Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Capital
Debt to Assets
Financial Leverage
Interest Coverage

Paycom Software Inc., solvency ratios (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
Debt Ratios
Debt to equity	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.06	0.07	0.08	0.09	0.10	0.10	0.11	0.11
Debt to capital	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.06	0.07	0.07	0.08	0.09	0.09	0.10	0.10
Debt to assets	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Financial leverage	2.71	2.81	3.18	3.30	3.08	4.92	5.40	3.60	5.11	4.08	4.57	3.98	3.93	3.28	3.85	4.72	3.35	4.20	5.18	4.55	4.07	4.30	4.83
Coverage Ratios
Interest coverage	182.79	132.45	136.44	154.62	218.76	552.59	1,341.70	—	—	—	64,265.33	9,787.11	1,276.48	534.32	372.02	241.52	182.85	153.94	178.33	229.08	—	—	—

The financial ratios indicate several notable trends over the observed periods. The debt-related ratios exhibit a clear declining trend, reflecting a gradual reduction in leverage and reliance on debt financing. Specifically, the debt to equity ratio decreased consistently from 0.11 in the first quarter of 2018 to 0.02 by the third quarter of 2023. This downward movement is similarly mirrored in the debt to capital ratio, which declined from 0.10 to 0.02, and the debt to assets ratio, which remained relatively stable at very low levels around 0.01 to 0.02, suggesting minimal debt burden relative to the company's asset base.

Financial leverage shows more variability over time but trends downward in the later periods. Initially fluctuating from 4.83 in early 2018 to peaks above 5 in some intermediate quarters, it gradually declines to approximately 2.71 by the third quarter of 2023. This indicates a reduction in the extent to which the company is using equity to finance its assets, implying a more conservative capital structure.

Interest coverage ratios exhibit significant volatility where data is available. In the periods starting from around late 2018 to early 2021, interest coverage ratios reached extraordinarily high values, including figures well above 1,000 and even over 64,000 in mid-2021. This suggests extremely strong earnings relative to interest expenses during those quarters, possibly due to very low interest obligations combined with high profitability. However, in the more recent quarters from 2022 onward, the interest coverage ratio returned to more moderate levels ranging approximately from 130 to 1,340, indicating sustained adequate ability to cover interest expenses despite a notable decrease from the earlier peak values.

In summary, the overall financial position with respect to leverage and debt management appears increasingly conservative over time, with lowered debt ratios and reduced financial leverage. The ability to meet interest obligations remains strong, despite notable fluctuations in interest coverage, suggesting robustness in operational earnings and financial health.

Debt to Equity Ratio: Consistent and gradual decrease from 0.11 to 0.02, indicating reduced dependence on debt relative to equity.
Debt to Capital Ratio: Similar decreasing trend from 0.10 to 0.02, reinforcing reduced overall leverage.
Debt to Assets Ratio: Stable at very low levels (around 0.01 to 0.02), indicating low debt relative to total assets.
Financial Leverage: Fluctuating initially with peaks above 5, then a decline to approximately 2.71, indicating a trend toward less leveraged equity financing.
Interest Coverage Ratio: Displays extreme volatility with very high values in 2019–2021, followed by a return to more moderate but still healthy levels in 2022 onward, reflecting strong earnings relative to interest expenses.

Debt Ratios

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Coverage Ratios

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Paycom Software Inc., 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 thousands)
Current portion of long-term debt	—)	—)	—)	—)	—)	—)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,331)
Long-term debt, less current portion	29,000)	29,000)	29,000)	29,000)	29,000)	29,000)	26,945)	27,380)	27,815)	28,250)	28,684)	29,119)	29,554)	29,989)	30,423)	30,858)	31,293)	31,727)	32,179)	32,614)	33,049)	33,486)	33,935)
Total debt	29,000)	29,000)	29,000)	29,000)	29,000)	29,000)	28,720)	29,155)	29,590)	30,025)	30,459)	30,894)	31,329)	31,764)	32,198)	32,633)	33,068)	33,502)	33,954)	34,389)	34,824)	35,261)	35,266)

