Waters Corporation (WAT)

Debt-to-assets 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	1,626,490	1,826,250	2,006,010	—	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
Total assets	US$ in thousands	4,553,800	4,511,620	4,449,050	4,508,960	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
Debt-to-assets ratio		0.36	0.40	0.45	0.00	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

December 31, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $1,626,490K ÷ $4,553,800K
= 0.36

The debt-to-assets ratio for Waters Corporation has shown a decreasing trend over the analyzed period, starting at 0.69 as of March 31, 2020, and dropping to 0.36 as of December 31, 2024. This indicates that the company's reliance on debt to finance its operations and investments has been gradually decreasing. A lower debt-to-assets ratio typically suggests that the company has less financial risk and may be in a stronger financial position. However, a debt-to-assets ratio of 0.00 as of March 31, 2024, should be further investigated as it may indicate a potential issue with the data or a significant change in the company's financial structure. Overall, the decreasing trend in the debt-to-assets ratio reflects positively on Waters Corporation's financial health and stability.