NewJersey Resources Corporation (NJR)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	2,066,200	1,990,740	1,995,240	2,000,840	1,922,800	1,817,210	1,768,680	1,784,290	1,716,980	1,630,860	1,682,070	1,821,830	1,698,210	1,643,900	1,612,480	1,654,740	1,608,090	1,381,830	1,572,200	1,569,160
Debt-to-capital ratio		0.56	0.57	0.56	0.56	0.57	0.57	0.58	0.55	0.56	0.56	0.56	0.54	0.55	0.56	0.48	0.47	0.47	0.51	0.43	0.43

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,637,840K ÷ ($2,637,840K + $2,066,200K)
= 0.56

The debt-to-capital ratio of New Jersey Resources Corporation has been relatively stable over the past eight quarters, ranging from 0.60 to 0.63. This ratio indicates that, on average, the company's debt accounts for around 60% to 63% of its total capital structure, with the remaining portion attributed to equity. The consistency in this ratio suggests that the company has been maintaining a balanced mix of debt and equity financing in its capital structure. However, it is important to note that a higher debt-to-capital ratio may indicate higher financial leverage and risk, while a lower ratio may imply a more conservative financial approach. Monitoring this ratio over time can provide insights into the company's capital structure management and risk profile.