Ultra Clean Holdings Inc (UCTT)

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	461,200	493,000	529,900	261,600	283,400
Total stockholders’ equity	US$ in thousands	838,900	887,900	848,900	532,600	436,700
Debt-to-capital ratio		0.35	0.36	0.38	0.33	0.39

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $461,200K ÷ ($461,200K + $838,900K)
= 0.35

The debt-to-capital ratio of Ultra Clean Holdings Inc has shown some fluctuation over the past five years. In 2023, the ratio stands at 0.35, a slight decrease from the previous year's ratio of 0.36. This indicates that the company's level of debt relative to its total capital has decreased slightly.

Looking further back, we see that in 2021 the debt-to-capital ratio was 0.38, which was higher compared to the current year. However, in 2020, the ratio dropped to 0.33, showing a lower level of debt relative to capital at that time.

The highest debt-to-capital ratio in the past five years was 0.39 in 2019, indicating a higher dependence on debt financing compared to the other years analyzed. Overall, the trend in Ultra Clean Holdings Inc's debt-to-capital ratio suggests fluctuations in the company's capital structure and its use of debt as a source of financing over the years.