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)
Debt Ratios
PepsiCo Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
The analysis of solvency ratios indicates a period of moderate expansion in financial leverage that peaked in the second quarter of 2025, followed by a gradual return toward baseline levels by late 2026.
- Debt to Equity Ratio
- An upward trajectory is observed from March 2022, where the ratio stood at 2.20, reaching a peak of 2.79 in June 2025. Subsequent to this peak, a steady decline occurred, with the ratio retreating to 2.33 by September 2026. This pattern suggests a temporary increase in the reliance on debt relative to shareholder equity during the 2024-2025 window.
- Debt to Capital Ratio
- This metric remained highly stable throughout the observed period. Values fluctuated within a narrow range, from a low of 0.67 in September 2022 to a high of 0.74 in June 2025. The ratio concluded the period at 0.70, indicating a consistent approach to the overall capital structure.
- Debt to Assets Ratio
- A gradual increase in the proportion of assets financed through debt is evident, rising from 0.43 in early 2022 to a maximum of 0.49 in June 2025. The ratio subsequently moderated, ending at 0.46 in September 2026, reflecting a controlled expansion and subsequent contraction of total liabilities relative to total assets.
- Financial Leverage
- Financial leverage exhibited volatility that mirrored the other solvency indicators. Starting at 5.11 in March 2022, the ratio reached its maximum point of 5.72 in June 2025. By September 2026, the ratio returned to 5.02, effectively neutralizing the leverage expansion observed during the mid-period peak.
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Debt to Equity
PepsiCo Inc., debt to equity calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt obligations | 9,223) | 10,602) | 10,151) | 6,861) | 6,736) | 12,056) | 9,099) | 7,082) | 6,524) | 8,289) | 8,161) | 6,510) | 8,937) | 7,613) | 4,281) | 3,414) | 3,109) | 6,032) | 5,459) | ||||||
| Long-term debt obligations, excluding current maturities | 42,658) | 42,612) | 42,577) | 42,321) | 44,113) | 39,328) | 39,419) | 37,224) | 38,490) | 36,638) | 37,707) | 37,595) | 35,837) | 36,008) | 37,486) | 35,657) | 36,136) | 33,247) | 34,590) | ||||||
| Total debt | 51,881) | 53,214) | 52,728) | 49,182) | 50,849) | 51,384) | 48,518) | 44,306) | 45,014) | 44,927) | 45,868) | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | ||||||
| Total PepsiCo common shareholders’ equity | 22,292) | 22,098) | 21,383) | 20,406) | 19,388) | 18,418) | 18,389) | 18,041) | 19,453) | 19,446) | 19,047) | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 2.33 | 2.41 | 2.47 | 2.41 | 2.62 | 2.79 | 2.64 | 2.46 | 2.31 | 2.31 | 2.41 | 2.38 | 2.38 | 2.47 | 2.45 | 2.28 | 2.07 | 2.12 | 2.20 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 1.20 | 1.30 | 1.41 | 1.52 | 1.73 | 1.87 | 1.79 | 1.74 | 1.69 | 1.61 | 1.62 | 1.53 | 1.60 | 1.68 | 1.62 | 1.74 | 1.82 | 1.68 | ||||||
| Mondelēz International Inc. | — | 0.81 | 0.82 | 0.82 | 0.81 | 0.80 | 0.76 | 0.66 | 0.71 | 0.71 | 0.67 | 0.69 | 0.70 | 0.74 | 0.79 | 0.85 | 0.81 | 0.70 | 0.70 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Total PepsiCo common shareholders’ equity
= 51,881 ÷ 22,292 = 2.33
2 Click competitor name to see calculations.
The solvency profile over the period from March 2022 to September 2026 is characterized by a general expansion of both total debt and shareholders' equity, with the debt-to-equity ratio exhibiting significant volatility. While both components of the capital structure grew in absolute terms, the pace of debt accumulation periodically outstripped equity growth, leading to fluctuations in financial leverage.
- Total Debt Trends
- An overall upward trajectory is observed in total debt, which increased from 40,049 million in March 2022 to 51,881 million by September 2026. The growth was not linear; after a period of relative stability in 2022 and 2023, a substantial increase occurred between December 2024 and June 2025, during which debt rose from 44,306 million to a peak of 51,384 million. The final year of the period shows a plateauing effect, with debt fluctuating between 49,182 million and 53,214 million.
