Debt-to-Equity Rankings: Most & Least Leveraged S&P 500 C...
Top 150 Most Leveraged Companies
Companies are ranked by their Debt-to-Equity ratio. Companies flagged with "Negative Equity" have liabilities exceeding their assets, making the traditional D/E ratio less meaningful.
| Rank | Company | D/E Ratio | Total Debt | Total Equity | Net Debt | Current Ratio |
|---|---|---|---|---|---|---|
| 1 | The Clorox Company CLX Consumer DefensiveNegative Equity | N/A (Neg) | $3.2B | -$125.0M | $3.0B | 0.74 |
| 2 | Masco Corporation MAS IndustrialsNegative Equity | N/A (Neg) | $3.2B | -$184.5M | $2.6B | 1.81 |
| 3 | Colgate-Palmolive Company CL Consumer Defensive | 23.44 | $8.6B | $53.7M | $7.2B | 0.83 |
| 4 | GoDaddy Inc. GDDY Technology | 17.96 | $3.9B | $212.8M | $2.7B | 0.62 |
| 5 | Verisk Analytics, Inc. VRSK Industrials | 15.82 | $4.9B | $308.0M | $2.7B | 1.20 |
| 6 | DaVita Inc. DVA HealthcareNegative Equity | N/A (Neg) | $12.9B | -$634.9M | $12.2B | 1.29 |
| 7 | Seagate Technology Holdings plc STX Technology | 10.47 | $4.8B | $471.3M | $3.8B | 1.12 |
| 8 | Gartner, Inc. IT Technology | 10.47 | $3.3B | $318.1M | $1.6B | 1.00 |
| 9 | The Boeing Company BA Industrials | 10.33 | $56.4B | $5.5B | $27.7B | 1.19 |
| 10 | NRG Energy, Inc. NRG Utilities | 9.89 | $16.6B | $1.2B | $11.9B | 1.64 |
| 11 | MGM Resorts International MGM Consumer Cyclical | 9.63 | $31.6B | $2.4B | $29.3B | 1.23 |
| 12 | Las Vegas Sands Corp. LVS Consumer Cyclical | 8.29 | $16.0B | $1.6B | $12.2B | 1.14 |
| 13 | Tapestry, Inc. TPR Consumer Cyclical | 7.15 | $3.9B | $550.5M | $2.9B | 1.63 |
| 14 | Norwegian Cruise Line Holdings Ltd. NCLH Consumer Cyclical | 7.03 | $15.5B | $2.2B | $15.3B | 0.21 |
| 15 | Amgen Inc. AMGN Healthcare | 6.40 | $55.4B | $8.7B | $46.3B | 1.14 |
| 16 | Sysco Corporation SYY Consumer Defensive | 6.40 | $15.0B | $2.3B | $13.7B | 1.30 |
| 17 | Hasbro, Inc. HAS Consumer Cyclical | 6.01 | $3.4B | $539.7M | $2.5B | 1.38 |
| 18 | The Goldman Sachs Group, Inc. GS Financial Services | 5.96 | $747.6B | $105.8B | -$249.0B | 1.53 |
| 19 | Live Nation Entertainment, Inc. LYV Communication Services | 5.72 | $10.4B | $271.9M | $3.3B | 1.00 |
| 20 | Targa Resources Corp. TRGP Energy | 5.49 | $17.5B | $3.1B | $17.4B | 0.67 |
| 21 | The Home Depot, Inc. HD Consumer Cyclical | 5.10 | $65.4B | $12.8B | $64.0B | 1.06 |
| 22 | Charter Communications, Inc. CHTR Communication Services | 4.82 | $99.0B | $16.1B | $98.5B | 0.39 |
| 23 | Cencora, Inc. COR Healthcare | 4.73 | $9.9B | $1.9B | $8.2B | 0.92 |
| 24 | Kimberly-Clark Corporation KMB Consumer Defensive | 4.65 | $7.6B | $1.5B | $6.8B | 0.75 |
| 25 | Ford Motor Company F Consumer Cyclical | 4.61 | $165.7B | $35.3B | $137.3B | 1.08 |
| 26 | Morgan Stanley MS Financial Services | 4.56 | $513.4B | $102.2B | -$87.0B | 2.05 |
