UGI Corporation (UGI)
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 | 6,866,000 | 6,543,000 | 6,682,000 | 6,805,000 | 6,759,000 | 6,483,000 | 6,483,000 | 6,559,000 | 6,580,000 | 6,339,000 | 5,890,000 | 6,046,000 | 6,078,000 | 5,981,000 | 6,036,000 | 5,879,000 | 5,906,000 | 5,780,000 | 4,347,100 | 4,341,200 |
| Total stockholders’ equity | US$ in thousands | 4,423,000 | 4,386,000 | 4,364,000 | 5,205,000 | 5,180,000 | 6,066,000 | 5,996,000 | 6,200,000 | 5,349,000 | 5,522,000 | 5,097,000 | 4,819,000 | 4,437,000 | 4,128,000 | 4,126,000 | 4,081,000 | 3,996,000 | 3,817,000 | 3,820,900 | 3,853,000 |
| Debt-to-capital ratio | 0.61 | 0.60 | 0.60 | 0.57 | 0.57 | 0.52 | 0.52 | 0.51 | 0.55 | 0.53 | 0.54 | 0.56 | 0.58 | 0.59 | 0.59 | 0.59 | 0.60 | 0.60 | 0.53 | 0.53 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $6,866,000K ÷ ($6,866,000K + $4,423,000K)
= 0.61
The debt-to-capital ratio of UGI Corp. has been relatively stable over the past eight quarters, ranging from 0.53 to 0.63. The ratio indicates that UGI Corp. finances a significant portion of its operations and investments through debt, as more than half of its capital structure is comprised of debt. The slight increase from Q2 2023 to Q1 2024 may suggest a slight increase in the company's reliance on debt financing during this period. Although the ratio is above 0.50, which could indicate a higher level of financial leverage, it is important to consider industry standards and UGI Corp.'s specific circumstances when evaluating the implications of this ratio.
Peer comparison
Dec 31, 2023