{"product_id":"debt-to-equity","title":"Debt to Equity Calculator","description":"\u003cstyle\u003e\n.dte-calculator {\n  --ink: #0f172a;\n  --muted: #475569;\n  --border: #e2e8f0;\n  --surface: #ffffff;\n  --tint: #f8fafc;\n  --primary: #1d4ed8;\n  --accent: #c2410c;\n  --accent-hover: #9a3412;\n  --chart-1: #1e40af;\n  --chart-2: #0d9488;\n  --chart-3: #7c3aed;\n  --chart-4: #be185d;\n  --chart-5: #334155;\n  width: 100%;\n  max-width: 1200px;\n  margin: 0 auto;\n  color: var(--ink);\n  background: var(--surface);\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  box-shadow: 0 1px 2px rgba(15, 23, 42, .06);\n  font-family: Inter, ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", sans-serif;\n  font-size: 15px;\n  line-height: 1.55;\n  container-type: inline-size;\n  container-name: dtecalc;\n}\n.dte-calculator,\n.dte-calculator *,\n.dte-calculator *::before,\n.dte-calculator *::after {\n  box-sizing: border-box;\n}\n.dte-calculator h2,\n.dte-calculator h3,\n.dte-calculator p {\n  margin-top: 0;\n}\n.dte-calculator a {\n  color: var(--primary);\n  text-underline-offset: 3px;\n}\n.dte-calculator a:hover {\n  text-decoration-thickness: 2px;\n}\n.dte-calculator button,\n.dte-calculator input,\n.dte-calculator select {\n  font: inherit;\n}\n.dte-calculator button,\n.dte-calculator select {\n  cursor: pointer;\n}\n.dte-calculator button:focus-visible,\n.dte-calculator input:focus-visible,\n.dte-calculator select:focus-visible,\n.dte-calculator summary:focus-visible,\n.dte-calculator a:focus-visible {\n  outline: 3px solid rgba(29, 78, 216, .35);\n  outline-offset: 2px;\n}\n.dte-header {\n  padding: 24px 24px 16px;\n  border-bottom: 1px solid var(--border);\n  background: linear-gradient(180deg, var(--surface), var(--tint));\n  border-radius: 8px 8px 0 0;\n}\n.dte-header h2 {\n  margin-bottom: 8px;\n  font-size: 24px;\n  line-height: 1.25;\n  font-weight: 700;\n  letter-spacing: -.02em;\n}\n.dte-header-copy {\n  max-width: 760px;\n  margin-bottom: 16px;\n  color: var(--muted);\n}\n.dte-pills {\n  display: flex;\n  flex-wrap: wrap;\n  gap: 8px;\n  min-width: 0;\n}\n.dte-pill {\n  display: inline-flex;\n  align-items: center;\n  gap: 8px;\n  min-width: 0;\n  padding: 6px 10px;\n  border: 1px solid var(--border);\n  border-radius: 999px;\n  background: var(--surface);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-pill strong {\n  color: var(--ink);\n  font-variant-numeric: tabular-nums;\n}\n.dte-toolbar {\n  display: flex;\n  flex-wrap: wrap;\n  gap: 12px;\n  padding: 16px 24px;\n  border-bottom: 1px solid var(--border);\n  min-width: 0;\n}\n.dte-button {\n  min-height: 44px;\n  border: 1px solid transparent;\n  border-radius: 6px;\n  padding: 11px 18px;\n  font-size: 15px;\n  font-weight: 650;\n  line-height: 1.2;\n  white-space: nowrap;\n  transition: background-color .15s ease, border-color .15s ease, box-shadow .15s ease, transform .15s ease;\n}\n.dte-button:hover {\n  box-shadow: 0 2px 5px rgba(15, 23, 42, .12);\n}\n.dte-button:active {\n  transform: translateY(1px);\n}\n.dte-download {\n  display: inline-flex;\n  align-items: center;\n  gap: 10px;\n  background: var(--accent);\n  color: #ffffff;\n  border-color: var(--accent);\n}\n.dte-download:hover {\n  background: var(--accent-hover);\n  border-color: var(--accent-hover);\n}\n.dte-excel-icon {\n  width: 20px;\n  height: 20px;\n  flex: 0 0 20px;\n}\n.dte-reset {\n  background: var(--surface);\n  color: var(--ink);\n  border-color: #cbd5e1;\n}\n.dte-reset:hover {\n  background: var(--tint);\n  border-color: #94a3b8;\n}\n.dte-workspace {\n  display: grid;\n  grid-template-columns: minmax(0, .9fr) minmax(0, 1.1fr);\n  gap: 24px;\n  padding: 24px;\n  align-items: