{"id":4097,"date":"2019-03-02T08:01:05","date_gmt":"2019-03-02T08:01:05","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=4097"},"modified":"2026-03-31T10:45:21","modified_gmt":"2026-03-31T10:45:21","slug":"calculate-leverage-ratio-coverage-ratio","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/calculate-leverage-ratio-coverage-ratio\/","title":{"rendered":"Calculate and Interpret Leverage and Coverage Ratios"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Non-Current Liabilities (2025 Level I CFA\u00ae Exam \u2013 Financial Reporting and Analysis \u2013 Module 10)\",\n  \"description\": \"This lesson covers non-current liabilities for the 2025 CFA\u00ae Level I Financial Reporting and Analysis curriculum. It explains the initial recognition, measurement, and subsequent measurement of bonds, the effective interest method, and the calculation of interest expense and amortization of discounts and premiums. The video also discusses derecognition of debt, the role of debt covenants, financial statement presentation and disclosures, motivations for leasing, lessee and lessor accounting for leases, differences between defined contribution and defined benefit pension plans, and the calculation and interpretation of leverage and coverage ratios.\",\n  \"uploadDate\": \"2022-04-28T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/r1ck8FrAMtw\/default.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/r1ck8FrAMtw\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/r1ck8FrAMtw\",\n  \"duration\": \"PT44M41S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Dandy Dash Company has shareholders\u2019 equity of $200,000, short-term liabilities amounting to $50,000, and long-term liabilities of $75,000. Dandy Dash\u2019s financial leverage ratio is closest to:\",\n    \"text\": \"Dandy Dash Company has shareholders\u2019 equity of $200,000, short-term liabilities amounting to $50,000, and long-term liabilities of $75,000. Dandy Dash\u2019s financial leverage ratio is closest to:\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is C. The financial leverage ratio is calculated as average total assets divided by average shareholders\u2019 equity. Total assets equal shareholders\u2019 equity plus short-term liabilities and long-term liabilities, which is $200,000 + $50,000 + $75,000 = $325,000. Dividing $325,000 by $200,000 gives a financial leverage ratio of 1.625.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/r1ck8FrAMtw\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Solvency describes a company\u2019s ability to meet its long-term debt obligations.<\/p>\n<p>Leverage ratios and coverage ratios are the two primary types of solvency ratios that are used in evaluating a company\u2019s level of solvency. Leverage ratios focus on the balance sheet and measure the extent to which liabilities, instead of equity, are used to finance a company\u2019s assets. Coverage ratios focus, instead, on the income statement and cash flows and measure a company\u2019s ability to cover its debt-related payments.<\/p>\n\n<div style=\"text-align: center; margin: 22px 0;\">\n  <div style=\"max-width: 680px; margin: 0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display: flex; align-items: center; justify-content: center;\n       width: 100%; padding: 10px 18px;\n       border: 2px solid #1e5bd8; color: #1e5bd8;\n       border-radius: 9999px; text-decoration: none; font-weight: 600;\">\n      Practice leverage and coverage ratios with our free trial\n    <\/a>\n  <\/div>\n<\/div>\n\n<h2><strong>Calculation and Interpretation of Leverage and Coverage Ratios<\/strong><\/h2>\n<p>The two primary types of solvency ratios are:<\/p>\n<ul>\n<li><strong>Leverage ratios<\/strong>: measure the extent to which a company uses liabilities, instead of equity, to finance its assets.<\/li>\n<\/ul>\n<ul>\n<li><strong>Coverage ratios<\/strong>: measure a company\u2019s ability to cover its debt-related payments.