Amphastar P (AMPH)

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	603,174	653,268	—	—	76,642	—	—	—	78,185	—	—	—	45,923	—	—	—	46,324	—	—	—
Total stockholders’ equity	US$ in thousands	639,421	595,140	589,235	548,577	528,658	505,165	499,307	479,525	445,522	430,176	421,993	405,558	402,306	450,962	397,681	377,514	381,366	389,405	387,845	334,986
Debt-to-capital ratio		0.49	0.52	0.00	0.00	0.13	0.00	0.00	0.00	0.15	0.00	0.00	0.00	0.10	0.00	0.00	0.00	0.11	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $603,174K ÷ ($603,174K + $639,421K)
= 0.49

The debt-to-capital ratio of Amphastar Pharmaceuticals Inc has exhibited some variance over the past eight quarters. In Q1 2023, the ratio was relatively low at 0.12, indicating a lower level of debt relative to the capital structure of the company. This was followed by a significant increase in Q2 2023 to 0.46, which suggests a higher proportion of debt in the capital structure compared to the previous quarter.

In Q3 2023, the debt-to-capital ratio increased further to 0.52, indicating a higher reliance on debt financing. However, there was a slight improvement in Q4 2023, with the ratio decreasing to 0.48, although it remains relatively high compared to the earlier quarters of 2023.

Looking back to 2022, the debt-to-capital ratios were relatively stable, ranging from 0.13 to 0.14 throughout the year, indicating a fairly consistent capital structure in terms of debt levels during that period.

Overall, the recent increase in the debt-to-capital ratio in 2023 may indicate a shift towards a more leveraged capital structure for Amphastar Pharmaceuticals Inc, which could impact its financial risk profile and interest expense in the future. Further monitoring of this ratio will be important to assess the company's debt management and financial health.