Stock Analysis on Net
Stock Analysis on Net

Hewlett Packard Enterprise Co. (NYSE:HPE)

$22.49

This company has been moved to the archive! The financial data has not been updated since June 5, 2024.

Analysis of Solvency Ratios

Microsoft Excel

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)

Hewlett Packard Enterprise Co., solvency ratios

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

Debt to Equity
The debt to equity ratio exhibited an overall increasing trend from 0.57 in 2018 to a peak of 0.99 in 2020, followed by a subsequent decline to 0.58 in 2023. When including operating lease liabilities, the ratio trend mirrors this pattern, reaching a slightly higher peak of 1.06 in 2020 and decreasing to 0.64 by 2023.
Debt to Capital
This ratio rose steadily from 0.36 in 2018 to 0.50 in 2020 but showed improvement thereafter, decreasing to 0.37 by 2023. Including operating lease liabilities yielded a similar trend, with a peak of 0.51 in 2020 and a decrease to 0.39 in 2023.
Debt to Assets
The debt to assets ratio increased from 0.22 in 2018 to 0.30 in 2020. It then declined to maintain a relatively stable range around 0.22 to 0.24 through 2023. The inclusion of operating lease liabilities slightly raised these figures, peaking at 0.32 in 2020 before settling near 0.24.
Financial Leverage
Financial leverage increased from 2.61 in 2018 to a high of 3.37 in 2020. Afterward, the ratio declined gradually to 2.70 in 2023, indicating a reduction in reliance on debt relative to equity over the recent years.
Interest Coverage
Interest coverage showed significant volatility, rising sharply from 1.75 in 2018 to 6.05 in 2019, plummeting to a negative value (-0.30) in 2020, then rebounding to a peak of 13.44 in 2021. Subsequently, it decreased to 4.39 in 2022 before improving to 7.87 by 2023, reflecting fluctuating earnings relative to interest expenses.
Fixed Charge Coverage
This ratio followed a pattern similar to interest coverage, increasing from 1.75 in 2018 to 6.05 in 2019, dropping sharply to 0.24 in 2020, then recovering to 8.25 in 2021, declining to 2.93 in 2022, and rising again to 5.26 in 2023, indicating variable capacity to meet fixed financing costs over the periods observed.

Debt Ratios

Coverage Ratios

Debt to Equity

Hewlett Packard Enterprise Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Notes payable and short-term borrowings
Long-term debt
Total debt
 
Total HPE stockholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Debt to Equity, Sector
Technology Hardware & Equipment
Debt to Equity, Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total HPE stockholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Total Debt
The total debt exhibited an overall increasing trend from 2018 to 2020, rising from $12,141 million to a peak of $15,941 million. This was followed by a decline in the subsequent years, reducing to $12,355 million by 2023. The data reflects an initial phase of leverage increase, which was later reduced towards the most recent period.
Total Stockholders’ Equity
Stockholders' equity showed a decrease from $21,239 million in 2018 to a low of $16,049 million in 2020. After this trough, equity increased steadily to reach $21,182 million by 2023, slightly surpassing the value observed in 2018. This pattern indicates a recovery and strengthening of equity in the latter periods.
Debt to Equity Ratio
The debt to equity ratio increased significantly from 0.57 in 2018 to a high of 0.99 in 2020, signaling a higher financial leverage during that year. Following 2020, the ratio declined consistently to 0.58 by 2023, reflecting a decrease in reliance on debt financing relative to equity. This suggests a strategic shift towards de-leveraging and improving the balance between debt and equity financing.

Debt to Equity (including Operating Lease Liability)

Hewlett Packard Enterprise Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Notes payable and short-term borrowings
Long-term debt
Total debt
Current operating lease liabilities
Non-current operating lease liabilities
Total debt (including operating lease liability)
 
