Woodward Inc (WWD)

Debt-to-capital ratio

		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	Dec 31, 2019
Long-term debt	US$ in thousands	569,751	562,618	649,039	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
Total stockholders’ equity	US$ in thousands	2,176,420	2,159,210	2,329,410	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
Debt-to-capital ratio		0.21	0.21	0.22	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

September 30, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $569,751K ÷ ($569,751K + $2,176,420K)
= 0.21

Woodward Inc's debt-to-capital ratio has shown a fluctuating trend over the past few quarters. The ratio has ranged between 0.21 and 0.31, indicating the proportion of debt relative to the total capital employed by the company.

It is observed that the debt-to-capital ratio increased from 0.21 in September 2024 to 0.31 in December 2019, before showing a slight decline to 0.21 in September 2024. This suggests that the company has been managing its debt levels relative to its capital structure.

While fluctuations in the ratio are common and can be influenced by various factors such as borrowing decisions, earnings performance, and capital structure changes, it is essential for investors and analysts to closely monitor these trends to assess the company's leverage and financial health. Further analysis of Woodward Inc's debt levels and capital structure dynamics would provide valuable insights into its financial stability and risk profile.