Name: Equity Multiplier

Definition: The equity multiplier shows how much total assets the company controls for every dollar invested by shareholders. It reflects how much debt is being used to stretch owners’ equity. A higher multiplier means greater use of debt to amplify returns — but also amplifies risk if things go wrong. Lower multipliers suggest a safer, more self-funded business.

Interpretation:
• In '2021', HL's equity multiplier was 1.55, representing the level of financial leverage utilized. Industry average for Mining & Quarrying of Nonmetallic Minerals (No Fuels) in '2021' stood at 1.10.
• In '2022', HL's equity multiplier was 1.48, representing the level of financial leverage utilized. The decrease since '2021' reflects improving financial health. Industry average for Mining & Quarrying of Nonmetallic Minerals (No Fuels) in '2022' stood at 1.36. Industry average increased by 0.26 compared to previous year.
• In '2023', HL's equity multiplier was 1.53, representing the level of financial leverage utilized. The increase compared to '2022' may signal growing financial pressure. Industry average for Mining & Quarrying of Nonmetallic Minerals (No Fuels) in '2023' stood at 1.92. Industry average increased by 0.56 compared to previous year.
• In '2024', HL's equity multiplier was 1.46, representing the level of financial leverage utilized. The decrease since '2023' reflects improving financial health. Industry average for Mining & Quarrying of Nonmetallic Minerals (No Fuels) in '2024' stood at 2.44. Industry average increased by 0.53 compared to previous year.
Overall, HL's equity multiplier has consistently declined during the past 4 years.

Formula: Equity Multiplier = Total Assets / Shareholders' Equity

Good Range: Usually ranges from 1.5 to 3 depending on industry.