MDU Resources Group Inc (MDU)

Debt-to-assets 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	2,236,900	2,279,830	2,246,100	2,769,040	2,317,850	2,192,410	2,003,880	2,599,810	2,593,850	2,326,720	2,335,500	2,251,720	2,211,580	2,268,730	2,265,320	2,438,680	2,226,570	2,180,950	2,327,980	1,946,180
Total assets	US$ in thousands	7,833,160	7,869,150	7,684,850	9,842,590	9,660,780	9,607,130	9,318,960	8,970,720	8,910,440	8,568,860	8,298,210	8,069,280	8,053,370	8,125,500	7,911,130	7,850,520	7,683,060	7,730,610	7,591,490	7,278,920
Debt-to-assets ratio		0.29	0.29	0.29	0.28	0.24	0.23	0.22	0.29	0.29	0.27	0.28	0.28	0.27	0.28	0.29	0.31	0.29	0.28	0.31	0.27

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,236,900K ÷ $7,833,160K
= 0.29

The debt-to-assets ratio of MDU Resources Group Inc has shown relative stability over the past eight quarters, ranging between 0.31 and 0.34. This indicates that, on average, approximately 31% to 34% of the company's assets are funded by debt. The consistency in this ratio suggests that the company has been maintaining a moderate level of debt relative to its asset base.

A ratio below 1 typically indicates that the company's assets are predominantly financed by equity rather than debt. In the case of MDU Resources Group Inc, the average ratio of around 0.32 indicates a conservative approach to debt financing, with a significant portion of the company's assets being funded through equity.

Overall, the trend in the debt-to-assets ratio suggests that MDU Resources Group Inc has been managing its capital structure effectively, striking a balance between leveraging debt for growth opportunities while also maintaining a healthy level of equity in its capital structure.