From the deskFinancial ratios

Financial ratios explained

A ratio is only as comparable as the definitions under it. Net debt, EBITDA and invested capital are each computed in more than one way, and the choice moves the result. These articles give each ratio's formula, a worked example and the definition choices to check before two companies are set side by side.

Financial ratios

Financial Leverage Ratio: Four Formulas, One Company, Four Answers

Worked example · 7 min

Financial ratios

Financial Leverage Ratio: Four Formulas, One Company, Four Answers

The financial leverage ratio, four ways: debt to equity, debt to capital, the equity multiplier and net debt to EBITDA, from Apple's FY2024 10-K.

Worked example7 min readOct 22, 2026

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