All the acquisitions mean a high debt-to-capital ratio of 49%, versus 35% for peers.

FORBES: Gassing Up

Rouge has virtually no debt, compared with an industry average debt-to-capital ratio of 35%.

FORBES: Man of steel

The good news is Rouge has virtually no debt, compared with an industry average debt-to-capital ratio of 35%.

FORBES: Man of steel

In the last five years MDC has lowered its debt-to-capital ratio to less than 35% from more than 50%.

FORBES: Magazine Article

The company is in excellent financial health, as its debt-to-capital ratio has steady improved since the 1990s and now stands at around 30%, Thompson says.

FORBES: Gurus Cruise With Hertz, Bail On Medtronic

Its return on equity, 19%, is among the highest in the industry, and the company enjoys the lowest debt-to-capital ratio (29%, against an industry average of 50%).

FORBES: Surgery in The Sticks

PPD's debt-to-capital ratio is only 6%.

FORBES: The Best Of The Best

Their other target - a fall in the debt-to-GDP ratio - limits their ability to spend more on capital projects unless the Treasury is prepared to argue that it can stimulate growth in the future by spending more now.

BBC: Switching spending to capital projects

So Mr Shimpi tells his clients to overcome their preoccupation with the debt-equity ratio and to concentrate instead on the underlying issues: how much capital does the company need, and how much should be on and off the balance sheet to minimise its total cost?

ECONOMIST: Corporate finance

If a buyback raises the debt-to-equity ratio, it can lower the firm's overall cost of capital (because in most countries interest payments, unlike dividends, are tax deductible).

ECONOMIST: Share nonsense