start;\n}\n.dte-panel,\n.dte-result-panel,\n.dte-chart-card,\n.dte-table-card {\n  min-width: 0;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n  box-shadow: 0 1px 2px rgba(15, 23, 42, .04);\n}\n.dte-panel,\n.dte-result-panel {\n  padding: 20px;\n}\n.dte-section-title {\n  margin-bottom: 16px;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.dte-fields {\n  display: grid;\n  gap: 16px;\n  min-width: 0;\n}\n.dte-field {\n  display: grid;\n  gap: 8px;\n  min-width: 0;\n}\n.dte-field label,\n.dte-unit-field label {\n  font-size: 14px;\n  font-weight: 600;\n  color: var(--ink);\n}\n.dte-control {\n  width: 100%;\n  min-width: 0;\n  min-height: 44px;\n  padding: 10px 12px;\n  border: 1px solid #cbd5e1;\n  border-radius: 6px;\n  background: #ffffff;\n  color: var(--ink);\n  font-size: 15px;\n  font-variant-numeric: tabular-nums;\n}\n.dte-control:hover {\n  border-color: #94a3b8;\n}\n.dte-control[aria-invalid=\"true\"] {\n  border-color: #b91c1c;\n}\n.dte-helper,\n.dte-error {\n  min-height: 20px;\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.45;\n}\n.dte-helper {\n  color: var(--muted);\n}\n.dte-error {\n  display: none;\n  color: #991b1b;\n}\n.dte-error.dte-show {\n  display: block;\n}\n.dte-unit-row {\n  display: grid;\n  grid-template-columns: minmax(0, 1fr) minmax(140px, .55fr);\n  gap: 12px;\n  min-width: 0;\n}\n.dte-unit-field {\n  display: grid;\n  gap: 8px;\n  min-width: 0;\n}\n.dte-formula-note {\n  padding: 12px;\n  border: 1px solid #bfdbfe;\n  border-radius: 6px;\n  background: #eff6ff;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-formula-note strong {\n  display: block;\n  margin-bottom: 4px;\n  color: #172554;\n}\n.dte-primary-result {\n  padding: 20px;\n  border: 1px solid #bfdbfe;\n  border-radius: 8px;\n  background: #eff6ff;\n  min-width: 0;\n}\n.dte-primary-label {\n  margin-bottom: 6px;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 600;\n}\n.dte-primary-value {\n  font-size: 30px;\n  line-height: 1.1;\n  font-weight: 700;\n  letter-spacing: -.02em;\n  color: #172554;\n  font-variant-numeric: tabular-nums;\n  overflow-wrap: anywhere;\n}\n.dte-primary-sub {\n  margin-top: 8px;\n  margin-bottom: 0;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-result-grid {\n  display: grid;\n  grid-template-columns: repeat(2, minmax(0, 1fr));\n  gap: 12px;\n  margin-top: 16px;\n  min-width: 0;\n}\n.dte-result-card {\n  min-width: 0;\n  padding: 14px;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--tint);\n}\n.dte-result-card span {\n  display: block;\n  margin-bottom: 6px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-result-card strong {\n  display: block;\n  font-size: 20px;\n  line-height: 1.25;\n  font-weight: 700;\n  font-variant-numeric: tabular-nums;\n  overflow-wrap: anywhere;\n}\n.dte-interpretation {\n  margin-top: 16px;\n  padding: 12px;\n  border-left: 4px solid var(--primary);\n  border-radius: 0 6px 6px 0;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-content {\n  display: grid;\n  gap: 24px;\n  padding: 0 24px 24px;\n  min-width: 0;\n}\n.dte-chart-card,\n.dte-table-card {\n  padding: 20px;\n}\n.dte-card-head {\n  margin-bottom: 16px;\n}\n.dte-card-head h3 {\n  margin-bottom: 6px;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.dte-card-head p {\n  margin-bottom: 0;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-chart-total {\n  display: inline-flex;\n  align-items: baseline;\n  gap: 8px;\n  margin-bottom: 16px;\n  padding: 8px 10px;\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-chart-total strong {\n  color: var(--ink);\n  font-size: 20px;\n  font-weight: 700;\n  font-variant-numeric: tabular-nums;\n}\n.dte-chart-cluster {\n  display: grid;\n  grid-template-columns: minmax(240px, 