Debt-to-Equity Ratio

D/E = Total Debt / Total Equity. Leverage relative to ownership.

Inputs

Result

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General calculation reads

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How to use this calculator

  • Total debt = short + long-term borrowing.
  • Total equity from balance sheet.

About this calculator

D/E ratio: leverage indicator. Low D/E (<0.5) = conservative funding, financial flexibility. High D/E (>2) = aggressive leverage, magnifies returns and risk. Industry varies: utilities + REITs run 1-2 normally (stable cash flows support debt); tech often <0.3 (no need); banks run 6-10+ (different model). Rising D/E over time may indicate trouble; falling = deleveraging (often post-recession).

Frequently asked

Total debt = ?+
Short-term debt + long-term debt + current portion long-term debt. Sometimes also includes lease obligations (operating leases per ASC 842).
D/E vs. debt ratio?+
D/E uses equity in denominator. Debt ratio = debt / total assets (debt + equity). Both express leverage differently.
Industry norms?+
Utilities: 1.0-2.0. Tech: 0.1-0.5. Industrial: 0.5-1.5. Banks: 6-12. REITs: 0.5-1.5.
Negative equity?+
D/E undefined or negative. Indicates accumulated losses exceeded paid-in capital. Severe distress signal.
Optimal D/E?+
Trade-off: more debt = lower WACC (tax shield) but higher distress cost. Modigliani-Miller theorem (with taxes) says some debt always optimal.

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