SJW Corporation (SJW)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	1,233,400	1,220,250	1,182,720	1,152,480	1,110,870	1,049,350	1,029,840	1,028,420	1,034,520	1,000,710	989,679	978,296	917,160	913,061	895,131	883,541	889,984	896,664	893,995	888,293
Debt-to-capital ratio		0.55	0.56	0.56	0.57	0.57	0.58	0.59	0.59	0.59	0.59	0.58	0.57	0.58	0.59	0.60	0.60	0.59	0.36	0.36	0.37

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 remained relatively stable over the past eight quarters, ranging from 0.58 to 0.61. This ratio indicates that, on average, approximately 58% to 61% of the company's capital structure is financed by debt.

A decreasing trend in the debt-to-capital ratio could potentially signal that the company is becoming less reliant on debt financing, which could be viewed positively by investors and creditors. On the other hand, an increasing trend may suggest a higher level of leverage and financial risk.

Overall, the consistent range of SJW Group's debt-to-capital ratio implies a moderate level of debt in its capital structure, which could be considered manageable depending on the company's overall financial health and ability to service its debt obligations.