Waters Corporation (WAT)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	1,828,510	1,603,100	1,411,970	1,256,520	1,150,340	905,522	771,229	599,823	504,488	385,236	392,124	374,937	367,554	295,222	268,273	230,962	232,144	-41,581	-191,742	-337,999
Debt-to-capital ratio		0.47	0.53	0.59	0.00	0.67	0.73	0.77	0.70	0.75	0.80	0.79	0.79	0.80	0.85	0.86	0.87	0.84	1.03	1.14	1.22

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,626,490K ÷ ($1,626,490K + $1,828,510K)
= 0.47

The debt-to-capital ratio of Waters Corporation has shown a gradual decline over the past few years, indicating a decreasing reliance on debt financing to fund its operations and investments. As of December 31, 2024, the ratio stands at 0.47, suggesting that only 47% of the company's capital structure is funded by debt, while the remaining 53% is financed by equity. This trend towards lower debt levels may imply improved financial stability and reduced risk exposure for the company. It is important to note that a lower debt-to-capital ratio generally signifies a healthier financial position and may be viewed positively by investors and creditors.