UNITIL Corporation (UTL)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	638,400	638,400	506,400	507,900	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
Total stockholders’ equity	US$ in thousands	512,500	502,400	508,800	510,800	489,300	479,800	484,400	486,400	467,600	458,800	464,300	465,300	448,500	439,600	400,800	403,300	389,200	380,800	385,700	387,900
Debt-to-capital ratio		0.55	0.56	0.50	0.50	0.51	0.51	0.50	0.50	0.51	0.52	0.52	0.52	0.53	0.53	0.56	0.56	0.57	0.58	0.53	0.53

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $638,400K ÷ ($638,400K + $512,500K)
= 0.55

The debt-to-capital ratio of UNITIL Corporation has shown a relatively stable trend over the past few years, hovering around the range of 0.50 to 0.58. This ratio indicates the proportion of the company's capital structure that is financed by debt. A lower ratio suggests a lower reliance on debt for funding, while a higher ratio may signify higher financial leverage and a higher risk profile.

From March 31, 2020, to December 31, 2024, the debt-to-capital ratio fluctuated within a narrow range, demonstrating moderate consistency in the company's debt management strategy. The ratio decreased slightly from 0.53 in March 2020 to 0.50 in March 2024, before experiencing a slight increase to 0.55 by December 31, 2024. This suggests that UNITIL Corporation has maintained a balanced approach to debt and equity financing during this period.

Overall, the debt-to-capital ratio provides valuable insights into UNITIL Corporation's capital structure and financial risk management practices, indicating the company's ability to maintain a stable and sustainable debt position in relation to its total capital base.