That's per a StockApps.com data analysis of the state of global corporate debt.
The Site concludes that in the 2021/22 financial year, Toyota's debt stood at $186B.
That figure is $1B more than the next.
StockApps' financial lead Edith Reads has weighed in on the data.
She said, "It's not unusual for Toyota to have such a colossal debt on its cash book; most global corporate giants do.
Debt allows companies to reinvest in their businesses, growing them further.
The key is keeping that debt sustainable, and Toyota has done well on that front.
Being a player in a highly competitive sector, R&D constitutes a significant chunk of Toyota's budget.
That and other expansion needs make such debt a necessity."
So, How Does Toyota's Debt Compare to That of Other Global Corporations?
Stockapps' analysis shows that the top 10 most indebted companies globally accounted for 17% of net corporate debt.
That's a combined $8.1T in credit.
Additionally, they are from the automotive and communication sectors.
German automaker Volkswagen (VW) is the second-largest borrower among global corporations.
By the time of writing, VW's debt stood at $ 185B.
Moreover, American communication giants AT&T and Verizon take the 3rd and 4th spots with debts of $182B and $174B, respectively.
German firm Deutsche Bank closes the top 5 with a debt of $153B.
What's the Outlook on Global Corporate Debt?
All signs point to a continued decline in corporate loan absorption.
The slow growth of the global economy post-pandemic has seen some nations slip into recessions, increasing the cautiousness of many firms.
Again, consumer spending is declining owing to sharp increases in product prices, which affects companies' margins.
Meanwhile, interest rates have spiked, increasing the expensiveness of corporate debt.
That has coincided with many Central banks tightening their monetary policies.
This action will most likely depress economic activity, and a combination of these factors will push down corporate debt to roughly $7.9B by mid-2023.