National Fuel Gas Company (NFG)

Debt-to-assets ratio

		Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020
Long-term debt	US$ in thousands	2,188,240	2,384,480	2,083,410	2,628,690	2,629,580
Total assets	US$ in thousands	8,319,770	8,280,260	7,896,260	7,464,820	6,964,940
Debt-to-assets ratio		0.26	0.29	0.26	0.35	0.38

September 30, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,188,240K ÷ $8,319,770K
= 0.26

The debt-to-assets ratio for National Fuel Gas Company has shown a consistent downward trend over the past five years, decreasing from 0.38 in September 2020 to 0.26 in September 2024. This indicates that the company has been successful in managing its debt levels relative to its total assets. A lower debt-to-assets ratio is generally considered favorable as it suggests a lower dependence on debt financing, reducing financial risk and increasing financial stability. However, it is important to note that the ratio can vary based on industry norms and the company's specific capital structure preferences. Overall, the decreasing trend in National Fuel Gas Company's debt-to-assets ratio is a positive indicator of its financial health and prudent debt management practices.