Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Solvency Ratios (Summary)
Steel Dynamics Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The analysis of the financial ratios over the observed periods reveals several notable trends related to the company’s leverage and interest coverage.
- Debt to Equity Ratio
- This ratio shows a general downward trend from 0.78 in March 2017 to 0.38 by September 2022. The decline indicates a steady reduction in the company's reliance on debt financing relative to shareholders’ equity, suggesting an improvement in the equity base or deleveraging over time.
- Debt to Capital Ratio
- Consistent with the debt to equity ratio, this metric decreases from 0.44 in early 2017 to 0.28 in late 2022. This reduction further supports the conclusion that the company has been reducing its total debt as a proportion of its capital structure, potentially enhancing financial stability.
- Debt to Assets Ratio
- The debt to assets ratio also shows a downward movement, from around 0.35 in early 2017 to about 0.22 in September 2022. This indicates a decreasing proportion of debt financing compared to total assets, reinforcing the overall theme of deleveraging.
- Financial Leverage Ratio
- Financial leverage demonstrates a gradual decline from 2.21 in March 2017 to 1.76 in September 2022, suggesting a reduction in the degree to which assets are financed by debt. This trend aligns with the improvements indicated by the other debt-related ratios.
- Interest Coverage Ratio
- Although data for the interest coverage ratio is missing in the early quarters, it starts at 7.96 near the end of 2017 and shows a remarkable and consistent increase over the following years, reaching a peak around 91.09 in June 2022, before slightly declining to 71.87 in September 2022. This significant improvement implies that the company’s ability to cover interest expenses with its operating earnings has strengthened considerably, reflecting improved operational performance or lower interest expenses.
Overall, the company has exhibited a clear pattern of deleveraging from 2017 through 2022, lowering its debt ratios and reducing its financial leverage. Concurrently, the substantial increase in interest coverage signals enhanced profitability or efficiency in managing debt costs. These trends collectively portray a strengthening financial position and reduced credit risk over the analyzed period.
Debt Ratios
Coverage Ratios
Debt to Equity
Steel Dynamics Inc., debt to equity calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||||
| Total Steel Dynamics, Inc. equity | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Debt to equity = Total debt ÷ Total Steel Dynamics, Inc. equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's capital structure over the examined periods.
- Total Debt
- The total debt displayed relative stability across most quarters, ranging predominantly between approximately 2.3 and 3.1 billion US dollars. After a slight increase approaching the end of 2019 and reaching a peak in the fourth quarter of 2020, the total debt figures showed a moderate decline beginning in early 2021. Despite fluctuations, the total debt level did not experience drastic changes, indicating controlled leverage management.
- Total Equity
- The total equity exhibited a consistent upward trajectory throughout the timeline. Starting from roughly 3.0 billion US dollars in early 2017, equity steadily climbed quarter over quarter, surpassing 7.9 billion US dollars by the third quarter of 2022. This increase suggests sustained growth in shareholders' investment and retained earnings, contributing positively to the company's financial strength.
- Debt to Equity Ratio
- The debt to equity ratio demonstrated a general declining trend, dropping from approximately 0.78 at the beginning of 2017 to about 0.38 by the third quarter of 2022. This decline indicates a reduction in the relative amount of debt financing compared to equity. The downward movement signifies improved financial leverage, with equity growth outpacing debt accumulation. Notably, the ratio experienced occasional minor rises but consistently returned to its downward trend, reflecting prudent capital structure adjustments.
Overall, the data reflects a trend of strengthening equity base and cautious debt levels, resulting in improved financial leverage metrics over the analyzed quarters. This trend may indicate an enhanced capacity for the company to absorb financial shocks and potentially a strategic focus on reducing financial risk while supporting growth.
Debt to Capital
Steel Dynamics Inc., debt to capital calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||||
| Total Steel Dynamics, Inc. equity | ||||||||||||||||||||||||||||||
| Total capital | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
- Total debt
- The total debt demonstrates a relatively stable trend from March 2017 through September 2019, fluctuating slightly around the 2.35 to 2.44 billion US$ range. Beginning in December 2019, a noticeable increase is observed, with debt rising progressively to reach approximately 3.1 billion US$ by March 2022. This indicates a gradual accumulation of debt over the later periods, with the highest quarterly debt nearing 3.1 billion US$ in early 2021 and maintaining levels slightly below this until the last recorded quarter.
- Total capital
- Total capital shows a consistent upward trend across the entire span, increasing from around 5.4 billion US$ in early 2017 to over 11 billion US$ by the end of the data period in September 2022. This growth appears steady with some periods of more rapid increases, particularly from late 2020 onwards, reflecting either growth in equity, additional capital infusion, accumulated earnings, or a combination thereof. The increase in total capital substantially outpaces the rise in total debt, especially in the latest periods.
- Debt to capital ratio
- The debt to capital ratio exhibits a gradual declining trend over the analyzed period. Starting at approximately 0.44 in early 2017, the ratio decreases steadily with minor fluctuations and drops to 0.28 by the third quarter of 2022. This reduction implies that the growth in total capital is outstripping the rise in total debt, leading to a lower leverage position. The lower ratio in recent years suggests a stronger capital structure and potentially improved financial stability, with the company relying less on debt relative to its capital base.
Debt to Assets
Steel Dynamics Inc., debt to assets calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt levels fluctuated moderately from March 2017 through September 2019, remaining generally around the 2.35 to 2.74 billion USD range. From December 2019 onward, there was a gradual increase in debt, peaking at over 3.1 billion USD at some points during 2021 and early 2022. Toward the end of the observed period, total debt showed a slight downward trend but remained above 3 billion USD.
