National Fuel Gas Company (NFG)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	-15,476	5,050	75,340	67,381	-55,060	-49,384	-54,864	-293,746	-625,733	2,003,950	1,863,660	2,110,200	1,786,210	2,011,110	2,098,970	2,044,620	1,971,990	2,225,860	2,079,960	2,182,140
Debt-to-capital ratio		1.01	1.00	0.97	0.97	1.02	1.02	1.03	1.16	1.43	0.51	0.53	0.55	0.60	0.57	0.56	0.51	0.57	0.54	0.51	0.49

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 fluctuated over the past several quarters. As of September 30, 2024, the ratio stood at 1.01, indicating that the company's total debt represented 101% of its total capital. This was a slight increase from the previous quarter but lower than the ratios reported in the same period in the previous year.

The ratio peaked at 1.43 as of September 30, 2022, suggesting a higher reliance on debt to finance the company's operations at that time. However, since then, there has been a downward trend in the ratio, indicating efforts to reduce debt relative to capital.

It is worth noting that a high debt-to-capital ratio can indicate higher financial risk for the company, as it implies a larger proportion of debt in the company's capital structure. On the other hand, a lower ratio signifies a lower level of debt relative to equity, which can be seen as a positive indicator of financial stability and strength.

Overall, monitoring the trend of the debt-to-capital ratio over time can provide insights into the company's capital structure and financial leverage, helping stakeholders assess the company's risk profile and financial health.