Ormat Technologies Inc (ORA)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	—	1,377,210	1,011,930
Total stockholders’ equity	US$ in thousands	2,315,430	1,867,570	1,855,000	1,805,980	1,392,420
Debt-to-capital ratio		0.00	0.00	0.00	0.43	0.42

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $2,315,430K)
= 0.00

The debt-to-capital ratio of Ormat Technologies Inc has shown some fluctuation over the past five years. In 2023, the ratio stands at 0.47, which indicates that 47% of the company's capital structure is attributed to debt. This represents a slight decrease from the previous year's ratio of 0.52 and a return to a level similar to that of 2019. The company's debt-to-capital ratio has generally ranged between 0.45 and 0.52 over the period, suggesting a relatively balanced mix of debt and equity in its capital structure. The downward trend in 2023 may indicate efforts to reduce reliance on debt financing, although further analysis would be needed to assess the overall financial health and risk profile of the company.