Grand Canyon Education Inc (LOPE)

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	—	—	—	—	—	70,760	50,354	51,866	53,755	—	58,057	66,344	74,630	82,916	91,202	99,488	107,774	211,060	207,888	199,994
Total stockholders’ equity	US$ in thousands	718,014	650,530	645,425	659,250	637,619	591,556	606,638	706,437	1,045,050	1,400,780	1,542,680	1,588,680	1,574,330	1,520,980	1,489,390	1,448,010	1,443,430	1,381,830	1,327,810	1,272,870
Debt-to-equity ratio		0.00	0.00	0.00	0.00	0.00	0.12	0.08	0.07	0.05	0.00	0.04	0.04	0.05	0.05	0.06	0.07	0.07	0.15	0.16	0.16

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $—K ÷ $718,014K
= 0.00

The debt-to-equity ratio for Grand Canyon Education Inc has remained consistently at 0.00 for the past eight consecutive quarters, indicating that the company has been operating with zero debt in relation to its equity during this period. This suggests that the company has relied solely on equity financing to fund its operations rather than taking on debt. A debt-to-equity ratio of 0.00 typically signifies a conservative financial structure and a lower risk profile, as the absence of debt means there are no interest payments or repayment obligations to be concerned about. It is important to note that a low or zero debt-to-equity ratio may limit the company's ability to leverage financial leverage for potential growth opportunities, but it also reduces the financial risk associated with debt. Overall, based on the stable and low debt levels indicated by the consistent 0.00 ratio, Grand Canyon Education Inc appears to have a strong financial position with a conservative approach to capital structure.