| 27 | Simon Property Group, Inc. SPG Real Estate | 4.35 | $29.2B | $5.2B | $28.4B | 0.24 |
| 28 | American Tower Corporation AMT Real Estate | 4.34 | $45.0B | $3.7B | $43.5B | 0.40 |
| 29 | Oracle Corporation ORCL Technology | 4.33 | $131.7B | $30.0B | $112.0B | 0.91 |
| 30 | The Kroger Co. KR Consumer Defensive | 4.16 | $24.7B | $7.8B | $21.3B | 0.80 |
| 31 | Citigroup Inc. C Financial Services | 4.04 | $777.2B | $192.4B | -$212.5B | N/A |
| 32 | Motorola Solutions, Inc. MSI Technology | 4.02 | $9.8B | $2.4B | $8.6B | 1.04 |
| 33 | Darden Restaurants, Inc. DRI Consumer Cyclical | 4.01 | $8.3B | $2.1B | $8.1B | 0.39 |
| 34 | Vistra Corp. VST Utilities | 4.00 | $20.4B | $2.6B | $19.6B | 0.78 |
| 35 | Gen Digital Inc. GEN Technology | 3.63 | $8.5B | $2.3B | $7.9B | 0.47 |
| 36 | Lockheed Martin Corporation LMT Industrials | 3.39 | $22.8B | $6.8B | $18.6B | 1.09 |
| 37 | The Sherwin-Williams Company SHW Basic Materials | 3.06 | $14.1B | $4.6B | $13.9B | 0.87 |
| 38 | JPMorgan Chase & Co. JPM Financial Services | 3.00 | $1.0T | $342.5B | -$261.7B | N/A |
| 39 | Illinois Tool Works Inc. ITW Industrials | 2.86 | $9.2B | $3.2B | $8.4B | 1.21 |
| 40 | Zoetis Inc. ZTS Healthcare | 2.80 | $9.3B | $3.3B | $7.0B | 3.03 |
| 41 | Bank of America Corporation BAC Financial Services | 2.78 | $767.1B | $275.9B | -$3.1B | N/A |
| 42 | 3M Company MMM Industrials | 2.77 | $13.1B | $4.7B | $5.2B | 1.71 |
| 43 | Wells Fargo & Company WFC Financial Services | 2.70 | $443.5B | $164.1B | -$5.7B | N/A |
| 44 | The AES Corporation AES Utilities | 2.59 | $30.9B | $4.1B | $29.4B | 0.77 |
| 45 | PepsiCo, Inc. PEP Consumer Defensive | 2.58 | $53.0B | $20.4B | $43.5B | 0.85 |
| 46 | Mastercard Incorporated MA Financial Services | 2.56 | $19.8B | $7.7B | $8.9B | 1.04 |
| 47 | Jabil Inc. JBL Technology | 2.56 | $3.4B | $1.3B | $1.9B | 0.99 |
| 48 | Bristol-Myers Squibb Company BMY Healthcare | 2.55 | $47.2B | $18.5B | $36.5B | 1.26 |
| 49 | Expedia Group, Inc. EXPE Consumer Cyclical | 2.55 | $6.5B | $1.2B | $754.0M | 0.73 |
| 50 | IQVIA Holdings Inc. IQV Healthcare | 2.46 | $16.3B | $6.5B | $14.2B | 0.75 |
| 51 | Corpay, Inc. CPAY Technology | 2.43 | $10.3B | $3.9B | $7.9B | 0.98 |
| 52 | Deere & Company DE Industrials | 2.40 | $63.2B | $26.3B | $57.9B | 2.25 |
| 53 | Waste Management, Inc. WM Industrials | 2.39 | $23.9B | $10.0B | $23.7B | 0.89 |
| 54 | CDW Corporation CDW Technology | 2.37 | $6.2B | $2.6B | $5.6B | 1.18 |
| 55 | Honeywell International Inc. HON Industrials | 2.37 | $35.6B | $13.9B | $22.6B | 1.30 |
| 56 | NetApp, Inc. NTAP Technology | 2.36 | $2.7B | $1.2B | -$281.0M | 1.39 |
| 57 | The Estée Lauder Companies Inc. EL Consumer Defensive | 2.33 | $9.4B | $2.8B | $6.3B | 1.36 |
