Tegna Inc (TGNA)

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	3,072,800	3,071,900	3,071,030	3,070,160	3,069,320	3,068,450	3,067,610	3,066,780	3,231,970	3,336,880	3,455,980	3,517,090	3,553,220	3,906,200	4,098,080	4,071,900	4,179,240	4,180,940	2,953,570	2,891,500
Total stockholders’ equity	US$ in thousands	2,704,870	2,960,540	2,904,160	3,151,260	3,071,720	2,878,260	2,741,720	2,618,850	2,519,910	2,419,710	2,258,960	2,139,340	2,058,100	1,799,540	1,675,310	1,658,260	1,590,380	1,521,700	1,479,740	1,405,250
Debt-to-capital ratio		0.53	0.51	0.51	0.49	0.50	0.52	0.53	0.54	0.56	0.58	0.60	0.62	0.63	0.68	0.71	0.71	0.72	0.73	0.67	0.67

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,072,800K ÷ ($3,072,800K + $2,704,870K)
= 0.53

The debt-to-capital ratio of TEGNA Inc has fluctuated over the past eight quarters, ranging from 0.49 to 0.54. The ratio compares the proportion of debt used to finance the company's operations to the total capital employed, including equity and debt.

TEGNA Inc's debt-to-capital ratio increased to 0.53 in Q4 2023, up from 0.51 in the previous quarter, indicating a higher level of debt relative to total capital. While the ratio has shown some variability, it has generally been within a narrow range around the 0.50 mark in recent quarters.

A higher debt-to-capital ratio suggests that the company relies more on debt financing, which may increase financial risk due to higher interest payments and potential liquidity issues. Conversely, a lower ratio indicates a greater reliance on equity financing, which could lead to lower financial risk but may limit growth opportunities.

It is essential for investors and analysts to monitor TEGNA Inc's debt-to-capital ratio over time to assess the company's financial leverage and risk profile. Additionally, understanding the factors driving changes in the ratio can provide insight into the company's capital structure and financial health.