320px) minmax(260px, 390px);\n  justify-content: center;\n  align-items: center;\n  gap: 24px;\n  min-width: 0;\n}\n.dte-chart-card.dte-safe-stack .dte-chart-cluster {\n  grid-template-columns: minmax(0, 1fr);\n  justify-items: center;\n  row-gap: 20px;\n}\n.dte-chart-card.dte-safe-stack .dte-legend,\n.dte-chart-card.dte-safe-stack .dte-chart-summary {\n  width: min(100%, 520px);\n}\n.dte-plot-wrap {\n  display: grid;\n  place-items: center;\n  min-width: 0;\n}\n.dte-chart-svg {\n  display: block;\n  width: min(100%, 320px);\n  height: auto;\n  aspect-ratio: 1;\n  overflow: visible;\n}\n.dte-chart-empty {\n  display: none;\n  width: 100%;\n  padding: 16px;\n  border: 1px dashed #cbd5e1;\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  text-align: center;\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-chart-empty.dte-show {\n  display: block;\n}\n.dte-legend {\n  display: grid;\n  gap: 10px;\n  min-width: 0;\n}\n.dte-legend-row {\n  display: grid;\n  grid-template-columns: 12px minmax(90px, max-content) max-content max-content;\n  align-items: center;\n  justify-content: start;\n  column-gap: 12px;\n  row-gap: 4px;\n  min-width: 0;\n  color: var(--ink);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-swatch {\n  width: 12px;\n  height: 12px;\n  border-radius: 3px;\n}\n.dte-legend-label,\n.dte-legend-value,\n.dte-legend-percent {\n  min-width: 0;\n}\n.dte-legend-value,\n.dte-legend-percent {\n  font-variant-numeric: tabular-nums;\n  white-space: nowrap;\n}\n.dte-legend-percent {\n  color: var(--muted);\n}\n.dte-chart-summary {\n  margin-top: 16px;\n  padding: 10px 12px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-table-overflow {\n  width: 100%;\n  max-width: 100%;\n  overflow-x: auto;\n  min-width: 0;\n}\n.dte-table {\n  width: 100%;\n  min-width: 600px;\n  border-collapse: collapse;\n  font-size: 13px;\n  font-variant-numeric: tabular-nums;\n}\n.dte-table th,\n.dte-table td {\n  padding: 10px 12px;\n  border-bottom: 1px solid var(--border);\n  text-align: left;\n  vertical-align: middle;\n}\n.dte-table th {\n  background: var(--tint);\n  color: var(--ink);\n  font-weight: 650;\n  white-space: nowrap;\n}\n.dte-table td.dte-number,\n.dte-table th.dte-number {\n  text-align: right;\n  white-space: nowrap;\n}\n.dte-table tbody tr:last-child td {\n  border-bottom: 0;\n}\n.dte-table-note {\n  margin-top: 16px;\n  padding: 10px 12px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.dte-table-card.dte-safe-table-stack .dte-table-note {\n  margin-top: 20px;\n}\n.dte-education {\n  padding: 32px 24px;\n  border-top: 1px solid var(--border);\n  background: var(--tint);\n  border-radius: 0 0 8px 8px;\n}\n.dte-education-inner {\n  max-width: 920px;\n  margin: 0 auto;\n}\n.dte-education h2 {\n  margin-bottom: 12px;\n  font-size: 24px;\n  line-height: 1.3;\n  font-weight: 700;\n}\n.dte-education h3 {\n  margin-top: 28px;\n  margin-bottom: 10px;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.dte-education p,\n.dte-education li {\n  color: #334155;\n}\n.dte-education ul {\n  margin: 0 0 16px;\n  padding-left: 22px;\n}\n.dte-education li + li {\n  margin-top: 8px;\n}\n.dte-disclaimer {\n  margin-top: 24px;\n  padding: 12px;\n  border: 1px solid #cbd5e1;\n  border-radius: 6px;\n  background: #ffffff;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n@container dtecalc (max-width: 899px) {\n  .dte-workspace {\n    grid-template-columns: minmax(0, 1fr);\n  }\n}\n@container dtecalc (max-width: 639px) {\n  .dte-header,\n  .dte-toolbar,\n  .dte-workspace,\n  .dte-content,\n  .dte-education {\n    padding-left: 16px;\n    padding-right: 16px;\n  }\n  .dte-header {\n    padding-top: 20px;\n  }\n  .dte-workspace {\n    gap: 16px;\n    