• Caterpillar average debt/equity ratio for 2023 was 1.27, a 20.63% increase from 2022.
• Caterpillar average debt/equity ratio for 2022 was 1.6, a 0.63% decline from 2021.
• Caterpillar average debt/equity ratio for 2021 was 1.59, a 10.17% 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.