NewJersey Resources Corporation (NJR)

Debt-to-equity ratio

		Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020
Long-term debt	US$ in thousands	—	2,587,840	2,362,840	2,102,840	2,102,840
Total stockholders’ equity	US$ in thousands	2,200,440	1,990,740	1,817,210	1,630,860	1,643,900
Debt-to-equity ratio		0.00	1.30	1.30	1.29	1.28

September 30, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $—K ÷ $2,200,440K
= 0.00

The debt-to-equity ratio of NewJersey Resources Corporation has shown a consistent decrease over the past five years. In September 2020, the ratio stood at 1.28 and has since decreased to 1.29 in 2021, 1.30 in 2022, and remained flat at 1.30 in 2023. Notably, as of September 30, 2024, the company reported a debt-to-equity ratio of 0.00, indicating that the company had no debt compared to its equity. This significant drop in the ratio could suggest that NewJersey Resources Corporation has reduced its debt levels or significantly increased its equity, potentially improving its financial position and reducing leverage. However, further analysis would be required to understand the reasons behind this drastic change and its implications for the company's financial health and risk profile.