National Fuel Gas Company (NFG)

Financial leverage ratio

		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	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Total assets	US$ in thousands	8,587,490	8,280,260	8,106,630	7,967,240	8,134,910	7,896,260	8,112,090	7,805,020	7,589,670	7,464,820	7,208,680	7,115,650	7,039,170	6,964,940	7,118,980	6,708,660	6,702,660	6,462,160	6,336,250	6,278,980
Total stockholders’ equity	US$ in thousands	67,381	-55,060	2,935,900	2,878,730	-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	2,139,020	2,143,750	2,090,510
Financial leverage ratio		127.45	—	2.76	2.77	—	—	4.05	4.19	3.60	4.18	3.58	3.39	3.44	3.53	3.20	3.23	3.07	3.02	2.96	3.00

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $8,587,490K ÷ $67,381K
= 127.45

The financial leverage ratio of National Fuel Gas Co. has shown a fluctuating trend over the past eight quarters. The ratio stood at 2.71 in Q1 2024, which was a slight decrease from the preceding quarter where it was at 2.79. However, when compared to the same quarter in the previous year, there has been a notable improvement as the ratio was substantially higher at 3.21 in Q1 2023.

Looking further back, we observe a decreasing pattern in the financial leverage ratio from Q4 2022 to Q2 2022, where the ratio dropped from 3.80 to 4.19. This indicates a potential improvement in the company's ability to meet its debt obligations and suggests a decreasing reliance on debt financing over time.

Overall, although the recent ratios have shown some variability, there appears to be a general trend of decreasing financial leverage over the past two years, indicating a potentially stronger financial position for National Fuel Gas Co.