- Shareholders' Equity Trends
- Common shareholders' equity grew from 18,202 million in March 2022 to 22,292 million in September 2026. A period of contraction is evident between December 2022 and March 2023, where equity declined to approximately 17,042 million. Following this dip, a consistent and steady recovery phase was maintained, with equity increasing incrementally through 2024 and accelerating through 2025 and 2026.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio experienced three distinct phases. First, a period of deleveraging occurred in early 2022, reaching a period low of 2.07 in September 2022. Second, a phase of increasing leverage followed, culminating in a peak ratio of 2.79 in June 2025, driven by the rapid surge in total debt. Third, a corrective phase is observed from September 2025 through September 2026, where the ratio trended downward to 2.33, indicating a gradual realignment of the balance sheet as equity growth began to offset the previously accumulated debt.
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Debt to Capital
PepsiCo Inc., debt to capital calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt obligations | 9,223) | 10,602) | 10,151) | 6,861) | 6,736) | 12,056) | 9,099) | 7,082) | 6,524) | 8,289) | 8,161) | 6,510) | 8,937) | 7,613) | 4,281) | 3,414) | 3,109) | 6,032) | 5,459) | ||||||
| Long-term debt obligations, excluding current maturities | 42,658) | 42,612) | 42,577) | 42,321) | 44,113) | 39,328) | 39,419) | 37,224) | 38,490) | 36,638) | 37,707) | 37,595) | 35,837) | 36,008) | 37,486) | 35,657) | 36,136) | 33,247) | 34,590) | ||||||
| Total debt | 51,881) | 53,214) | 52,728) | 49,182) | 50,849) | 51,384) | 48,518) | 44,306) | 45,014) | 44,927) | 45,868) | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | ||||||
| Total PepsiCo common shareholders’ equity | 22,292) | 22,098) | 21,383) | 20,406) | 19,388) | 18,418) | 18,389) | 18,041) | 19,453) | 19,446) | 19,047) | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | ||||||
| Total capital | 74,173) | 75,312) | 74,111) | 69,588) | 70,237) | 69,802) | 66,907) | 62,347) | 64,467) | 64,373) | 64,915) | 62,608) | 63,580) | 61,306) | 58,809) | 56,220) | 58,222) | 57,832) | 58,251) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.70 | 0.71 | 0.71 | 0.71 | 0.72 | 0.74 | 0.73 | 0.71 | 0.70 | 0.70 | 0.71 | 0.70 | 0.70 | 0.71 | 0.71 | 0.69 | 0.67 | 0.68 | 0.69 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 0.55 | 0.57 | 0.59 | 0.60 | 0.63 | 0.65 | 0.64 | 0.64 | 0.63 | 0.62 | 0.62 | 0.60 | 0.62 | 0.63 | 0.62 | 0.63 | 0.65 | 0.63 | ||||||
| Mondelēz International Inc. | — | 0.45 | 0.45 | 0.45 | 0.45 | 0.44 | 0.43 | 0.40 | 0.42 | 0.42 | 0.40 | 0.41 | 0.41 | 0.43 | 0.44 | 0.46 | 0.45 | 0.41 | 0.41 | ||||||
| Philip Morris International Inc. | — | 1.21 | 1.22 | 1.26 | 1.28 | 1.30 | 1.28 | 1.35 | 1.25 | 1.25 | 1.26 | 1.31 | 1.25 | 1.25 | 1.23 | 1.26 | 1.51 | 1.48 | 1.52 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 51,881 ÷ 74,173 = 0.70
2 Click competitor name to see calculations.
The solvency profile from early 2022 through late 2026 is characterized by a steady expansion of both total debt and total capital, with the resulting debt-to-capital ratio remaining relatively consistent. While absolute leverage increased over the period, the proportional weight of debt relative to the total capital structure was managed within a tight range, suggesting a stable financing strategy.
- Total Debt Trajectory
- Total debt exhibited a general upward trend, rising from 40,049 million USD in March 2022 to a peak of 53,214 million USD by June 2026. Notable increases occurred during the first quarters of 2024 and 2025, where debt levels rose significantly, indicating periods of increased borrowing or debt issuance to support operational or strategic needs.