padding-top: 16px;\n    padding-bottom: 16px;\n  }\n  .dte-content {\n    gap: 16px;\n    padding-bottom: 16px;\n  }\n  .dte-unit-row,\n  .dte-result-grid {\n    grid-template-columns: minmax(0, 1fr);\n  }\n  .dte-chart-cluster {\n    grid-template-columns: minmax(0, 1fr);\n    justify-items: center;\n    row-gap: 20px;\n  }\n  .dte-legend,\n  .dte-chart-summary {\n    width: min(100%, 520px);\n  }\n  .dte-legend-row {\n    grid-template-columns: 12px minmax(72px, max-content) max-content max-content;\n    column-gap: 10px;\n  }\n}\n@container dtecalc (max-width: 399px) {\n  .dte-header,\n  .dte-toolbar,\n  .dte-workspace,\n  .dte-content,\n  .dte-education {\n    padding-left: 12px;\n    padding-right: 12px;\n  }\n  .dte-panel,\n  .dte-result-panel,\n  .dte-chart-card,\n  .dte-table-card {\n    padding: 16px;\n  }\n  .dte-toolbar {\n    gap: 8px;\n  }\n  .dte-button {\n    width: 100%;\n    justify-content: center;\n  }\n  .dte-legend-row {\n    grid-template-columns: 12px minmax(0, 1fr) max-content;\n  }\n  .dte-legend-percent {\n    grid-column: 2 \/ 4;\n    padding-left: 0;\n  }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"dte-calculator\" data-calculator-root\u003e\n  \u003csection class=\"dte-header\"\u003e\n    \u003ch2\u003eDebt-to-Equity Ratio Calculator\u003c\/h2\u003e\n    \u003cp class=\"dte-header-copy\"\u003eMeasure how heavily a company relies on liabilities relative to shareholders’ book equity, with a live financing breakdown and an Excel-ready analysis.\u003c\/p\u003e\n    \u003cdiv class=\"dte-pills\" aria-label=\"Live summary\"\u003e\n      \u003cspan class=\"dte-pill\"\u003eD\/E ratio \u003cstrong data-role=\"pill-ratio\"\u003e—\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"dte-pill\"\u003eLiabilities share \u003cstrong data-role=\"pill-debt-share\"\u003e—\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"dte-pill\"\u003eEquity share \u003cstrong data-role=\"pill-equity-share\"\u003e—\u003c\/strong\u003e\u003c\/span\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003cdiv class=\"dte-toolbar\"\u003e\n    \u003cbutton class=\"dte-button dte-download\" type=\"button\" data-action=\"download\"\u003e\n      \u003csvg class=\"dte-excel-icon\" viewbox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"\u003e\n        \u003cpath fill=\"currentColor\" d=\"M4 3h10a2 2 0 0 1 2 2v2h2a2 2 0 0 1 2 2v10a2 2 0 0 1-2 2H8a2 2 0 0 1-2-2v-2H4a2 2 0 0 1-2-2V5a2 2 0 0 1 2-2Zm4 6v10h10V9H8Zm1.4 2.2h2.1l1.4 2.2 1.4-2.2h2l-2.4 3.5 2.5 3.6h-2.1l-1.5-2.3-1.5 2.3h-2l2.5-3.6-2.4-3.5ZM4 5v10h2V9a2 2 0 0 1 2-2h6V5H4Z\"\u003e\u003c\/path\u003e\n      \u003c\/svg\u003e\n      \u003cspan\u003eDownload Excel\u003c\/span\u003e\n    \u003c\/button\u003e\n    \u003cbutton class=\"dte-button dte-reset\" type=\"button\" data-action=\"reset\"\u003eReset\u003c\/button\u003e\n  \u003c\/div\u003e\n\n  \u003csection class=\"dte-workspace\"\u003e\n    \u003cdiv class=\"dte-panel\"\u003e\n      \u003ch3 class=\"dte-section-title\"\u003eCompany balance sheet inputs\u003c\/h3\u003e\n      \u003cdiv class=\"dte-fields\"\u003e\n        \u003cdiv class=\"dte-unit-row\"\u003e\n          \u003cdiv class=\"dte-field\"\u003e\n            \u003clabel for=\"dte-liabilities\"\u003eTotal liabilities\u003c\/label\u003e\n            \u003cinput class=\"dte-control\" id=\"dte-liabilities\" data-field=\"liabilities\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"$850.00\" aria-describedby=\"dte-liabilities-help dte-liabilities-error\"\u003e\n            \u003cspan class=\"dte-helper\" id=\"dte-liabilities-help\"\u003eInclude current and long-term liabilities reported on the balance sheet.