TTM Technologies Inc (TTMI)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	1,511,040	1,535,580	1,455,420	1,444,010	1,279,040
Debt-to-capital ratio		0.38	0.36	0.39	0.37	0.49

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $914,336K ÷ ($914,336K + $1,511,040K)
= 0.38

The debt-to-capital ratio of TTM Technologies Inc has fluctuated over the past five years, ranging from 0.36 in 2022 to 0.49 in 2019. In 2023, the ratio decreased slightly to 0.38 compared to the previous year. This indicates that TTM Technologies Inc relies on debt for approximately 38% of its capital structure, while the remaining 62% is funded by equity. The downward trend in the debt-to-capital ratio over the years may suggest that the company is gradually reducing its reliance on debt to finance its operations and investments. However, it is important to note that a moderate level of debt can be beneficial for a company to take advantage of growth opportunities and tax benefits. Overall, a debt-to-capital ratio of 0.38 in 2023 indicates a reasonable balance between debt and equity in TTM Technologies Inc's capital structure.