Graham Holdings Co (GHC)

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	745,082	739,806	565,564	568,101	570,547	568,534	511,574	523,102	525,752	511,635	506,079	506,091	506,103	509,282	505,672	430,317	430,650	420,535	497,094	500,238
Total stockholders’ equity	US$ in thousands	3,975,740	3,688,500	3,809,480	3,747,220	3,731,380	4,259,710	4,308,690	4,460,160	4,399,580	3,963,840	3,968,090	3,857,620	3,759,300	3,239,810	3,206,670	3,206,060	3,319,240	3,052,010	3,032,810	2,993,600
Debt-to-capital ratio		0.16	0.17	0.13	0.13	0.13	0.12	0.11	0.10	0.11	0.11	0.11	0.12	0.12	0.14	0.14	0.12	0.11	0.12	0.14	0.14

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $745,082K ÷ ($745,082K + $3,975,740K)
= 0.16

The debt-to-capital ratio of Graham Holdings Co. has remained relatively stable and low over the past eight quarters, ranging between 0.12 and 0.17. This indicates that the company has maintained a conservative approach towards utilizing debt in its capital structure. A low debt-to-capital ratio suggests that Graham Holdings Co. relies more on equity financing rather than debt financing to fund its operations and growth initiatives. Overall, the company's consistent low debt-to-capital ratio reflects a sound financial position with manageable debt levels relative to its total capital.