Stockholders’ equity	1,421,309)	1,406,685)	1,334,471)	1,182,607)	1,076,380)	994,139)	1,009,020)	893,714)	825,341)	792,256)	745,476)	655,643)	632,399)	585,853)	599,788)	526,628)	474,898)	434,762)	398,553)	334,753)	360,377)	329,738)	333,033)
Solvency Ratio
Debt to equity¹	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.06	0.07	0.08	0.09	0.10	0.10	0.11	0.11

¹ Q3 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 29,000 ÷ 1,421,309 = 0.02

Total Debt: The total debt shows a consistent downward trend over the entire period analyzed. Starting at approximately $35.3 million in the first quarter of 2018, the figure steadily declines each quarter, reaching a level of $29 million by the first quarter of 2022. From that point onward, total debt remains stable at $29 million through the third quarter of 2023. This indicates a consistent effort to reduce leverage, followed by maintenance of a stable debt level in recent periods.
Stockholders' Equity: Stockholders' equity demonstrates a strong and continuous upward trajectory. Beginning at roughly $333 million in the first quarter of 2018, the equity value experiences some fluctuations early on but generally increases at a accelerating pace over time. Notable growth occurs from 2019 onward, with equity rising from around $399 million in March 2019 to approximately $1.4 billion by September 2023. This substantial increase reflects consistent equity accumulation, likely driven by retained earnings and potential capital infusions.
Debt to Equity Ratio: The debt to equity ratio exhibits a clear and significant decline throughout the period. Initially, the ratio is at approximately 0.11 in early 2018, indicating that debt comprised around 11% of equity. Over time, this ratio steadily decreases, reaching as low as 0.02 in recent quarters. This trend demonstrates a progressive reduction in financial leverage relative to equity, signifying improved capitalization and potentially lower financial risk.
Overall Insights: The analyzed data suggest a strong overall improvement in financial structure, characterized by decreasing debt levels alongside rapidly increasing equity. The consistent reduction of the debt-to-equity ratio reinforces the notion of a strengthening balance sheet, with the company relying increasingly on equity financing rather than debt. The stabilization of total debt at a lower level combined with large equity growth points towards enhanced financial stability and potential capacity for future strategic investment or cushioning against economic fluctuations.

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Paycom Software Inc., 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 thousands)
Current portion of long-term debt	—)	—)	—)	—)	—)	—)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,331)
Long-term debt, less current portion	29,000)	29,000)	29,000)	29,000)	29,000)	29,000)	26,945)	27,380)	27,815)	28,250)	28,684)	29,119)	29,554)	29,989)	30,423)	30,858)	31,293)	31,727)	32,179)	32,614)	33,049)	33,486)	33,935)
Total debt	29,000)	29,000)	29,000)	29,000)	29,000)	29,000)	28,720)	29,155)	29,590)	30,025)	30,459)	30,894)	31,329)	31,764)	32,198)	32,633)	33,068)	33,502)	33,954)	34,389)	34,824)	35,261)	35,266)
Stockholders’ equity	1,421,309)	1,406,685)	1,334,471)	1,182,607)	1,076,380)	994,139)	1,009,020)	893,714)	825,341)	792,256)	745,476)	655,643)	632,399)	585,853)	599,788)	526,628)	474,898)	434,762)	398,553)	334,753)	360,377)	329,738)	333,033)
Total capital	1,450,309)	1,435,685)	1,363,471)	1,211,607)	1,105,380)	1,023,139)	1,037,740)	922,869)	854,931)	822,281)	775,935)	686,537)	663,728)	617,617)	631,986)	559,261)	507,966)	468,264)	432,507)	369,142)	395,201)	364,999)	368,299)
Solvency Ratio
Debt to capital¹	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.06	0.07	0.07	0.08	0.09	0.09	0.10	0.10

¹ Q3 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 29,000 ÷ 1,450,309 = 0.02

The financial data reveals several notable trends over the observed periods.

