National Fuel Gas Company (NFG)

Debt-to-equity 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-equity ratio		—	—	—	1.47	1.33

September 30, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,188,240K ÷ $-15,476K
= —

The debt-to-equity ratio for National Fuel Gas Company was not available for the years 2024 and 2023. However, for the fiscal years ending September 30, 2021 and 2020, the company's debt-to-equity ratios were 1.47 and 1.33, respectively.

The trend indicates an increase in the debt-to-equity ratio from 1.33 in 2020 to 1.47 in 2021, which signifies a higher proportion of debt relative to equity in the capital structure. This could indicate that the company has been relying more on debt to finance its operations or growth initiatives.

Further analysis would be needed to understand the reasons behind this change and to assess the implications of the increased leverage on the company's financial health and risk profile.