Tennant Company (TNC)
Debt-to-assets ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | — | — | — | — | — |
| Total assets | US$ in thousands | 1,113,400 | 1,085,100 | 1,061,700 | 1,082,600 | 1,062,900 |
| Debt-to-assets ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
December 31, 2023 calculation
Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $1,113,400K
= 0.00
The debt-to-assets ratio of Tennant Co. has shown a decreasing trend from 0.32 in 2019 to 0.18 in 2023. This indicates that the company has reduced its reliance on debt financing relative to its total assets over the past five years. A lower debt-to-assets ratio suggests that the company has a stronger financial position and is less leveraged, which can be positive for investors and creditors.
In 2020 and 2022, the debt-to-assets ratio increased slightly to 0.28, but then decreased again in 2023. This fluctuation may reflect changes in the company's capital structure or financial strategy during these years. Overall, the decreasing trend in the debt-to-assets ratio signals improved financial health and reduced risk of financial distress for Tennant Co.
Peer comparison
Dec 31, 2023