Spire Inc (SR)

Debt-to-capital ratio

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	3,704,400	3,422,300	3,421,400	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
Total stockholders’ equity	US$ in thousands	3,232,700	3,333,200	3,390,300	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
Debt-to-capital ratio		0.53	0.51	0.50	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

September 30, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,704,400K ÷ ($3,704,400K + $3,232,700K)
= 0.53

The debt-to-capital ratio of Spire Inc has shown some fluctuations over the past several quarters, ranging from 0.48 to 0.55. This ratio measures the proportion of the company's total debt to its total capital, which includes both debt and equity.

Overall, the trend indicates that Spire Inc has generally maintained a moderate level of debt in relation to its total capital structure. The ratio has hovered around the 0.50 mark, suggesting a relatively balanced mix of debt and equity financing in the company's capital structure.

It is essential for investors and analysts to monitor the debt-to-capital ratio as changes in this ratio can indicate shifts in the company's financial leverage and risk profile. A higher ratio may imply higher financial risk, while a lower ratio may indicate a more conservative financing approach.

Given the range of values observed for the debt-to-capital ratio, it is advisable for stakeholders to conduct further analysis to understand the drivers behind the changes and assess the company's overall financial health and risk exposure in more detail.