- Total Assets
- Total assets displayed a consistent upward trend throughout the entire period. Starting from approximately 6.7 billion USD in early 2017, assets grew steadily to reach nearly 14.05 billion USD by September 2022. The growth rate accelerated notably in 2021 and 2022, indicating expansion or acquisition activities that contributed to asset base enlargement.
- Debt to Assets Ratio
- The debt to assets ratio showed an overall declining trend, despite some short-term fluctuations. It began near 0.35 in early 2017, decreased slowly into 2018, then maintained a relatively stable range around 0.30 to 0.33 through 2019 and 2020. From 2021 onward, the ratio dropped more significantly from around 0.33 to approximately 0.22 by mid-2022. This indicates that asset growth outpaced debt growth, improving the company’s leverage position over time.
- Overall Observations
- The company's financial structure improved with an increasing asset base and a relatively stable or slightly increasing debt load, resulting in decreased leverage ratios. The sustained asset growth coupled with controlled debt suggests strengthening financial health and potentially enhanced capacity for future investments or debt servicing. The decline in debt to assets ratio in the latter part of the period reflects prudent financial management in the context of asset expansion.
Financial Leverage
Steel Dynamics Inc., financial leverage calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Total Steel Dynamics, Inc. equity | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Financial leverage = Total assets ÷ Total Steel Dynamics, Inc. equity
= ÷ =
2 Click competitor name to see calculations.
- Total assets
- The total assets exhibit a generally upward trend over the analyzed period, increasing from approximately 6.7 billion US dollars at the beginning of 2017 to over 14 billion US dollars by the third quarter of 2022. There are some periods of slight fluctuation, particularly observed around late 2017 and late 2018, where assets decreased marginally. However, from 2019 onwards, the asset base shows consistent growth, with more pronounced increases in the years 2020 through 2022, indicating potential expansion or asset accumulation activities.
- Total equity
- Total equity follows a positive trajectory, rising from just over 3 billion US dollars at the start of 2017 to nearly 8 billion US dollars by the third quarter of 2022. The equity levels demonstrate steady growth with no significant declines, although growth appears more accelerated starting from 2020. Notably, the increases in equity appear to be consistent with or slightly lagging behind the growth in total assets, implying maintained or slightly improving shareholder value over time.
- Financial leverage ratio
- The financial leverage ratio shows a downward trend throughout the period under review, starting at approximately 2.21 in early 2017 and decreasing to about 1.76 by the third quarter of 2022. This decline suggests a reduction in the proportion of total assets financed by debt relative to equity, indicative of a more conservative capital structure or improved equity base relative to liabilities. Minor fluctuations are present during some quarters, but the overall movement points to stabilization or strengthening of the company’s financial leverage position.
Interest Coverage
Steel Dynamics Inc., interest coverage calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net income attributable to Steel Dynamics, Inc. | ||||||||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||||||||
| Add: Income tax expense | ||||||||||||||||||||||||||||||
| Add: Interest expense, net of capitalized interest | ||||||||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Interest coverage1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q3 2022 Calculation
Interest coverage
= (EBITQ3 2022
+ EBITQ2 2022
+ EBITQ1 2022
+ EBITQ4 2021)
÷ (Interest expenseQ3 2022
+ Interest expenseQ2 2022
+ Interest expenseQ1 2022
+ Interest expenseQ4 2021)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The earnings before interest and tax (EBIT) exhibited notable fluctuations throughout the analyzed quarters. Beginning at approximately 338 million USD in the first quarter of 2017, EBIT showed a downward trend through the end of 2017, reaching about 194 million USD. Subsequently, the figure recovered and peaked near 539 million USD in the third quarter of 2018. After a decline in late 2018 and throughout 2019, EBIT reached a low point in mid-2020 at approximately 131 million USD. However, from late 2020 onwards, EBIT experienced a strong and consistent upward trajectory, culminating in a peak exceeding 1.47 billion USD in the fourth quarter of 2021. The most recent quarter, the third quarter of 2022, saw a decrease to roughly 1.23 billion USD, though it remained substantially higher than previous years.
Interest expense, net of capitalized interest, demonstrated relative stability but with slight variations over the same period. Starting around 34 million USD in early 2017, the interest expense gradually decreased, reaching approximately 12 million USD by the first quarter of 2021. There were some minor increases in subsequent quarters, with values fluctuating between approximately 12 and 26 million USD through to the third quarter of 2022. Overall, interest expense trends indicate some reduction over time, accompanied by occasional moderate increases.
The interest coverage ratio reflected significant improvement over the course of the data timeline. While data is incomplete for early periods, reported values from the end of 2017 around 7.96 gradually increased, reaching very high levels beyond 70 by late 2021. The ratio peaked over 90 in the first quarter of 2022, indicating a substantial increase in the ability to meet interest obligations from earnings. A slight reduction was seen in mid-2022 to approximately 72 but remained at a high level relative to earlier years.
- Summary of EBIT Trends
- Initial decline in 2017, recovery peaking in late 2018, followed by a decline through 2019 and 2020, then a strong increase through 2021 and early 2022.
- Summary of Interest Expense
- Generally decreasing trend from 2017 to 2021, with values stabilizing and minor fluctuations observed in 2022.
- Summary of Interest Coverage Ratio
- Marked improvement indicating greater EBIT relative to interest expenses, with a rise from single-digit values to peaks above 90 by early 2022, signaling enhanced financial strength and reduced risk of interest payment difficulties.