Knight Transportation Inc (KNX)

Debt-to-equity 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	1,290,020	1,561,710	1,475,200	1,016,260	1,067,670	1,174,010	1,157,620	1,194,160	1,297,550	1,538,020	354,219	414,063	508,907	170,000	365,000	365,000	0	364,766	364,707	364,649
Total stockholders’ equity	US$ in thousands	7,087,390	7,113,500	7,070,280	7,024,910	6,945,000	6,806,420	6,621,060	6,570,690	6,533,150	6,292,660	6,085,260	5,936,840	5,869,850	5,879,020	5,763,460	5,688,060	5,666,220	5,603,120	5,530,070	5,542,760
Debt-to-equity ratio		0.18	0.22	0.21	0.14	0.15	0.17	0.17	0.18	0.20	0.24	0.06	0.07	0.09	0.03	0.06	0.06	0.00	0.07	0.07	0.07

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,290,020K ÷ $7,087,390K
= 0.18

The debt-to-equity ratio of Knight-Swift Transportation Holdings Inc has shown fluctuations over the past eight quarters. The ratio ranged from 0.20 to 0.33 during this period, indicating varying levels of debt relative to equity in the company's capital structure.

In Q1 2023, the company had a relatively low debt-to-equity ratio of 0.20, suggesting a conservative capital structure with a lower proportion of debt compared to equity. This trend continued in Q2 2023 with a ratio of 0.27. However, in Q3 2023, there was a slight increase in the ratio to 0.33, indicating a higher reliance on debt financing.

The debt-to-equity ratio then decreased to 0.30 in Q4 2023, suggesting a reduction in the level of debt relative to equity compared to the previous quarter. Overall, the company has maintained a moderate level of debt in relation to equity, with fluctuations reflecting changes in its capital structure and financing decisions over time.