Readers might like this debt study I created.
I think we've all realized that the old debt-to-equity
ratio only matters in a world where market cap is
linked to corporate equity. In our present environment
where book value is irrelevant, the correct ratio to
look at is really debt-to-market cap. As long as the
market awards you a large market cap relative to your
debt, you can always issue new stock without significant
pain to retire debt.
Here is a sorting of companies in descending order of
total debt to market capitalization. First number
is debt load, second is the ratio itself.
(Sorry about the formatting - can't seem to come up
with a good way to convert the tabs to spaces. Ideas?)
Ticker Name TotDbt Dbt2Cap
AMBWQ AMF Bowling, Inc. 1189.095 1410
IRIDQ Iridium World Comm. Ltd. 2316.842 1174.333
FPFX FIRSTPLUS Financial Group 2184.221 1150.25
APUUY Asia Pulp & Paper Company 9904.035 688
ASGXF Asia Global Crossing Ltd. 1580.571 679
GBLXQ Global Crossing Ltd. 8885.45 555.5
MFNXQ Metromedia Fiber Network 4069.735 479.5
ADELQ Adelphia Communications 19183.553 453
ABIZQ Adelphia Business Solut. 1395.544 384.24
ENRNQ Enron Corp. 12823.434 338
MCWEQ WorldCom Inc. - MCI Group 5414.13 324.5
UAL UAL Corporation 10327.219 160.898
PGOGY Petroleum Geo Service ASA 2368.168 123.865
WBR Wyndham International, In 3273.74 108.259
KQIPQ KPNQwest N. V. 1695.187 93.867
BGY British Energy plc (ADR) 1736.071 85.366
TWSTY TeleWest Communications p 8829.535 79.026
SPGLA Spiegel, Inc. 1387.123 70.081
CHTR Charter Communications 18410.283 69.413
WCOEQ WorldCom Group 24694.848 63.143
DJT Trump Hotel/Casino Resort 1916.472 39.044
ALGX Allegiance Telecom, Inc. 1201.094 33.179
AMR AMR Corporation 12445.114 30.685
SBAC SBA Communications Corp. 1011.247 29.149
AOR Aurora Foods, Inc. 1085.832 28.151
NOR NorthWestern Corporation 2406.736 27.981
LEND Accredited Home Lenders H 3333.229 22.475
DX Dynex Capital, Inc. 1161.046 21.925
NTL Nortel Inversora S.A. 1065.93 19.493
KMRTQ Kmart Corporation 1268.728 18.948
UHAL AMERCO 1487.808 17.73
FLM Fleming Companies, Inc. 1904.542 17.649
CAL Continental Airlines,Inc. 5712.696 16.934
SCR.A Sea Containers Ltd. 2239.363 16.885
FRE Freddie Mac 623413.375 16.639
MIR Mirant Corporation 8619.069 15.028
MHX Meristar Hospitality Corp 1673.899 14.929
ACF AmeriCredit Corp. 3978.784 14.866
KLM KLM Royal Dutch Airlines 4546.525 14.497
ILA Aquila, Inc. 3568.667 13.099
CPN Calpine Corporation 13435.012 12.925
AGM Federal Agricultural Mort 3278.027 12.2
CMS CMS Energy Corporation 7543.738 12.035
SRP Sierra Pacific Resources 3764.479 11.775
FNM Fannie Mae 710514.625 11.413
F Ford Motor Company 156005.281 10.955
STU Student Loan Corp., The 19791.424 10.522
GM General Motors Corp. 186186.266 10.506