| 58 | State Street Corporation STT Financial Services | 2.30 | $55.9B | $24.3B | -$87.3B | N/A |
| 59 | Tractor Supply Company TSCO Consumer Cyclical | 2.30 | $5.9B | $2.6B | $5.7B | 1.34 |
| 60 | Carnival Corporation & plc CCL Consumer Cyclical | 2.28 | $28.0B | $11.6B | $26.1B | 0.32 |
| 61 | BXP, Inc. BXP Real Estate | 2.26 | $17.4B | $5.1B | $15.9B | 0.92 |
| 62 | MetLife, Inc. MET Financial Services | 2.26 | $65.4B | $28.3B | $39.7B | 1.90 |
| 63 | Lamb Weston Holdings, Inc. LW Consumer Defensive | 2.25 | $3.9B | $1.8B | $3.9B | 1.43 |
| 64 | Dollar Tree, Inc. DLTR Consumer Defensive | 2.21 | $7.7B | $3.4B | $7.1B | 0.96 |
| 65 | Edison International EIX Utilities | 2.16 | $41.5B | $17.1B | $41.4B | 0.73 |
| 66 | Royal Caribbean Cruises Ltd. RCL Consumer Cyclical | 2.15 | $22.0B | $10.0B | $21.2B | 0.18 |
| 67 | DTE Energy Company DTE Utilities | 2.14 | $26.3B | $12.3B | $26.1B | 0.80 |
| 68 | T-Mobile US, Inc. TMUS Communication Services | 2.09 | $123.6B | $58.9B | $118.0B | 1.00 |
| 69 | General Motors Company GM Consumer Cyclical | 2.08 | $131.6B | $61.1B | $103.9B | 1.17 |
| 70 | Caterpillar Inc. CAT Industrials | 2.07 | $44.1B | $21.3B | $34.7B | 1.44 |
| 71 | CenterPoint Energy, Inc. CNP Utilities | 2.07 | $23.0B | $11.2B | $22.5B | 0.91 |
| 72 | United Airlines Holdings, Inc. UAL Industrials | 2.03 | $31.0B | $15.3B | $18.8B | 0.65 |
| 73 | Pinnacle West Capital Corporation PNW Utilities | 2.02 | $14.3B | $7.0B | $14.3B | 0.54 |
| 74 | Dollar General Corporation DG Consumer Defensive | 2.02 | $16.5B | $8.2B | $15.3B | 1.17 |
| 75 | The Bank of New York Mellon Corporation BK Financial Services | 2.01 | $79.2B | $39.5B | -$109.0B | N/A |
| 76 | International Business Machines Corporation IBM Technology | 1.97 | $64.6B | $32.7B | $50.2B | 0.96 |
| 77 | The Williams Companies, Inc. WMB Energy | 1.97 | $29.5B | $12.8B | $29.5B | 0.53 |
| 78 | CMS Energy Corporation CMS Utilities | 1.95 | $18.9B | $8.9B | $18.4B | 0.98 |
| 79 | FirstEnergy Corp. FE Utilities | 1.93 | $26.8B | $12.5B | $26.8B | 0.57 |
| 80 | American Express Company AXP Financial Services | 1.91 | $63.9B | $33.5B | $16.3B | 1.41 |
| 81 | The Southern Company SO Utilities | 1.91 | $74.1B | $36.0B | $72.4B | 0.65 |
| 82 | PG&E Corporation PCG Utilities | 1.87 | $61.3B | $31.0B | $60.6B | 0.97 |
| 83 | Eversource Energy ES Utilities | 1.85 | $30.2B | $16.2B | $30.1B | 0.65 |
| 84 | The Campbell's Company CPB Consumer Defensive | 1.85 | $7.3B | $4.0B | $7.1B | 0.82 |
| 85 | Entergy Corporation ETR Utilities | 1.82 | $31.3B | $16.9B | $29.4B | 0.74 |
| 86 | Chipotle Mexican Grill, Inc. CMG Consumer Cyclical | 1.79 | $5.1B | $2.8B | $4.0B | 1.24 |
| 87 | Union Pacific Corporation UNP Industrials | 1.78 | $32.8B | $18.5B | $31.3B | 0.91 |
