• A O Smith average debt/equity ratio for 2023 was 0.1, a 41.18% decline from 2022.
• A O Smith average debt/equity ratio for 2022 was 0.17, a 142.86% decline from 2021.
• A O Smith average debt/equity ratio for 2021 was 0.07, a 46.15% 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.