TTM Technologies Inc (TTMI)

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	914,336	879,407	927,818	842,853	1,225,960
Total assets	US$ in thousands	3,323,660	3,323,600	3,025,550	2,895,940	3,560,930
Debt-to-assets ratio		0.28	0.26	0.31	0.29	0.34

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $914,336K ÷ $3,323,660K
= 0.28

The debt-to-assets ratio of TTM Technologies Inc has fluctuated over the past five years, ranging from 0.26 to 0.34. This ratio indicates the proportion of the company's assets financed by debt. A lower ratio suggests lower financial risk as it implies that a smaller portion of the company's assets is funded by debt.

In 2023, the debt-to-assets ratio increased slightly to 0.28 from 0.26 in 2022. This could indicate that the company took on more debt relative to its assets compared to the previous year. However, the ratio is still relatively low, suggesting that TTM Technologies Inc relies more on equity financing rather than debt to support its operations and investments.

It is worth noting that the company's debt-to-assets ratio was highest in 2019 at 0.34 and has since shown a decreasing trend. This could signal a successful effort by the company to reduce its reliance on debt financing over the years.

Overall, TTM Technologies Inc has maintained a relatively conservative approach to funding its operations with debt, as evidenced by the consistent below 0.5 debt-to-assets ratios over the past five years. This implies a lower financial risk and greater financial stability for the company.