Teledyne Technologies Incorporated (TDY)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	2,644,800	3,620,500	4,099,400	680,900	750,000
Total stockholders’ equity	US$ in thousands	9,221,200	8,169,200	7,622,000	3,228,600	2,714,700
Debt-to-equity ratio		0.29	0.44	0.54	0.21	0.28

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,644,800K ÷ $9,221,200K
= 0.29

Analyzing Teledyne Technologies Inc's debt-to-equity ratio over the past five years reveals fluctuations in the company's leverage position. As of December 31, 2023, the debt-to-equity ratio stood at 0.35, indicating that the company had $0.35 in debt for every $1 of equity. This represents a decrease from the previous year's ratio of 0.48 and a notable decline compared to the ratios of 0.54 in 2022 and 0.31 in 2019. The lowest ratio observed in recent years was in 2021, where the company had a ratio of 0.24, signifying a lower level of debt relative to equity.

Overall, the downward trend in the debt-to-equity ratio suggests that Teledyne Technologies Inc has been gradually reducing its reliance on debt financing in favor of equity. This can be a positive indicator of financial strength and stability, as lower debt levels generally imply lower financial risk and greater financial flexibility. However, it is essential to consider the company's specific circumstances, industry dynamics, and strategic objectives when interpreting changes in the debt-to-equity ratio.