0.30 | 0.32 | 0.32 | 0.36 | 0.38 | 0.38 | 0.35 | 0.37 | 0.37 | 0.39 | 0.38 | 0.28 | 0.25 | 0.27 | 0.22 | 0.25 | 0.27 | 0.28 | ||||||||
| Salesforce Inc. | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.18 | 0.19 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | 0.19 | 0.19 | 0.20 | 0.21 | 0.23 | 0.23 | 0.24 | 0.24 | 0.29 | 0.18 | 0.19 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 0.45 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.11 | 0.12 | 0.02 | 0.02 | 0.05 | 0.09 | ||||||||
| Workday Inc. | 0.20 | 0.21 | 0.21 | 0.20 | 0.24 | 0.24 | 0.25 | 0.24 | 0.26 | 0.33 | 0.34 | 0.20 | 0.23 | 0.24 | 0.25 | 0.26 | 0.28 | 0.28 | 0.29 | 0.23 | 0.25 | 0.26 | 0.26 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 7,020 ÷ 36,593 = 0.19
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- Over the periods analyzed, total debt exhibits significant variability with notable peaks and troughs. Initially, from late 2018 through early 2020, debt levels fluctuated moderately between approximately $400 million and $700 million. Thereafter, a pronounced spike is observed in July 2020, where debt surged sharply to $3.59 billion, representing more than a fourfold increase from the preceding quarter. This elevated debt level remained relatively high but started to gradually decrease from January 2021 onward, fluctuating mostly between $2.4 billion and $2.75 billion through the end of 2021. In early 2022, debt again more than doubled, increasing suddenly to over $7 billion and remaining near this elevated plateau through late 2022. From 2023 forward, total debt generally trends downward, declining steadily from approximately $7.6 billion in October 2022 to around $7 billion by mid-2025, showing moderate reductions over this period.
- Total Assets
- Total assets grew significantly over the entire time frame, demonstrating substantial expansion of the asset base. Initially, assets hovered between about $4.9 billion and $7.8 billion through early 2020, followed by a sharp increase aligned with the debt spike in July 2020 to approximately $10.9 billion. This was followed by continued growth with fluctuating yet rising trends, reaching nearly $15.6 billion by early to mid-2021. Starting from late 2021 into 2022, total assets experienced an extraordinary increase, more than doubling from about $14.9 billion to over $26 billion in early 2022, and peaking near $28.5 billion shortly thereafter. Through 2023 and into mid-2025, the asset base continued to grow, albeit at a moderated pace, eventually reaching nearly $36.6 billion. The overall trend is indicative of sustained expansion, reflecting asset accumulation and possibly acquisitions or capital investments.
- Debt to Assets Ratio
- The ratio of debt to assets reveals the changes in financial leverage and risk profile over time. Initially, the ratio was relatively low, ranging from 6% to 12% before early 2020, consistent with moderate leverage levels relative to the asset base. The ratio then increased sharply in mid-2020 to 33%, corresponding with the substantial jump in total debt. Following this surge, the ratio progressively declined to a range between 15% and 16% through the end of 2021, showing deleveraging or asset growth outpacing debt. Another marked increase occurred in early 2022, with the ratio rising to approximately 27-28%, synchronized with elevated debt and rapidly increasing assets. Through 2023 to mid-2025, the debt to assets ratio gradually declined, stabilizing between 19% and 22%, indicating a trend toward improved leverage management despite the larger absolute debt and asset amounts.
- Summary Insight
- The data reflects periods of strategic financial shifts, characterized by episodic large increases in debt and asset levels, likely linked to major investments, acquisitions, or capital restructuring. The substantial increases in both debt and assets around mid-2020 and early 2022 suggest significant corporate actions that altered the company’s financial structure. Despite these fluctuations, the company appears to manage its leverage prudently over the longer term, as indicated by declining or stabilizing debt-to-assets ratios in the latter periods. The consistent overall growth in assets signals expansion or increased resource accumulation, while the moderated debt levels from 2023 onward point towards a focus on deleveraging or balanced capital structure.
