Which of the following is NOT a component of profitability measures?

The debt-to-equity ratio is not considered a component of profitability measures; rather, it is a measure of a company's financial leverage. It indicates the relative proportion of shareholders' equity and debt used to finance a company's assets. In contrast, profitability measures focus specifically on a company's ability to generate profits relative to revenue, total capital, or equity.

Earnings per share, return on total capital, and return on equity are all vital profitability measures. Earnings per share reflects the portion of a company's profit allocated to each outstanding share of common stock, which is a direct indicator of profitability for shareholders. Return on total capital measures how effectively a company uses its capital (debt and equity) to generate profits, emphasizing the overall efficiency of capital utilization. Return on equity evaluates the amount of net income returned as a percentage of shareholders' equity, directly measuring the profitability generated for equity investors.

In summary, while earnings per share, return on total capital, and return on equity are all directly connected to a company's profitability, the debt-to-equity ratio does not reflect profitability performance but rather focuses on the company's financing structure.