Debt / EBITDA — figure, bridge, evidence
CVX
Debt / EBITDA — figure, bridge, evidence
Net debt / EBITDA — nested to source
×Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.55× → FY25 1.03×, change 0.48×.
- Δ Net debt 0.39×
- Δ EBITDA 0.09×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.55× → FY25 1.03×, change 0.48×.
- Op. cash flow -0.81×
- Capex 0.41×
- Dividends 0.30×
- Buybacks 0.29×
- Other (FX/leases/M&A) 0.19×
- EBITDA 0.09×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.55× → FY25 1.03×, change 0.48×.
- Δ Net debt 0.36×
- Δ EBITDA 0.12×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.55× → FY25 1.03×, change 0.48×.
- Op. cash flow -0.76×
- Capex 0.39×
- Dividends 0.29×
- Buybacks 0.27×
- Other (FX/leases/M&A) 0.18×
- EBITDA 0.12×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.27× → FY25 1.03×, change 0.76×.
- Δ Net debt 0.65×
- Δ EBITDA 0.10×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.27× → FY25 1.03×, change 0.76×.
- Op. cash flow -0.79×
- Capex 0.40×
- Dividends 0.30×
- Buybacks 0.28×
- Other (FX/leases/M&A) 0.46×
- EBITDA 0.10×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.27× → FY25 1.03×, change 0.76×.
- Δ Net debt 0.60×
- Δ EBITDA 0.16×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.27× → FY25 1.03×, change 0.76×.
- Op. cash flow -0.72×
- Capex 0.37×
- Dividends 0.27×
- Buybacks 0.26×
- Other (FX/leases/M&A) 0.42×
- EBITDA 0.16×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.09× → FY25 1.03×, change 0.94×.
- Δ Net debt 0.71×
- Δ EBITDA 0.23×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.09× → FY25 1.03×, change 0.94×.
- Op. cash flow -0.69×
- Capex 0.35×
- Dividends 0.26×
- Buybacks 0.24×
- Other (FX/leases/M&A) 0.54×
- EBITDA 0.23×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.09× → FY25 1.03×, change 0.94×.
- Δ Net debt 0.53×
- Δ EBITDA 0.41×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.09× → FY25 1.03×, change 0.94×.
- Op. cash flow -0.52×
- Capex 0.26×
- Dividends 0.19×
- Buybacks 0.18×
- Other (FX/leases/M&A) 0.41×
- EBITDA 0.41×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.70× → Q1·26 1.14×, change 0.44×.
- Δ Net debt 0.38×
- Δ EBITDA 0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.70× → Q1·26 1.14×, change 0.44×.
- Δ Net debt 0.38×
- Δ EBITDA 0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.70× → Q1·26 1.14×, change 0.44×.
- Δ Net debt 0.37×
- Δ EBITDA 0.07×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.70× → Q1·26 1.14×, change 0.44×.
- Δ Net debt 0.37×
- Δ EBITDA 0.07×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.34× → Q1·26 1.14×, change 0.80×.
- Δ Net debt 0.70×
- Δ EBITDA 0.10×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.34× → Q1·26 1.14×, change 0.80×.
- Δ Net debt 0.70×
- Δ EBITDA 0.10×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.34× → Q1·26 1.14×, change 0.80×.
- Δ Net debt 0.65×
- Δ EBITDA 0.15×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.34× → Q1·26 1.14×, change 0.80×.
- Δ Net debt 0.65×
- Δ EBITDA 0.15×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 19 filings with the SEC · 10-K, 10-Q, 10-Q/A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-07 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-07 ↗
- 10-K · 2026-02-06 · filed 2026-02-24 ↗
- 10-Q · 2025-09-30 · filed 2025-11-06 ↗
- 10-Q · 2025-06-30 · filed 2025-08-07 ↗
- 10-K · 2025-02-07 · filed 2025-02-21 ↗
- 10-Q · 2024-09-30 · filed 2024-11-07 ↗
- 10-Q · 2024-06-30 · filed 2024-08-07 ↗
- 10-Q · 2024-03-31 · filed 2024-05-02 ↗
- 10-K · 2024-02-09 · filed 2024-02-26 ↗
- … and 9 more
Build-up — debt, cash, earnings
$bn| $bn | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Gross debt | 27.2 | 25.9 | 23.3 | 20.8 | 24.5 | 40.8 |
| − Cash and equivalents | 5.6 | 5.6 | 17.7 | 8.2 | 0.0 | 0.0 |
| = Net debt | 21.6 | 20.3 | 5.7 | 12.7 | 24.5 | 40.8 |
| EBITDA | 12.1 | 39.5 | 65.9 | 46.9 | 44.7 | 39.7 |
| Net debt / EBITDA | 1.79× | 0.51× | 0.09× | 0.27× | 0.55× | 1.03× |
| Gross debt / EBITDA | 2.25× | 0.66× | 0.35× | 0.44× | 0.55× | 1.03× |
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The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.