SJW Corporation (SJW)

Debt-to-equity 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-equity ratio		1.24	1.26	1.28	1.32	1.34	1.39	1.41	1.45	1.44	1.42	1.39	1.33	1.40	1.43	1.47	1.49	1.44	0.57	0.57	0.58

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,526,700K ÷ $1,233,400K
= 1.24

The debt-to-equity ratio of SJW Group has shown a fluctuating pattern in recent quarters, ranging between 1.39 and 1.58. The ratio indicates that the company has been using a significant amount of debt to finance its operations relative to its equity. Overall, there seems to be a trend of decreasing leverage since Q4 2022, where the ratio peaked at 1.58. This could suggest that the company may be reducing its reliance on debt financing or increasing its equity base. However, the ratio has not consistently decreased, as it increased again in Q1 2023 to 1.42. Further monitoring of SJW Group's debt levels and financial strategy would be necessary to assess its long-term financial health and risk profile.