• Armstrong World Industries average debt/equity ratio for 2023 was 1.12, a 9.68% decline from 2022.
• Armstrong World Industries average debt/equity ratio for 2022 was 1.24, a 5.34% decline from 2021.
• Armstrong World Industries average debt/equity ratio for 2021 was 1.31, a 18.63% decline 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.