\u003c\/span\u003e\n            \u003cspan class=\"dte-error\" id=\"dte-liabilities-error\" data-error=\"liabilities\" role=\"alert\"\u003e\u003c\/span\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"dte-unit-field\"\u003e\n            \u003clabel for=\"dte-unit\"\u003eInput scale\u003c\/label\u003e\n            \u003cselect class=\"dte-control\" id=\"dte-unit\" data-field=\"scale\"\u003e\n              \u003coption value=\"1\"\u003eUSD\u003c\/option\u003e\n              \u003coption value=\"1000\"\u003eUSD thousands\u003c\/option\u003e\n              \u003coption value=\"1000000\" selected\u003eUSD millions\u003c\/option\u003e\n            \u003c\/select\u003e\n            \u003cspan class=\"dte-helper\"\u003eChanging the scale converts both current values.\u003c\/span\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n\n        \u003cdiv class=\"dte-field\"\u003e\n          \u003clabel for=\"dte-equity\"\u003eStockholders’ equity\u003c\/label\u003e\n          \u003cinput class=\"dte-control\" id=\"dte-equity\" data-field=\"equity\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"$375.00\" aria-describedby=\"dte-equity-help dte-equity-error\"\u003e\n          \u003cspan class=\"dte-helper\" id=\"dte-equity-help\"\u003eUse total book equity attributable to shareholders. Negative equity is accepted but requires caution.\u003c\/span\u003e\n          \u003cspan class=\"dte-error\" id=\"dte-equity-error\" data-error=\"equity\" role=\"alert\"\u003e\u003c\/span\u003e\n        \u003c\/div\u003e\n\n        \u003cdiv class=\"dte-formula-note\"\u003e\n          \u003cstrong\u003eCore formula\u003c\/strong\u003e\n          Debt-to-equity ratio = total liabilities ÷ stockholders’ equity\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"dte-result-panel\"\u003e\n      \u003ch3 class=\"dte-section-title\"\u003eLive results\u003c\/h3\u003e\n      \u003cdiv class=\"dte-primary-result\" aria-live=\"polite\" aria-atomic=\"true\"\u003e\n        \u003cdiv class=\"dte-primary-label\"\u003eDebt-to-equity ratio\u003c\/div\u003e\n        \u003cdiv class=\"dte-primary-value\" data-role=\"ratio\"\u003e2.27\u003c\/div\u003e\n        \u003cp class=\"dte-primary-sub\" data-role=\"ratio-sub\"\u003eEquivalent to 226.67%\u003c\/p\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"dte-result-grid\"\u003e\n        \u003cdiv class=\"dte-result-card\"\u003e\n          \u003cspan\u003eBook capital\u003c\/span\u003e\n          \u003cstrong data-role=\"capital\"\u003e$1.23B\u003c\/strong\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"dte-result-card\"\u003e\n          \u003cspan\u003eEquity multiplier\u003c\/span\u003e\n          \u003cstrong data-role=\"multiplier\"\u003e3.27×\u003c\/strong\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"dte-result-card\"\u003e\n          \u003cspan\u003eLiabilities share\u003c\/span\u003e\n          \u003cstrong data-role=\"debt-share\"\u003e69.39%\u003c\/strong\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"dte-result-card\"\u003e\n          \u003cspan\u003eEquity share\u003c\/span\u003e\n          \u003cstrong data-role=\"equity-share\"\u003e30.61%\u003c\/strong\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"dte-interpretation\" data-role=\"interpretation\"\u003eA ratio above 2.0 indicates substantial balance-sheet leverage. Compare it with industry norms, debt maturity, cash flow stability, and the definition of debt used in your analysis.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003cdiv class=\"dte-content\"\u003e\n    \u003csection class=\"dte-chart-card\" data-chart-card\u003e\n      \u003cdiv class=\"dte-card-head\"\u003e\n        \u003ch3\u003eBook financing composition\u003c\/h3\u003e\n        \u003cp data-role=\"chart-intro\"\u003eThe chart compares liabilities and shareholders’ equity as shares of book capital.