Flowers Foods Inc (FLO)

Debt-to-equity 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-equity ratio		0.78	0.75	0.73	0.73	0.62	0.62	0.61	0.63	0.63	0.62	0.63	0.70	0.75	0.76	0.81	0.68	0.68	0.69	0.74	0.77

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,048,140K ÷ $1,351,780K
= 0.78

The debt-to-equity ratio of Flowers Foods Inc has shown variability over the past few years, with a general increasing trend from 2018 to 2020, followed by fluctuations in subsequent years. The ratio stood at 0.78 as of December 31, 2023, indicating that the company had $0.78 in debt for every $1 of equity.

The ratio has been above 0.6 since 2022, indicating that the company has been relying more on debt financing compared to equity. This may suggest increasing financial leverage and potential risk due to higher debt levels. However, it is essential to consider the industry norms and the company's overall financial health to assess whether the current debt-to-equity ratio is acceptable.

Further analysis and comparison with industry peers and historical trends could provide more context on Flowers Foods Inc's capital structure and financial risk.