CNX Resources Corp (CNX)

Debt-to-equity 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	1,838,230	1,957,660	1,955,430	1,942,510	1,888,710	1,843,780	2,154,090	2,203,110	2,205,740	1,920,440	1,907,070	1,890,790	2,214,120	2,203,730	2,265,970	2,346,200	2,401,430	2,577,970	2,540,770	2,640,150
Total stockholders’ equity	US$ in thousands	4,098,030	4,256,720	4,250,640	4,309,320	4,361,020	3,957,310	3,983,190	3,567,300	2,950,460	1,976,990	2,537,020	2,569,510	3,700,270	3,186,520	4,136,930	4,510,410	4,422,440	4,270,180	3,746,420	3,836,330
Debt-to-equity ratio		0.45	0.46	0.46	0.45	0.43	0.47	0.54	0.62	0.75	0.97	0.75	0.74	0.60	0.69	0.55	0.52	0.54	0.60	0.68	0.69

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,838,230K ÷ $4,098,030K
= 0.45

The debt-to-equity ratio of CNX Resources Corp has been fluctuating over the past few years. It decreased from 0.69 as of March 31, 2020, to 0.45 as of December 31, 2024, showing a downward trend in the ratio. This indicates that the company has been reducing its reliance on debt financing relative to equity over this period.

However, there were fluctuations within this trend, such as a peak of 0.97 on September 30, 2022. This may indicate a period where the company took on more debt relative to its equity, possibly for strategic investments or operational needs.

Overall, a decreasing debt-to-equity ratio suggests a more conservative capital structure, which can be seen as positive for investors as it indicates lower financial risk. It shows that the company is gradually shifting towards a more balanced and sustainable mix of debt and equity in its capital structure.