LVMUY LVMH Moet Hennessy L.V. ( 9090.733 10.252
WFSI WFS Financial Inc. 7865.621 10.045
SAXN Saxon Capital, Inc. 3071.366 9.884
RWT Redwood Trust, Inc. 4952.224 9.844
DAL Delta Air Lines, Inc. 10211.789 9.705
DVI DVI, Inc. 1230.687 9.657
IMH IMPAC Mortgage Holdings 5612.521 9.452
DRRA Dura Automotive Systems 1099.945 9.406
ENI Enersis S.A. (ADR) 5724.226 9.084
CNH CNH Global N.V. 3326.701 8.763
TMM Grupo TMM, S.A. (ADR) 1455.642 8.688
CIT CIT Group Inc. 30105.533 8.326
DYN Dynegy Inc. 6078.726 8.267
TMA Thornburg Mortgage, Inc. 9351.541 8.036
ALS Alstom S.A. (ADR) 4781.313 7.928
IX ORIX Corporation (ADR) 35173.723 7.698
CMO Capstead Mortgage Corpora 1329.201 7.586
AYE Allegheny Energy, Inc. 5108.406 7.181
KOR Koor Industries Ltd. (ADR 1369.456 7.024
WMB Williams Companies, Inc. 13936.641 6.916
RRI Reliant Resources, Inc. 7758.483 6.596
BAB British Airways plc (ADR) 10820.612 6.398
VTO Vitro S.A. (ADR) 1235.314 6.327
HI Household International 80062.906 6.269
IST Ispat International N.V. 2350.792 6.211
DTG Dollar Thrifty Automotive 2384.953 6.044
BUH Buhrmann NV (ADR) 2123.982 6
EP El Paso Corporation 17579.188 5.917
PGTV Pegasus Communications 1287.775 5.888
TSO Tesoro Petroleum Corp. 2051.174 5.836
GMT GATX Corporation 4279.599 5.742
BSC Bear Stearns Companie, Th 34290.371 5.711
TEO Telecom Argentina STET (A 3741.101 5.556
CNP CenterPoint Energy, Inc. 10018.118 5.514
CCK Crown Holdings Inc 4583.77 5.458
OMG OM Group, Inc. 1213.561 5.194
WLT Walter Industries, Inc. 2140.121 5.142
SNSA Stolt-Nielsen S.A. 1650.868 5.01
CCH Coca-Cola Hellenic Bottli 16504.344 4.86
GT Goodyear Tire & Rubber 3623.86 4.819
PKS Six Flags, Inc. 2307.619 4.81
S Sears, Roebuck & Co. 29730.854 4.7
EMT Embratel Participacoes S. 1470.899 4.555
AHO Ahold (ADR) 14996.411 4.499
FCH FelCor Lodging Trust Inc. 1680.642 4.393
PCS Sprint PCS Group 16331.053 4.302
ING ING Groep N.V. (ADR) 108095.445 4.289
CKC Collins & Aikman Corporat 1288.929 4.014
URI United Rentals, Inc. 2608.623 3.916
UCI UICI 1772.173 3.856
WR Westar Energy, Inc. 3337.417 3.818
CGA Corus Group plc (ADR) 2866.759 3.773
TXU TXU Corporation 19772.75 3.755
DEG Delhaize Group (ADR) 5035.55 3.738
JCC Jilin Chemical Industrial 1151.476 3.7
ICCI Insight Communications 2592.616 3.677
AMT American Tower Corporatio 3621.244 3.645
EIX Edison International 14776.257 3.64
IPX Interpool, Inc. 1555.2 3.635
UAG United Auto Group, Inc. 1447.789 3.57
XEL Xcel Energy Inc. 16091.704 3.562
UNS Unisource Energy Corp. 1976.453 3.536
TWTC Time Warner Telecom Inc. 1205.391 3.499
PHI Philippine Long Distance 3064.227 3.493
MITSY Mitsui & Co., Ltd. (ADR) 29822.049 3.444
CCI Crown Castle Internationa 3345.243 3.427
IKN IKON Office Solutions, In 3392.475 3.35
GP Georgia-Pacific Group 12000.413 3.337
