[{"data":1,"prerenderedAt":32},["ShallowReactive",2],{"content:en:glosario:leverage":3},{"frontmatter":4,"html":28,"locale":29,"section":30,"slug":31},{"id":5,"title":6,"description":7,"h1":8,"keyword":9,"date":10,"updated":10,"author":11,"schemaType":12,"draft":13,"formula":14,"cta":15,"faq":16,"related":23},"apalancamiento","Leverage: what it is and how it is calculated · Fibady","Leverage is the use of debt to finance a company's activity or investments. It is measured by comparing debt with EBITDA or with equity.","Leverage","financial leverage","2026-09-03","santi","DefinedTerm",false,"Leverage = Net financial debt ÷ EBITDA; also Debt ÷ Equity","See how Fibady calculates it in a demo",[17,20],{"q":18,"a":19},"Is financial leverage the same as operating leverage?","No. Financial leverage measures debt; operating leverage, the weight of fixed costs over variable ones. Both amplify the result, for better and for worse.",{"q":21,"a":22},"How often is it calculated?","Monthly in management reporting, and at every quarterly close if there are bank covenants setting a maximum debt to EBITDA.",[24,25,26,27],"\u002Fglossary\u002Febitda","\u002Fglossary\u002Frunway","\u002Fglossary\u002Fnet-working-capital","\u002Fproduct\u002Ffinancial-reporting","\u003Cp>Leverage is the use of debt to finance a company's activity or investments, so that its own capital works with borrowed resources. It is measured by comparing debt with the capacity to generate result (EBITDA) or with equity.\u003C\u002Fp>\n\u003Ch2 id=\"how-it-is-calculated\">How it is calculated\u003C\u002Fh2>\n\u003Cp>Leverage = Net financial debt ÷ EBITDA, where net debt = financial debt − cash. Alternative: Financial debt ÷ Equity. A net debt to EBITDA ratio above 3 is usually considered high; banks set it as a covenant.\u003C\u002Fp>\n\u003Ch2 id=\"example-with-numbers\">Example with numbers\u003C\u002Fh2>\n\u003Cp>Financial debt 1,500,000, cash 300,000: net debt 1,200,000. Last-twelve-month EBITDA 400,000. Leverage: 3.0x. If next year's EBITDA rises to 500,000 with the same debt, it falls to 2.4x; if it drops to 300,000, it rises to 4.0x and a 3.5x covenant is breached.\u003C\u002Fp>\n\u003Ch2 id=\"how-fibady-does-it\">How Fibady does it\u003C\u002Fh2>\n\u003Cp>Debt and cash come from each entity's consolidated balance sheet and EBITDA from the group P&L, so the ratio is calculated per entity, subgroup and consolidated every month. Credit lines and loans from the financing module are included in debt with their maturities.\u003C\u002Fp>\n","en","glosario","leverage",1788520150321]