• AES average debt/equity ratio for 2023 was 4.58, a 12.25% decline from 2022.
• AES average debt/equity ratio for 2022 was 4.08, a 18.95% increase from 2021.
• AES average debt/equity ratio for 2021 was 3.43, a 18.72% 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.