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About

The Equity Ratio measures the degree of leverage used by a company to finance its operations and growth. It specifically isolates the portion of total assets that are owned outright by shareholders rather than creditors. A higher ratio generally indicates a debt-free company with strong financial autonomy while a low ratio suggests heavy reliance on borrowed capital. Investors use this metric to gauge the risk of insolvency during economic downturns. Companies with low equity ratios face higher interest burdens and carry greater risk of bankruptcy if cash flows decline. Conservative industries typically maintain higher equity baselines than capital-intensive sectors like utilities or telecommunications.

solvency ratio equity ratio financial health balance sheet investing

Formulas

The calculation requires two key figures from the corporate balance sheet. The ratio is dimensionless but often expressed as a percentage.

RatioEq = Total EquityTotal Assets

Where Total Assets must equal Liabilities + Equity.

Reference Data

Industry SectorConservative RatioAverage RatioAggressive RatioRisk Profile
Technology (SaaS)> 0.700.60< 0.40Low hard assets, high equity
Manufacturing> 0.500.40< 0.25Moderate leverage standard
Banking & Finance> 0.150.10< 0.05High leverage inherent to model
Real Estate (REITs)> 0.450.35< 0.20Asset heavy, debt driven
Retail> 0.550.45< 0.30Inventory financing impacts
Utilities> 0.400.30< 0.20Stable cash flow allows debt
Startups (Seed)> 0.900.80< 0.50Usually near 100% equity
Distressed FirmsN/A< 0.00NegInsolvency risk high

Frequently Asked Questions

Not necessarily. While a ratio near 1.0 indicates zero risk of insolvency it also implies the company is not using leverage to magnify returns on equity (ROE). A company that refuses cheap debt financing may grow slower than competitors who borrow strategically to expand operations.
The Equity Ratio looks at the whole pie (Assets) and asks what slice is Equity. Debt-to-Equity compares two slices (Debt vs Equity) directly against each other. The Equity Ratio is bounded between 0 and 1 making it easier to visualize as a percentage of the total capital structure.
A negative Equity Ratio means liabilities exceed assets. This is technically a state of balance sheet insolvency. While some companies survive this temporarily through strong cash flow it generally signals severe financial distress or accumulated deficits.