Total Debt: The total debt exhibits a clear and consistent downward trend from March 31, 2018, through September 30, 2023. Starting at approximately US$35.3 million, the debt gradually decreases to around US$29.0 million by the final reported period. There is particular stability observed from March 31, 2022, onward, where the debt level remains constant at US$29.0 million across the subsequent quarters.
Total Capital: Total capital shows a general upward trajectory across the same timeline. Initially recorded at roughly US$368.3 million, it experiences significant growth with some variability, reaching approximately US$1.45 billion by September 30, 2023. This growth indicates an expanding capital base. Noteworthy fluctuations are visible in the mid-periods, but the overall direction remains positive, suggesting successful capital accumulation or reinvestment during this timeframe.
Debt to Capital Ratio: The debt to capital ratio declines steadily throughout the assessed quarters, decreasing from 0.10 to 0.02. This reduction implies an improving capital structure with diminished reliance on debt financing in relation to total capital. The ratio's descent is gradual and consistent, reflecting prudent management of liabilities relative to capital growth. The ratio stabilizes at 0.02 in the last several quarters, consistent with the observed static total debt figure amid rising total capital.

In summary, the data indicates a robust financial position characterized by controlled and decreasing debt levels, strong capital growth, and a marked improvement in leverage as evidenced by the declining debt to capital ratio. These trends suggest enhanced financial stability and potentially improved creditworthiness over the analyzed timeline.

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Paycom Software Inc., 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 thousands)
Current portion of long-term debt	—)	—)	—)	—)	—)	—)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,775)	1,331)
Long-term debt, less current portion	29,000)	29,000)	29,000)	29,000)	29,000)	29,000)	26,945)	27,380)	27,815)	28,250)	28,684)	29,119)	29,554)	29,989)	30,423)	30,858)	31,293)	31,727)	32,179)	32,614)	33,049)	33,486)	33,935)
Total debt	29,000)	29,000)	29,000)	29,000)	29,000)	29,000)	28,720)	29,155)	29,590)	30,025)	30,459)	30,894)	31,329)	31,764)	32,198)	32,633)	33,068)	33,502)	33,954)	34,389)	34,824)	35,261)	35,266)

Total assets	3,856,101)	3,951,341)	4,241,622)	3,902,513)	3,314,570)	4,891,703)	5,444,574)	3,215,145)	4,218,038)	3,233,087)	3,406,773)	2,607,912)	2,485,199)	1,921,500)	2,309,725)	2,486,917)	1,592,027)	1,826,192)	2,062,828)	1,521,926)	1,468,186)	1,418,965)	1,608,130)
Solvency Ratio
Debt to assets¹	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02

¹ Q3 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 29,000 ÷ 3,856,101 = 0.01

Total Debt: The total debt shows a consistent, gradual decline over the observed periods. From $35,266 thousand at the end of Q1 2018, it decreases steadily to $29,000 thousand by Q1 2023 and remains stable thereafter. This indicates a controlled reduction in debt levels over the nearly six-year timeline, suggesting a deliberate strategy to manage and reduce financial leverage.
Total Assets: Total assets display significant fluctuations with an overall upward trajectory. The value initially decreases from approximately $1.61 billion at the start of 2018 to around $1.42 billion mid-2018, followed by alternating rises and falls. Notably, there is a pronounced increase in Q1 2019 to over $2 billion, peaking in late 2021 at over $4.2 billion. After this peak, assets decline sharply in early 2022 but remain elevated relative to the starting point, settling around $3.86 billion by Q3 2023. This pattern suggests expansions and potential revaluations or acquisitions during the period, alongside some asset sell-offs or adjustments later on.
Debt to Assets Ratio: The debt to assets ratio remains very low throughout the periods, fluctuating marginally between 0.01 and 0.02. This very low ratio confirms the company's low leverage position relative to its asset base, consistent with the downward trend observed in total debt and the generally increasing total assets. The stability of this ratio further implies that debt levels have been managed prudently in relation to the asset growth over time.

