California Water Service Group (CWT)

Debt-to-capital 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	1,052,770	1,051,850	1,052,070	1,052,340	1,052,490	1,053,940	1,054,170	1,055,640	1,055,790	1,059,720	1,059,940	780,951	781,100	785,055	785,257	786,467	786,754	807,478	807,693	710,602
Total stockholders’ equity	US$ in thousands	1,426,730	1,410,670	1,389,520	1,298,200	1,317,590	1,273,460	1,202,520	1,164,630	1,177,590	1,115,970	997,118	929,802	921,344	890,192	782,023	755,140	779,906	757,795	723,164	714,129
Debt-to-capital ratio		0.42	0.43	0.43	0.45	0.44	0.45	0.47	0.48	0.47	0.49	0.52	0.46	0.46	0.47	0.50	0.51	0.50	0.52	0.53	0.50

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,052,770K ÷ ($1,052,770K + $1,426,730K)
= 0.42

The debt-to-capital ratio of California Water Service Group has been relatively stable over the past eight quarters, ranging from 0.45 to 0.49. This indicates that the company's level of debt in relation to its total capital structure has remained within a narrow band. A ratio of around 0.46 to 0.48 suggests that approximately 46% to 48% of the company's capital is financed through debt, while the remaining percentage represents the capital contributed by equity investors.

Overall, the consistency in the debt-to-capital ratio suggests that California Water Service Group has maintained a balanced approach to its capital structure management. It is crucial for investors and stakeholders to monitor this ratio to assess the company's leverage levels and financial risk.