CNX Resources Corp (CNX)

Financial leverage 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
Total assets	US$ in thousands	8,626,660	8,492,640	8,531,860	8,340,140	8,515,770	8,633,130	8,695,890	8,223,520	8,100,750	8,228,150	8,072,110	8,069,240	8,041,760	8,129,170	8,319,680	8,528,950	9,060,810	9,286,260	9,146,700	8,777,360
Total stockholders’ equity	US$ in thousands	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	4,160,550	4,434,980	4,325,660	4,215,510
Financial leverage ratio		1.98	2.15	2.14	2.34	2.89	4.37	3.43	3.20	2.19	2.58	1.95	1.79	1.82	1.90	2.22	2.22	2.18	2.09	2.11	2.08

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $8,626,660K ÷ $4,361,020K
= 1.98

The financial leverage ratio of CNX Resources Corp has been fluctuating over the past eight quarters. The ratio, which measures the level of debt a company uses to finance its operations relative to its equity, indicates the firm's reliance on debt financing.

In Q4 2023, the financial leverage ratio was 1.98, suggesting a moderate level of leverage. This ratio increased sequentially in Q3 and Q2 of 2023 to 2.15 and 2.14, respectively. However, in Q1 2023, the ratio spiked to 2.34, indicating a higher level of debt compared to equity.

Looking back further, the financial leverage ratio was significantly higher in Q4 2022 at 2.89, followed by a sharp increase to 4.37 in Q3 2022, indicating a substantial increase in debt relative to equity. This trend continued in Q2 2022 with a ratio of 3.43, but showed a slight decrease in Q1 2022 to 3.20.

Overall, the trend in CNX Resources Corp's financial leverage ratio shows fluctuations in the company's capital structure and debt levels over the periods analyzed. It is important for investors and stakeholders to monitor these changes to assess the company's financial risk and stability.