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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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Solvency Ratios (Summary)
Las Vegas Sands Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The financial data reveals several important trends in the company's leverage and interest coverage ratios over the period from March 31, 2018, to September 30, 2023. A detailed examination of these metrics provides insights into the company's evolving financial risk and its ability to service debt.
- Debt to Equity Ratio
- This ratio increased steadily from 1.31 in March 2018, peaking at 7.41 in December 2021, indicating a substantial rise in the company's financial leverage and reliance on debt financing relative to equity during this period. Notably, this ratio declined significantly after the peak, dropping to 3.16 by September 2023, which suggests some deleveraging or increased equity base in recent quarters.
- Debt to Capital Ratio
- The debt to capital ratio showed a gradual upward trend from 0.57 in early 2018 to approximately 0.88 by the end of 2021, reflecting an increasing proportion of debt in the company's overall capital structure. Following this high, there was a moderate decline to 0.76 in the latest quarter, which aligns with the deleveraging indicated by the debt to equity ratio.
- Debt to Assets Ratio
- This ratio rose from 0.45 in early 2018 to a high of 0.74 in late 2021, indicating that a growing share of the company's asset base was financed through debt. The ratio decreased moderately thereafter to 0.65 in the most recent quarter, pointing to a reduction in debt levels or an increase in assets.
- Financial Leverage Ratio
- The financial leverage ratio followed a similar pattern, increasing from 2.92 in March 2018 to a peak of 10.05 in December 2021. This metric's decline to 4.86 by September 2023 reinforces the observation of reduced leverage and potentially improved capitalization in recent periods.
- Interest Coverage Ratio
- Interest coverage data starts from the third quarter of 2018, with values above 7 indicating strong capacity to cover interest expenses initially. However, a sharp decline occurred in 2020, turning negative from the third quarter through much of 2021 and 2022, signaling that earnings before interest and taxes were insufficient to meet interest expenses. Beginning in early 2023, the ratio shows improvement, gradually turning positive and reaching 2.08 by September 2023. This recovery suggests a strengthening in earnings relative to interest obligations, although the coverage remains relatively low compared to earlier periods.
In summary, the company experienced a significant increase in leverage ratios leading up to late 2021, accompanied by deteriorating interest coverage, which reflects increased financial risk and weakened earnings capacity to service debt. Starting in 2022 and continuing through 2023, there is clear evidence of deleveraging and improved interest coverage, suggesting efforts to strengthen the balance sheet and improve financial health.
Debt Ratios
Coverage Ratios
Debt to Equity
Las Vegas Sands Corp., debt to equity calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Debt to equity = Total debt ÷ Total Las Vegas Sands Corp. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Total debt
- The total debt exhibited an overall increasing trend from March 31, 2018, through December 31, 2022, rising from $9,652 million to a peak of $15,978 million. After this peak, there was a moderate decline in subsequent quarters, reaching $14,394 million by September 30, 2023. Notable increments occurred mostly between 2018 and 2020, with debt levels escalating steadily during this period. Despite the uptick, the final quarters indicate a slight reduction, suggesting some deleveraging efforts or debt repayments.
- Total stockholders’ equity
- Stockholders’ equity demonstrated a generally declining pattern over the analyzed time frame, starting at $7,363 million in March 2018 and decreasing consistently to $1,996 million by December 31, 2021. Following this low point, equity values experienced a relative recovery, increasing to $4,553 million by September 2023. The initial decline suggests a possible erosion of equity potentially due to losses or distributions exceeding earnings, while the resurgence in later quarters may reflect improved profitability or capital injections.
- Debt to equity ratio
- The debt to equity ratio mirrored the trends seen in debt and equity. Initially, the ratio increased markedly from 1.31 in March 2018 to a high of 7.41 at the end of 2021. This sharp rise indicates that debt grew disproportionately relative to equity, amplifying financial leverage and risk. Subsequently, there was a significant decrease in the ratio, dropping to 3.16 by September 2023, which correlates with the partial reduction in debt and the recovery in equity. This shift suggests an improvement in the company's capital structure and potential stabilization of financial risk.
