SJW Corporation (SJW)

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	1,526,700	1,533,770	1,519,280	1,520,360	1,491,960	1,453,750	1,455,710	1,491,560	1,492,940	1,420,030	1,372,130	1,303,030	1,287,580	1,307,610	1,315,980	1,317,000	1,283,600	511,076	510,859	510,903
Total assets	US$ in thousands	4,345,070	3,843,430	3,712,160	3,652,500	3,755,060	3,604,700	3,541,050	3,511,880	3,492,400	3,469,740	3,409,520	3,332,140	3,311,460	3,259,710	3,209,980	3,174,300	3,132,470	2,022,380	2,003,650	1,958,810
Debt-to-assets ratio		0.35	0.40	0.41	0.42	0.40	0.40	0.41	0.42	0.43	0.41	0.40	0.39	0.39	0.40	0.41	0.41	0.41	0.25	0.25	0.26

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $1,526,700K ÷ $4,345,070K
= 0.35

The debt-to-assets ratio of SJW Group has been fairly consistent over the past eight quarters, ranging from 0.40 to 0.46. This ratio indicates that, on average, 40% to 46% of the company's total assets are financed by debt.

A decreasing trend in the debt-to-assets ratio would suggest that SJW Group is relying more on equity financing, which could be viewed positively by investors and creditors as it indicates a lower level of financial risk.

Conversely, an increasing trend in the ratio could signal a higher level of financial leverage and potential risk for the company. However, despite fluctuations, the ratio has remained relatively stable around the 0.44 to 0.46 level, indicating a consistent balance between debt and assets in the company's capital structure.

It would be beneficial for stakeholders to continue monitoring this ratio to assess the company's financial health and risk profile over time.