National Fuel Gas Company (NFG)

Debt-to-assets ratio

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Long-term debt	US$ in thousands	2,384,480	2,083,410	2,628,690	2,629,580	2,133,720
Total assets	US$ in thousands	8,280,260	7,896,260	7,464,820	6,964,940	6,462,160
Debt-to-assets ratio		0.29	0.26	0.35	0.38	0.33

September 30, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,384,480K ÷ $8,280,260K
= 0.29

The debt-to-assets ratio of National Fuel Gas Co. has shown a decreasing trend over the past five years, indicating a strengthening financial position in terms of leverage. In 2023, the ratio stands at 0.32, down from 0.34 in 2022 and 0.37 in 2021. This indicates that the company's total debt in relation to its total assets has reduced, signifying improved solvency and reduced financial risk. The declining trend suggests that the company may be effectively managing its debt levels and/or experiencing growth in its asset base. This trend is generally viewed positively by investors and creditors as it reflects a lower degree of financial leverage and may indicate a more stable and secure financial position for the company.