Allegiant Travel Company (ALGT)

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	1,819,720	1,944,080	1,612,490	1,441,780	1,248,580
Total stockholders’ equity	US$ in thousands	1,328,560	1,220,700	1,223,550	699,363	883,551
Debt-to-capital ratio		0.58	0.61	0.57	0.67	0.59

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,819,720K ÷ ($1,819,720K + $1,328,560K)
= 0.58

The debt-to-capital ratio of Allegiant Travel has shown some fluctuations over the past five years. In 2023 and 2022, the ratio remained stable at 0.63, indicating that around 63% of the company's capital structure was funded by debt.

In 2021, the ratio decreased to 0.59, suggesting a lower reliance on debt financing compared to the previous year. However, in 2020, there was a notable increase in the ratio to 0.70, indicating a higher proportion of debt in the company's capital structure.

The ratio decreased again in 2019 to 0.62, which is closer to the levels seen in 2023 and 2022. Overall, the trend in the debt-to-capital ratio may indicate varying degrees of leverage in Allegiant Travel's capital structure, with the company potentially adjusting its debt levels over the years to manage its financial risk and capital requirements.