SJW Corporation (SJW)

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	1,526,700	1,491,960	1,492,940	1,287,580	1,283,600
Total stockholders’ equity	US$ in thousands	1,233,400	1,110,870	1,034,520	917,160	889,984
Debt-to-capital ratio		0.55	0.57	0.59	0.58	0.59

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,526,700K ÷ ($1,526,700K + $1,233,400K)
= 0.55

The debt-to-capital ratio of SJW Group has shown a downward trend over the past five years, decreasing from 0.62 in 2019 to 0.59 in 2023. This indicates that the company has been reducing its reliance on debt in relation to its total capital structure. A lower debt-to-capital ratio suggests a healthier financial position and lower financial risk, as the company is less leveraged and has a higher proportion of capital provided by equity. SJW Group's management may have been actively managing their debt levels to maintain a more balanced capital structure and improve financial stability.