KWHIY Kawasaki Heavy Industries 3827.993 3.192
AHR Anthracite Capital Inc. 1695.66 3.116
DCN Dana Corporation 3502.261 3.081
CSR Credit Suisse Group (ADR) 69476.352 3.078
OI Owens-Illinois, Inc. 3879.705 3.076
LEH Lehman Brothers Holdings 39696.508 3.064
FUWAY Furukawa Electric Co. (AD 5188.463 3.062
NIPNY NEC Corporation (ADR) 19306.131 3.04
ABB ABB Ltd. (ADR) 7951.252 2.952
NCEN New Century Financial 1992.888 2.951
MCCC Mediacom Communications 2923.765 2.949
SLGN Silgan Holdings Inc. 1106.606 2.947
MWD Morgan Stanley 119079.805 2.943
CEA China Eastern Airlines (A 1987.948 2.928
VE Vivendi Environnement (AD 18940.898 2.866
CFC Countrywide Financial Cor 18920.43 2.866
DCX DaimlerChrysler AG (ADR) 86648.734 2.858
SZE Suez SA (ADR) 36360.387 2.853
TEX Terex Corporation 1561.439 2.816
V Vivendi Universal (ADR) 43715.477 2.814
MER Merrill Lynch & Co., Inc. 79201.195 2.727
SLM SLM Corporation 43909.297 2.657
TRZ Trizec Properties, Inc. 3344.962 2.623
FJTSY Fujitsu Limited (ADR) 16351.769 2.602
HMT Host Marriott Corporation 4451.877 2.562
GS Goldman Sachs Group, The 79192.875 2.531
CK Crompton Corporation 1274.39 2.523
IDR Intrawest Corporation 1269.769 2.486
SE 7-Eleven, Inc. 1781.35 2.428
AKS AK Steel Holding Corp. 1321.854 2.388
FMC FMC Corporation 1266.304 2.384
NU Northeast Utilities Syste 4297.099 2.381
FIF Financial Federal Corp. 1074.797 2.372
HANA Hanaro Telecom, Inc. (ADR 1258.404 2.371
TAR Telefonica de Argentina ( 2193.631 2.37
PPE Park Place Entertainment 4915.292 2.367
AMKR Amkor Technology, Inc. 1812.312 2.34
MAC Macerich Company, The 3690.807 2.329
DDS Dillard's Inc. 2640.283 2.327
IGL IMC Global Inc. 2276.265 2.255
SRV Service Corp. Int'l. 1983.141 2.248
AVA Avista Corporation 1086.48 2.232
SAH Sonic Automotive, Inc. 1320.303 2.232
RCL Royal Caribbean Cruises L 5477.746 2.229
PCG PG&E Corporation 11763.13 2.213
VC Visteon Corporation 1649.567 2.212
LYO Lyondell Chemical Company 3913.356 2.196
HRC HEALTHSOUTH Corp. 3219.761 2.195
EOC Empresa Nacional de Elect 4351.197 2.192
LNT Alliant Energy Corporatio 3155.66 2.188
CTX Centex Corporation 6728.997 2.179
TE TECO Energy, Inc. 3964.192 2.176
POM Pepco Holdings, Inc. 6368.556 2.164
FCE.A Forest City Enterprises, 3398.833 2.155
SBGI Sinclair Broadcast Group 1551.92 2.143
CCTVY Carlton Communication PLC 1766.247 2.12
GTN.A Gray Television, Inc. 1099.858 2.115
AW Allied Waste Industries, 3314.836 2.115
CNL Cleco Corporation 1192.941 2.114
COLT COLT Telecom Group plc (A 1910.549 2.07
SID Companhia Siderurgica (AD 2451.237 2.052
ZNH China Southern Airlines L 1804.961 2.026
KEP Korea Electric Power Corp 20835.225 1.983
FRO Frontline Ltd. (ADR) 1662.044 1.965
NAV Navistar International 3058.691 1.959
UNEWY United Business Media plc 1524.758 1.939
