Gentex Corporation (GNTX)

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,312,520	2,268,450	2,195,950	2,123,260	2,065,790	2,034,050	1,986,570	1,928,970	1,937,990	1,887,630	1,916,320	1,960,980	1,963,940	1,895,610	1,822,610	1,834,610	1,938,090	1,921,330	1,904,330	1,857,080
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $2,312,520K)
= 0.00

The debt-to-capital ratio of Gentex Corp. has consistently been reported as 0.00% for each quarter across the data provided from Q1 2022 to Q4 2023. This indicates that the company has not used any debt in its capital structure during this period. A debt-to-capital ratio of 0.00% implies that the company's capital is entirely financed by equity, meaning it has no financial leverage through debt. While this may signify a lower risk of default due to debt obligations, it could also imply missed opportunities for leveraging debt to potentially lower the cost of capital or achieve higher returns on equity. Further analysis would be needed to understand the rationale behind this debt-free capital structure and its implications for Gentex Corp.'s financial strategy and performance.