Originally Posted by
T-Vasis
Qantas debt relative to capital is ~45%, which is fine (under 50), and the debt-to-equity ratio is 1.3, which is also fine (under 2). Optimised capital structure in my view...
You might look again and include the outstanding Leases and Part Leases that are not included. A different picture emerges. Makes me remember a great quote of an Irishman who runs a big Airline in the Asia Pacific region. "Accounting is a black art!"