Adjusted Debt to Equity Ratio is Total Liabilities divided by Total Equity and Treasury Stock. Total Liabilities is all money that is owed. Total Equity is the money the company has. Treasury Stock are stock buybacks.
A company with a Durable Competitive Advantage will have an Adjusted Debt to Equity Ratio of less than 80%. In this calculation, we are adding back the value of Treasury Stock to Total Equity. This calculation is only to be applied to companies that are NOT a financial institution. We do not apply this calculation to banks, investment brokers, and brokerage firms.
Equation
If the company is not a bank or any financial institution:
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