NewJersey Resources Corporation (NJR)

Debt-to-assets 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	—	2,692,840	2,567,840	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
Total assets	US$ in thousands	6,981,640	6,784,120	6,647,380	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
Debt-to-assets ratio		0.00	0.40	0.39	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

September 30, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $6,981,640K
= 0.00

The debt-to-assets ratio of NewJersey Resources Corporation has displayed relatively stable trends over the past few quarters. The ratio remained consistently below 0.40 throughout the provided periods, indicating that the company has maintained a conservative approach towards debt management and has not heavily relied on debt financing to fund its operations.

The slight fluctuations in the ratio between 0.37 and 0.40 suggest that the company has been able to effectively manage its debt levels in relation to its total assets. The decreasing trend observed from 0.40 in December 2021 to 0.28 in September 2022 could indicate a strategic effort to decrease debt levels relative to asset holdings.

Overall, the consistently low debt-to-assets ratio signifies that NewJersey Resources Corporation has a strong financial position with a lower level of financial risk associated with its capital structure. This could imply greater stability and financial flexibility for the company in managing its obligations and pursuing future growth opportunities.