Penske Automotive Group Inc (PAG)
Debt-to-assets ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 1,419,500 | 1,546,900 | 1,392,000 | 1,602,100 | 2,257,000 |
| Total assets | US$ in thousands | 15,671,500 | 14,114,600 | 13,464,600 | 13,247,200 | 13,942,700 |
| Debt-to-assets ratio | 0.09 | 0.11 | 0.10 | 0.12 | 0.16 |
December 31, 2023 calculation
Debt-to-assets ratio = Long-term debt ÷ Total assets
= $1,419,500K ÷ $15,671,500K
= 0.09
The debt-to-assets ratio for Penske Automotive Group Inc has shown a fluctuating trend over the past five years. From 2019 to 2023, the ratio decreased from 0.46 to 0.34. This indicates that the company's reliance on debt relative to its total assets has decreased over the period, which could suggest improved financial health and reduced financial risk. However, it's essential to note that the ratio saw some fluctuations in between the years, reaching its lowest point at 0.30 in 2021 and then slightly increasing to 0.36 in 2020 before declining again in 2023. Overall, the trend in the debt-to-assets ratio reflects a mix of conservative debt management and capital structure adjustments by Penske Automotive Group Inc throughout the years.
Peer comparison
Dec 31, 2023