Financial Leverage
Intuit Inc., financial leverage calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Total assets | 36,593) | 31,682) | 33,193) | 32,132) | 31,560) | 29,688) | 28,488) | 27,780) | 28,921) | 27,202) | 27,085) | 27,734) | 28,514) | 26,303) | 14,870) | 15,516) | 15,758) | 14,598) | 9,707) | 10,931) | 7,764) | 6,701) | 6,183) | 6,283) | 6,917) | 5,335) | 4,928) | ||||||||
| Stockholders’ equity | 20,125) | 17,949) | 18,136) | 18,436) | 18,757) | 16,908) | 16,992) | 17,269) | 17,592) | 15,842) | 16,067) | 16,441) | 16,961) | 15,595) | 9,733) | 9,869) | 9,955) | 8,868) | 5,245) | 5,106) | 4,740) | 3,727) | 3,633) | 3,749) | 4,070) | 2,796) | 2,782) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Financial leverage1 | 1.82 | 1.77 | 1.83 | 1.74 | 1.68 | 1.76 | 1.68 | 1.61 | 1.64 | 1.72 | 1.69 | 1.69 | 1.68 | 1.69 | 1.53 | 1.57 | 1.58 | 1.65 | 1.85 | 2.14 | 1.64 | 1.80 | 1.70 | 1.68 | 1.70 | 1.91 | 1.77 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 2.07 | 2.05 | 2.05 | 1.98 | 1.95 | 1.89 | 1.93 | 1.99 | 1.98 | 2.01 | 2.05 | 2.14 | 2.16 | 2.16 | 2.15 | 2.21 | 2.18 | 2.18 | 2.14 | 2.18 | 2.19 | 2.17 | 2.19 | 2.07 | 2.05 | 2.05 | 2.11 | ||||||||
| Adobe Inc. | — | 2.46 | 2.29 | 2.14 | 2.05 | 2.02 | 1.86 | 1.80 | 1.84 | 1.88 | 1.88 | 1.93 | 1.86 | 1.88 | 1.89 | 1.84 | 1.81 | 1.85 | 1.84 | 1.83 | 1.91 | 1.99 | 2.03 | 1.97 | 1.96 | 1.98 | 1.98 | ||||||||
| Cadence Design Systems Inc. | — | — | 1.89 | 1.92 | 2.01 | 1.70 | 1.60 | 1.67 | 1.74 | 1.77 | 1.76 | 1.87 | 1.83 | 1.66 | 1.59 | 1.60 | 1.60 | 1.64 | 1.57 | 1.58 | 1.73 | 1.77 | 1.75 | — | — | — | — | ||||||||
| CrowdStrike Holdings Inc. | 2.55 | 2.52 | 2.70 | 2.88 | 2.87 | 3.00 | 3.20 | 3.43 | 3.40 | 3.39 | 3.48 | 3.53 | 3.48 | 3.47 | 3.39 | 3.14 | 2.15 | 2.04 | 2.02 | 1.89 | 1.75 | 1.61 | 6.29 | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 12.73 | 7.07 | 4.87 | 4.85 | 6.33 | 7.25 | 6.41 | 4.95 | 5.12 | 5.37 | 5.73 | ||||||||
| International Business Machines Corp. | — | — | 5.42 | 5.02 | 5.49 | 5.57 | 5.90 | 6.00 | 5.60 | 5.96 | 6.19 | 5.80 | 6.27 | 6.57 | 7.00 | 6.98 | 6.49 | 6.69 | 6.95 | 7.57 | 7.27 | 7.50 | 7.67 | — | — | — | — | ||||||||
| Microsoft Corp. | 1.75 | 1.76 | 1.82 | 1.91 | 1.91 | 1.97 | 2.02 | 2.00 | 1.95 | 1.99 | 2.07 | 2.19 | 2.12 | 2.13 | 2.21 | 2.35 | 2.30 | 2.34 | 2.44 | 2.55 | 2.49 | 2.57 | 2.63 | 2.80 | 2.78 | 2.81 | 3.00 | ||||||||
| Oracle Corp. | 9.65 | 10.80 | 13.33 | 16.20 | 24.38 | 34.74 | 57.66 | 125.24 | — | — | — | — | — | — | — | 25.03 | 13.27 | 13.90 | 11.96 | 9.56 | 6.79 | 6.33 | 5.76 | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | — | 1.24 | 1.27 | 1.28 | 1.28 | 1.27 | 1.30 | 1.31 | 1.35 | 1.35 | 1.35 | 1.39 | 1.40 | 1.40 | 1.42 | 1.43 | 1.49 | 1.67 | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 3.04 | 3.29 | 3.45 | 3.87 | 4.01 | 4.20 | 6.82 | 8.29 | 11.50 | 18.06 | 24.69 | 58.35 | 32.88 | 88.29 | 20.09 | 16.14 | 9.59 | 9.15 | 11.68 | 8.23 | 8.73 | 4.47 | 4.50 | 4.16 | 4.31 | 5.33 | 4.63 | ||||||||
| Salesforce Inc. | 1.56 | 1.60 | 1.61 | 1.67 | 1.57 | 1.59 | 1.63 | 1.69 | 1.55 | 1.57 | 1.58 | 1.64 | 1.53 | 1.60 | 1.52 | 1.60 | 1.47 | 1.50 | 1.55 | 1.63 | 1.50 | 1.94 | 2.02 | — | — | — | — | ||||||||
| ServiceNow Inc. | — | — | 2.07 | 2.12 | 1.98 | 2.10 | 2.16 | 2.28 | 2.10 | 2.15 | 2.43 | 2.64 | 2.46 | 2.65 | 2.75 | 2.92 | 2.68 | 2.81 | 2.90 | 3.07 | 2.88 | 2.63 | 2.73 | — | — | — | — | ||||||||
| Synopsys Inc. | — | 2.40 | 1.40 | 1.45 | 1.51 | 1.54 | 1.58 | 1.68 | 1.67 | 1.68 | 1.70 | 1.71 | 1.66 | 1.66 | 1.65 | 1.65 | 1.65 | 1.64 | 1.64 | 1.64 | 1.67 | 1.71 | 1.74 | 1.57 | 1.56 | 1.58 | 1.68 | ||||||||
| Workday Inc. | 1.90 | 1.95 | 1.95 | 2.04 | 2.10 | 2.19 | 2.23 | 2.41 | 2.29 | 2.58 | 2.68 | 2.31 | 2.24 | 2.36 | 2.53 | 2.66 | 2.55 | 2.64 | 2.78 | 2.74 | 2.65 | 2.71 | 2.85 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 36,593 ÷ 20,125 = 1.82
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company’s overall financial position between October 2018 and April 2025.
