Eagle Materials Inc (EXP)

Debt-to-capital ratio

		Mar 31, 2024	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
Long-term debt	US$ in thousands	1,083,300	1,022,480	1,079,660	1,141,850	1,079,030	1,054,220	1,126,400	1,119,580	938,265	837,949	812,632	1,009,040	1,008,620	1,008,340	1,252,720	1,492,090	1,567,320	930,594	930,426	840,259
Total stockholders’ equity	US$ in thousands	1,308,540	1,333,160	1,306,630	1,238,410	1,185,690	1,165,510	1,156,700	1,123,780	1,133,560	1,222,250	1,307,310	1,391,330	1,358,990	1,261,180	1,168,030	1,067,960	967,843	897,327	1,010,760	1,055,270
Debt-to-capital ratio		0.45	0.43	0.45	0.48	0.48	0.47	0.49	0.50	0.45	0.41	0.38	0.42	0.43	0.44	0.52	0.58	0.62	0.51	0.48	0.44

March 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,083,300K ÷ ($1,083,300K + $1,308,540K)
= 0.45

The debt-to-capital ratio of Eagle Materials Inc has shown some fluctuation over the past few quarters. The ratio, which represents the proportion of the company's total debt to its total capital (debt plus equity), has ranged from 0.38 to 0.62 over the past two years.

The trend indicates that the company's reliance on debt to finance its operations has varied, with the ratio decreasing in the most recent quarters compared to the levels seen in early 2020. The ratio peaked at 0.62 in March 2020, indicating a higher level of debt relative to capital at that time.

Overall, the debt-to-capital ratio of Eagle Materials Inc appears to have stabilized around the 0.40-0.50 range in the more recent quarters, suggesting a moderate level of debt utilization in its capital structure. Investors and analysts may continue to monitor this ratio to assess the company's ability to manage its debt levels effectively.