UNITIL Corporation (UTL)

Debt-to-assets 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	509,100	509,000	486,200	488,000	489,100	493,100	495,100	496,600	497,800	501,300	505,300	515,800	523,100	529,000	436,400	436,300	437,500	410,900	373,100	373,000
Total assets	US$ in thousands	1,670,400	1,620,200	1,595,300	1,614,700	1,590,400	1,578,900	1,547,100	1,552,300	1,540,300	1,509,000	1,477,100	1,477,000	1,477,900	1,423,900	1,384,500	1,378,400	1,370,800	1,309,700	1,279,300	1,290,200
Debt-to-assets ratio		0.30	0.31	0.30	0.30	0.31	0.31	0.32	0.32	0.32	0.33	0.34	0.35	0.35	0.37	0.32	0.32	0.32	0.31	0.29	0.29

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $509,100K ÷ $1,670,400K
= 0.30

Unitil Corp.'s debt-to-assets ratio has remained relatively stable over the last two years, ranging between 0.36 and 0.40. This ratio indicates that the company typically finances approximately 36% to 40% of its assets through debt. The increase from 0.36 in Q3 2022 to 0.40 in Q4 2023 suggests a slight rise in the proportion of debt used to finance assets. Overall, the consistency of the ratio within this range indicates a moderate level of leverage, balancing the use of debt to fund operations and investments while maintaining a significant portion of assets funded by equity.