American Axle & Manufacturing (AXL)

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	2,794,700	2,879,800	2,902,400	2,897,300	2,896,800	3,001,000	3,063,700	3,092,900	3,119,100	—	—	—	3,486,900	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	604,900	613,700	644,800	621,700	627,300	486,500	469,200	484,500	457,800	432,800	441,300	401,300	370,500	340,900	196,200	389,800	977,600	1,406,800	1,569,500	1,521,300
Debt-to-capital ratio		0.82	0.82	0.82	0.82	0.82	0.86	0.87	0.86	0.87	0.00	0.00	0.00	0.90	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)
= $2,794,700K ÷ ($2,794,700K + $604,900K)
= 0.82

The debt-to-capital ratio of American Axle & Manufacturing Holdings Inc has remained relatively stable over the past eight quarters, consistently hovering around 0.82 to 0.87. This indicates that a significant portion of the company's capital structure is funded by debt, with debt making up approximately 82% to 87% of the total capital on average during this period. The consistent ratio suggests that the company has been able to manage its debt levels effectively and maintain a balance between debt and equity financing. Investors and creditors may view this stable debt-to-capital ratio as a positive sign of financial stability and prudent capital management by the company.