Vulcan Materials Company (VMC)

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	3,877,300	3,874,300	3,873,200	3,876,900	3,875,200	3,874,200	3,873,700	3,874,500	3,874,800	3,874,100	2,769,900	2,772,900	2,772,200	2,777,070	2,785,650	2,785,570	2,784,320	2,783,070	2,781,830	2,780,590
Total stockholders’ equity	US$ in thousands	7,483,400	7,440,600	7,202,600	6,986,900	6,928,600	6,855,700	6,721,100	6,575,300	6,545,000	6,426,100	6,293,100	6,136,200	6,027,300	5,928,350	5,764,150	5,590,330	5,621,860	5,542,240	5,371,450	5,217,210
Debt-to-capital ratio		0.34	0.34	0.35	0.36	0.36	0.36	0.37	0.37	0.37	0.38	0.31	0.31	0.32	0.32	0.33	0.33	0.33	0.33	0.34	0.35

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,877,300K ÷ ($3,877,300K + $7,483,400K)
= 0.34

The debt-to-capital ratio of Vulcan Materials Co has exhibited relatively stable levels over the past eight quarters, ranging between 0.34 and 0.38. This ratio represents the proportion of the company's total debt to its total capital, which includes both debt and equity.

The consistent values suggest that Vulcan Materials Co has maintained a relatively balanced capital structure, with a moderate reliance on debt to finance its operations and investments. A lower debt-to-capital ratio indicates a lower level of financial risk, as it implies a smaller proportion of debt in relation to the company's total capital.

Overall, the company's debt-to-capital ratio appears to be within a manageable range, indicating prudent financial management in maintaining an appropriate level of debt relative to its total capital. This stability in the ratio demonstrates a degree of financial discipline and strategic decision-making in managing the company's capital structure.