International Flavors & Fragrances Inc (IFF)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	9,186,000	10,373,000	10,768,000	3,779,000	3,997,440
Total stockholders’ equity	US$ in thousands	14,611,000	17,655,000	21,082,000	6,310,000	6,217,300
Debt-to-equity ratio		0.63	0.59	0.51	0.60	0.64

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $9,186,000K ÷ $14,611,000K
= 0.63

The debt-to-equity ratio of International Flavors & Fragrances Inc. has fluctuated over the past five years, ranging from 0.54 in 2021 to 0.71 in 2019. In 2023, the ratio stood at 0.69, reflecting an increase from the previous year's 0.62. This indicates that the company's debt levels in relation to its equity have increased slightly, signaling a potential shift towards a higher reliance on debt financing as compared to equity. However, it is important to note that the ratio remains below 1 in all years, suggesting that the company's debt levels are generally manageable and that it relies more on equity for financing its operations. Further analysis and comparison with industry benchmarks would provide additional insights into the company's capital structure and financial leverage position.