Waters Corporation (WAT)

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	2,305,510	2,455,260	2,580,200	1,430,130	1,524,880	1,494,630	1,434,370	1,444,120	1,513,870	1,613,620	1,603,370	1,603,090	1,206,520	1,421,340	1,546,160	1,845,980	1,580,800	1,255,600	1,048,390	1,048,280
Total assets	US$ in thousands	4,626,850	4,497,180	4,548,200	3,306,820	3,281,450	3,070,050	3,040,570	3,041,270	3,094,930	3,115,920	3,103,650	3,211,560	2,839,920	2,679,290	2,648,300	2,666,520	2,557,060	2,561,260	2,822,920	3,249,730
Debt-to-assets ratio		0.50	0.55	0.57	0.43	0.46	0.49	0.47	0.47	0.49	0.52	0.52	0.50	0.42	0.53	0.58	0.69	0.62	0.49	0.37	0.32

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 of Waters Corp. has fluctuated over the past 8 quarters, ranging from 0.45 to 0.58. This ratio indicates the proportion of the company's assets that are financed through debt. A higher ratio suggests a greater reliance on debt to fund operations and investments.

In Q2 and Q3 of 2023, the debt-to-assets ratio increased to 0.58 and 0.56, respectively, reaching the highest levels in the provided data. This may indicate an increase in debt levels relative to total assets during those periods. A higher debt-to-assets ratio could raise concerns about the company's financial risk and ability to meet its debt obligations.

Conversely, in Q1 and Q4 of 2023, the ratio decreased to 0.45 and 0.51, respectively, suggesting a reduction in debt relative to assets compared to the previous quarters. A lower debt-to-assets ratio generally implies a stronger financial position with less reliance on debt financing.

Overall, the trend in Waters Corp.'s debt-to-assets ratio shows some variability, with a general fluctuation within a relatively narrow range. Further analysis and comparison with industry benchmarks would be beneficial to fully assess the company's financial leverage and risk profile.