\u003c\/p\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"dte-chart-total\"\u003eTotal book capital \u003cstrong data-role=\"chart-total\"\u003e$1.23B\u003c\/strong\u003e\n\u003c\/div\u003e\n      \u003cdiv class=\"dte-chart-cluster\"\u003e\n        \u003cdiv class=\"dte-plot-wrap\" data-role=\"plot-wrap\"\u003e\n          \u003csvg class=\"dte-chart-svg\" data-role=\"chart-svg\" viewbox=\"0 0 280 280\" role=\"img\" aria-labelledby=\"dte-chart-title dte-chart-desc\"\u003e\n            \u003ctitle id=\"dte-chart-title\"\u003eBook financing composition\u003c\/title\u003e\n            \u003cdesc id=\"dte-chart-desc\" data-role=\"chart-desc\"\u003eLiabilities 69.39%, stockholders’ equity 30.61%.\u003c\/desc\u003e\n            \u003cg data-role=\"chart-segments\"\u003e\u003c\/g\u003e\n          \u003c\/svg\u003e\n          \u003cdiv class=\"dte-chart-empty\" data-role=\"chart-empty\"\u003eEnter non-negative values with positive total book capital to see the breakdown.\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv\u003e\n          \u003cdiv class=\"dte-legend\" data-role=\"legend\" aria-label=\"Chart legend\"\u003e\u003c\/div\u003e\n          \u003cdiv class=\"dte-chart-summary\" data-role=\"chart-summary\"\u003eLiabilities provide 69.39% of the company’s book financing in this example.\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/section\u003e\n\n    \u003csection class=\"dte-table-card\" data-table-card\u003e\n      \u003cdiv class=\"dte-card-head\"\u003e\n        \u003ch3\u003eScenario comparison\u003c\/h3\u003e\n        \u003cp\u003eSee how one-at-a-time changes in liabilities or equity affect the ratio.\u003c\/p\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"dte-table-overflow\" data-role=\"table-overflow\"\u003e\n        \u003ctable class=\"dte-table\"\u003e\n          \u003cthead\u003e\n            \u003ctr\u003e\n              \u003cth scope=\"col\"\u003eScenario\u003c\/th\u003e\n              \u003cth class=\"dte-number\" scope=\"col\"\u003eLiabilities\u003c\/th\u003e\n              \u003cth class=\"dte-number\" scope=\"col\"\u003eEquity\u003c\/th\u003e\n              \u003cth class=\"dte-number\" scope=\"col\"\u003eD\/E ratio\u003c\/th\u003e\n              \u003cth class=\"dte-number\" scope=\"col\"\u003eChange vs current\u003c\/th\u003e\n            \u003c\/tr\u003e\n          \u003c\/thead\u003e\n          \u003ctbody data-role=\"scenario-body\"\u003e\u003c\/tbody\u003e\n        \u003c\/table\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"dte-table-note\" data-role=\"table-note\"\u003eScenarios are mechanical sensitivities, not forecasts. They change one balance-sheet input at a time and hold the other input constant.\u003c\/div\u003e\n    \u003c\/section\u003e\n  \u003c\/div\u003e\n\n  \u003csection class=\"dte-education\"\u003e\n    \u003cdiv class=\"dte-education-inner\"\u003e\n      \u003ch2\u003eHow to use and interpret the debt-to-equity ratio\u003c\/h2\u003e\n      \u003cp\u003eThe debt-to-equity ratio, often abbreviated as D\/E, compares a company’s liabilities with the book value supplied by shareholders. It is a compact way to describe capital structure: a ratio of 1.00 means one dollar of liabilities for every dollar of stockholders’ equity, while a ratio of 2.00 means two dollars of liabilities for every dollar of equity. This calculator uses the broad balance-sheet definition found in many introductory analyses: total liabilities divided by total stockholders’ equity.