Penn National Gaming Inc (PENN)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,862,700	3,064,700	3,055,900	3,074,700	3,202,100	3,482,600	4,210,300	4,176,300	3,597,700	3,617,100	3,766,800	3,953,500	4,097,800	3,071,900	2,958,300	2,756,300	2,656,200	2,633,700	1,506,200	1,278,400
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $2,862,700K)
= 0.00

The debt-to-capital ratio of Penn National Gaming Inc has consistently remained at 0.00% over the period from March 31, 2020, to December 31, 2024. This implies that the company has not utilized debt significantly in its capital structure during this timeframe. A debt-to-capital ratio of 0.00% indicates that the company's capital structure is primarily financed by equity rather than debt. This can be seen as a positive indicator in terms of financial risk management, as lower debt levels typically translate to lower risk of financial distress or default. It also implies that the company may have a strong equity base that supports its operations and investments without relying heavily on borrowed funds. Investors and stakeholders may view this as a conservative approach to financing, potentially providing stability and flexibility to the company in managing its financial obligations.