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Paycom Software Inc., 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 thousands)
Total assets	3,856,101)	3,951,341)	4,241,622)	3,902,513)	3,314,570)	4,891,703)	5,444,574)	3,215,145)	4,218,038)	3,233,087)	3,406,773)	2,607,912)	2,485,199)	1,921,500)	2,309,725)	2,486,917)	1,592,027)	1,826,192)	2,062,828)	1,521,926)	1,468,186)	1,418,965)	1,608,130)
Stockholders’ equity	1,421,309)	1,406,685)	1,334,471)	1,182,607)	1,076,380)	994,139)	1,009,020)	893,714)	825,341)	792,256)	745,476)	655,643)	632,399)	585,853)	599,788)	526,628)	474,898)	434,762)	398,553)	334,753)	360,377)	329,738)	333,033)
Solvency Ratio
Financial leverage¹	2.71	2.81	3.18	3.30	3.08	4.92	5.40	3.60	5.11	4.08	4.57	3.98	3.93	3.28	3.85	4.72	3.35	4.20	5.18	4.55	4.07	4.30	4.83

¹ Q3 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 3,856,101 ÷ 1,421,309 = 2.71

Total Assets: The total assets exhibit a fluctuating but generally upward trend over the observed periods. Initially, from March 2018 through December 2018, total assets showed minor fluctuations, increasing from approximately 1.61 billion to 1.52 billion USD. In 2019, there was significant volatility, with assets rising to over 2.48 billion USD by December, preceded by a decline mid-year. In 2020, the asset base varied notably, concluding the year above 2.6 billion USD. From 2021 onwards, the increase in total assets became more pronounced, peaking around 4.22 billion USD by September 2021 before experiencing a decline toward the end of 2021 and throughout 2022. As of the latest quarter in September 2023, total assets stand near 3.86 billion USD, reflecting a general growth compared to the starting point but with notable volatility and several periods of significant decreases.
Stockholders’ Equity: Stockholders' equity demonstrates a consistent and steady increase throughout the periods. Beginning at approximately 333 million USD in March 2018, equity has grown without major reversals, rising to over 526 million USD by the end of 2019. Through 2020 and extending into 2023, the upward trend continued, reaching around 1.42 billion USD in the most recent quarter. This reflects a strong accumulation of equity capital and retained earnings over time. The consistent equity growth mitigates concerns about the fluctuations observed in total assets, indicating an improvement in the company’s net worth and financial stability.
Financial Leverage Ratio: The financial leverage ratio, representing the proportion of total assets to equity, indicates varying reliance on debt financing or liabilities. It fluctuated significantly from quarter to quarter. It began at a relatively high level near 4.83 in early 2018, decreased notably in mid-2019 and mid-2020 to levels around 3.28 to 3.35, suggesting a reduction in leverage. However, spikes are observed again, especially at the end of 2021 and the first half of 2022, where the ratio surpassed 5.0, indicating increased leverage. By the latest quarters in 2023, there is a clear declining pattern with the ratio falling to approximately 2.71, the lowest in the series. This downward trend in leverage implies a progressive strengthening of the equity base relative to total assets, signaling a potentially lower risk profile concerning debt obligations.

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Paycom Software Inc., 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 thousands)
Net income	75,219)	64,516)	119,296)	79,951)	52,153)	57,355)	91,930)	48,687)	30,379)	52,278)	64,616)	24,367)	27,482)	28,589)	63,015)	45,380)	39,152)	48,762)	47,282)	31,414)	28,769)	35,722)	41,160)
Add: Income tax expense	26,822)	28,331)	46,303)	34,038)	23,135)	15,482)	35,534)	21,315)	13,170)	(5,042)	30,559)	12,234)	6,800)	(1,854)	25,303)	15,739)	11,339)	3,603)	14,830)	11,285)	7,675)	7,796)	10,890)
Add: Interest expense	222)	602)	837)	949)	1,018)	354)	215)	—)	—)	—)	—)	—)	—)	3)	16)	146)	260)	258)	276)	348)	384)	34)	—)
Earnings before interest and tax (EBIT)	102,263)	93,449)	166,436)	114,938)	76,306)	73,191)	127,679)	70,002)	43,549)	47,236)	95,175)	36,601)	34,282)	26,738)	88,334)	61,265)	50,751)	52,623)	62,388)	43,047)	36,828)	43,552)	52,050)
Solvency Ratio
Interest coverage¹	182.79	132.45	136.44	154.62	218.76	552.59	1,341.70	—	—	—	64,265.33	9,787.11	1,276.48	534.32	372.02	241.52	182.85	153.94	178.33	229.08	—	—	—

