Neogen Corporation (NEOG)

Debt-to-capital ratio

		Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019
Long-term debt	US$ in thousands	887,653	886,915	886,177	885,439	884,701	923,962	—	0	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	3,146,170	3,147,570	3,146,180	3,134,220	3,125,560	3,106,260	883,798	887,374	875,544	865,476	855,363	840,377	807,683	777,395	751,546	725,177	711,871	690,917	660,306	637,899
Debt-to-capital ratio		0.22	0.22	0.22	0.22	0.22	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

February 29, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $887,653K ÷ ($887,653K + $3,146,170K)
= 0.22

The debt-to-capital ratio of Neogen Corporation has remained relatively stable at 0.22 for the most recent observations. This indicates that the company's level of debt in relation to its total capital has been consistent. It is noteworthy that there were significant changes in the debt-to-capital ratio in the past, such as 0.23 reported in the previous quarter. However, in earlier periods, the ratio was reported as 0.00, suggesting either a lack of debt or a minimal amount of debt relative to the company's capital structure. Overall, the recent consistent ratio of 0.22 may reflect Neogen Corporation's balanced approach in managing its debt and capital.