Unlike most businesses, Ford's balance sheet may not be simple to dissect if you are not familiar with the business. For example, most companies do not finance customer sales of their own products.
Customers buying groceries from Wal-Mart (WMT) or gas for their car, but they do not lease the groceries or take out a loan to pay for the gas. Most consumer purchases do not require any sort of financing. But a car is a major purchase that often requires a payment plan.
As a result of these consumer loans, it would appear as though Ford is carrying a very, very large load of debt. In its most recent quarter, Ford reported $110.6 billion in debt. To the naked eye that looks like a company leveraged to the hilt, especially since Fort only has a market cap of roughly $61 billion.
But there is one very important fact that many investors fail to comprehend. That isn't really Ford's debt.