National Fuel Gas Company (NFG)

Debt-to-assets ratio

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	2,188,240	2,637,120	2,386,570	2,385,520	2,384,480	2,383,680	2,085,240	2,084,360	2,083,410	2,082,460	2,081,530	2,629,600	2,628,690	2,627,860	2,627,030	2,130,470	2,629,580	2,628,780	2,134,960	2,134,340
Total assets	US$ in thousands	8,319,770	8,481,040	8,677,020	8,587,490	8,280,260	8,106,630	7,967,240	8,134,910	7,896,260	8,112,090	7,805,020	7,589,670	7,464,820	7,208,680	7,115,650	7,039,170	6,964,940	7,118,980	6,708,660	6,702,660
Debt-to-assets ratio		0.26	0.31	0.28	0.28	0.29	0.29	0.26	0.26	0.26	0.26	0.27	0.35	0.35	0.36	0.37	0.30	0.38	0.37	0.32	0.32

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 of National Fuel Gas Company has fluctuated over the past five years, ranging from 0.26 to 0.38. This ratio indicates the proportion of the company's assets that are funded by debt. A lower ratio suggests lower financial risk and better solvency, while a higher ratio may indicate higher leverage and financial risk.

In the most recent period, as of September 30, 2024, the debt-to-assets ratio stands at 0.26, which is on the lower end of the historical range. This suggests that the company has a conservative capital structure with a relatively low reliance on debt to finance its operations and investments.

It is essential to monitor changes in the debt-to-assets ratio over time to assess the company's financial health and risk profile. A consistent downward trend in the ratio may indicate improved financial stability, while a rising trend could signal increasing leverage and financial risk for National Fuel Gas Company.