Debt-to-equity ratio
How much the company has borrowed for each dollar shareholders have in it.
Debt to equity shows how much of the business is financed by lenders rather than owners. Above 1, lenders have put in more than shareholders.
What counts as high depends on the business: utilities and REITs carry steady debt against steady cash flows, while a cyclical company with the same ratio can get into trouble in a downturn. Companies that have bought back a lot of stock can show very high or negative values because their equity is small.
Debt to equity across the S&P 500 today
463 companies with a meaningful value, as of Oct 11, 2026. Full ranked list.
Highest in the S&P 500
| Interactive Brokers Group Inc IBKR | 38.1x |
|---|---|
| Las Vegas Sands Corp LVS | 32.7x |
| Ameriprise Financial Inc AMP | 30.1x |
| Principal Financial Group Inc PFG | 27.1x |
| MetLife Inc MET | 26.7x |
| Cencora Inc. COR | 26.4x |
| The Boeing Company BA | 26.2x |
| Prudential Financial, Inc. PRU | 23.7x |
| Expedia Group Inc. EXPE | 22.0x |
| Apollo Global Management LLC Class A APO | 21.5x |
Lowest in the S&P 500
| Copart Inc CPRT | 0.10x |
|---|---|
| Reddit, Inc. RDDT | 0.11x |
| Texas Pacific Land Corporation TPL | 0.11x |
| Intuitive Surgical Inc ISRG | 0.14x |
| Garmin Ltd GRMN | 0.18x |
| Palantir Technologies Inc. PLTR | 0.18x |
| Monolithic Power Systems Inc MPWR | 0.20x |
| Monster Beverage Corp MNST | 0.22x |
| Veeva Systems Inc Class A VEEV | 0.22x |
| Bio-Techne Corp TECH | 0.23x |
Median debt to equity by sector
S&P 500 companies only. Sectors differ a lot, so compare a company with its own sector first.
| Sector | Median | Companies |
|---|---|---|
| Financial Services | 4.92x | 68 |
| Utilities | 2.80x | 31 |
| Consumer Cyclical | 2.34x | 41 |
| Consumer Defensive | 1.90x | 26 |
| Industrials | 1.69x | 70 |
| Healthcare | 1.13x | 51 |
| Real Estate | 1.13x | 25 |
| Energy | 1.08x | 21 |
| Basic Materials | 1.07x | 15 |
| Technology | 0.99x | 79 |
| Communication Services | 0.94x | 19 |
Questions
What is Debt to equity?
How much the company has borrowed for each dollar shareholders have in it.
How is Debt to equity calculated?
Debt to equity = total debt ÷ shareholders' equity.
What is a normal debt to equity?
Across 463 S&P 500 companies, the median is 1.67x; the middle half sits between 0.92x and 3.06x. It varies a lot by sector.
Live figures from the latest prices and SEC filings. Information only, not investment advice. Updated October 9, 2026.