\u003c\/p\u003e\n\n      \u003ch3\u003eWhat each input means\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eTotal liabilities\u003c\/strong\u003e is the amount reported on the balance sheet for current liabilities plus non-current liabilities. Depending on the analytical purpose, this can include accounts payable, accrued expenses, lease obligations, borrowings, deferred taxes, and other obligations. Enter the consolidated amount for the same reporting date as equity. A higher liabilities figure raises the D\/E ratio when equity is unchanged. Do not mix a quarterly liability balance with annual equity, and do not substitute only interest-bearing debt unless you intentionally want a narrower net-debt or debt-only ratio.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eStockholders’ equity\u003c\/strong\u003e is the residual book interest after liabilities are deducted from assets. It generally includes contributed capital, retained earnings, accumulated other comprehensive income, and treasury-stock adjustments. Use the total equity figure that corresponds to the same entity and date as liabilities. A higher equity value lowers the ratio when liabilities are unchanged. Negative equity is possible after sustained losses, large distributions, or treasury-stock activity; in that case, the arithmetic ratio can be negative but conventional high-versus-low leverage interpretation becomes unreliable.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eInput scale\u003c\/strong\u003e lets you work in dollars, thousands of dollars, or millions of dollars. Changing the scale converts the values already entered, so the underlying economics do not change. The D\/E ratio itself is dimensionless: entering 850 and 375 in millions produces the same ratio as entering 850,000,000 and 375,000,000 in dollars. A common error is to enter one value in thousands and the other in millions, which can distort the result by a factor of one thousand.\u003c\/p\u003e\n\n      \u003ch3\u003eUnderstanding every result\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eDebt-to-equity ratio\u003c\/strong\u003e is the primary output. Zero liabilities produce a ratio of 0.00 when equity is positive. A ratio below 1.00 means book equity exceeds liabilities; a ratio above 1.00 means liabilities exceed book equity. A very high ratio may signal greater sensitivity to interest costs, refinancing conditions, covenant pressure, or earnings volatility. It can also reflect a capital-intensive business model where leverage is normal. There is no universal “good” ratio, so compare companies within the same industry, accounting framework, and stage of development.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003ePercentage equivalent\u003c\/strong\u003e expresses the same ratio multiplied by 100. A D\/E ratio of 2.27 equals 226.67%. This percentage does not mean that debt is 226.67% of total capital; it means liabilities are 226.67% of equity. The separate liabilities-share and equity-share results use total book capital as the denominator and therefore sum to 100% when both inputs are non-negative.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eBook capital\u003c\/strong\u003e is liabilities plus stockholders’ equity. It provides the denominator for the composition chart. In a simplified balance-sheet identity, this total corresponds to assets, although classifications, minority interests, and presentation choices can affect comparisons. \u003cstrong\u003eEquity multiplier\u003c\/strong\u003e is book capital divided by equity. It equals 1 plus the D\/E ratio when the same broad liability definition is used. A higher multiplier indicates that a larger asset base is supported by each dollar of book equity.