Topbuild Corp (BLD)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	1,327,160	1,341,440	1,351,970	1,362,500	1,373,030	1,383,720	1,394,790	1,405,930	1,417,260	1,428,940	1,437,100	1,445,470	1,454,480	675,567	680,999	686,493	683,396	688,870	694,320	699,750
Total stockholders’ equity	US$ in thousands	2,209,620	2,114,270	2,357,310	2,712,030	2,563,660	2,407,830	2,238,050	2,065,140	1,929,710	1,834,440	1,742,660	1,697,240	1,636,430	1,561,710	1,474,820	1,396,360	1,348,790	1,281,590	1,217,650	1,179,820
Debt-to-capital ratio		0.38	0.39	0.36	0.33	0.35	0.36	0.38	0.41	0.42	0.44	0.45	0.46	0.47	0.30	0.32	0.33	0.34	0.35	0.36	0.37

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,327,160K ÷ ($1,327,160K + $2,209,620K)
= 0.38

Topbuild Corp's debt-to-capital ratio has exhibited a gradual decrease from 0.37 as of March 31, 2020, to 0.38 as of December 31, 2024. This indicates a positive trend in the company's capital structure, with a decreasing reliance on debt financing relative to its total capital. The ratio experienced a notable dip to 0.30 as of September 30, 2021, suggesting a period of lower debt relative to capital. However, it saw a moderate increase to 0.47 as of December 31, 2021, indicating a higher level of debt compared to capital at that point in time. Overall, Topbuild Corp's decreasing debt-to-capital ratio over the period reflects potential improvements in its financial health and reduced financial risk associated with high levels of debt.