META and AAPL present starkly different leverage profiles, with AAPL carrying a far larger absolute debt load but META rapidly expanding its borrowings from a much lower base. META's long-term noncurrent debt has surged from $9.9B in FY2022 [META:Q0] to $58.7B in FY2025 [META:Q3], a nearly six-fold increase, while its stockholders' equity has grown steadily from $125.7B [META:Q4] to $217.2B [META:Q7]. Using noncurrent long-term debt as the primary measure, META's gross debt-to-equity ratio stands at approximately 0.27x in FY2025, though the true ratio could be modestly higher if current portions of long-term debt or other interest-bearing liabilities are included. AAPL's total debt is substantially larger: in FY2025 it comprises $78.3B in long-term noncurrent debt [AAPL:Q3], $12.4B in current maturities [AAPL:Q7], and $8.0B in commercial paper [AAPL:Q11], summing to approximately $98.7B. For context, the same three components totaled roughly $120.1B in FY2022 (noncurrent $99.0B [AAPL:Q0] + current $11.1B [AAPL:Q4] + CP $10.0B [AAPL:Q8]), indicating AAPL has been meaningfully reducing its debt load — though it is worth noting that noncurrent long-term debt alone was even higher in FY2021, so FY2022 may not represent the absolute historical peak on a total-debt basis. Against AAPL's comparatively thin equity base of $73.7B [AAPL:Q15], its FY2025 debt-to-equity ratio is approximately 1.34x, far more leveraged than META on either a gross or net basis. Both companies hold substantial cash — META at $35.9B [META:Q11] and AAPL at $35.9B [AAPL:Q19] — which meaningfully offsets gross debt, but AAPL's net leverage position remains considerably more stretched given its smaller equity cushion.
META: META has been aggressively adding debt, with long-term noncurrent borrowings jumping from $9.9B in FY2022 [META:Q0] to $58.7B in FY2025 [META:Q3], yet its balance sheet remains conservatively leveraged because stockholders' equity has simultaneously grown to $217.2B [META:Q7]. On a noncurrent long-term debt basis, the gross debt-to-equity ratio is approximately 0.27x, with the caveat that any current debt components not captured in the filing data reviewed could push this figure modestly higher. With $35.9B in cash [META:Q11], META's net debt position is modest relative to its equity, suggesting the company retains significant financial flexibility despite the rapid debt build-up.
AAPL: AAPL carries a much heavier debt load in both absolute and relative terms: FY2025 total debt of approximately $98.7B (noncurrent $78.3B [AAPL:Q3], current maturities $12.4B [AAPL:Q7], commercial paper $8.0B [AAPL:Q11]) sits against a comparatively thin equity base of $73.7B [AAPL:Q15], yielding a gross debt-to-equity ratio of roughly 1.34x. On a constructive note, AAPL has been steadily reducing its overall debt from the approximately $120.1B level seen in FY2022, and its $35.9B cash position [AAPL:Q19] provides a meaningful offset — though net leverage remains elevated relative to META.