Liberty Oilfield Services Inc (LBRT)

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	140,000	217,426	121,445	105,411	105,731
Total stockholders’ equity	US$ in thousands	1,841,410	1,495,020	1,213,240	1,150,640	554,827
Debt-to-equity ratio		0.08	0.15	0.10	0.09	0.19

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $140,000K ÷ $1,841,410K
= 0.08

The debt-to-equity ratio of Liberty Energy Inc has fluctuated over the past five years. In 2023 and 2022, the company maintained a relatively consistent ratio of 0.17, indicating a moderate level of financial leverage with a greater reliance on equity financing compared to debt.

However, in 2021, there was a notable decrease in the ratio to 0.11, suggesting a lower level of debt relative to equity, potentially signaling improved financial stability and reduced financial risk.

In 2020, the ratio increased slightly to 0.12, which could indicate a slight increase in debt compared to equity.

The highest debt-to-equity ratio was observed in 2019 at 0.28, indicating a higher proportion of debt in the company's capital structure compared to equity. This could imply higher financial risk and a greater reliance on external funding sources.

Overall, the trend in Liberty Energy Inc's debt-to-equity ratio reflects varying levels of leverage and financial risk over the past five years, with the company exhibiting different capital structure strategies during this period.