Debt-to-equity ratio - breakdown by industry

Debt-to-equity ratio (D/E) is a financial ratio that indicates the relative amount of a company's equity and debt used to finance its assets.
Calculation: Liabilities / Equity. More about debt-to-equity ratio.

Number of U.S. listed companies included in the calculation: 3550 (as of 2025).

Ratio: Debt-to-equity ratio     Measure of center:

Industry title Year
2025 2024 2023 2022 2021 2020
All Industries 1.35 1.32 1.02 0.93 1.07
01 - Agricultural Production Crops 0.83 0.70 0.74 0.75 0.70
02 - Agriculture production livestock and animal specialties 0.21 0.54 0.33 0.14 0.04
07 - Agricultural Services 0.89 0.90 1.17 1.27 0.36
08 - Forestry - - - - - -
09 - Fishing, hunting, and trapping - - 0.14 0.06 0.79 0.91
10 - Metal Mining 0.43 0.41 0.36 0.06 0.08
12 - Coal Mining 0.57 0.67 0.74 1.50 2.17
13 - Oil And Gas Extraction 0.71 0.72 0.62 0.49 0.44
14 - Mining And Quarrying Of Nonmetallic Minerals, Except Fuels 0.92 0.91 0.82 0.55 0.60
15 - Building Construction General Contractors And Operative Builders 0.75 0.73 0.86 0.94 0.86
16 - Heavy Construction Other Than Building Construction Contractors 1.80 1.88 1.66 1.50 1.46
17 - Construction Special Trade Contractors 1.55 1.58 1.55 1.42 1.09
20 - Food And Kindred Products 1.08 1.28 0.86 0.93 0.76
21 - Tobacco Products 4.40 2.75 0.10 0.07 1.46
22 - Textile Mill Products 0.89 0.78 0.76 0.69 0.68
23 - Apparel And Other Finished Products Made From Fabrics And Similar Materials 1.15 1.16 1.14 1.07 1.13
24 - Lumber And Wood Products, Except Furniture 0.54 0.57 0.80 0.88 0.59
25 - Furniture And Fixtures 1.38 1.53 1.14 1.50 1.30
26 - Paper And Allied Products 2.02 1.90 1.98 1.78 1.44
27 - Printing, Publishing, And Allied Industries 2.68 2.36 0.87 0.67 0.74
28 - Chemicals And Allied Products 0.67 0.70 0.48 0.35 0.35
29 - Petroleum Refining And Related Industries 1.24 1.30 1.39 1.59 1.54
30 - Rubber And Miscellaneous Plastics Products 1.36 1.40 1.39 1.20 1.12
31 - Leather And Leather Products 0.97 1.14 1.70 1.71 1.13
32 - Stone, Clay, Glass, And Concrete Products 1.24 1.06 1.22 1.20 1.41
33 - Primary Metal Industries 0.93 0.80 0.89 1.16 1.28
34 - Fabricated Metal Products, Except Machinery And Transportation Equipment 0.95 1.09 1.07 1.00 1.05
35 - Industrial And Commercial Machinery And Computer Equipment 0.96 0.95 0.86 1.01 0.99
36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment 0.80 0.79 0.71 0.61 0.67
37 - Transportation Equipment 1.40 1.08 0.94 0.78 0.95
38 - Measuring, Analyzing, And Controlling Instruments; Photographic, Medical And Optical Goods; Watches And Clocks 0.83 0.69 0.58 0.46 0.63
39 - Miscellaneous Manufacturing Industries 0.85 1.08 0.90 0.98 0.93
40 - Railroad Transportation 2.71 3.02 2.05 2.00 2.23
41 - Local And Suburban Transit And Interurban Highway Passenger Transportation - - - - 0.36 -
42 - Motor Freight Transportation And Warehousing 0.86 0.92 1.11 0.90 0.87
44 - Water Transportation 0.92 0.95 0.89 1.04 0.92
45 - Transportation By Air 2.26 2.67 2.43 2.17 2.45
46 - Pipelines, Except Natural Gas 1.94 1.80 1.74 1.87 1.91
47 - Transportation Services 2.43 2.23 1.37 0.34 1.17
48 - Communications 2.00 1.89 1.45 1.23 1.28
49 - Electric, Gas, And Sanitary Services 2.12 2.05 1.98 2.01 2.02
50 - Wholesale Trade-durable Goods 1.41 1.23 1.04 1.18 1.12
51 - Wholesale Trade-non-durable Goods 1.30 1.88 1.18 1.38 1.30
52 - Building Materials, Hardware, Garden Supply, And Mobile Home Dealers 1.33 1.59 1.40 0.41 1.93
53 - General Merchandise Stores 2.45 2.01 1.93 2.16 2.16
54 - Food Stores 1.65 1.50 1.46 1.23 1.67
55 - Automotive Dealers And Gasoline Service Stations 2.46 2.22 1.97 2.29 2.16
56 - Apparel And Accessory Stores 1.79 1.88 1.69 1.66 1.83
57 - Home Furniture, Furnishings, And Equipment Stores 1.54 1.65 1.52 1.78 2.44
58 - Eating And Drinking Places 2.19 2.01 1.12 1.06 1.55
59 - Miscellaneous Retail 2.09 1.94 1.07 1.08 1.10
60 - Depository Institutions 8.73 9.10 9.74 8.81 8.46
61 - Non-depository Credit Institutions 5.24 5.21 3.26 5.02 7.40
62 - Security And Commodity Brokers, Dealers, Exchanges, And Services 0.67 0.84 0.64 0.46 0.59
63 - Insurance Carriers 3.77 4.04 4.02 3.06 2.99
64 - Insurance Agents, Brokers, And Service 2.51 2.55 2.04 1.33 1.39
65 - Real Estate 0.93 0.94 0.74 0.83 0.86
67 - Holding And Other Investment Offices 1.45 1.38 1.00 0.87 1.28
70 - Hotels, Rooming Houses, Camps, And Other Lodging Places 3.69 3.11 2.78 2.71 2.60
72 - Personal Services 2.41 2.32 0.39 0.30 0.13
73 - Business Services 1.08 1.14 0.80 0.79 0.86
75 - Automotive Repair, Services, And Parking 2.43 3.87 2.09 1.89 2.04
76 - Miscellaneous Repair Services - 303.01 11.41 4.24 12.58 1.20
78 - Motion Pictures 1.23 1.18 0.83 1.65 0.48
79 - Amusement And Recreation Services 1.29 1.70 0.35 0.45 0.27
80 - Health Services 0.87 0.89 0.73 0.73 0.74
81 - Legal Services 1.69 1.61 1.61 1.70 1.67
82 - Educational Services 0.83 0.87 0.81 0.68 0.71
83 - Social Services 2.01 2.21 2.52 1.22 1.10
87 - Engineering, Accounting, Research, Management, And Related Services 1.06 1.23 0.74 0.73 0.86
89 - Miscellaneous Services 4.89 3.96 1.74 1.40 3.20
99 - Nonclassifiable Establishments - - - - - -

These ratios are calculated for publicly traded U.S. companies that submit financial statements to the SEC. Hover over the ratio value in the table to see the exact number of companies included in the calculation.

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