Eversource Energy (ES)

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	23,588,600	22,087,300	21,772,000	20,562,600	19,724,000	19,832,000	19,583,800	17,912,500	17,023,600	17,420,300	15,851,400	14,782,700	15,125,900	14,736,300	13,697,800	13,898,600	13,770,800	13,440,200	13,039,200	12,284,300
Total stockholders’ equity	US$ in thousands	14,173,900	15,685,900	15,554,100	15,749,400	15,473,200	15,279,200	15,057,200	14,836,700	14,599,800	14,411,600	14,311,900	14,233,400	14,063,600	13,980,000	13,805,300	13,210,000	12,630,000	12,121,600	11,954,600	11,637,400
Debt-to-capital ratio		0.62	0.58	0.58	0.57	0.56	0.56	0.57	0.55	0.54	0.55	0.53	0.51	0.52	0.51	0.50	0.51	0.52	0.53	0.52	0.51

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $23,588,600K ÷ ($23,588,600K + $14,173,900K)
= 0.62

The debt-to-capital ratio of Eversource Energy has been consistently increasing over the past eight quarters, reaching 0.65 in Q4 2023 from 0.58 in Q1 2022. This indicates that the company's reliance on debt to finance its operations and investments has been on the rise. A higher debt-to-capital ratio may suggest higher financial risk due to increased leverage, as the company is financing a larger portion of its operations through debt rather than equity. It is important for investors and stakeholders to monitor this trend closely to assess the company's ability to manage its debt levels and meet its financial obligations in the long run.