Amgen Inc (AMGN)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	63,170,000	59,040,000	59,377,000	60,761,000	37,354,000	37,161,000	35,705,000	36,010,000	33,222,000	33,291,000	28,458,000	31,129,000	32,895,000	34,196,000	34,133,000	30,008,000	26,950,000	27,742,000	27,798,000	29,319,000
Total stockholders’ equity	US$ in thousands	6,232,000	7,656,000	6,781,000	5,348,000	3,661,000	3,653,000	2,419,000	916,000	6,700,000	8,217,000	8,247,000	9,334,000	9,409,000	10,959,000	10,659,000	9,485,000	9,673,000	10,927,000	10,794,000	10,832,000
Debt-to-capital ratio		0.91	0.89	0.90	0.92	0.91	0.91	0.94	0.98	0.83	0.80	0.78	0.77	0.78	0.76	0.76	0.76	0.74	0.72	0.72	0.73

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $63,170,000K ÷ ($63,170,000K + $6,232,000K)
= 0.91

The debt-to-capital ratio of AMGEN Inc. has shown some fluctuations over the last eight quarters. The ratio has ranged between 0.89 and 0.98 during this period. In Q1 and Q2 of 2022, the ratio was at its highest levels, reaching 0.98 and 0.94, respectively. However, the ratio decreased slightly in the following quarters, reaching 0.89 in Q3 2023. In the most recent quarter, Q4 2023, the debt-to-capital ratio increased to 0.91.

Overall, the trend indicates that AMGEN Inc. has maintained a relatively high level of debt in proportion to its total capital structure over the period analyzed. It is important for stakeholders to monitor these ratios to assess the company's leverage and financial risk.