Avista Corporation (AVA)

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	1,100,000	1,100,000	1,107,000	2,530,010	2,281,010	2,280,800	2,287,610	2,294,180	1,898,370	1,898,240	1,758,960	2,008,740	2,008,530	2,009,300	1,844,160	963,500	1,843,770	1,053,500	1,053,500	1,053,500
Total stockholders’ equity	US$ in thousands	2,485,320	2,409,890	2,400,420	2,385,310	2,334,670	2,234,850	2,237,490	2,233,300	2,154,740	2,101,640	2,069,970	2,068,590	2,029,730	1,982,850	1,975,040	1,959,100	1,939,280	1,893,570	1,884,030	1,867,310
Debt-to-capital ratio		0.31	0.31	0.32	0.51	0.49	0.51	0.51	0.51	0.47	0.47	0.46	0.49	0.50	0.50	0.48	0.33	0.49	0.36	0.36	0.36

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,100,000K ÷ ($1,100,000K + $2,485,320K)
= 0.31

The debt-to-capital ratio of Avista Corp. has been relatively stable over the past eight quarters, ranging from 0.53 to 0.55. This indicates that the company's level of debt in relation to its total capital has remained consistent. A ratio of around 0.54 to 0.55 suggests that approximately 54-55% of Avista Corp.'s capital structure is financed by debt, while the remaining portion is contributed by equity.

Overall, a stable debt-to-capital ratio for Avista Corp. may indicate a consistent approach to capital structure management and a balance between debt and equity financing. However, it would be beneficial to compare this ratio with industry benchmarks or historical trends to gain a better understanding of Avista Corp.'s leverage position and financial risk profile. Additionally, further analysis of the company's debt levels, interest coverage ratio, and overall financial health would provide a more comprehensive assessment of its capital structure.