- Total Assets
- Total assets exhibit a general upward trend over the period under review. Starting from approximately 4,928 million USD in October 2018, total assets increased significantly, peaking above 36,000 million USD around mid-2024. There are noticeable fluctuations in certain quarters, such as a dip around October 2019 and another correction after October 2024, but the overall trajectory remains strongly positive. This suggests ongoing asset accumulation and potential expansion or investment activities.
- Stockholders’ Equity
- Stockholders' equity also shows considerable growth over time, rising from about 2,782 million USD in October 2018 to over 20,000 million USD by early 2025. This increase mirrors that of total assets, indicating that the company has been able to grow its equity base steadily. Despite some minor quarter-to-quarter variability, the equity growth is consistent and significant. The equity growth rate during the latter years of the period is particularly pronounced, reflecting strong capital retention or profitability.
- Financial Leverage
- The financial leverage ratio fluctuates moderately between approximately 1.53 and 2.14. Initially, the ratio displayed a mild upward trend, reaching as high as 2.14 in the middle of 2020, then settling into a range between 1.5 and 1.8 for much of the subsequent periods. The relative stability of financial leverage indicates a balanced approach to the use of debt and equity in financing the company’s assets. Short-term increases in leverage may be tied to temporary financing or asset acquisition strategies.
In summary, the data suggest that the company has consistently expanded both its asset base and equity during the timeframe, with a relatively stable financial leverage ratio. This pattern is indicative of a growth-oriented financial strategy supported by a sound capital structure, balancing equity growth and debt usage efficiently.
Interest Coverage
Intuit Inc., interest coverage calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income | 2,820) | 471) | 197) | (20) | 2,389) | 353) | 241) | 89) | 2,087) | 168) | 40) | (56) | 1,794) | 100) | 228) | 380) | 1,464) | 20) | 198) | 445) | 1,084) | 240) | 57) | (44) | 1,378) | 189) | 34) | ||||||||
| Add: Income tax expense | 864) | 100) | 16) | (120) | 683) | 1) | 23) | (94) | 647) | 60) | (8) | (43) | 579) | (70) | 10) | 23) | 457) | 2) | 12) | 41) | 324) | 42) | (35) | (93) | 419) | 46) | (48) | ||||||||
| Add: Interest expense | 68) | 60) | 60) | 60) | 60) | 57) | 65) | 68) | 66) | 65) | 49) | 32) | 21) | 21) | 7) | 7) | 7) | 7) | 8) | 7) | 2) | 3) | 2) | 3) | 4) | 4) | 4) | ||||||||
| Earnings before interest and tax (EBIT) | 3,752) | 631) | 273) | (80) | 3,132) | 411) | 329) | 63) | 2,800) | 293) | 81) | (67) | 2,394) | 51) | 245) | 410) | 1,928) | 29) | 218) | 493) | 1,410) | 285) | 24) | (134) | 1,801) | 239) | (10) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||||
| Interest coverage1 | 18.45 | 16.48 | 15.76 | 15.67 | 15.74 | 14.07 | 13.20 | 13.05 | 14.66 | 16.17 | 19.99 | 32.38 | 55.36 | 62.71 | 93.29 | 89.14 | 92.00 | 89.58 | 120.30 | 158.00 | 158.50 | 164.67 | 148.46 | 126.40 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||||||||
| Accenture PLC | 57.86 | 80.38 | 135.71 | 165.48 | 175.20 | 175.18 | 168.23 | 193.31 | 220.23 | 212.89 | 217.31 | 195.34 | 188.01 | 133.08 | 133.32 | 131.46 | 126.89 | 196.99 | 191.96 | 205.84 | 248.30 | 245.62 | 270.18 | 273.26 | — | — | — | ||||||||
| Adobe Inc. | — | 37.00 | 40.93 | 42.01 | 46.90 | 53.43 | 58.12 | 61.17 | 58.59 | 55.57 | 53.27 | 54.64 | 54.21 | 54.34 | 53.39 | 51.49 | 49.52 | 45.92 | 42.50 | 37.00 | 32.36 | 28.08 | 23.87 | 21.38 | — | — | — | ||||||||
