Innoviva Inc (INVA)

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	446,234	445,718	445,201	444,692	444,180	443,679	443,178	442,731	394,653	392,295	389,989	387,728	385,517	383,350	381,230	379,152	377,120	388,644	386,675	384,744
Total stockholders’ equity	US$ in thousands	674,955	627,493	555,087	561,493	565,788	641,368	388,337	386,642	414,743	402,811	329,780	634,461	539,912	485,556	456,907	379,543	313,495	267,055	226,683	188,245
Debt-to-capital ratio		0.40	0.42	0.45	0.44	0.44	0.41	0.53	0.53	0.49	0.49	0.54	0.38	0.42	0.44	0.45	0.50	0.55	0.59	0.63	0.67

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $446,234K ÷ ($446,234K + $674,955K)
= 0.40

The debt-to-capital ratio of Innoviva Inc has shown some fluctuations over the past eight quarters. The ratio, which represents the proportion of the company's total debt in relation to its total capital (debt + equity), has ranged from 0.40 to 0.58 during this period.

In Q4 2023, the ratio was recorded at 0.40, which indicates that 40% of the company's capital structure was comprised of debt. This was a decrease from the previous quarter, suggesting a reduction in the level of debt relative to total capital.

While the ratio has shown some variability, it generally remained within the range of 0.40 to 0.58 over the past two years. The highest ratios were observed in Q2 and Q1 of 2022, at 0.58, indicating a higher reliance on debt to finance the company's operations during those periods.

Overall, monitoring the debt-to-capital ratio can provide insights into the company's financial leverage and risk levels. Fluctuations in this ratio may signal changes in the company's capital structure and its ability to meet financial obligations.