Woodward Inc (WWD)

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	653,029	645,709	651,443	652,119	649,093	709,760	716,744	728,247	729,826	734,122	739,062	736,095	745,464	736,849	729,165	869,223	729,176	864,899	1,011,150	1,000,470
Total stockholders’ equity	US$ in thousands	2,190,060	2,070,990	2,085,790	2,012,050	1,939,440	1,901,120	1,909,610	2,051,880	2,223,430	2,214,780	2,201,690	2,133,300	2,063,460	1,992,680	1,909,770	1,907,690	1,798,600	1,726,740	1,704,310	1,702,660
Debt-to-capital ratio		0.23	0.24	0.24	0.24	0.25	0.27	0.27	0.26	0.25	0.25	0.25	0.26	0.27	0.27	0.28	0.31	0.29	0.33	0.37	0.37

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $653,029K ÷ ($653,029K + $2,190,060K)
= 0.23

The debt-to-capital ratio of Woodward Inc has fluctuated over the past eight quarters, ranging from 0.25 to 0.30. Generally, a lower debt-to-capital ratio indicates a lower level of financial risk for the company, as it suggests that a smaller portion of the company's capital structure is financed through debt.

The ratio decreased from Q2 2023 to Q4 2023, indicating a reduction in the company's debt relative to its capital during that period. However, in the subsequent quarters, the ratio remained relatively stable, hovering around 0.26 to 0.29.

Overall, Woodward Inc's debt-to-capital ratio has shown a degree of consistency in the recent quarters, suggesting the company has been managing its debt levels in relation to its overall capital structure. Continued monitoring of this ratio will be important to assess the company's financial leverage and risk profile.