Fox Corp Class B (FOX)

Financial leverage ratio

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Total assets	US$ in thousands	23,195,000	23,367,000	23,022,000	22,538,000	21,972,000	21,717,000	22,846,000	21,649,000	21,866,000	22,396,000	23,126,000	22,424,000	22,185,000	22,016,000	22,878,000	23,161,000	22,926,000	22,907,000	22,754,000	22,497,000
Total stockholders’ equity	US$ in thousands	11,962,000	11,526,000	11,495,000	11,276,000	10,714,000	10,554,000	10,252,000	10,384,000	10,378,000	10,185,000	11,607,000	11,521,000	11,339,000	11,200,000	11,275,000	11,430,000	11,123,000	11,081,000	10,917,000	10,791,000
Financial leverage ratio		1.94	2.03	2.00	2.00	2.05	2.06	2.23	2.08	2.11	2.20	1.99	1.95	1.96	1.97	2.03	2.03	2.06	2.07	2.08	2.08

June 30, 2025 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $23,195,000K ÷ $11,962,000K
= 1.94

The financial leverage ratio of Fox Corp Class B demonstrates a pattern of relative stability with some moderate fluctuations over the analyzed period. Starting from a ratio of 2.08 at September 30, 2020, the leverage remained consistent through the end of 2020, maintaining the same level on December 31, 2020. A slight decline is observed into the first quarter of 2021, with the ratio decreasing marginally to 2.07 by March 31, 2021. This downward trend continues into the second quarter of 2021, reaching 2.06, and persists through the third quarter of 2021 at 2.03, indicating a minor reduction in leverage.

From the end of 2021, the ratio remains stable around 2.03 on December 31, and slightly decreases further into the first quarter of 2022 to 1.97, with subsequent readings of 1.96 in the second quarter of 2022 and 1.95 in the third quarter, suggesting a trend towards reduced leverage during this period. However, this decreasing trend reverses towards the end of 2022, with the ratio increasing to 1.99 at December 31, 2022, hinting at an upward adjustment in leverage.

The most noticeable change occurs in the first quarter of 2023, where the leverage ratio rises sharply to 2.20, reaching its highest point within the period analyzed. Following this peak, the ratio decreases to 2.11 in the second quarter, and remains relatively stable around 2.08 in the third quarter of 2023. Into the last quarter of 2023, the ratio again rises slightly to 2.23, before declining to approximately 2.06 in the first quarter of 2024, with subsequent levels hovering close to 2.00 to 2.05 through mid-2024.

Looking into the data for later 2024 and into 2025, the ratios exhibit minor fluctuations around the 2.00 mark, with a slight dip to 1.94 in the second quarter of 2025. Overall, the leverage ratio fluctuations reflect a steady pattern with minor upward and downward adjustments, without significant or sustained deviations outside the range of approximately 1.94 to 2.23 during the observed period.

In summary, Fox Corp Class B's financial leverage ratio has maintained a generally stable environment, oscillating around an average of approximately 2.0. The ratio's fluctuations over time may suggest responses to changing capital structure strategies or market conditions; however, the broader trend indicates a consistent level of leverage that aligns with a moderate to conservative risk profile in terms of debt utilization relative to equity.