| 88 | Moody's Corporation MCO Financial Services | 1.77 | $7.4B | $4.0B | $5.0B | 1.74 |
| 89 | Avery Dennison Corporation AVY Consumer Cyclical | 1.76 | $4.0B | $2.2B | $3.7B | 1.13 |
| 90 | United Parcel Service, Inc. UPS Industrials | 1.76 | $28.6B | $14.2B | $22.7B | 1.22 |
| 91 | Verizon Communications Inc. VZ Communication Services | 1.75 | $184.8B | $104.5B | $165.8B | 0.91 |
| 92 | United Rentals, Inc. URI Industrials | 1.75 | $15.7B | $9.0B | $15.2B | 0.95 |
| 93 | Exelon Corporation EXC Utilities | 1.74 | $50.2B | $28.8B | $49.6B | 0.92 |
| 94 | Duke Energy Corporation DUK Utilities | 1.72 | $91.1B | $50.8B | $90.9B | 0.55 |
| 95 | AppLovin Corporation APP Communication Services | 1.72 | $3.7B | $1.9B | $1.2B | 3.32 |
| 96 | Aon plc AON Financial Services | 1.68 | $16.1B | $9.4B | $13.5B | 1.11 |
| 97 | Alliant Energy Corporation LNT Utilities | 1.68 | $12.3B | $7.3B | $11.8B | 0.80 |
| 98 | Broadcom Inc. AVGO Technology | 1.66 | $40.5B | $280.8B | $29.4B | 1.90 |
| 99 | Eli Lilly and Company LLY Healthcare | 1.65 | $43.9B | $26.5B | $36.6B | 1.58 |
| 100 | Ares Management Corporation ARES Financial Services | 1.63 | $14.2B | $2.8B | $12.8B | 0.47 |
| 101 | Equinix, Inc. EQIX Real Estate | 1.60 | $22.7B | $14.2B | $21.0B | 1.32 |
| 102 | Baxter International Inc. BAX Healthcare | 1.60 | $9.8B | $6.1B | $7.8B | 2.31 |
| 103 | WEC Energy Group, Inc. WEC Utilities | 1.59 | $22.4B | $13.6B | $22.4B | 0.59 |
| 104 | Genuine Parts Company GPC Consumer Cyclical | 1.56 | $6.9B | $4.4B | $6.5B | 1.08 |
| 105 | eBay Inc. EBAY Consumer Cyclical | 1.56 | $7.2B | $4.6B | $4.3B | 1.10 |
| 106 | American Electric Power Company, Inc. AEP Utilities | 1.54 | $49.7B | $31.1B | $49.3B | 0.46 |
| 107 | Xcel Energy Inc. XEL Utilities | 1.53 | $36.1B | $23.6B | $35.8B | 0.71 |
| 108 | Lennox International Inc. LII Industrials | 1.52 | $1.8B | $1.2B | $1.7B | 1.60 |
| 109 | Northern Trust Corporation NTRS Financial Services | 1.52 | $18.3B | $12.0B | $7.3B | N/A |
| 110 | Dominion Energy, Inc. D Utilities | 1.50 | $50.2B | $28.1B | $49.9B | 0.77 |
| 111 | Evergy, Inc. EVRG Utilities | 1.50 | $15.4B | $10.2B | $15.4B | 0.49 |
| 112 | CSX Corporation CSX Industrials | 1.48 | $19.5B | $13.2B | $18.8B | 0.81 |
| 113 | General Mills, Inc. GIS Consumer Defensive | 1.47 | $13.7B | $9.3B | $13.1B | 0.66 |
| 114 | Ameren Corporation AEE Utilities | 1.47 | $19.9B | $13.4B | $19.9B | 0.66 |
| 115 | American Water Works Company, Inc. AWK Utilities | 1.47 | $15.9B | $10.8B | $15.8B | 0.46 |
| 116 | ONEOK, Inc. OKE Energy | 1.46 | $33.1B | $22.5B | $33.0B | 0.71 |
| 117 | NextEra Energy, Inc. NEE Utilities | 1.46 | $97.2B | $54.6B | $94.4B | 0.60 |
| 118 | UDR, Inc. UDR Real Estate | 1.45 | $6.0B | $3.2B | $6.0B | 0.16 |
