Public Service Enterprise Group Inc (PEG)

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	17,784,000	16,495,000	15,219,000	14,496,000	13,743,000
Total stockholders’ equity	US$ in thousands	14,098,000	12,352,000	13,542,000	15,123,000	14,258,000
Debt-to-capital ratio		0.56	0.57	0.53	0.49	0.49

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $17,784,000K ÷ ($17,784,000K + $14,098,000K)
= 0.56

The debt-to-capital ratio of Public Service Enterprise Group Inc. has exhibited some variability over the past five years. The ratio stood at 0.57 as of December 31, 2023, representing a slight decrease from 0.60 in the previous year. This reduction may indicate improved capital structure efficiency or a decrease in the company's reliance on debt financing relative to its total capital. However, it is worth noting that the ratio has fluctuated within a relatively narrow range between 0.52 and 0.60 since December 31, 2019. Overall, the company's debt levels in relation to its total capital have remained moderately consistent in recent years, suggesting a balanced approach to financing its operations and investments.