RB Global Inc. (RBA)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	3,061,600	577,100	1,733,940	626,288	627,204
Total stockholders’ equity	US$ in thousands	5,016,700	1,289,600	1,070,680	1,007,240	901,833
Debt-to-equity ratio		0.61	0.45	1.62	0.62	0.70

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $3,061,600K ÷ $5,016,700K
= 0.61

The debt-to-equity ratio of RB Global Inc. has varied over the past five years, indicating changes in the company's capital structure and financial leverage. In 2023, the ratio increased to 0.61 from 0.45 in 2022, suggesting an increase in the proportion of debt relative to equity. This could indicate that the company has taken on more debt to finance its operations or growth initiatives.

Comparing to previous years, the ratio was significantly higher in 2021 at 1.62, which may have raised concerns about the company's financial health and ability to cover its debt obligations. The sharp decline in 2022 to 0.45 could indicate efforts to reduce debt levels or increase equity infusions in the company.

In 2020 and 2019, the ratio was relatively stable at 0.62 and 0.70 respectively, indicating a balanced mix of debt and equity in the company's capital structure during those years.

Overall, the trend in the debt-to-equity ratio suggests that RB Global Inc. has been actively managing its capital structure over the years, possibly adjusting its leverage levels in response to changing business conditions or financial objectives. It would be essential to further analyze the company's financial statements and performance to fully understand the implications of these fluctuations in the debt-to-equity ratio.