DUK Duke Energy Corporation 22461.553 1.901
MCH Millennium Chemicals Inc. 1216.72 1.898
CZN Citizens Communications 5360.195 1.884
OKE ONEOK, Inc. 2403.245 1.879
CBL CBL & Assoc. Properties 2212.555 1.871
HIT Hitachi, Ltd. (ADR) 25957.814 1.86
FLS Flowserve Corporation 1096.569 1.856
SUG Southern Union Company 1401.22 1.854
ELE Endesa S.A. (ADR) 23382.461 1.839
SANYY Sanyo Electric Co., Ltd. 9949.305 1.81
BNN Brascan Corporation 6192.777 1.809
EDP EDP Electricidade de Port 8288.924 1.806
NRD Noranda Inc. 3579.039 1.78
AEP American Electric Power 13150.054 1.768
XRX Xerox Corporation 10957.419 1.737
CLP Colonial Properties Trust 1262.23 1.734
CPJ Chateau Communities, Inc. 1011.289 1.725
PC Perez Companc S.A. (ADR) 2694.339 1.719
NI NiSource Inc. 7163.859 1.697
LR Lafarge S.A. (ADR) 12283.514 1.674
MBG Mandalay Resort Group 2568.972 1.643
HAVS Havas (ADR) 1186.905 1.641
CTTAY Continental AG (ADR) 3062.651 1.636
TDS Telephone & Data Systems 3758.507 1.636
SWX Southwest Gas Corporation 1106.806 1.633
PPS Post Properties, Inc. 1374.828 1.633
TKG Telkom SA Limited 3207.843 1.628
PEG Public Service Enterprise 12508.753 1.623
TU TELUS Corporation 5642.157 1.62
TOSBF Toshiba Corporation (ADR) 15499.202 1.605
ARM ArvinMeritor, Inc. 1509.219 1.603
RSE Rouse Company, The 4527.779 1.588
SSCC Smurfit-Stone Container C 5004.762 1.577
T AT&T Corp. 22570.559 1.555
HME Home Properties of N.Y. 1323.735 1.547
FE FirstEnergy Corp. 13728.712 1.545
IPR International Power PLC ( 2513.68 1.541
TCO Taubman Centers, Inc. 1370.119 1.538
EAS Energy East Corporation 4100.669 1.525
DT Deutsche Telekom AG (ADR) 72966.828 1.519
ARW Arrow Electronics, Inc. 2094.177 1.503
DE Deere & Company 14641.697 1.501
TOY Toys R Us, Inc. 2515.461 1.499
BXP Boston Properties, Inc. 5177.396 1.463
CCE Coca-Cola Enterprises 11979.934 1.461
WEC Wisconsin Energy Corp. 3971.25 1.461
CD Cendant Corporation 18320.635 1.451
GR Goodrich Corporation 2521.822 1.42
IDA IdaCorp, Inc. 1161.832 1.419
EMMS Emmis Communications Corp 1246.88 1.412
LNR LNR Property Corp. 1427.987 1.383
PNM PNM Resources, Inc. 1115.72 1.375
BDN Brandywine Realty Trust 1000.704 1.364
TXT Textron Inc. 6504.329 1.363
TSN Tyson Foods, Inc. 4082.843 1.361
SLR Solectron Corporation 3558.224 1.359
MGG MGM MIRAGE 5220.063 1.357
BYD Boyd Gaming Corporation 1101.737 1.356
OGE OGE Energy Corp. 1842.777 1.345
DPL DPL Inc. 2141.699 1.337
SKS Saks Incorporated 1428.295 1.337
AHC Amerada Hess Corporation 5038.852 1.314
SVU SUPERVALU, Inc. 2296.99 1.309
PNW Pinnacle West Capital 3687.086 1.299
RA Reckson Associates Realty 1540.355 1.288
SFI iStar Financial Inc. 3325.963 1.286
SPOT PanAmSat Corporation 2551.868 1.285
WY Weyerhaeuser Company 13571.96 1.28
VOLVY Volvo (ADR) 9087.306 1.274
DTE DTE Energy Company 8853.997 1.274
