NewMarket Corporation (NEU)

Debt-to-capital 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	643,622	779,401	916,179	957,958	1,003,740	1,008,520	911,295	841,074	789,853	991,919	990,551	990,189	598,848	608,702	690,292	740,511	642,941	675,398	706,085	788,357
Total stockholders’ equity	US$ in thousands	1,077,060	971,943	892,740	821,800	762,407	667,376	721,335	760,090	762,129	772,773	849,210	810,355	759,824	723,526	635,285	639,249	683,098	629,338	589,176	538,196
Debt-to-capital ratio		0.37	0.45	0.51	0.54	0.57	0.60	0.56	0.53	0.51	0.56	0.54	0.55	0.44	0.46	0.52	0.54	0.48	0.52	0.55	0.59

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $643,622K ÷ ($643,622K + $1,077,060K)
= 0.37

The debt-to-capital ratio of NewMarket Corp. has been fluctuating over the past few quarters. The ratio decreased from 0.57 in Q4 2022 to 0.38 in Q4 2023, indicating a decrease in the proportion of debt relative to total capital. However, the ratio then increased gradually in subsequent quarters, reaching 0.54 in Q1 2023. This increase suggests that the company has taken on more debt relative to its capital base.

Overall, the trend in the debt-to-capital ratio for NewMarket Corp. shows some volatility but generally indicates that the company has been moderately leveraged in recent quarters. It is essential for stakeholders to monitor this ratio closely to assess the company's financial risk and leverage position.