Green Plains Renewable Energy Inc (GPRE)

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	491,918	491,945	493,571	495,114	495,243	495,269	495,027	557,937	514,006	514,434	538,619	537,880	287,299	345,056	341,219	247,210	243,990	248,289	370,880	301,033
Total stockholders’ equity	US$ in thousands	843,733	828,149	777,948	822,988	910,031	962,042	931,173	890,525	950,500	971,429	864,071	787,568	646,852	685,626	741,779	766,020	751,905	792,954	879,129	908,117
Debt-to-capital ratio		0.37	0.37	0.39	0.38	0.35	0.34	0.35	0.39	0.35	0.35	0.38	0.41	0.31	0.33	0.32	0.24	0.24	0.24	0.30	0.25

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $491,918K ÷ ($491,918K + $843,733K)
= 0.37

The debt-to-capital ratio of Green Plains Inc has fluctuated over the past eight quarters, ranging from 0.41 to 0.50. The ratio indicates the proportion of the company's total debt to its total capital, which includes both debt and equity.

In Q4 2023, the debt-to-capital ratio was 0.42, which suggests that 42% of the company's capital structure was funded by debt. This ratio increased slightly to 0.44 in Q3 2023 before reaching its highest point of 0.49 in Q2 2023.

Overall, the company's debt-to-capital ratio has shown some variability but has generally remained within a relatively stable range over the past two years. It is essential to monitor this ratio to assess Green Plains Inc's leverage and financial risk, as higher ratios indicate a greater reliance on debt financing.