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eLiabilities share\u003c\/strong\u003e and \u003cstrong\u003eequity share\u003c\/strong\u003e show the financing mix as percentages of book capital. The donut chart uses the same current-state values as the legend and supporting table data. If either amount is zero, the remaining positive category is shown as 100%. If equity is negative or total book capital is not positive, the calculator suppresses the chart because a standard two-part composition would be misleading.\u003c\/p\u003e\n\n      \u003ch3\u003eHow the scenario table works\u003c\/h3\u003e\n      \u003cp\u003eThe comparison table starts with the current case and then changes one variable at a time. Reducing liabilities by 25% shows the mechanical effect of deleveraging while equity remains fixed. Increasing equity by 25% illustrates the effect of retained earnings or new equity capital without assuming a change in liabilities. The two higher-leverage scenarios demonstrate the opposite direction. These are sensitivity checks rather than predictions: real transactions can change cash, assets, taxes, interest expense, and equity simultaneously.\u003c\/p\u003e\n\n      \u003ch3\u003ePractical interpretation and common mistakes\u003c\/h3\u003e\n      \u003cul\u003e\n        \u003cli\u003eCompare like with like. Industry structure matters, and regulated utilities, banks, software companies, and early-stage businesses can have very different normal leverage ranges.\u003c\/li\u003e\n        \u003cli\u003eCheck the definition. Some analysts use total liabilities, while others use interest-bearing debt, net debt, or long-term debt. Label the ratio clearly before comparing it with another source.\u003c\/li\u003e\n        \u003cli\u003eLook beyond one reporting date. A multi-period trend can reveal whether leverage is rising because of borrowing, shrinking equity, acquisitions, losses, dividends, or share repurchases.\u003c\/li\u003e\n        \u003cli\u003eReview liquidity and cash flow alongside D\/E. A company with predictable cash generation may support more leverage than a cyclical company with the same ratio.\u003c\/li\u003e\n        \u003cli\u003eTreat negative equity separately. A negative denominator can create a negative ratio that does not represent low risk.\u003c\/li\u003e\n      \u003c\/ul\u003e\n      \u003cp\u003eFor underlying balance-sheet concepts, see the U.S. Securities and Exchange Commission’s guide to \u003ca href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/how-stock-markets-work\/understanding-financial-statements\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eunderstanding financial statements\u003c\/a\u003e. For a market-oriented explanation of the metric, review Investopedia’s \u003ca href=\"https:\/\/www.investopedia.com\/terms\/d\/debtequityratio.asp\" target=\"_blank\" rel=\"noopener noreferrer\"\u003edebt-to-equity ratio overview\u003c\/a\u003e. Industry-level capital structure data can also be explored through New York University professor Aswath Damodaran’s \u003ca href=\"https:\/\/pages.stern.nyu.edu\/~adamodar\/New_Home_Page\/datafile\/dbtfund.htm\" target=\"_blank\" rel=\"noopener noreferrer\"\u003edebt fundamentals dataset\u003c\/a\u003e.\u003c\/p\u003e\n      \u003cdiv class=\"dte-disclaimer\"\u003eThis calculator is an educational balance-sheet analysis tool. It does not provide investment, accounting, tax, legal, or lending advice, and it does not replace review of the company’s financial statements and notes.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909486649587,"sku":"debt-to-equity","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/debt-to-equity.webp?v=1783935503","url":"https:\/\/financialmodelslab.com\/products\/debt-to-equity","provider":"Financial Models Lab","version":"1.0","type":"link"}