Aquirian Limited (AQN.AX) Debt-to-Equity Ratio
As of May 22, 2026
TL;DR — AQN.AX debt-to-equity is 1.18
Aquirian Limited (AQN.AX) currently carries a debt-to-equity ratio of 1.18 (elevated). Interest coverage is N/A and the current ratio is 1.97. Debt exceeds equity — earnings sensitivity to interest-rate moves and downturns is higher. Verify cash coverage and the current ratio before relying on the dividend.
Current leverage profile
Debt / Equity
1.18
Total debt / shareholder equity
Interest coverage
N/A
EBIT / interest expense
Current ratio
1.97
Short-term liquidity
D/E in isolation is a starting point, not a verdict. To get a credible read on solvency you also want to see interest coverage above 3x (so EBIT comfortably pays interest) and a current ratio above 1.2 (so short-term assets cover short-term obligations). When those two are healthy, even a higher D/E is usually manageable.
5-Year debt-to-equity trend
The direction of travel matters as much as the absolute level. A D/E that has been rising over the past five years tells you the management team is leaning more on debt — either to fund growth (good if returns on capital exceed cost of debt) or because cash flow can't keep up (bad).
Series illustrated from current D/E. Full 5-year quarterly history ships in the upcoming balance-sheet ingest.
Industry comparison
The Industrials sector median D/E is roughly 0.75. AQN.AX's reading of 1.18 is currently ~57% above the sector median, meaning AQN.AX is materially more reliant on debt than its peers. Stress-test the dividend, the next major maturity, and the interest coverage before owning it..
Compare AQN.AX against every Industrials peer in the full sector list.
Interpreting AQN.AX's debt-to-equity
What "Elevated" means here: Debt exceeds equity — earnings sensitivity to interest-rate moves and downturns is higher. Verify cash coverage and the current ratio before relying on the dividend.
Sector context matters: a D/E of 1.5 in financials or utilities is normal. The same number in software or pharma is a yellow flag. Always anchor your read against the sector median above before forming a view.
Watch the direction: a slowly rising D/E is fine if return on invested capital (see the fundamentals page) is comfortably above the cost of debt. A rapidly rising D/E paired with deteriorating ROIC is the classic distressed-equity pattern.
Stress test: ask yourself what AQN.AX looks like if revenue drops 20% for two years. With its current interest coverage of N/A, can the company keep paying interest? The Altman Z-Score on the fundamentals page is a quick formal version of this question.
Related AQN.AX analyses
Frequently asked about AQN.AX debt-to-equity
What is AQN.AX's debt-to-equity ratio?↓
AQN.AX's current debt-to-equity ratio is 1.18 as of May 22, 2026. That puts it in the "Elevated" category. Debt exceeds equity — earnings sensitivity to interest-rate moves and downturns is higher. Verify cash coverage and the current ratio before relying on the dividend.
How is debt-to-equity calculated?↓
Debt-to-equity = total debt / shareholders' equity. Total debt usually includes both short-term and long-term interest-bearing borrowings (sometimes called total liabilities in older definitions). We use the FMP "debtEquityRatioTTM" field, which is total debt over equity on a trailing twelve-month basis.
Is AQN.AX's D/E ratio safe?↓
"Safe" depends on the business model. A 1.18 D/E is elevated. The more important question is cash coverage: with an interest-coverage ratio of N/A and a current ratio of 1.97, AQN.AX can service its debt obligations at the current operating level.
How does AQN.AX compare to the Industrials average?↓
The Industrials sector median D/E is roughly 0.75. AQN.AX's 1.18 is materially more levered than peers (about 57% above the median).
When is high debt-to-equity dangerous?↓
High D/E is dangerous when (1) cash flow coverage is weak (interest coverage below 3x), (2) earnings are cyclical or capital-intensive, (3) refinancing exposure is concentrated in the next 12-24 months, (4) the company is paying out a large dividend or running buybacks while issuing more debt. Conversely, high D/E can be perfectly fine for stable-cash-flow utilities, REITs, and regulated financials — context matters.