Total HPE stockholders’ equity
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Debt to Equity (including Operating Lease Liability), Sector
Technology Hardware & Equipment
Debt to Equity (including Operating Lease Liability), Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total HPE stockholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Total Debt (including operating lease liability)
The total debt exhibited an overall increasing trend from 2018 through 2020, rising from 12,141 million US dollars in 2018 to a peak of 17,027 million US dollars in 2020. Subsequently, the debt level declined notably in 2021 to 14,578 million US dollars, followed by a further decrease in 2022 to 13,484 million US dollars. In 2023, the total debt stabilized somewhat, with a marginal increase to 13,515 million US dollars. This pattern indicates a period of rising leverage through 2020, succeeded by a deleveraging phase in the following years.
Total HPE Stockholders’ Equity
Stockholders’ equity fluctuated over the examined period, starting at 21,239 million US dollars in 2018 and declining significantly to 16,049 million US dollars in 2020. From 2021 onwards, equity showed a recovery trend, increasing to 19,971 million US dollars in 2021 and remaining relatively stable above 19,800 million US dollars through 2022. By 2023, equity had grown further to reach 21,182 million US dollars, close to its initial 2018 level. This pattern suggests recovery and strengthening of equity base after a period of erosion.
Debt to Equity Ratio (including operating lease liability)
The debt to equity ratio reflected a similar trend to that observed with total debt, beginning at 0.57 in 2018 before rising to its highest level of 1.06 in 2020. This increase indicates a higher reliance on debt financing relative to equity during this period. After 2020, the ratio decreased consistently, dropping to 0.73 in 2021, then further to 0.68 in 2022, and finally to 0.64 in 2023. The downward movement suggests improved capital structure management with reduced financial leverage and a more balanced mix of debt and equity.

Debt to Capital

Hewlett Packard Enterprise Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Notes payable and short-term borrowings
Long-term debt
Total debt
Total HPE stockholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Debt to Capital, Sector
Technology Hardware & Equipment
Debt to Capital, Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.

Total Debt

The total debt increased steadily from 12,141 million USD in 2018 to a peak of 15,941 million USD in 2020. Subsequently, it declined to 12,355 million USD by 2023, reflecting a reduction of approximately 22.5% from the peak debt level. This indicates a period of debt accumulation followed by deleveraging over the last few years.

Total Capital

Total capital experienced some fluctuations but overall remained in the range of approximately 30,000 to 33,500 million USD over the six-year period. There was a decrease from 33,380 million USD in 2018 to 30,918 million USD in 2019, followed by moderate fluctuations, ending at 33,537 million USD in 2023. This general stability of capital suggests relative consistency in the company’s capital base despite debt fluctuations.

Debt to Capital Ratio

The debt to capital ratio increased from 0.36 in 2018 to a peak of 0.50 in 2020, indicating that debt constituted half of the total capital at that point. After 2020, this ratio consistently declined to 0.37 in 2023, approaching the level seen in 2018. This trend aligns with the reduction in total debt and indicates improving capital structure and lower financial risk following the peak leverage in 2020.

Debt to Capital (including Operating Lease Liability)

Hewlett Packard Enterprise Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Notes payable and short-term borrowings
Long-term debt
Total debt
Current operating lease liabilities
Non-current operating lease liabilities
Total debt (including operating lease liability)
Total HPE stockholders’ equity
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Debt to Capital (including Operating Lease Liability), Sector
Technology Hardware & Equipment
Debt to Capital (including Operating Lease Liability), Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

2 Click competitor name to see calculations.

Total Debt (including operating lease liability)
The total debt exhibited an overall increasing trend from 2018 to 2020, rising from 12,141 million US dollars in 2018 to a peak of 17,027 million in 2020. This was followed by a decline over the next three years, lowering to 13,515 million by 2023. The peak in 2020 may indicate a period of increased leveraging or financing requirements within the company, whereas the subsequent decrease suggests efforts to reduce debt or improved cash flow management.
Total Capital (including operating lease liability)
Total capital showed some fluctuations, beginning at 33,380 million US dollars in 2018, decreasing to a low of 30,918 million in 2019, and then generally trending upward again to 34,697 million in 2023. These movements imply some shifts in capital structure or asset base, with a recovery and growth phase succeeding a decline in 2019.
Debt to Capital Ratio (including operating lease liability)
The debt to capital ratio increased significantly from 0.36 in 2018 to a high of 0.51 in 2020, indicating a higher proportion of debt relative to total capital during that period. However, starting in 2021, the ratio experienced a downward trend, falling to 0.39 by 2023. This suggests that after peak leverage in 2020, the company improved its capital structure by either reducing debt or increasing capital, thus enhancing financial stability.

