Blackbaud Inc (BLKB)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	760,405	840,241	937,483	518,193	459,600
Total stockholders’ equity	US$ in thousands	808,705	744,032	717,060	426,150	396,764
Debt-to-equity ratio		0.94	1.13	1.31	1.22	1.16

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $760,405K ÷ $808,705K
= 0.94

The debt-to-equity ratio of Blackbaud Inc has shown a decreasing trend from 2019 to 2023. The ratio was at 1.18 in 2019, peaked at 1.33 in 2021, and has since decreased to 0.96 in 2023. This indicates that the company's reliance on debt in relation to its equity has been declining over the years. However, it is worth noting that the ratio is still above 1, suggesting that Blackbaud Inc continues to have more debt than equity in its capital structure. Overall, the decreasing trend in the debt-to-equity ratio signifies a positive shift towards a more balanced capital structure, although the company still maintains a significant level of debt relative to its equity.