Morningstar annual debt-to-assets ratio
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2025
Morningstar Debt-to-Assets Ratio Growth & History (MORN)
Morningstar's debt-to-assets ratio was 0.35 for fiscal 2025.
View full Morningstar company overviewMorningstar annual debt-to-assets ratio history
| Fiscal year | Period ended | Debt-to-assets ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.35 | 0.10 | +37.90% |
| 2024 | 2024-12-31 | 0.25 | −0.10 | −27.29% |
| 2023 | 2023-12-31 | 0.35 | −0.04 | −10.21% |
| 2022 | 2022-12-31 | 0.39 | 0.20 | +110.14% |
| 2021 | 2021-12-31 | 0.19 | −0.05 | −20.13% |
| 2020 | 2020-12-31 | 0.23 | −0.06 | −19.85% |
| 2019 | 2019-12-31 | 0.29 | 0.24 | +502.32% |
| 2018 | 2018-12-31 | 0.05 | 0.05 | — |
| 2017 | 2017-12-31 | 0.00 | 0.00 | — |
| 2016 | 2016-12-31 | 0.00 | −0.03 | — |
| 2015 | 2015-12-31 | 0.03 | 0.00 | +14.55% |
| 2014 | 2014-12-31 | 0.03 | 0.03 | — |
| 2013 | 2013-12-31 | 0.00 | — | — |
Morningstar quarterly debt-to-assets ratio
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Q3.15
Q4.15
Q1.16
Q2.16
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Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
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Q2.18
Q3.18
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Q1.22
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-assets ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.49 | 0.20 | +71.12% |
| Q1 2026 | 2026-03-31 | 0.48 | 0.20 | +72.62% |
| Q4 2025 | 2025-12-31 | 0.35 | 0.10 | +37.90% |
| Q3 2025 | 2025-09-30 | 0.29 | 0.00 | +0.24% |
| Q2 2025 | 2025-06-30 | 0.28 | −0.03 | −9.25% |
| Q1 2025 | 2025-03-31 | 0.28 | −0.06 | −18.27% |
| Q4 2024 | 2024-12-31 | 0.25 | −0.10 | −27.29% |
| Q3 2024 | 2024-09-30 | 0.29 | −0.09 | −23.16% |
| Q2 2024 | 2024-06-30 | 0.31 | −0.09 | −21.48% |
| Q1 2024 | 2024-03-31 | 0.34 | −0.05 | −13.80% |
| Q4 2023 | 2023-12-31 | 0.35 | −0.04 | −10.21% |
| Q3 2023 | 2023-09-30 | 0.38 | −0.03 | −6.48% |
| Q2 2023 | 2023-06-30 | 0.40 | 0.01 | +1.73% |
| Q1 2023 | 2023-03-31 | 0.40 | 0.16 | +69.80% |
| Q4 2022 | 2022-12-31 | 0.39 | 0.20 | +110.14% |
| Q3 2022 | 2022-09-30 | 0.41 | 0.21 | +111.77% |
| Q2 2022 | 2022-06-30 | 0.39 | 0.19 | +98.25% |
| Q1 2022 | 2022-03-31 | 0.23 | 0.02 | +9.66% |
| Q4 2021 | 2021-12-31 | 0.19 | −0.05 | −20.13% |
| Q3 2021 | 2021-09-30 | 0.19 | — | — |
| Q2 2021 | 2021-06-30 | 0.20 | −0.09 | −31.29% |
| Q1 2021 | 2021-03-31 | 0.21 | −0.10 | −31.49% |
| Q4 2020 | 2020-12-31 | 0.23 | −0.06 | −19.85% |
| Q2 2020 | 2020-06-30 | 0.29 | 0.20 | +226.27% |
| Q1 2020 | 2020-03-31 | 0.31 | 0.22 | +231.19% |
| Q4 2019 | 2019-12-31 | 0.29 | 0.24 | +502.32% |
| Q3 2019 | 2019-09-30 | 0.31 | 0.31 | — |
| Q2 2019 | 2019-06-30 | 0.09 | 0.09 | — |
| Q1 2019 | 2019-03-31 | 0.09 | 0.09 | — |
| Q4 2018 | 2018-12-31 | 0.05 | 0.05 | — |
| Q3 2018 | 2018-09-30 | 0.00 | 0.00 | — |
| Q2 2018 | 2018-06-30 | 0.00 | 0.00 | — |
| Q1 2018 | 2018-03-31 | 0.00 | 0.00 | — |
| Q4 2017 | 2017-12-31 | 0.00 | 0.00 | — |
| Q3 2017 | 2017-09-30 | 0.00 | −0.06 | — |
| Q2 2017 | 2017-06-30 | 0.00 | −0.07 | — |
| Q1 2017 | 2017-03-31 | 0.00 | −0.07 | — |
| Q4 2016 | 2016-12-31 | 0.00 | −0.03 | — |
| Q3 2016 | 2016-09-30 | 0.06 | 0.06 | — |
| Q2 2016 | 2016-06-30 | 0.07 | 0.04 | +113.39% |
| Q1 2016 | 2016-03-31 | 0.07 | 0.03 | +65.55% |
| Q4 2015 | 2015-12-31 | 0.03 | 0.00 | +14.55% |
| Q3 2015 | 2015-09-30 | 0.00 | −0.03 | — |
| Q2 2015 | 2015-06-30 | 0.03 | 0.03 | — |
| Q1 2015 | 2015-03-31 | 0.04 | 0.04 | — |
| Q4 2014 | 2014-12-31 | 0.03 | 0.03 | — |
| Q3 2014 | 2014-09-30 | 0.03 | — | — |
| Q2 2014 | 2014-06-30 | 0.00 | — | — |
| Q1 2014 | 2014-03-31 | 0.00 | — | — |
| Q4 2013 | 2013-12-31 | 0.00 | — | — |
Morningstar debt-to-assets ratio trends
Over the last five fiscal years, Morningstar's debt-to-assets ratio increased from 0.23 to 0.35, a change of 0.12. The latest reported quarter, Q2 2026, shows 0.49.
About the metric
What the debt-to-assets ratio means
The debt-to-assets ratio shows the portion of a company’s reported assets financed with interest-bearing debt. It is a leverage measure and should not be confused with total liabilities divided by assets.
Calculation and source
How debt-to-assets is calculated
TickerStat calculates debt-to-assets as total interest-bearing debt divided by total assets at the same reporting-period end. Periods with missing debt or non-positive assets are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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