Debt to Assets

Hewlett Packard Enterprise Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Notes payable and short-term borrowings
Long-term debt
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Debt to Assets, Sector
Technology Hardware & Equipment
Debt to Assets, Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Total Debt
The total debt increased steadily from 12,141 million US dollars in 2018 to a peak of 15,941 million US dollars in 2020. After this peak, a decline was observed, with total debt decreasing to 12,355 million US dollars by 2023. This indicates a strategy of reducing leverage following a period of increased borrowing.
Total Assets
Total assets displayed a fluctuating pattern over the period. There was a decrease from 55,493 million US dollars in 2018 to 51,803 million US dollars in 2019, followed by a recovery and upward trend reaching a maximum of 57,699 million US dollars in 2021. Subsequently, assets slightly declined and stabilized around 57,123 to 57,153 million US dollars between 2022 and 2023. This suggests some volatility possibly influenced by asset disposals or revaluations, but ultimately a return to a stable asset base.
Debt to Assets Ratio
The debt to assets ratio increased from 0.22 in 2018 to a high of 0.30 in 2020, corresponding with the increased total debt and the dip in assets during that period. This was followed by a notable reduction in the ratio to 0.22 from 2021 onwards, indicating an improvement in the company's leverage position. The ratio remaining stable at 0.22 in 2022 and 2023 reflects a balanced relationship between debt and assets in recent years, implying a more conservative financial structure.

Debt to Assets (including Operating Lease Liability)

Hewlett Packard Enterprise Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Notes payable and short-term borrowings
Long-term debt
Total debt
Current operating lease liabilities
Non-current operating lease liabilities
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Debt to Assets (including Operating Lease Liability), Sector
Technology Hardware & Equipment
Debt to Assets (including Operating Lease Liability), Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Total debt (including operating lease liability)
The total debt increased from 12,141 million US$ in 2018 to a peak of 17,027 million US$ in 2020. Subsequently, it declined to 13,484 million US$ in 2022 and remained relatively stable at 13,515 million US$ in 2023. This indicates an initial accumulation of debt followed by a reduction and stabilization over the last three years.
Total assets
Total assets experienced a decline from 55,493 million US$ in 2018 to 51,803 million US$ in 2019. After this drop, total assets gradually increased to 57,153 million US$ by 2023. The trend suggests a recovery and moderate growth in asset base after the initial decrease.
Debt to assets ratio (including operating lease liability)
The debt to assets ratio rose notably from 0.22 in 2018 to 0.32 in 2020, reflecting increased leverage during this period. From 2020 onwards, the ratio declined to 0.24 by 2022 and remained stable at that level in 2023, indicating a reduction in leverage and a more conservative capital structure in recent years.

Financial Leverage

Hewlett Packard Enterprise Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Total assets
Total HPE stockholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Financial Leverage, Sector
Technology Hardware & Equipment
Financial Leverage, Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total HPE stockholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Total Assets
The total assets showed a fluctuating trend over the six-year period. Starting at 55,493 million US dollars in 2018, the figure declined to 51,803 million in 2019. This was followed by a recovery phase, with assets increasing to 54,015 million in 2020 and further to 57,699 million in 2021. However, there was a slight decrease in 2022 to 57,123 million before stabilizing around 57,153 million in 2023. Overall, total assets exhibited moderate volatility but maintained a generally upward trajectory after the initial drop.
Total HPE Stockholders’ Equity
The stockholders’ equity reflected a marked decrease in the initial years, falling from 21,239 million US dollars in 2018 to 17,098 million in 2019, and further down to 16,049 million in 2020. From 2021 onwards, there was a significant rebound with equity rising to 19,971 million in 2021, slightly dipping to 19,864 million in 2022, and then increasing again to 21,182 million in 2023. This pattern suggests a recovery in equity position after a period of decline, ultimately nearing the initial 2018 level by 2023.
Financial Leverage
Financial leverage displayed a generally decreasing trend after reaching its peak in 2020. The ratio increased from 2.61 in 2018 to a maximum of 3.37 in 2020, indicating heightened reliance on debt relative to equity during this period. After 2020, the leverage ratio steadily declined to 2.89 in 2021, 2.88 in 2022, and further to 2.7 in 2023. This trend signals a gradual reduction in leverage, implying a potential move towards a more balanced capital structure with lower financial risk.

