Debt / EBITDA — figure, bridge, evidence
VZ
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 2.52× → FY25 2.54×, change 0.02×.
- Δ Net debt 0.08×
- 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.
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → FY25 2.54×, change 0.02×.
- Op. cash flow -0.79×
- Dividends 0.24×
- Other (FX/leases/M&A) 0.62×
- Volume -0.06×
- Costs to EBIT 0.01×
- D&A add-back -0.00×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → FY25 2.54×, change 0.02×.
- Δ Net debt 0.08×
- 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.
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → FY25 2.54×, change 0.02×.
- Op. cash flow -0.80×
- Dividends 0.25×
- Other (FX/leases/M&A) 0.63×
- Volume -0.06×
- Costs to EBIT 0.01×
- D&A add-back -0.00×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.35× → FY25 2.54×, change -0.81×.
- Δ Net debt -0.34×
- Δ EBITDA -0.47×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.35× → FY25 2.54×, change -0.81×.
- Op. cash flow -0.85×
- Dividends 0.26×
- Other (FX/leases/M&A) 0.25×
- Volume -0.10×
- Costs to EBIT -0.37×
- D&A add-back -0.01×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.35× → FY25 2.54×, change -0.81×.
- Δ Net debt -0.36×
- Δ EBITDA -0.45×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.35× → FY25 2.54×, change -0.81×.
- Op. cash flow -0.92×
- Dividends 0.28×
- Other (FX/leases/M&A) 0.27×
- Volume -0.09×
- Costs to EBIT -0.34×
- D&A add-back -0.01×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.91× → FY25 2.54×, change -0.37×.
- Δ Net debt -0.36×
- Δ EBITDA -0.00×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.91× → FY25 2.54×, change -0.37×.
- Op. cash flow -0.78×
- Dividends 0.24×
- Other (FX/leases/M&A) 0.18×
- Volume -0.03×
- Costs to EBIT 0.09×
- D&A add-back -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.
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.91× → FY25 2.54×, change -0.37×.
- Δ Net debt -0.36×
- Δ EBITDA -0.00×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.91× → FY25 2.54×, change -0.37×.
- Op. cash flow -0.78×
- Dividends 0.24×
- Other (FX/leases/M&A) 0.18×
- Volume -0.02×
- Costs to EBIT 0.08×
- D&A add-back -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.
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- 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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- 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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- 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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- 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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 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 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
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: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Build-up — debt, cash, earnings
$bn| $bn | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Gross debt | 123.5 | 143.4 | 140.8 | 137.7 | 121.4 | 140.0 |
| − Cash and equivalents | 22.2 | 2.9 | 2.6 | 2.1 | 4.2 | 19.0 |
| = Net debt | 101.3 | 140.5 | 138.2 | 135.6 | 117.3 | 120.9 |
| EBITDA | 45.5 | 48.7 | 47.6 | 40.5 | 46.6 | 47.6 |
| Net debt / EBITDA | 2.23× | 2.89× | 2.91× | 3.35× | 2.52× | 2.54× |
| Gross debt / EBITDA | 2.71× | 2.95× | 2.96× | 3.40× | 2.61× | 2.94× |
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The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.