Borrowings above five times equity
55 companies above $1bn in revenue carry long-term debt worth more than five times their total equity.
The ratio has a numerator and a denominator, and on this list the denominator is doing most of the work. Equity is assets less liabilities at historical cost, and years of buybacks drive it towards zero. As it approaches zero the ratio explodes, without a dollar of new borrowing.
So the list mixes two populations. One has taken on real leverage, often to fund an acquisition, and is exposed to refinancing at higher rates. The other has an unremarkable debt load measured against a book equity figure that no longer means very much.
Interest cover separates them, and it is the measure to reach for next: operating income against interest expense answers whether the debt is affordable, which is the question leverage ratios are a proxy for.
What this is usually called
Debt-to-equity, gearing and leverage ratio all name the same calculation, though definitions differ on whether to use total debt or long-term debt and whether to net off cash. This page uses long-term debt over total equity, both as filed. The related measures worth knowing are net debt to EBITDA, which the credit market prefers, and interest cover, which asks the affordability question directly.
The question, as a query
This is the whole of the question. Nothing is filtered by hand afterwards, and the same text typed into the screener reproduces the table below exactly.
debt_equity > 5 AND revenue > 1b| Company | Revenue | Net income | Gross margin | Free cash flow |
|---|---|---|---|---|
| BABOEING CO | $89.46B | $2.24B | 4.8% | -$1.88B |
| AMGNAMGEN INC | $36.75B | $7.71B | 67.2% | $8.10B |
| NRGNRG ENERGY, INC. | $30.71B | $864.00M | Unavailable | $766.00M |
| FNMA BankFEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE | $28.96B | $14.36B | Unavailable | Unavailable |
| LYVLive Nation Entertainment, Inc. | $25.20B | $495.97M | Unavailable | $333.61M |
| CLCOLGATE PALMOLIVE CO | $20.38B | $2.13B | 60.1% | Unavailable |
| TRGPTarga Resources Corp. | $17.03B | $1.92B | 38.3% | $584.10M |
| LVSLAS VEGAS SANDS CORP | $13.02B | $1.63B | Unavailable | $1.86B |
| DKDelek US Holdings, Inc. | $10.72B | -$22.80M | 5.7% | $6.30M |
| BHCBausch Health Companies Inc. | $10.27B | $157.00M | Unavailable | $1.00B |
| NCLHNorwegian Cruise Line Holdings Ltd. | $9.83B | $423.25M | 42.6% | -$1.17B |
| MASMASCO CORP /DE/ | $7.56B | $810.00M | 35.4% | Unavailable |
| CLXCLOROX CO /DE/ | $7.10B | $810.00M | 45.2% | $761.00M |
| XRXXerox Holdings Corp | $7.02B | -$1.03B | Unavailable | $187.00M |
| NSPINSPERITY, INC. | $6.81B | -$7.00M | 13.2% | -$309.00M |
| WMGWarner Music Group Corp. | $6.71B | $365.00M | 45.8% | $539.00M |
| ITGARTNER INC | $6.50B | $729.23M | 68.8% | Unavailable |
| OGNOrganon & Co. | $6.22B | $187.00M | 53.3% | $538.00M |
| DCHDauch Corp | $5.84B | -$19.70M | 12.1% | $155.10M |
| CCChemours Co | $5.81B | -$386.00M | 15.5% | $51.00M |
| BCOBRINKS CO | $5.26B | $199.70M | 25.8% | Unavailable |
| TNETTRINET GROUP, INC. | $5.01B | $155.00M | Unavailable | $234.00M |
| GDDYGoDaddy Inc. | $4.95B | $875.00M | Unavailable | $1.58B |
| LILALiberty Latin America Ltd. | $4.44B | -$611.20M | 78.0% | Unavailable |
| EQPTEquipmentShare.com Inc | $4.38B | $40.00M | 28.3% | Unavailable |
| NATLNCR Atleos Corp | $4.35B | $162.00M | Unavailable | $239.00M |
| HRBH&R BLOCK INC | $3.95B | $733.60M | 44.3% | $756.08M |
| LNWOLight & Wonder, Inc. | $3.31B | $276.00M | 73.3% | Unavailable |
| JELDJELD-WEN Holding, Inc. | $3.21B | -$621.21M | 16.0% | -$124.62M |
| SBGISinclair, Inc. | $3.17B | -$112.00M | Unavailable | $115.00M |
| FUNSix Flags Entertainment Corporation/NEW | $3.10B | -$1.60B | 91.3% | Unavailable |
| VRSKVerisk Analytics, Inc. | $3.07B | $908.30M | 69.9% | $1.19B |
| ENRENERGIZER HOLDINGS, INC. | $2.95B | $239.00M | 41.7% | $63.20M |
| CHDNChurchill Downs Inc | $2.93B | $383.00M | Unavailable | Unavailable |
| MTNVAIL RESORTS INC | $2.84B | $147.54M | Unavailable | Unavailable |
| TLNTalen Energy Corp | $2.58B | -$219.00M | Unavailable | $606.00M |
| GFFGRIFFON CORP | $2.52B | $51.11M | 42.0% | Unavailable |
| FTAIFTAI Aviation Ltd. | $2.51B | Unavailable | 46.2% | -$338.46M |
| FWRDFORWARD AIR CORP | $2.50B | -$107.80M | Unavailable | Unavailable |
| AVAHAveanna Healthcare Holdings, Inc. | $2.43B | $225.03M | 33.3% | Unavailable |
Showing the 40 largest by revenue of 55. Open the full list in the screener.
What this does not show
Equity includes non-controlling interests. Companies with negative equity are excluded from this screen rather than ranked at the top of it, because the ratio is not meaningful once the denominator turns.
The measures behind this
Long-term debt / equity Long-term debt Total equity incl. NCI
Related findings
Citing this
SequelSEC, “Borrowings above five times equity”, 2 October 2026. https://sequelsec.com/findings/debt-more-than-five-times-equity
Figures are recomputed on every view from SEC filings, so a number quoted from this page should carry the date it was read.