MSA Safety (MSA)

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	575,170	715,814	787,527	837,114	565,445	597,844	615,778	591,393	597,651	592,742	314,587	340,428	287,157	321,694	314,500	351,592	328,394	352,073	378,380	357,304
Total stockholders’ equity	US$ in thousands	966,802	868,726	831,131	769,746	923,741	842,415	838,070	860,907	834,388	824,177	840,419	814,676	839,201	772,465	741,510	712,596	725,800	702,067	685,054	657,361
Debt-to-equity ratio		0.59	0.82	0.95	1.09	0.61	0.71	0.73	0.69	0.72	0.72	0.37	0.42	0.34	0.42	0.42	0.49	0.45	0.50	0.55	0.54

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $575,170K ÷ $966,802K
= 0.59

The debt-to-equity ratio of MSA Safety Inc has fluctuated over the past eight quarters, indicating changes in the company's capital structure and financial leverage. The ratio decreased from 0.85 in Q3 2023 to 0.62 in Q4 2023, suggesting a reduction in the company's reliance on debt financing relative to equity.

Comparing the current ratio to previous quarters, it is evident that MSA Safety Inc has historically maintained a moderate level of debt compared to equity. The ratio peaked at 1.13 in Q1 2023, reflecting relatively higher debt levels, followed by a downward trend in subsequent quarters.

Despite some fluctuations, the debt-to-equity ratio has generally remained within a stable range between 0.62 and 0.98 over the past two years. This indicates that MSA Safety Inc has managed its debt and equity components effectively, maintaining a balanced capital structure. However, ongoing monitoring of this ratio is crucial to track changes in the company's financial leverage and risk profile.