• ADP average debt/equity ratio for 2023 was 0.8, a 15.79% decline from 2022.
• ADP average debt/equity ratio for 2022 was 0.95, a 86.27% decline from 2021.
• ADP average debt/equity ratio for 2021 was 0.51, a 96.15% increase from 2020.

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.