Air Products and Chemicals Inc (APD)

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	14,873,000	14,312,900	14,138,000	14,058,300	13,935,700	13,144,000	13,643,900	13,955,100	13,825,100	13,539,700	13,082,900	12,726,200	12,683,600	12,079,800	11,659,300	11,371,900	11,556,000	11,053,600	11,386,100	11,165,700
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $14,873,000K)
= 0.00

The debt-to-capital ratio of Air Products & Chemicals Inc. has been relatively stable over the past eight quarters, ranging from 0.35 to 0.45. This ratio indicates the proportion of the company's capital that is financed by debt, with a higher ratio suggesting a higher level of debt relative to total capital.

The trend shows a gradual increase in the debt-to-capital ratio from 0.35 in Q2 2022 to 0.45 in Q1 2024. This could indicate that the company has been increasing its debt levels compared to its total capital over this period. However, it's important to note that the ratio has fluctuated slightly quarter to quarter, reflecting potential changes in the company's capital structure and debt management strategies.

Overall, the debt-to-capital ratio of Air Products & Chemicals Inc. suggests a moderate reliance on debt financing to support its operations and growth initiatives. Investors and stakeholders should continue to monitor this ratio along with other financial metrics to assess the company's financial health and risk profile.