Northwest Natural Gas Co (NWN)

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	1,425,440	1,424,600	1,294,580	1,294,590	1,246,170	1,287,000	1,045,530	1,044,700	1,044,590	916,026	915,501	860,654	860,081	860,235	918,887	953,962	805,955	806,014	806,001	632,484
Total stockholders’ equity	US$ in thousands	1,283,840	1,219,540	1,240,280	1,248,310	1,175,440	1,120,860	1,138,780	987,944	935,146	891,461	922,826	936,324	888,733	852,775	884,001	901,741	865,999	844,669	876,746	794,227
Debt-to-capital ratio		0.53	0.54	0.51	0.51	0.51	0.53	0.48	0.51	0.53	0.51	0.50	0.48	0.49	0.50	0.51	0.51	0.48	0.49	0.48	0.44

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,425,440K ÷ ($1,425,440K + $1,283,840K)
= 0.53

The debt-to-capital ratio of Northwest Natural Holding Co has shown relatively stable performance over the past eight quarters, ranging between 0.53 and 0.58. This ratio measures the proportion of debt in the company's capital structure, with values closer to 1 indicating higher reliance on debt financing. Northwest Natural Holding Co's ratios have hovered around the mid-50% range, indicating a moderate level of debt compared to equity in its capital structure. Overall, the company has maintained consistency in its debt-to-capital ratio, suggesting a balanced approach to financing its operations.