MSA Safety (MSA)

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	575,170	565,445	597,651	287,157	328,394
Total stockholders’ equity	US$ in thousands	966,802	923,741	834,388	839,201	725,800
Debt-to-capital ratio		0.37	0.38	0.42	0.25	0.31

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $575,170K ÷ ($575,170K + $966,802K)
= 0.37

The debt-to-capital ratio of MSA Safety Inc has exhibited some fluctuation over the past five years. In 2023 and 2022, the ratio stood at 0.38, indicating that 38% of the company's capital structure was financed through debt. This ratio remained relatively stable compared to the prior year.

However, a notable increase in the debt-to-capital ratio was observed in 2021 when it reached 0.42, reflecting a higher proportion of debt in the company's capital mix. In contrast, the ratios for 2020 and 2019 were lower at 0.28 and 0.32, respectively, suggesting a lower reliance on debt financing during those years.

Overall, the debt-to-capital ratio of MSA Safety Inc has shown some variability, with the company indicating different levels of leverage in its capital structure over the past five years. The trend in the ratio should be carefully monitored to assess the company's financial health and its ability to manage debt effectively.