ANI Pharmaceuticals Inc (ANIP)

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	284,819	285,669	286,520	172,443	175,808
Total stockholders’ equity	US$ in thousands	432,749	313,690	333,890	195,700	212,791
Debt-to-capital ratio		0.40	0.48	0.46	0.47	0.45

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $284,819K ÷ ($284,819K + $432,749K)
= 0.40

The debt-to-capital ratio of ANI Pharmaceuticals Inc has exhibited a fluctuating trend over the past five years. The ratio decreased from 0.47 in 2019 to 0.40 in 2023. This indicates that the company's reliance on debt as a source of capital relative to total capital has reduced over the period.

Although the ratio increased in 2022 to 0.46 and then decreased again in 2023, it remained below the levels seen in 2020 and 2021, suggesting a positive trend towards a more favorable debt structure. A lower debt-to-capital ratio generally indicates a healthier financial position, as it implies that the company has a smaller proportion of debt in its capital structure and is less leveraged.

Overall, the decreasing trend in the debt-to-capital ratio of ANI Pharmaceuticals Inc from 2019 to 2023 is a positive indication of the company's efforts to manage its debt levels and improve its overall financial stability.