• Baxter average debt/equity ratio for 2023 was 2.04, a 10.92% decline from 2022.
• Baxter average debt/equity ratio for 2022 was 2.29, a 138.54% decline from 2021.
• Baxter average debt/equity ratio for 2021 was 0.96, a 35.21% 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.