Ormat Technologies Inc (ORA)

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	—	—	—	—	—	—	—	—	—	296,382	975,973	1,005,160	1,377,210	1,375,370	1,106,930	995,959	1,011,930	1,030,940	1,116,420	1,111,700
Total stockholders’ equity	US$ in thousands	2,315,430	2,278,830	2,254,390	2,184,540	1,867,570	1,846,500	1,832,630	1,870,670	1,855,000	1,833,380	1,825,080	1,816,610	1,805,980	1,439,740	1,428,400	1,409,060	1,392,420	1,380,730	1,369,560	1,340,350
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.14	0.35	0.36	0.43	0.49	0.44	0.41	0.42	0.43	0.45	0.45

December 31, 2023 calculation

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

Ormat Technologies Inc's debt-to-capital ratio has exhibited some fluctuations in recent quarters. The ratio decreased slightly from 0.52 in Q4 2022 to 0.47 in Q4 2023, which indicates a reduction in the proportion of debt to total capital. However, it is worth noting that there was a gradual increase in the ratio from Q1 2023 (0.49) to Q3 2023 (0.46), before stabilizing at 0.47 in Q4 2023.

Overall, the trend in the debt-to-capital ratio suggests that Ormat Technologies Inc has effectively managed its debt levels relative to its total capital structure. The company appears to have maintained a reasonable balance between debt and equity financing, which is essential for ensuring financial stability and flexibility in the long term. The fluctuations in the ratio may reflect changes in the company's capital structure or debt management strategies over the past year.