¹ Q3 2023 Calculation
Interest coverage = (EBIT_{Q3 2023} + EBIT_{Q2 2023} + EBIT_{Q1 2023} + EBIT_{Q4 2022}) ÷ (Interest expense_{Q3 2023} + Interest expense_{Q2 2023} + Interest expense_{Q1 2023} + Interest expense_{Q4 2022})
= (102,263 + 93,449 + 166,436 + 114,938) ÷ (222 + 602 + 837 + 949) = 182.79

Earnings before interest and tax (EBIT)

The EBIT values exhibit a fluctuating pattern over the analyzed quarters. Initially, EBIT increased from approximately 52 million US dollars in Q1 2018 to a peak near 62 million in Q1 2019, followed by a dip in the middle of 2019. During 2020, EBIT sharply fell to a low point around 27 million in Q2 but then showed a steady recovery, reaching a notable high of approximately 95 million by Q1 2021. Subsequently, the figures continued to rise, peaking at about 127 million in Q1 2022 and then experienced volatility with smaller troughs and peaks until Q3 2023, where EBIT stood around 102 million.

Interest expense

Interest expense started very low or not recorded in early 2018, with a slight increase in mid to late 2018 and early 2019. The values remained relatively minimal through 2020 with some missing data. From 2021 onwards, interest expenses showed an upward trend, reaching higher values in 2022 and 2023, peaking at roughly 1,018 thousand US dollars in Q3 2022 and then slightly declining towards Q3 2023.

Interest coverage ratio

The interest coverage ratio, where available, indicates very strong ability to cover interest expenses with operating earnings. In early periods, the ratio was extremely high, with values ranging from 178 to above 12,000 times, demonstrating a comfortable margin over interest obligations. Although some data is missing, the observed ratios suggest a consistent capacity to service interest, albeit with some reduction in the ratio magnitudes in later periods, reflecting the increased interest expenses seen concurrently.

Overall trends and insights

The financial data reveals robust operating performance with EBIT showing substantial growth over the analyzed timeframe despite some fluctuations, particularly a notable decline in mid-2020 perhaps influenced by external factors affecting earnings temporarily. The recovery and subsequent growth in EBIT suggest resilience and effective operational management. Interest expenses have remained relatively low compared to EBIT, ensuring strong interest coverage ratios, although a slight upward trend in interest expense in recent years indicates the company has increased its debt cost or borrowed more.

The high interest coverage ratios throughout indicate minimal risk from interest obligations undermining profitability. However, the gradual increase in interest expense warrants monitoring to ensure sustained strong coverage and financial stability. Overall, the data highlights a financially healthy situation with growing earnings and manageable debt-related costs.

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Paycom Software Inc. (NYSE:PAYC)

Analysis of Solvency Ratios
Quarterly Data

Solvency Ratios (Summary)

Debt Ratios

Coverage Ratios

Debt to Equity

Debt to Capital

Debt to Assets

Financial Leverage

Interest Coverage

Paycom Software Inc. (NYSE:PAYC)

Analysis of Solvency Ratios Quarterly Data

Solvency Ratios (Summary)

Debt Ratios

Coverage Ratios

Debt to Equity

Debt to Capital

Debt to Assets

Financial Leverage

Interest Coverage

Analysis of Solvency Ratios
Quarterly Data