U.S. corporate debt continues to hit new all-time highs. The chart above shows how little operating income (technically, non-financial companies' funds from operations) supports the median American company's ever-growing debt load.
Think of this in personal finance terms. Financial advisers like to say that you shouldn't have total debts, including your mortgage, of more than 2.5 times your income. In corporate America, that ratio is now more than 6.5 times.