National Fuel Gas Company (NFG)

Debt-to-equity 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 stockholders’ equity	US$ in thousands	-55,060	-625,733	1,786,210	1,971,990	2,139,020
Debt-to-equity ratio		—	—	1.47	1.33	1.00

September 30, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,384,480K ÷ $-55,060K
= —

The debt-to-equity ratio of National Fuel Gas Co. has shown a decreasing trend over the past five years, indicating a more conservative capital structure. In 2023, the ratio stands at 0.90, suggesting that the company relies less on debt financing relative to equity. This decrease in the ratio could indicate a reduced financial risk and improved solvency. It is important to note that a lower debt-to-equity ratio could also imply lower financial leverage, potentially limiting the company's ability to generate higher returns on equity. Overall, the decreasing trend in the debt-to-equity ratio suggests a more balanced and sustainable capital structure for National Fuel Gas Co.