• AAON average debt/equity ratio for 2024 was 0.09, a 18.18% increase from 2023.
• AAON average debt/equity ratio for 2023 was 0.11, a 31.25% decline from 2022.
• AAON average debt/equity ratio for 2022 was 0.16, a 700% decline from 2021.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.