EQT Corporation (EQT)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	9,003,380	5,502,680	5,256,330	4,530,100	4,771,300
Total stockholders’ equity	US$ in thousands	20,597,600	14,773,200	11,172,500	9,954,760	9,255,240
Debt-to-capital ratio		0.30	0.27	0.32	0.31	0.34

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $9,003,380K ÷ ($9,003,380K + $20,597,600K)
= 0.30

The debt-to-capital ratio of EQT Corporation has shown a decreasing trend over the past five years, starting at 0.34 as of December 31, 2020, and reaching its lowest point of 0.27 by December 31, 2023, before slightly increasing to 0.30 by December 31, 2024. This indicates that EQT Corporation has been progressively reducing its reliance on debt financing in relation to its total capital structure. A lower debt-to-capital ratio suggests a healthier financial position and lower financial risk, as the company's debt obligations are a smaller proportion of its total capital. Overall, the trend in EQT Corporation's debt-to-capital ratio reflects a prudent management strategy in balancing its capital structure.