- Overall insights
- The data reveals a period of escalating financial leverage from 2018 until the end of 2021, characterized by rising debt levels and diminishing equity, resulting in a substantially heightened debt to equity ratio. This pattern may imply increased borrowing to support operations or investments amid declining equity base. However, the subsequent quarters show signs of recovery, with equity increasing and debt decreasing moderately, leading to a more balanced leverage ratio. These changes indicate possible strategic financial restructuring or improved operational performance contributing to a strengthened balance sheet position.
Debt to Capital
Las Vegas Sands Corp., debt to capital calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||||||||||||||||||||||||||
| Total capital | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The financial data exhibits a fluctuating but generally increasing trend in total debt from March 2018 through June 2023. Starting at approximately $9.7 billion in the first quarter of 2018, the total debt rose steadily, peaking near $16 billion in early 2023, before experiencing a slight decline towards the third quarter of 2023.
Total capital followed a somewhat variable trajectory over the same period. It began around $17 billion in early 2018, experienced modest fluctuations through 2019 and 2020 around the $17 billion mark, then showed a more marked increase in 2022, reaching nearly $20 billion, before tapering off slightly by the third quarter of 2023.
The debt to capital ratio, reflecting the proportion of debt within the company's capital structure, increased consistently from 0.57 in March 2018, peaking at around 0.88 in December 2021. This upward trajectory indicates a growing reliance on debt financing relative to the total capital. However, after this peak, the ratio declined somewhat, stabilizing around 0.76 by the third quarter of 2023. This reduction suggests a relative improvement in the balance between debt and total capital in the most recent periods.
Overall, the data indicates a phase of increasing leverage up to late 2021, followed by a period of partial deleveraging or stabilization. The peak in debt levels coincides with the highest debt to capital ratios, reflecting increased financial risk during that period. The subsequent moderation in leverage ratios suggests a potential strategic shift towards strengthening the capital base or reducing debt burden in recent quarters.
Debt to Assets
Las Vegas Sands Corp., debt to assets calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The data reveals evolving trends in the capital structure and asset base over the examined periods.
- Total Debt
- Total debt showed a general upward trajectory from March 2018 through December 2022, starting at approximately $9.7 billion and peaking near $16 billion in the final quarters of 2022 and early 2023. There is a noticeable increase in debt beginning in early 2020, coinciding with the COVID-19 pandemic period, where total debt rose significantly from around $12.3 billion to a peak just below $16 billion. After reaching the peak, total debt marginally decreased in the most recent periods recorded.
- Total Assets
- Total assets experienced moderate fluctuation with a slight downward trend overall. From around $21.5 billion in early 2018, assets remained relatively steady in the $22 billion to $23 billion range through 2019, then declined to just above $20 billion during much of 2020 and early 2021. Starting mid-2021, total assets exhibited some recovery, increasing again to around $22.7 billion by early 2023, though not fully reaching the levels seen in the pre-pandemic period.
- Debt to Assets Ratio
- The debt-to-assets ratio increased noticeably over the timeframe. Starting from 0.45 in early 2018, the ratio climbed steadily, surpassing the 0.50 mark during 2018 and moving above 0.70 by 2021, indicating increased leverage. This rise was particularly pronounced during the pandemic, peaking at approximately 0.74 around the end of 2021. Although a minor decline appears in the latest periods, the ratio remains elevated relative to the initial periods, fluctuating around 0.65 to 0.70 by late 2023.
Overall, the company increased its leverage substantially over the observed periods, with rising total debt outpacing fluctuations in total assets. The increase in debt and leverage is most pronounced in the pandemic and post-pandemic years, suggesting potential strategic borrowing or financial restructuring during this period.
Financial Leverage
Las Vegas Sands Corp., financial leverage calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Financial leverage = Total assets ÷ Total Las Vegas Sands Corp. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and changes over the observed period. Total assets exhibited moderate fluctuations, initially increasing from the first quarter of 2018 until the end of 2019, reaching a peak near US$23 billion. However, from the first quarter of 2020, a period corresponding with the onset of the global pandemic, total assets experienced a decline, dropping significantly by the end of 2020. Following this downturn, total assets stabilized and gradually recovered through 2021 and into 2023, demonstrating resilience and a mild upward trend toward approximately US$22 billion in the most recent quarter.
