DR Horton Inc (DHI)

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	3,200,000	3,200,000	3,000,000	2,900,000	2,900,000	2,800,000	2,700,000	2,500,000	2,400,000	2,300,000	2,100,000	2,100,000	1,900,000	1,800,000	1,700,000	1,800,000	1,700,000	1,700,000	1,600,000	1,600,000
Total stockholders’ equity	US$ in thousands	23,153,400	22,696,200	21,656,400	20,712,700	20,153,300	19,396,300	18,062,500	16,774,900	15,677,700	14,886,500	13,802,900	12,963,100	12,485,200	11,840,000	11,048,000	10,458,000	10,227,400	10,020,900	9,642,400	9,360,300
Debt-to-capital ratio		0.12	0.12	0.12	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.13	0.13	0.13	0.15	0.14	0.15	0.14	0.15

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,200,000K ÷ ($3,200,000K + $23,153,400K)
= 0.12

The debt-to-capital ratio of D.R. Horton Inc. has exhibited some fluctuation over the past quarters. As of December 31, 2023, the ratio stands at 0.19, indicating that the company's total debt represents 19% of its total capital. This reflects a slight decrease from the previous quarter's ratio of 0.18. The trend in the recent quarters suggests a somewhat stable ratio, with minor variations within the range of 0.18 to 0.25. The consistency in the range of 0.22 to 0.25 over the past year indicates a relatively moderate level of leverage compared to the company's capital structure. Further analysis of the company's debt management and capital structure dynamics would be necessary to fully assess the implications of these ratios on the company's financial position.