ADMA Biologics Inc (ADMA)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	130,594	142,833	94,866	92,969	68,291
Total stockholders’ equity	US$ in thousands	135,206	151,974	141,173	88,249	26,193
Debt-to-capital ratio		0.49	0.48	0.40	0.51	0.72

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $130,594K ÷ ($130,594K + $135,206K)
= 0.49

The debt-to-capital ratio of ADMA Biologics Inc has shown fluctuation over the past five years. In 2019, the ratio was relatively high at 0.72, indicating that a significant portion of the company's capital structure was comprised of debt. Subsequently, there was a decrease in the ratio in 2020 to 0.51, suggesting a slight improvement in the company's debt management.

However, in 2021, there was a notable decrease in the debt-to-capital ratio to 0.40, reflecting a more favorable financial position with a lower reliance on debt. This could signify that the company may have paid down debt or increased its equity base during that period.

In 2022 and 2023, the debt-to-capital ratio increased slightly to 0.48 and 0.49 respectively. While these ratios are higher compared to 2021, they are still lower than the levels seen in 2019, indicating that ADMA Biologics Inc continues to manage its debt levels effectively despite the slight uptick.

Overall, the trend in the debt-to-capital ratio implies that ADMA Biologics Inc has been actively adjusting its capital structure over the years to achieve a more balanced mix of debt and equity, which can have implications for the company's financial stability and risk management strategy.