Morningstar annual debt-to-equity ratio
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2025
Morningstar Debt-to-Equity Ratio Growth & History (MORN)
Morningstar's debt-to-equity ratio was 1.03 for fiscal 2025.
View full Morningstar company overviewMorningstar annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.03 | 0.47 | +84.79% |
| 2024 | 2024-12-31 | 0.56 | −0.34 | −37.80% |
| 2023 | 2023-12-31 | 0.90 | −0.23 | −20.05% |
| 2022 | 2022-12-31 | 1.12 | 0.75 | +199.19% |
| 2021 | 2021-12-31 | 0.38 | −0.12 | −23.85% |
| 2020 | 2020-12-31 | 0.49 | −0.14 | −22.32% |
| 2019 | 2019-12-31 | 0.63 | 0.56 | +747.31% |
| 2018 | 2018-12-31 | 0.07 | 0.07 | — |
| 2017 | 2017-12-31 | 0.00 | 0.00 | — |
| 2016 | 2016-12-31 | 0.00 | −0.05 | — |
| 2015 | 2015-12-31 | 0.05 | 0.01 | +19.07% |
| 2014 | 2014-12-31 | 0.05 | 0.05 | — |
| 2013 | 2013-12-31 | 0.00 | — | — |
Morningstar quarterly debt-to-equity ratio
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Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.88 | 1.24 | +193.28% |
| Q1 2026 | 2026-03-31 | 1.89 | 1.27 | +203.10% |
| Q4 2025 | 2025-12-31 | 1.03 | 0.47 | +84.79% |
| Q3 2025 | 2025-09-30 | 0.69 | 0.02 | +3.41% |
| Q2 2025 | 2025-06-30 | 0.64 | −0.10 | −14.04% |
| Q1 2025 | 2025-03-31 | 0.62 | −0.22 | −25.68% |
| Q4 2024 | 2024-12-31 | 0.56 | −0.34 | −37.80% |
| Q3 2024 | 2024-09-30 | 0.67 | −0.36 | −34.89% |
| Q2 2024 | 2024-06-30 | 0.75 | −0.37 | −33.40% |
| Q1 2024 | 2024-03-31 | 0.84 | −0.30 | −26.25% |
| Q4 2023 | 2023-12-31 | 0.90 | −0.23 | −20.05% |
| Q3 2023 | 2023-09-30 | 1.02 | −0.16 | −13.21% |
| Q2 2023 | 2023-06-30 | 1.12 | 0.02 | +1.93% |
| Q1 2023 | 2023-03-31 | 1.14 | 0.64 | +129.12% |
| Q4 2022 | 2022-12-31 | 1.12 | 0.75 | +199.19% |
| Q3 2022 | 2022-09-30 | 1.18 | 0.80 | +209.68% |
| Q2 2022 | 2022-06-30 | 1.10 | 0.70 | +175.61% |
| Q1 2022 | 2022-03-31 | 0.50 | 0.06 | +14.98% |
| Q4 2021 | 2021-12-31 | 0.38 | −0.12 | −23.85% |
| Q3 2021 | 2021-09-30 | 0.38 | — | — |
| Q2 2021 | 2021-06-30 | 0.40 | −0.23 | −36.17% |
| Q1 2021 | 2021-03-31 | 0.43 | −0.26 | −37.50% |
| Q4 2020 | 2020-12-31 | 0.49 | −0.14 | −22.32% |
| Q2 2020 | 2020-06-30 | 0.62 | 0.49 | +350.36% |
| Q1 2020 | 2020-03-31 | 0.69 | 0.54 | +358.68% |
| Q4 2019 | 2019-12-31 | 0.63 | 0.56 | +747.31% |
| Q3 2019 | 2019-09-30 | 0.68 | 0.68 | — |
| Q2 2019 | 2019-06-30 | 0.14 | 0.14 | — |
| Q1 2019 | 2019-03-31 | 0.15 | 0.15 | — |
| Q4 2018 | 2018-12-31 | 0.07 | 0.07 | — |
| 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 | −0.09 | — |
| Q2 2017 | 2017-06-30 | 0.00 | −0.12 | — |
| Q1 2017 | 2017-03-31 | 0.00 | −0.12 | — |
| Q4 2016 | 2016-12-31 | 0.00 | −0.05 | — |
| Q3 2016 | 2016-09-30 | 0.09 | 0.09 | — |
| Q2 2016 | 2016-06-30 | 0.12 | 0.07 | +124.24% |
| Q1 2016 | 2016-03-31 | 0.12 | 0.05 | +74.55% |
| Q4 2015 | 2015-12-31 | 0.05 | 0.01 | +19.07% |
| Q3 2015 | 2015-09-30 | 0.00 | −0.04 | — |
| Q2 2015 | 2015-06-30 | 0.05 | 0.05 | — |
| Q1 2015 | 2015-03-31 | 0.07 | 0.07 | — |
| Q4 2014 | 2014-12-31 | 0.05 | 0.05 | — |
| Q3 2014 | 2014-09-30 | 0.04 | — | — |
| Q2 2014 | 2014-06-30 | 0.00 | — | — |
| Q1 2014 | 2014-03-31 | 0.00 | — | — |
| Q4 2013 | 2013-12-31 | 0.00 | — | — |
Morningstar debt-to-equity ratio trends
Over the last five fiscal years, Morningstar's debt-to-equity ratio increased from 0.49 to 1.03, a change of 0.54. The latest reported quarter, Q2 2026, shows 1.88.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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