National Fuel Gas Company (NFG)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	-15,476	-55,060	-625,733	1,786,210	1,971,990
Debt-to-capital ratio		1.01	1.02	1.43	0.60	0.57

September 30, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,188,240K ÷ ($2,188,240K + $-15,476K)
= 1.01

The debt-to-capital ratio of National Fuel Gas Company has shown fluctuations over the past five years. In 2024, the ratio stood at 1.01, slightly lower than the previous year's 1.02. This indicates that the company's level of debt relative to its total capital has decreased slightly.

Comparing to 2022 where the ratio was significantly higher at 1.43, it suggests that the company had a higher proportion of debt to its total capital in that year. The decrease in the ratio in 2024 could signify a reduction in debt or an increase in capital structure.

In 2021 and 2020, the debt-to-capital ratios were 0.60 and 0.57 respectively, indicating lower levels of debt compared to capital during those years.

Overall, the trend in the debt-to-capital ratio of National Fuel Gas Company has been somewhat volatile, with fluctuations in the proportion of debt relative to total capital. Further analysis of the company's financial health and capital structure would be necessary to fully understand the implications of these changes.