One Gas Inc (OGS)

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	2,160,400	1,862,600	1,876,210	1,875,570	2,661,740	2,429,050	2,283,860	2,283,620	3,683,380	3,683,140	4,082,830	4,082,660	1,582,430	1,582,190	1,581,930	1,286,190	1,286,060	1,285,940	1,285,810	1,285,590
Total stockholders’ equity	US$ in thousands	2,765,880	2,646,750	2,654,830	2,651,480	2,584,430	2,446,270	2,453,600	2,449,390	2,349,530	2,315,100	2,317,270	2,296,600	2,233,310	2,200,020	2,191,990	2,189,010	2,129,390	2,101,880	2,108,460	2,104,780
Debt-to-capital ratio		0.44	0.41	0.41	0.41	0.51	0.50	0.48	0.48	0.61	0.61	0.64	0.64	0.41	0.42	0.42	0.37	0.38	0.38	0.38	0.38

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,160,400K ÷ ($2,160,400K + $2,765,880K)
= 0.44

The debt-to-capital ratio of ONE Gas Inc has shown some fluctuation over the past eight quarters. From Q1 2022 to Q4 2023, the ratio has ranged from 0.52 to 0.63. A decreasing trend is noticeable in the ratio from Q2 2022 to Q4 2022, where it decreased from 0.63 to 0.56, indicating a relative reduction in the proportion of debt within the company's capital structure.

However, in the subsequent quarters, the ratio remained relatively stable between 0.52 and 0.56. This stability suggests that ONE Gas Inc has been maintaining a consistent balance between debt and equity in its capital structure during these quarters.

Overall, the debt-to-capital ratio of ONE Gas Inc has fluctuated moderately over the periods analyzed, indicating a certain level of debt reliance in the company's capital structure but with a general trend towards stability in recent quarters. Investors and analysts may monitor this ratio in the future to assess the company's leverage and financial health.