Brinks Company (BCO)

Debt-to-equity 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	3,262,500	3,202,200	3,251,200	3,190,200	3,273,200	3,269,200	3,060,900	2,961,400	2,841,700	2,701,100	2,702,200	2,427,600	2,334,200	2,407,000	2,362,600	1,756,800	1,554,800	1,660,800	1,657,700	1,596,500
Total stockholders’ equity	US$ in thousands	397,400	462,800	541,300	478,800	447,100	202,700	240,500	240,000	123,000	121,400	174,000	99,800	128,800	90,000	111,300	66,300	191,800	169,200	194,200	165,300
Debt-to-equity ratio		8.21	6.92	6.01	6.66	7.32	16.13	12.73	12.34	23.10	22.25	15.53	24.32	18.12	26.74	21.23	26.50	8.11	9.82	8.54	9.66

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $3,262,500K ÷ $397,400K
= 8.21

The debt-to-equity ratio of Brink`s Co. has been fluctuating over the past eight quarters. In Q4 2023, the ratio stood at 8.89, showing an increase from the previous quarter's 7.39. This indicates that the company's level of debt relative to its equity has risen. However, compared to Q2 and Q1 2023, the ratio was lower, implying a slight improvement in the company's debt structure during Q4.

Looking back to Q4 2022, where the ratio was 7.61, the current Q4 2023 ratio of 8.89 indicates a higher level of debt utilization. The trend over the last two quarters of 2023 suggests an increasing reliance on debt financing compared to the same period in 2022.

It is essential to note that there was a significant spike in the debt-to-equity ratio in Q3 and Q2 2022, reaching 16.63 and 13.14, respectively, before gradually decreasing in the following quarters. Despite the recent increases, Brink`s Co. has managed to bring the ratio down from the peak levels observed in mid-2022.

Overall, the debt-to-equity ratio of Brink`s Co. has displayed fluctuations, signaling varying levels of debt utilization and capital structure adjustments over the analyzed period. Further analysis would be required to assess the long-term implications of these changes on the company's financial health and risk profile.