Spire Inc (SR)

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	3,247,800	3,554,000	3,553,300	3,702,500	3,156,300	2,958,500	3,207,900	3,207,300	3,206,800	2,939,100	2,939,000	2,692,500	2,517,600	2,423,700	2,478,300	2,484,800	2,484,400	2,082,600	2,042,300	2,041,900
Total stockholders’ equity	US$ in thousands	3,050,800	2,917,300	2,932,500	2,986,500	2,864,100	2,818,500	2,845,900	2,841,200	2,669,800	2,658,200	2,697,100	2,731,300	2,586,800	2,522,300	2,558,400	2,665,600	2,586,000	2,543,000	2,612,600	2,406,000
Debt-to-capital ratio		0.52	0.55	0.55	0.55	0.52	0.51	0.53	0.53	0.55	0.53	0.52	0.50	0.49	0.49	0.49	0.48	0.49	0.45	0.44	0.46

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,247,800K ÷ ($3,247,800K + $3,050,800K)
= 0.52

Based on the data provided for Spire Inc.'s debt-to-capital ratio over the past eight quarters, the ratio has been relatively stable, ranging from 0.57 to 0.62. The trend shows that the company's debt levels compared to its total capital have remained within a narrow range, indicating a consistent capital structure over the period analyzed. The ratio peaked at 0.62 in Q1 2023 and has since fluctuated around that level with minor variations. Overall, the debt-to-capital ratio suggests that Spire Inc. has maintained a moderate level of indebtedness relative to its total capital base, implying a balanced approach to financing its operations and investments.