Dana Inc (DAN)

Debt-to-equity 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	2,582,000	2,546,000	2,571,000	2,310,000	2,304,000	2,276,000	2,311,000	2,331,000	2,338,000	2,338,000	2,348,000	2,369,000	2,376,000	2,832,000	2,837,000	2,336,000	2,384,000	2,436,000	2,531,000	2,501,000
Total stockholders’ equity	US$ in thousands	1,575,000	1,589,000	1,623,000	1,603,000	1,551,000	1,622,000	1,849,000	1,932,000	1,922,000	1,856,000	1,871,000	1,795,000	1,758,000	1,703,000	1,644,000	1,783,000	1,873,000	1,791,000	1,716,000	1,434,000
Debt-to-equity ratio		1.64	1.60	1.58	1.44	1.49	1.40	1.25	1.21	1.22	1.26	1.25	1.32	1.35	1.66	1.73	1.31	1.27	1.36	1.47	1.74

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,582,000K ÷ $1,575,000K
= 1.64

Dana Inc's debt-to-equity ratio has been fluctuating over the past eight quarters. The ratio increased from 1.39 in Q1 2022 to a peak of 1.69 in Q4 2023, indicating a higher reliance on debt to finance its operations compared to shareholders' equity. Subsequently, there was a slight decrease in the ratio to 1.66 in Q3 2023 and further decreases in Q2 and Q1 2023 to 1.64 and 1.67, respectively. Despite these fluctuations, the company has generally maintained a higher level of debt relative to equity during this period. It suggests that Dana Inc has been more leveraged, which may increase financial risk but also potentially enhance returns for shareholders. Further analysis of the company's financial health and debt management strategies would provide a more comprehensive understanding of the implications of these debt-to-equity ratios.