Penn National Gaming Inc (PENN)

Debt-to-assets 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	2,718,000	2,715,400	2,722,800	2,721,400	2,721,300	2,730,200	2,730,400	2,694,300	2,637,300	2,654,400	2,269,900	2,289,500	2,231,200	2,355,700	3,044,800	2,829,300	2,322,200	2,392,000	2,489,610	2,311,380
Total assets	US$ in thousands	16,064,200	16,168,600	17,028,000	17,040,000	17,502,100	17,535,100	17,880,800	18,071,100	16,872,100	15,748,700	15,078,200	14,888,200	14,667,300	14,812,000	14,321,500	13,938,400	14,194,500	14,318,000	14,321,500	13,498,200
Debt-to-assets ratio		0.17	0.17	0.16	0.16	0.16	0.16	0.15	0.15	0.16	0.17	0.15	0.15	0.15	0.16	0.21	0.20	0.16	0.17	0.17	0.17

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,718,000K ÷ $16,064,200K
= 0.17

The debt-to-assets ratio of PENN Entertainment Inc has shown a consistent downward trend from Q4 2022 to Q2 2023, indicating improved financial health and lower leverage levels. In Q4 2022 and Q3 2022, the ratio was relatively high at 0.68, suggesting a higher proportion of debt to total assets. However, starting from Q1 2023, the ratio began to decline steadily to reach 0.31 in Q2 2023, indicating a more conservative capital structure with lower debt relative to total assets. This downward trend suggests that PENN Entertainment Inc has been reducing its reliance on debt financing, which can improve its financial stability and reduce the risk of financial distress. Overall, the decreasing trend in the debt-to-assets ratio reflects a positive financial position for the company in terms of managing its debt obligations relative to its asset base.