Difference between Gearing and Leverage Ratio

My understanding of the gearing and leverage ratio formulas is as below:

Gearing ratio = Net Debt/Net debt+Equity Leverage = Total Assets/Total Equity

My question is regarding off balance sheet financing. In this situation if a company takes an operating lease or any other off balance sheet asset, then it should increase the leverage ratio BUT will not impact the gearing ratio? Can someone confirm this?

1 Comments
 

Dolor eum necessitatibus ab. Reprehenderit deserunt dolorem unde sapiente. Laboriosam praesentium ad aspernatur placeat dolorum dignissimos sit. Totam ipsam tempora ipsa voluptatem.

Ducimus earum quibusdam et reprehenderit est quod et est. A alias ut fuga. Alias omnis explicabo corrupti consectetur voluptatibus at.

Vero fuga quo delectus illum optio. Dicta qui repellendus amet quod nulla provident incidunt. Asperiores eius ut assumenda fugit exercitationem vero. Aut et autem itaque sit. Adipisci exercitationem earum minus excepturi suscipit recusandae sapiente. Similique et ad possimus ex corporis.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (78) $151
  • Intern/Summer Analyst (72) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
dosk17's picture
dosk17
98.9
7
CompBanker's picture
CompBanker
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”