Flowers Foods Inc (FLO)

Debt-to-capital ratio

		Dec 31, 2023	Oct 7, 2023	Jul 15, 2023	Apr 22, 2023	Dec 31, 2022	Oct 8, 2022	Apr 23, 2022	Dec 31, 2021	Oct 9, 2021	Jul 17, 2021	Apr 24, 2021	Dec 31, 2020	Sep 30, 2020	Jul 11, 2020	Apr 18, 2020	Dec 31, 2019	Oct 5, 2019	Jul 13, 2019	Apr 20, 2019	Dec 31, 2018
Long-term debt	US$ in thousands	1,048,140	1,037,840	1,074,540	1,063,240	891,842	891,542	891,007	890,609	890,180	889,878	889,577	960,103	1,009,840	1,009,600	1,069,350	862,778	874,284	888,541	934,463	974,594
Total stockholders’ equity	US$ in thousands	1,351,780	1,374,650	1,470,070	1,461,590	1,443,290	1,434,760	1,459,420	1,411,270	1,411,930	1,425,130	1,413,370	1,372,990	1,351,490	1,336,490	1,320,610	1,263,430	1,293,330	1,294,270	1,267,930	1,258,270
Debt-to-capital ratio		0.44	0.43	0.42	0.42	0.38	0.38	0.38	0.39	0.39	0.38	0.39	0.41	0.43	0.43	0.45	0.41	0.40	0.41	0.42	0.44

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,048,140K ÷ ($1,048,140K + $1,351,780K)
= 0.44

The debt-to-capital ratio of Flowers Foods Inc has been relatively stable over the past few years, ranging from 0.38 to 0.45. This ratio measures the proportion of debt financing in relation to the total capital structure of the company and indicates the extent to which the company relies on debt to fund its operations and growth.

Based on the trend observed, the company's debt-to-capital ratio has increased slightly in recent periods, reaching its peak at 0.45 in April 2020 and December 2019. This may suggest that Flowers Foods Inc has been taking on more debt compared to its equity, potentially to finance expansion or other strategic initiatives.

Overall, the debt-to-capital ratio of Flowers Foods Inc indicates a moderate level of leverage, which could be manageable depending on the company's ability to generate sufficient cash flow to service its debt obligations. Investors and stakeholders may monitor this ratio to assess the company's financial risk and liquidity position.