LeMaitre Vascular Inc (LMAT)

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	—	—	0	35,532	0
Total stockholders’ equity	US$ in thousands	297,900	268,201	254,151	172,572	148,141
Debt-to-capital ratio		0.00	0.00	0.00	0.17	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $297,900K)
= 0.00

The debt-to-capital ratio for Lemaitre Vascular Inc has displayed a varying trend over the past five years. In 2023, the company reported a debt-to-capital ratio of 0.00, indicating that it had no debt in relation to its total capital structure. This signifies a strong financial position with minimal reliance on debt financing.

Comparing this to the previous years, the company also reported a debt-to-capital ratio of 0.00 in 2022 and 2019, further reinforcing its historical aversion to debt. However, in 2021, there was a notable increase in the debt-to-capital ratio to 0.00. This could have been due to either a significant reduction in debt or an increase in capital, or a combination of both.

The most significant deviation was observed in 2020, where the debt-to-capital ratio stood at 0.18, indicating that around 18% of the company's capital structure was funded by debt. This suggests a shift towards utilizing debt as a source of financing in that particular year, which could have been driven by strategic decisions or operational requirements.

Overall, Lemaitre Vascular Inc's consistent low debt-to-capital ratios in recent years reflect a conservative financial approach with a preference for equity financing. It is essential to continue monitoring the ratio in the future to evaluate the company's capital structure and financial risk profile.