| 119 | LyondellBasell Industries N.V. LYB Basic Materials | 1.44 | $14.7B | $10.1B | $11.3B | 1.77 |
| 120 | Federal Realty Investment Trust FRT Real Estate | 1.44 | $5.0B | $3.1B | $4.9B | 0.37 |
| 121 | The J. M. Smucker Company SJM Consumer Defensive | 1.43 | $7.5B | $5.2B | $7.4B | 0.84 |
| 122 | Public Service Enterprise Group Incorporated PEG Utilities | 1.43 | $24.2B | $17.0B | $24.1B | 0.80 |
| 123 | Marathon Petroleum Corporation MPC Energy | 1.43 | $34.4B | $17.3B | $30.7B | 1.26 |
| 124 | U.S. Bancorp USB Financial Services | 1.42 | $82.7B | $58.3B | $32.2B | N/A |
| 125 | Marsh & McLennan Companies, Inc. MRSH Financial Services | 1.40 | $21.4B | $15.1B | $18.8B | 1.10 |
| 126 | The Coca-Cola Company KO Consumer Defensive | 1.40 | $47.9B | $32.2B | $32.1B | 1.46 |
| 127 | Best Buy Co., Inc. BBY Consumer Cyclical | 1.39 | $4.1B | $3.0B | $2.4B | 1.11 |
| 128 | NiSource Inc. NI Utilities | 1.39 | $16.2B | $9.5B | $16.1B | 0.69 |
| 129 | Amcor plc AMCR Consumer Cyclical | 1.39 | $16.2B | $11.6B | $15.1B | 1.30 |
| 130 | Robinhood Markets, Inc. HOOD Financial Services | 1.36 | $12.4B | $8.0B | -$197.0M | 1.13 |
| 131 | Ball Corporation BALL Consumer Cyclical | 1.36 | $7.4B | $5.4B | $6.2B | 1.11 |
| 132 | Constellation Brands, Inc. STZ Consumer Defensive | 1.33 | $10.7B | $7.7B | $10.5B | 1.34 |
| 133 | Carvana Co. CVNA Consumer Cyclical | 1.33 | $5.6B | $2.8B | $2.8B | 4.31 |
| 134 | The TJX Companies, Inc. TJX Consumer Cyclical | 1.32 | $13.5B | $10.1B | $7.3B | 1.14 |
| 135 | PPL Corporation PPL Utilities | 1.31 | $19.5B | $14.9B | $18.4B | 0.87 |
| 136 | Paychex, Inc. PAYX Technology | 1.30 | $5.0B | $3.9B | $3.5B | 1.27 |
| 137 | Pool Corporation POOL Industrials | 1.30 | $1.5B | $1.2B | $1.4B | 2.24 |
| 138 | Target Corporation TGT Consumer Defensive | 1.26 | $20.3B | $16.2B | $14.8B | 0.94 |
| 139 | Prudential Financial, Inc. PRU Financial Services | 1.24 | $44.3B | $32.4B | $3.3B | 0.92 |
| 140 | Interactive Brokers Group, Inc. IBKR Financial Services | 1.24 | $25.5B | $5.4B | -$80.1B | 1.11 |
| 141 | AT&T Inc. T Communication Services | 1.24 | $159.6B | $110.0B | $141.3B | 0.91 |
| 142 | The Hershey Company HSY Consumer Defensive | 1.24 | $5.7B | $3.4B | $4.8B | 1.19 |
| 143 | Truist Financial Corporation TFC Financial Services | 1.22 | $72.9B | $59.6B | $26.2B | N/A |
| 144 | Healthpeak Properties, Inc. DOC Real Estate | 1.22 | $10.1B | $7.5B | $9.7B | 1.22 |
| 145 | NXP Semiconductors N.V. NXPI Technology | 1.20 | $12.5B | $10.0B | $9.2B | 2.05 |
| 146 | Essex Property Trust, Inc. ESS Real Estate | 1.19 | $6.9B | $5.5B | $6.8B | 0.15 |
| 147 | Amphenol Corporation APH Technology | 1.19 | $16.1B | $13.4B | $4.6B | 2.98 |
| 148 | Consolidated Edison, Inc. ED Utilities | 1.17 | $28.4B | $24.2B | $26.8B | 1.02 |
