Debt to surplus ratio: nonfinancial corporations by country 2021

Of the major developed economies, nonfinancial corporations in the United States are taking on a higher share of debt relative to their operating surplus, with a debt to surplus ratio of 8.4 in 2021. On the other end of the spectrum are German companies, with a debt to surplus ratio of four in 2021.

The debt to equity ratio is a measure of companies' capacity to meet the cost of their interest and debt repayments from their operational profits. It is calculated by dividing total outstanding debt of all non-financial corporations by their gross operating surplus, which is the total value of production activities less employee wages. A ratio of 2.5, for example, means that outstanding debt is 2.5 times larger than the annual gross operating surplus.

Debt to surplus ratio of nonfinancial corporations in major advanced economies from 2000 to 2021

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Release date

2023

More information

Region

Worldwide

Survey time period

2000 to 2021

Supplementary notes

The source calculates the debt as the sum of the following liability categories: currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Gross operating surplus (GOS) is the value generated by production activities after deducting the compensation of employees. Non-financial corporations include all private and public enterprises that produce goods and non-financial services.

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