영업 레버리지, 재무 레버리지, 총 레버리지를 계산하는 도구입니다. 고정비, 단위당 변동비, 가격, 판매량, 이자비용으로 DOL, DFL, DTL을 계산합니다.
레버리지 비율 FAQ
What does DOL mean?
Degree of operating leverage (DOL) measures how sensitive EBIT is to a change in sales. A higher DOL usually means the company has a higher fixed-cost structure, so a small change in sales can create a larger change in operating profit.
What does DFL mean?
Degree of financial leverage (DFL) measures how sensitive earnings before tax are to changes in EBIT. A higher DFL usually means interest expense is taking a larger role in the capital structure, so operating changes are amplified at the pre-tax earnings level.
What does DTL mean?
Degree of total leverage (DTL) combines operating leverage and financial leverage. It shows the total sensitivity of pre-tax earnings to changes in sales volume, so it is often interpreted as the combined risk effect of cost structure and financing structure.
How do I interpret high vs low DOL, DFL, and DTL?
In general, higher values mean greater sensitivity and therefore higher risk if sales weaken, but also stronger upside if sales improve. Lower values usually mean earnings are less sensitive to changes in sales or EBIT. The right level depends on the business model, margins, cyclicality, and financing strategy.
Why can leverage ratios become negative or undefined?
These ratios can become negative when EBIT or EBT turns negative, which usually signals operating stress or that interest costs are overwhelming profits. They can become undefined when the denominator approaches zero, such as EBIT near zero for DOL or EBT near zero for DFL and DTL. In practice, that means earnings are extremely fragile around that point.
What is the formula for DOL, DFL, and DTL?
This calculator uses DOL = Contribution Margin / EBIT, DFL = EBIT / EBT, and DTL = DOL × DFL. With the operating assumptions entered here, that is equivalent to using Q, p, v, F, and I directly.
What intermediate values does this calculator show?
It also shows contribution margin, EBIT, and EBT. Those intermediate outputs make it easier to see why the ratios move and whether the issue comes from operating margin pressure, fixed costs, or interest burden.
Can I use leverage ratios to compare companies?
Yes, but the comparison is more useful when the companies are in the same industry or have similar economics. Fixed-cost intensity, pricing power, margins, and debt usage vary widely across sectors, so cross-industry comparisons are often less meaningful.