UNITIL Corporation (UTL)

Debt-to-equity 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 stockholders’ equity	US$ in thousands	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	376,800	370,000	373,000	373,900
Debt-to-equity ratio		1.04	1.06	1.00	1.00	1.05	1.07	1.07	1.07	1.11	1.14	1.26	1.28	1.34	1.39	1.13	1.12	1.16	1.11	1.00	1.00

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $509,100K ÷ $489,300K
= 1.04

Unitil Corp.'s debt-to-equity ratio has shown a general increasing trend over the past eight quarters, indicating a growing reliance on debt financing compared to equity. The ratio has fluctuated within a range of 1.18 to 1.38 during this period. In the most recent quarter, Q4 2023, the debt-to-equity ratio stood at 1.38, the highest level observed in the data provided. This suggests that the company's level of debt relative to equity is relatively high, which may pose potential risks and impacts on the company's financial stability and future growth prospects. Management should closely monitor this ratio and consider strategies to optimize the company's capital structure for long-term sustainability.