LCI Industries (LCII)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	846,834	1,095,890	1,231,960	720,418	612,906
Total stockholders’ equity	US$ in thousands	1,355,040	1,381,010	1,092,880	908,326	800,672
Debt-to-capital ratio		0.38	0.44	0.53	0.44	0.43

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $846,834K ÷ ($846,834K + $1,355,040K)
= 0.38

The debt-to-capital ratio of LCI Industries has exhibited a decreasing trend over the past five years. The ratio decreased from 0.44 in 2019 to 0.38 in 2023. This decline indicates that the company has been able to lower its reliance on debt financing in relation to its total capital structure. It suggests a healthier mix of debt and equity, potentially reducing financial risk for the company. Overall, the decreasing trend in the debt-to-capital ratio for LCI Industries reflects a more conservative approach towards capital structuring and a strengthening financial position over the years.