- Total Capital Growth
- Total capital followed a parallel growth trajectory, increasing from 58,251 million USD in March 2022 to 74,173 million USD by September 2026. This expansion in the capital base occurred alongside the rise in debt, which effectively mitigated a sharp increase in the leverage ratio.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio demonstrated high stability, fluctuating within a narrow band between 0.67 in September 2022 and a peak of 0.74 in June 2025. Following this peak, the ratio regressed toward a baseline of 0.70 by September 2026. The consistency of this ratio throughout the analyzed period indicates that the increase in debt was proportionally balanced by an increase in total capital, maintaining a constant solvency posture.
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Debt to Assets
PepsiCo Inc., debt to assets calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt obligations | 9,223) | 10,602) | 10,151) | 6,861) | 6,736) | 12,056) | 9,099) | 7,082) | 6,524) | 8,289) | 8,161) | 6,510) | 8,937) | 7,613) | 4,281) | 3,414) | 3,109) | 6,032) | 5,459) | ||||||
| Long-term debt obligations, excluding current maturities | 42,658) | 42,612) | 42,577) | 42,321) | 44,113) | 39,328) | 39,419) | 37,224) | 38,490) | 36,638) | 37,707) | 37,595) | 35,837) | 36,008) | 37,486) | 35,657) | 36,136) | 33,247) | 34,590) | ||||||
| Total debt | 51,881) | 53,214) | 52,728) | 49,182) | 50,849) | 51,384) | 48,518) | 44,306) | 45,014) | 44,927) | 45,868) | 44,105) | 44,774) | 43,621) | 41,767) | 39,071) | 39,245) | 39,279) | 40,049) | ||||||
| Total assets | 111,976) | 112,189) | 110,646) | 107,399) | 106,558) | 105,345) | 101,737) | 99,467) | 100,513) | 99,533) | 100,040) | 100,495) | 99,953) | 95,906) | 93,042) | 92,187) | 94,461) | 93,103) | 92,962) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.46 | 0.47 | 0.48 | 0.46 | 0.48 | 0.49 | 0.48 | 0.45 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.42 | 0.43 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 0.40 | 0.42 | 0.43 | 0.45 | 0.47 | 0.48 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.41 | 0.42 | 0.44 | 0.42 | 0.43 | 0.45 | 0.44 | ||||||
| Mondelēz International Inc. | — | 0.30 | 0.30 | 0.30 | 0.30 | 0.29 | 0.28 | 0.26 | 0.27 | 0.27 | 0.25 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.32 | 0.29 | 0.29 | ||||||
| Philip Morris International Inc. | — | 0.72 | 0.75 | 0.71 | 0.75 | 0.75 | 0.76 | 0.74 | 0.74 | 0.75 | 0.77 | 0.73 | 0.76 | 0.77 | 0.76 | 0.70 | 0.67 | 0.68 | 0.70 | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 51,881 ÷ 111,976 = 0.46
2 Click competitor name to see calculations.
The analyzed period from March 2022 to September 2026 reflects a general expansion in both total debt and total assets. While total assets grew from 92,962 million USD to 111,976 million USD, total debt increased from 40,049 million USD to 51,881 million USD. This concurrent growth indicates an increase in the scale of operations financed partly through additional borrowing.
- Solvency Ratio Trajectory
- The debt to assets ratio exhibited a gradual upward trend, moving from a baseline of 0.42 to 0.43 in 2022 to a range of 0.46 to 0.48 by 2026. This progression suggests a strategic increase in financial leverage over the five-year span.
- Period of Stability and Initial Shift
- Between March 2022 and December 2022, the ratio remained highly stable at 0.42. A noticeable shift occurred in early 2023, where the ratio stepped up to 0.45, a level that was largely maintained throughout the remainder of 2023 and the first half of 2024.
- Peak Leverage Analysis
- The highest level of leverage was observed in June 2025, with the debt to assets ratio peaking at 0.49. This peak was driven by a surge in total debt, which reached 51,384 million USD during that quarter, outpacing the growth rate of total assets.
- Recent Normalization and Current Status
- Following the 2025 peak, the ratio experienced a moderate decline and stabilization. By September 2026, the ratio stood at 0.46. Although this represents a decrease from the mid-2025 high, it remains significantly higher than the 0.42 levels recorded at the beginning of the analysis period.
