Granite Construction Incorporated (GVA)
Debt-to-assets ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 614,781 | 286,934 | 331,191 | 330,522 | 356,108 |
| Total assets | US$ in thousands | 2,813,540 | 2,167,930 | 2,494,930 | 2,380,000 | 2,502,090 |
| Debt-to-assets ratio | 0.22 | 0.13 | 0.13 | 0.14 | 0.14 |
December 31, 2023 calculation
Debt-to-assets ratio = Long-term debt ÷ Total assets
= $614,781K ÷ $2,813,540K
= 0.22
Granite Construction Inc.'s debt-to-assets ratio has shown an increasing trend from 2019 to 2023, indicating a higher proportion of debt to total assets over the years. As of December 31, 2023, the ratio stands at 0.23, reflecting a significant increase compared to the ratios of 0.13, 0.14, 0.14, and 0.15 in 2019, 2020, 2021, and 2022 respectively. This suggests that a larger portion of the company's assets is financed by debt in 2023 than in the previous years. It is essential to closely monitor this trend as higher debt levels relative to assets can potentially signal increased financial risk and dependency on debt financing for Granite Construction Inc.
Peer comparison
Dec 31, 2023