NewJersey Resources Corporation (NJR)

Debt-to-assets 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
Long-term debt	US$ in thousands	2,637,840	2,587,840	2,537,840	2,537,840	2,537,840	2,362,840	2,412,840	2,202,840	2,202,840	2,102,840	2,102,840	2,102,840	2,102,840	2,102,840	1,492,840	1,442,840	1,442,840	1,442,840	1,207,840	1,172,040
Total assets	US$ in thousands	6,749,050	6,537,500	6,312,580	6,296,130	6,610,090	6,261,420	6,161,920	5,870,000	5,981,160	5,722,280	5,408,620	5,425,130	5,396,900	5,316,480	5,282,080	5,155,200	5,095,170	4,157,940	4,123,410	4,089,970
Debt-to-assets ratio		0.39	0.40	0.40	0.40	0.38	0.38	0.39	0.38	0.37	0.37	0.39	0.39	0.39	0.40	0.28	0.28	0.28	0.35	0.29	0.29

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,637,840K ÷ $6,749,050K
= 0.39

The debt-to-assets ratio of New Jersey Resources Corporation has been relatively stable over the past eight quarters, ranging from 0.45 to 0.49. This ratio indicates that, on average, approximately 48% of the company's assets are financed through debt. A consistent debt-to-assets ratio suggests that the company has maintained a balanced capital structure with a notable reliance on debt to finance its assets. However, it is essential to monitor any significant deviations in this ratio over time to assess the company's financial leverage and risk profile.