| 149 | Builders FirstSource, Inc. BLDR Industrials | 1.17 | $5.1B | $4.4B | $4.9B | 1.86 |
| 150 | Broadridge Financial Solutions, Inc. BR Technology | 1.17 | $3.4B | $2.9B | $3.0B | 0.97 |
Frequently Asked Questions
What is a good debt-to-equity ratio?
A "good" debt-to-equity ratio varies heavily by industry. Capital-intensive industries like utilities and manufacturing typically have higher ratios (often 1.0 to 2.0 or more), while technology companies usually have lower ratios. Generally, a ratio below 1.0 is considered relatively safe, meaning a company has more equity than debt.
Which companies have the most debt?
Companies in the telecommunications, utilities, and financial sectors often hold the largest absolute amounts of debt. However, absolute debt must be compared to equity and cash flow to determine true leverage. In our analysis, The Clorox Company (CLX) screen as having the highest standard D/E ratio among positive-equity companies.
Is high debt-to-equity always bad?
No. Debt is often cheaper than equity financing due to tax-deductible interest payments. Companies with highly predictable cash flows (like utilities) can safely handle higher debt loads. However, in a high-interest-rate environment, companies with high leverage and variable-rate debt or upcoming refinancing needs face significant risk.
What sector has the highest leverage?
Utilities, Real Estate, and Consumer Defensive typically exhibit higher leverage ratios due to their stable cash flows and capital-intensive nature, which allows them to comfortably service higher debt loads.
How does debt-to-equity affect stock price?
High leverage amplifies both gains and losses for shareholders. When business is good, debt boosts return on equity. When business slows, high interest payments can quickly wipe out profits, leading to higher stock price volatility and potential downside risk.
Methodology & Data
Data was collected for 485 S&P 500 components as of 2026. The analysis excludes companies where total debt or market capitalization data was entirely unavailable.
- Debt-to-Equity (D/E): Calculated as Total Debt divided by Total Shareholder Equity.
- Negative Equity: Companies where accumulated deficits or massive share buybacks have pushed Total Equity below zero. For these firms, traditional D/E ratios are not meaningful, but they are highly levered.
- Net Debt: Total Debt minus Cash and Cash Equivalents.
Disclaimer: This site provides data and analysis for informational purposes only. Nothing here constitutes investment advice. Do your own research.
Cite This Page
Westmount Fundamentals. "Debt-to-Equity Rankings: Most & Least Leveraged S&P 500 C...." westmountfundamentals.com/debt-to-equity, 2026.