National Fuel Gas Company (NFG)

Debt-to-equity 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-equity ratio		—	522.20	31.68	35.40	—	—	—	—	—	1.04	1.12	1.25	1.47	1.31	1.25	1.04	1.33	1.18	1.03	0.98

September 30, 2024 calculation

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

The debt-to-equity ratio of National Fuel Gas Company has shown some fluctuations over the past years, indicating changes in their capital structure and financial leverage.

In the most recent quarter ending September 30, 2024, the debt-to-equity ratio spiked significantly to 522.20, indicating a substantial increase in debt relative to equity. This may suggest increased financial risk and potential challenges in meeting debt obligations.

On the other hand, the ratio was relatively lower in the preceding quarters, such as in March 31, 2024, where it stood at 31.68, and December 31, 2023, where it was 35.40. These lower ratios suggest a more conservative capital structure with a lower reliance on debt financing.

Looking further back, we see that the company had a steady increase in the debt-to-equity ratio from December 31, 2019, to March 31, 2022, where it peaked at 1.25. This increasing trend may reflect a strategic decision to use more debt to fund operations or investments during that period.

Overall, the fluctuation in National Fuel Gas Company's debt-to-equity ratio indicates varying levels of financial risk and leverage over the analyzed quarters. It would be essential to further investigate the reasons behind the significant spike in the most recent quarter to assess the company's financial health and sustainability.