Waters Corporation (WAT)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	2,305,510	1,524,880	1,513,870	1,206,520	1,580,800
Total assets	US$ in thousands	4,626,850	3,281,450	3,094,930	2,839,920	2,557,060
Debt-to-assets ratio		0.50	0.46	0.49	0.42	0.62

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,305,510K ÷ $4,626,850K
= 0.50

The debt-to-assets ratio for Waters Corp. has fluctuated over the past five years. In 2019, the ratio was relatively high at 0.66, indicating that a significant portion of the company's assets were financed by debt. However, there was a notable decrease in the ratio in the subsequent years, reaching a low of 0.48 in 2020 and 2022.

The increase in the ratio to 0.51 in 2023 suggests that Waters Corp. has slightly increased its reliance on debt to finance its assets compared to the previous year. This could potentially indicate a shift in the company's capital structure or increased borrowing activity.

Overall, while the debt-to-assets ratio for Waters Corp. is above 0.5 in recent years, indicating that more than half of the company's assets are financed by debt, the fluctuation in the ratio suggests some variability in the company's debt management and financial leverage strategies. Further analysis of the company's debt levels, asset composition, and overall financial health would be necessary to fully assess the implications of these ratio fluctuations.