• Ashtead Group average debt/equity ratio for 2023 was 1.15, a 7.48% decline from 2022.
• Ashtead Group average debt/equity ratio for 2022 was 1.07, a 12.63% increase from 2021.
• Ashtead Group average debt/equity ratio for 2021 was 0.95, a 29.63% 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.