Which of the following is NOT an example of a profitability ratio?

Profitability ratios are financial metrics used to assess a company's ability to generate profit relative to its revenue, operating costs, or equity. These ratios help stakeholders understand the overall financial health and profitability of an organization.

Operating margin, medical loss, and administrative load are all relevant profitability measures. The operating margin indicates how much profit a company makes on its operations before interest and taxes, while the medical loss refers to the proportion of healthcare expenditures relative to income, highlighting the efficiency in managing healthcare costs. The administrative load assesses the overhead costs associated with administering healthcare services, which also affects profitability.

The debt-to-equity ratio, however, is a leverage ratio that measures a company's financial leverage by comparing its total liabilities to its shareholders' equity. This ratio indicates the relative proportion of shareholders' equity and debt used to finance a company's assets and is not focused on profitability but rather on financial structure and risk. Thus, it does not provide insight into how effectively a company is generating profit. This distinction clarifies why it is not classified as a profitability ratio.