¿Qué es Interest Coverage?
Interest Coverage shows how many times a empresa can pagar interest expenses with its ganancias. Below 1.5 is dangerous, above 3 is safe.
Piénsalo así
You ganar $5,000/month with $500 mortgage interest. Your coverage is 10x - very safe! If ganancias drop to $1,000, coverage is 2x - getting risky!
Fórmula
Interest Coverage = EBIT / Interest Expense- EBIT: Ganancias before interest and taxes
- Interest Expense: Anual interest pagarments
Por qué importa
- Muestra debt servicing ability
- Critical for survival in dposeerturns
- Banks watch this closely
- Red flag if tendenciaing dposeer
¿Cuál es un buen valor?
< 1
Danger
Can't cover interest
1-1.5
Riesgoso
Barely covering interest
1.5-3
Adequate
Acceptable coverage
3-5
Comfortable
Bueno safety margen
> 5
Fuerte
Very safe from default
Ejemplo del mundo real
Apple coverage: 20x - massive efectivo generation. Utility empresa: 3x - stable but apalancamientod. Struggling retailer: 0.8x - may default on deuda.
Cosas a tener en cuenta
- EBIT can be volatile
- Doesn't include principal pagarments
- Off-balance sheet obligations excluded
- One bad year can cambiar dramatically
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