FR First Industrial Realty 1381.78 1.27
CEI Crescent R.E. Equities Co 1802.073 1.248
AIV Apartment Investment and 4200.425 1.246
PSD Puget Energy, Inc. 2350.341 1.238
BTY BT Group plc (ADR) 27142.682 1.237
KSE KeySpan Corporation 6206.031 1.224
ABY Abitibi-Consolidated 3854.692 1.222
CSX CSX Corporation 7049.816 1.222
DHI D.R. Horton Inc. 3038.183 1.212
ESA Extended Stay America 1166.164 1.211
RG Rogers Communications 2282.292 1.209
LPX Louisiana-Pacific Corp. 1105.573 1.196
BPO Brookfield Properties Cor 3576.99 1.193
AVT Avnet, Inc. 1390.348 1.191
NMR Nomura Holdings, Inc. (AD 27016.721 1.18
CUM Cummins Inc. 1133.686 1.178
PPL PPL Corporation 7026.91 1.178
POSRY Peninsular & Oriental (AD 1982.708 1.175
X United States Steel Corp. 1407.814 1.17
SANM Sanmina-SCI Corporation 2477.751 1.169
HOT Starwood Hotels & Resorts 5346.011 1.165
CEG Constellation Energy Grp. 5040.203 1.155
HLT Hilton Hotels Corporation 4721.993 1.153
MLS Mills Corporation, The 1474.352 1.153
NXTP Nextel Partners, Inc. 1445.646 1.149
TNE Tele Norte Leste Partic. 2922.55 1.148
RCN Rogers Wireless Commun. 1605.85 1.147
PGN Progress Energy, Inc. 10713.765 1.143
AXA AXA (ADR) 23993.973 1.142
CKSNY Cookson Group PLC (ADR) 1244.991 1.141
VLO Valero Energy Corp. 4946.873 1.141
HAN Hanson PLC (ADR) 4066.549 1.137
BOW Bowater Incorporated 2306.979 1.136
SPG Simon Property Group, Inc 7303.784 1.132
CAT Caterpillar Inc. 17685.836 1.126
SJR Shaw Communications 2382.538 1.126
ELN Elan Corporation, plc (AD 1442.294 1.123
GE General Electric Company 264829.688 1.117
KPN Koninklijke KPN N.V. (ADR 17788.104 1.116
NST NSTAR 2367.288 1.113
STN Station Casinos, Inc. 1162.831 1.112
CPT Camden Property Trust 1387.141 1.107
R Ryder System, Inc. 1553.189 1.107
TAC TransAlta Corporation 2037.78 1.102
EOP Equity Office Properties 10839.165 1.087
PY Pechiney (ADR) 2067.849 1.085
RYCEY Rolls-Royce PLC (ADR) 2100.184 1.084
DQE DQE, Inc. 1068.228 1.082
SRE Sempra Energy 4963.295 1.07
NTT Nippon Telegraph & Teleph 65171.871 1.069
GGP General Growth Properties 3436.999 1.057
NGG National Grid Transco plc 12033.943 1.057
CLI Mack-Cali Realty Corp. 1757.242 1.054
UGI UGI Corporation 1230.617 1.054
ATO Atmos Energy Corporation 1031.827 1.052
SPI Scottish Power UK plc (AD 11282.692 1.052
HIW Highwoods Properties,Inc. 1159.218 1.05
AMD Advanced Micro Devices 1948.274 1.047
DVA DaVita Inc. 1323.097 1.046
SCG SCANA Corporation 3487.018 1.043
BCC Boise Cascade Corporation 1402.151 1.039
PDE Pride International, Inc. 1925.798 1.036
KMG Kerr-McGee Corporation 4267.795 1.022
TOL Toll Brothers, Inc. 1313.649 1.018
ASN Archstone-Smith Trust 3966.396 1.017
NSC Norfolk Southern Corp. 7449.459 1.014
TIN Temple-Inland, Inc. 2183.485 1.008
HET Harrah's Entertainment 3566.077 1.003 |
