Brinks Company (BCO)

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	3,262,500	3,273,200	2,841,700	2,334,200	1,554,800
Total stockholders’ equity	US$ in thousands	397,400	447,100	123,000	128,800	191,800
Debt-to-capital ratio		0.89	0.88	0.96	0.95	0.89

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,262,500K ÷ ($3,262,500K + $397,400K)
= 0.89

The debt-to-capital ratio of Brink's Co. has exhibited some fluctuation in recent years. In 2023, the ratio increased to 0.90 from 0.88 in 2022, indicating that the company's debt relative to its total capital slightly increased. Despite this uptick, the ratio remains below the levels observed in 2021 and 2020 when it stood at 0.96 and 0.95, respectively.

Overall, the historical trend of the debt-to-capital ratio suggests that Brink's Co. has managed its capital structure relatively well, maintaining a balance between debt and equity financing. However, the recent increase in the ratio in 2023 may warrant further investigation to understand the reasons behind the change and assess the potential implications for the company's financial health and risk profile.