| Cadence Design Systems Inc. | — | — | 15.95 | 19.37 | 24.99 | 33.48 | 36.67 | 36.43 | 32.16 | 34.13 | 38.63 | 46.58 | 57.84 | 58.34 | 52.92 | 46.26 | 44.21 | 40.38 | 35.68 | 31.50 | — | — | — | — | — | — | — | ||||||||
| CrowdStrike Holdings Inc. | 7.50 | 9.33 | 7.64 | 5.77 | 1.41 | -1.80 | -4.04 | -5.31 | -4.72 | -4.71 | -5.09 | -5.34 | -6.41 | -8.16 | -12.40 | -55.36 | -151.33 | -185.47 | -226.03 | -315.25 | — | — | — | — | — | — | — | ||||||||
| Fair Isaac Corp. | — | 7.04 | 6.96 | 7.08 | 7.03 | 7.07 | 6.84 | 6.79 | 6.72 | 6.67 | 7.09 | 7.83 | 8.91 | 11.63 | 12.49 | 12.80 | 12.23 | 9.16 | 8.21 | 7.09 | 6.72 | 6.92 | 6.54 | 6.44 | — | — | — | ||||||||
| International Business Machines Corp. | — | — | 4.39 | 4.39 | 4.69 | 6.33 | 6.21 | 6.41 | 6.44 | 2.34 | 2.25 | 1.95 | 1.59 | 6.01 | 5.40 | 5.19 | 3.79 | 4.56 | 4.97 | 4.60 | — | — | — | — | — | — | — | ||||||||
| Oracle Corp. | 4.96 | 4.81 | 4.60 | 4.34 | 4.08 | 3.88 | 3.74 | 3.60 | 3.96 | 4.41 | 3.33 | 3.78 | 3.98 | 4.23 | 6.06 | 6.21 | 6.27 | 6.48 | 6.76 | 7.05 | — | — | — | — | — | — | — | ||||||||
| Palantir Technologies Inc. | — | — | — | — | 3,786.90 | 499.52 | 149.97 | 69.33 | 34.43 | -5.32 | -49.82 | -87.97 | -176.15 | -201.09 | -194.27 | -133.20 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Palo Alto Networks Inc. | 427.74 | 269.85 | 163.77 | 120.07 | 72.96 | 46.08 | 35.96 | 21.82 | 10.40 | 4.05 | -1.99 | -6.56 | -4.28 | -3.42 | -2.65 | -1.85 | -1.68 | -1.49 | -1.36 | -1.61 | -1.55 | -0.92 | -0.09 | 0.11 | — | — | — | ||||||||
| Synopsys Inc. | — | 15.86 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
1 Q3 2025 Calculation
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= (3,752 + 631 + 273 + -80)
÷ (68 + 60 + 60 + 60)
= 18.45
2 Click competitor name to see calculations.
- Earnings before interest and tax (EBIT)
- The EBIT figures display notable volatility over the observed periods. Initially, there is a significant negative EBIT of -10 million US dollars in October 2018, followed by a recovery to positive values, reaching as high as 1801 million US dollars by April 2019. Subsequently, EBIT fluctuates sharply between negative and positive values, with occasional steep declines, such as -134 million US dollars in July 2019 and -67 million US dollars in October 2022. From early 2020 onward, EBIT generally exhibits an upward trend, punctuated by temporary dips, reaching a peak at 3752 million US dollars by October 2024. Despite intermittent decreases, the overarching pattern suggests strengthening operational profitability over time.
- Interest expense
- Interest expense remains relatively stable at the onset, ranging from 2 to 8 million US dollars through early 2021. From mid-2021, there is a marked and steady increase in interest expense, escalating from 21 million US dollars in January 2022 to consistent levels around 60-68 million US dollars in the later periods. This upward movement indicates a rising cost of debt or increased borrowing, becoming a more significant component of financial costs in recent years.
- Interest coverage ratio
- The interest coverage ratio, representing the ability to meet interest obligations from EBIT, is notably high in the initial periods, with values exceeding 120 and peaking around 164.67. This suggests a strong capacity to service debt early on. However, a steady decline is evident afterward, with the ratio dropping progressively to values in the mid-teens range by the latter periods. Despite this decline, the ratio remains above 10, indicating that earnings continue to comfortably cover interest expenses, though with reduced buffer compared to earlier years.