Interest Coverage

Hewlett Packard Enterprise Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to HPE
Add: Net income attributable to noncontrolling interest
Less: Net loss from discontinued operations
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Interest Coverage, Sector
Technology Hardware & Equipment
Interest Coverage, Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

2 Click competitor name to see calculations.

Earnings before interest and tax (EBIT)
Over the six-year period, EBIT exhibited notable volatility. Starting from US$617 million in 2018, it showed a significant increase to US$1,880 million in 2019. However, in 2020, EBIT declined sharply to a negative value of US$-99 million, indicating an operational loss that year. A strong recovery occurred in 2021, with EBIT rising markedly to US$3,885 million, the highest point in the series. Subsequently, EBIT decreased to US$1,141 million in 2022 but rebounded again to US$2,567 million in 2023. Overall, the EBIT trend is characterized by substantial fluctuations, including a significant downturn in 2020 followed by a robust recovery and subsequent moderate decline and rebound.
Interest expense
Interest expense showed a gradual decline from 2018 through 2022, decreasing from US$353 million in 2018 to US$260 million in 2022. In 2023, there was a slight increase to US$326 million. The overall trend suggests relatively stable interest costs with a modest downward bias until 2022, followed by a minor uptick in the most recent year.
Interest coverage ratio
The interest coverage ratio displayed significant variation aligned with changes in EBIT. It started at 1.75 in 2018, improved markedly to 6.05 in 2019, but deteriorated to a negative ratio of -0.3 in 2020, reflecting inability to cover interest expense due to negative EBIT. A substantial recovery followed in 2021, with the ratio reaching a peak of 13.44, indicating strong capacity to meet interest obligations. After this peak, the ratio declined to 4.39 in 2022 but rose again to 7.87 in 2023. The interest coverage ratio trends mirror EBIT performance, showcasing periods of both financial strain and strong earnings relative to interest costs.

Fixed Charge Coverage

Hewlett Packard Enterprise Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Oct 31, 2023 Oct 31, 2022 Oct 31, 2021 Oct 31, 2020 Oct 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to HPE
Add: Net income attributable to noncontrolling interest
Less: Net loss from discontinued operations
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Operating lease cost
Earnings before fixed charges and tax
 
Interest expense
Operating lease cost
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
Apple Inc.
Arista Networks Inc.
Cisco Systems Inc.
Dell Technologies Inc.
Super Micro Computer Inc.
Fixed Charge Coverage, Sector
Technology Hardware & Equipment
Fixed Charge Coverage, Industry
Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

2 Click competitor name to see calculations.

Earnings before Fixed Charges and Tax
The earnings before fixed charges and tax have exhibited notable fluctuations over the analyzed periods. Beginning at 617 million US dollars in 2018, the figure surged sharply to 1,880 million in 2019, followed by a significant decline to 137 million in 2020. A pronounced recovery occurred in 2021, with earnings reaching 4,092 million, the highest value in the dataset. However, subsequent years showed a decrease to 1,338 million in 2022, before increasing again to 2,767 million in 2023. This volatility suggests a period of instability or variable operating conditions impacting pre-tax and fixed charge earnings.
Fixed Charges
Fixed charges remained relatively stable with minor variations across the years. Starting at 353 million US dollars in 2018, the values slightly decreased to 311 million in 2019. An increase was observed in 2020 to 568 million, followed by a decrease to 496 million in 2021. The charges further decreased to 457 million in 2022 before rising again to 526 million in 2023. Overall, fixed charges showed moderate oscillations without a strong directional trend.
Fixed Charge Coverage Ratio
The fixed charge coverage ratio demonstrated significant volatility, closely reflecting the fluctuations in earnings before fixed charges and tax relative to fixed charges. Starting at a moderate 1.75 in 2018, the ratio rose substantially to 6.05 in 2019, indicating strong coverage in that year. It then fell drastically to 0.24 in 2020, highlighting a considerable shortfall in earnings relative to fixed charges. In 2021, the ratio peaked at 8.25, suggesting an exceptionally strong ability to cover fixed charges. The ratio declined to 2.93 in 2022 but improved again to 5.26 in 2023. These swings imply periods of both strong financial resilience and notable constraints in covering fixed obligations.