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Financial Leverage
PepsiCo Inc., financial leverage calculation (quarterly data)
| Sep 5, 2026 | Jun 13, 2026 | Mar 21, 2026 | Dec 27, 2025 | Sep 6, 2025 | Jun 14, 2025 | Mar 22, 2025 | Dec 28, 2024 | Sep 7, 2024 | Jun 15, 2024 | Mar 23, 2024 | Dec 30, 2023 | Sep 9, 2023 | Jun 17, 2023 | Mar 25, 2023 | Dec 31, 2022 | Sep 3, 2022 | Jun 11, 2022 | Mar 19, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 111,976) | 112,189) | 110,646) | 107,399) | 106,558) | 105,345) | 101,737) | 99,467) | 100,513) | 99,533) | 100,040) | 100,495) | 99,953) | 95,906) | 93,042) | 92,187) | 94,461) | 93,103) | 92,962) | ||||||
| Total PepsiCo common shareholders’ equity | 22,292) | 22,098) | 21,383) | 20,406) | 19,388) | 18,418) | 18,389) | 18,041) | 19,453) | 19,446) | 19,047) | 18,503) | 18,806) | 17,685) | 17,042) | 17,149) | 18,977) | 18,553) | 18,202) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 5.02 | 5.08 | 5.17 | 5.26 | 5.50 | 5.72 | 5.53 | 5.51 | 5.17 | 5.12 | 5.25 | 5.43 | 5.31 | 5.42 | 5.46 | 5.38 | 4.98 | 5.02 | 5.11 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | — | 2.99 | 3.10 | 3.26 | 3.39 | 3.65 | 3.88 | 4.05 | 4.01 | 3.91 | 3.76 | 3.77 | 3.71 | 3.78 | 3.86 | 3.85 | 4.05 | 4.05 | 3.79 | ||||||
| Mondelēz International Inc. | — | 2.67 | 2.76 | 2.77 | 2.73 | 2.71 | 2.67 | 2.54 | 2.59 | 2.64 | 2.73 | 2.52 | 2.48 | 2.51 | 2.58 | 2.65 | 2.55 | 2.40 | 2.41 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-05), 10-Q (reporting date: 2026-06-13), 10-Q (reporting date: 2026-03-21), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-06), 10-Q (reporting date: 2025-06-14), 10-Q (reporting date: 2025-03-22), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-07), 10-Q (reporting date: 2024-06-15), 10-Q (reporting date: 2024-03-23), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-09), 10-Q (reporting date: 2023-06-17), 10-Q (reporting date: 2023-03-25), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-03), 10-Q (reporting date: 2022-06-11), 10-Q (reporting date: 2022-03-19).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Total PepsiCo common shareholders’ equity
= 111,976 ÷ 22,292 = 5.02
2 Click competitor name to see calculations.
The financial trajectory between March 2022 and September 2026 is characterized by a consistent expansion of the total asset base accompanied by cyclical fluctuations in financial leverage.
- Asset and Equity Growth
- Total assets exhibited a steady upward trend, increasing from 92,962 million US dollars in March 2022 to 111,976 million US dollars by September 2026. Parallel to this, common shareholders' equity grew from 18,202 million US dollars to 22,292 million US dollars over the same period, indicating a long-term strengthening of the equity position.
- Financial Leverage Dynamics
- The financial leverage ratio demonstrated significant volatility, oscillating between a minimum of 4.98 in September 2022 and a maximum of 5.72 in June 2025. A period of relative stability was observed throughout 2023 and early 2024, after which the ratio climbed sharply during the latter half of 2024 and the first half of 2025.
- Deleveraging Trend
- Following the peak in June 2025, a consistent downward trend in financial leverage is evident. The ratio declined from 5.72 to 5.02 by September 2026, suggesting a strategic reduction in reliance on debt or a more rapid accumulation of equity relative to asset growth during the final year of the analyzed period.
- Solvency Analysis
- The correlation between asset growth and equity increases suggests that while the organization expanded its balance sheet, the leverage ratio remained within a range of approximately 5.0 to 5.7. The return to a ratio of 5.02 in September 2026 aligns the current financial leverage with the levels observed in early 2022, effectively neutralizing the leverage spikes seen in 2025.
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