<\/li>\n<\/ul>\n<p>$$ \\textbf{Leverage Ratios} $$<\/p>\n<p>$$ \\begin{array}{c|c} {\\text{Debt-to-asset ratio}} &amp; { \\cfrac {\\text{Total debt}^{\\text A}} {\\text{Total assets}} } \\\\ \\hline {\\text{Debt-to-capital ratio}} &amp; { \\cfrac {\\text{Total debt}^{\\text A}}{\\text{Total debt}+\\text{Total equity}} } \\\\ \\hline {\\text{Debt-to-equity ratio}} &amp; { \\cfrac {\\text{Total debt}^{\\text A}}{\\text{Total equity}} } \\\\ \\hline \\text{Financial leverage ratio} &amp; {\\cfrac {\\text{Average total assets}}{\\text{Average equity}}} \\\\ \\end{array} $$<\/p>\n<p><sup>A&nbsp; <\/sup>Debt is defined as the sum of interest-bearing short-term and long-term debt.<\/p>\n<p>The first three leverage ratios use total debt in the numerator.<\/p>\n<ul>\n<li>The debt-to-assets ratio expresses the percentage of total assets financed with debt. Generally, the higher the ratio, the higher the financial risk and thus the weaker the solvency.<\/li>\n<li>The debt-to-capital ratio measures the percentage of a company\u2018s total capital (debt plus equity) financed through debt.<\/li>\n<li>The debt-to-equity ratio measures the amount of debt financing relative to equity financing. A debt-to-equity ratio of 1.0 indicates equal amounts of debt and equity, which is the same as a debt-to-capital ratio of 50 percent. Interpretations of these ratios are similar. Higher debt-to-capital or debt-to-equity ratios imply weaker solvency.<\/li>\n<\/ul>\n<ul>\n<li>The financial leverage ratio (also called the leverage ratio&nbsp;<strong>or<\/strong>&nbsp;equity multiplier) measures the amount of total assets supported by one money unit of equity.<\/li>\n<\/ul>\n<p>$$ \\textbf{Coverage Ratios} $$ $$ \\begin{array}{c|c} \\text{Interest coverage ratio} &amp; { \\cfrac {\\text{EBIT}^{\\text B}}{\\text{Interest payments}} } \\\\ \\hline \\text{Fixed charge coverage ratio} &amp; { \\cfrac {\\text{EBIT}^{\\text B} + \\text{Lease payments}}{\\text{Interest payments} +\\text{Lease payments}} } \\\\ \\end{array} $$<\/p>\n<p><sup>B&nbsp; <\/sup>EBIT is earnings before interest and taxes.<\/p>\n<ul>\n<li>The purpose of the interest coverage ratio is to measure how many times a company\u2018s EBIT could cover its interest payments. The higher the interest coverage ratio, the more solvent a company is and this indicates a higher ability to service debt from operating earnings.<\/li>\n<li>The fixed charge coverage ratio measures how many time times a company\u2018s earnings (before interest, taxes, and lease payments) can cover the company\u2018s interest and lease payments.<\/li>\n<\/ul>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Dandy Dosh Company has shareholders\u2019 equity of $200,000, short-term liabilities amounting to $50,000, and long-term liabilities of $75,000. Dandy Dosh\u2019s financial leverage ratio is <em>closest<\/em> to:<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li>1.25.<\/li>\n<li>1.375.<\/li>\n<li>1.625.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>C<\/strong>.<\/p>\n<p>$$\\text{Financial ratio} = \\frac{\\text{Average total assets}}{\\text{Average shareholders\u2019 equity}}$$<\/p>\n<p>Where:<\/p>\n<p>$$\\text{Assets = Shareholders\u2019 equity + Long-term liabilities + Short-term liabilities} = \\$200,000 + \\$75,000 + \\$50,000 = \\$325,000$$<\/p>\n<p>Thus,<\/p>\n<p>$$\\text{Financial leverage ratio} = \\frac{\\$325,000}{\\$200,000} = 1.625$$<\/p>\n<\/blockquote>\n\n<div style=\"text-align: center; margin: 30px 0;\">\n  <a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 26px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\">\n    Start Free Trial \u2192\n  <\/a>\n  <p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">\n    Practice leverage ratios, coverage ratios, and solvency analysis with CFA Level I exam-style questions.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solvency describes a company\u2019s ability to meet its long-term debt obligations. Leverage ratios and coverage ratios are the two primary types of solvency ratios that are used in evaluating a company\u2019s level of solvency. Leverage ratios focus on the balance&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4097","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Leverage &amp; Coverage Ratios Calculation | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Leverage ratios measure a company&#039;s financial structure, while coverage ratios assess debt repayment ability. 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