Liberty Oilfield Services Inc (LBRT)

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	140,000	223,000	288,000	210,000	217,426	252,682	252,937	211,192	121,445	121,125	105,221	105,317	105,411	105,504	105,596	105,625	105,731	105,837	106,375	106,041
Total stockholders’ equity	US$ in thousands	1,841,410	1,788,560	1,673,940	1,590,120	1,495,020	1,404,740	1,327,570	1,231,260	1,213,240	1,179,700	1,216,810	1,204,550	1,150,640	507,602	531,831	555,371	554,827	529,076	471,547	449,967
Debt-to-capital ratio		0.07	0.11	0.15	0.12	0.13	0.15	0.16	0.15	0.09	0.09	0.08	0.08	0.08	0.17	0.17	0.16	0.16	0.17	0.18	0.19

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $140,000K ÷ ($140,000K + $1,841,410K)
= 0.07

The debt-to-capital ratio of Liberty Energy Inc has been relatively stable over the past eight quarters, ranging between 0.13 and 0.17. This ratio is used to assess the company's financial leverage and indicates the proportion of the company's capital that is funded by debt. In general, a lower ratio suggests lower financial risk and greater financial stability as there is less reliance on debt for financing. Liberty Energy Inc's debt-to-capital ratio has been below 0.2, indicating that the company has a conservative capital structure with a lower dependence on debt to fund its operations and investments. This implies that the company has a stronger ability to meet its financial obligations and may be seen as less risky to creditors and investors.