Stockholders’ equity showed a consistent downward trajectory from the beginning of 2018 until late 2021. The equity value decreased from over US$7 billion in early 2018 to under US$2 billion by the fourth quarter of 2021. This decline indicates significant erosion in equity value over this period, possibly due to losses or distributions exceeding earnings. However, beginning in early 2022, stockholders’ equity displayed a considerable rebound, nearly doubling by the first quarter of 2022. This recovery phase sustained through to the third quarter of 2023, culminating in a moderate increase to over US$4.5 billion, signaling improved financial health or capital restructuring.
Financial leverage ratios demonstrate a marked shift in the company’s capital structure. From 2018 up to the fourth quarter of 2021, the ratio escalated markedly from 2.92 to a peak above 10.0. This sharp increase suggests a substantial rise in debt relative to equity, indicative of increased risk and possible liquidity pressure during this period. After this peak, leverage declined rapidly in 2022 and 2023, falling to a ratio below 5.0 by the third quarter of 2023, reflecting either debt reduction, equity strengthening, or a combination thereof. The decline in leverage aligns temporally with the recovery observed in stockholders’ equity, suggesting efforts toward deleveraging and balance sheet stabilization.
Overall, the data portrays a cycle of growth in assets and equity in the early period, followed by distress characterized by asset decline, equity erosion, and elevated leverage during the pandemic years. The later quarters demonstrate a phase of recovery and financial consolidation, with improvements in equity position and reduced leverage, while total assets approach pre-pandemic levels once again.
- Total Assets
- Moderate increase through 2018-2019, significant decline during 2020, gradual recovery starting 2021, reaching near previous peak by 2023.
- Stockholders’ Equity
- Continuous decline from 2018 to late 2021, sharp rebound throughout 2022 into 2023, indicating strengthened equity base.
- Financial Leverage
- Steady rise from 2018, peaking in late 2021 above 10, followed by significant reduction into 2023, indicating decreasing financial risk.
Interest Coverage
Las Vegas Sands Corp., interest coverage calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Las Vegas Sands Corp. | ||||||||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||||||||
| Less: Income (loss) from discontinued operations, net of tax | ||||||||||||||||||||||||||||||
| Add: Income tax expense | ||||||||||||||||||||||||||||||
| Add: Interest expense, net of amounts capitalized | ||||||||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Interest coverage1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Interest coverage
= (EBITQ3 2023
+ EBITQ2 2023
+ EBITQ1 2023
+ EBITQ4 2022)
÷ (Interest expenseQ3 2023
+ Interest expenseQ2 2023
+ Interest expenseQ1 2023
+ Interest expenseQ4 2022)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The data reveals several notable trends in the financial performance over the specified periods.
- Earnings before interest and tax (EBIT)
- EBIT fluctuated significantly, beginning with relatively strong positive figures in 2018 and early 2019, peaking notably at 1,487 million US$ in June 2019. This was followed by volatility and a marked decline starting in 2020, with EBIT turning negative from March 2020 through to December 2021. The lowest point occurred in mid-2020, coinciding with broader economic challenges, possibly external factors affecting operations. Recovery signs emerged in 2023, with EBIT returning to positive territory and progressively increasing to 771 million US$ by September 2023.
- Interest expense, net of amounts capitalized
- Interest expense showed a general upward trend across the entire period, starting at 89 million US$ in March 2018 and rising steadily to over 210 million US$ by September 2023. This continuous increase indicates growing interest obligations, which may put pressure on cash flows and profitability if not matched by earnings growth.
- Interest coverage ratio
- The interest coverage ratio exhibited strong values above 7 during 2018 and early 2019, reflecting comfortable ability to cover interest expenses from operating earnings. This metric deteriorated drastically starting in 2020, with the ratio plunging into negative territory and reaching a minimum of -3.33, highlighting inability to cover interest expenses during that period. Improvement began in 2023 as EBIT recovered, with the ratio moving back into positive but still relatively low territory at 2.08 by the latest period, suggesting cautious but improving financial resilience.
Overall, the financial data depicts a period of robustness followed by significant stress in earnings and coverage capacity during 2020-2021, likely due to extraordinary challenges impacting the company. Although the interest burden increased continuously, recent quarters show some recovery in operational profitability and improved capacity to service interest expenses, yet the financial position remains sensitive and warrants ongoing monitoring.