• Crown Castle average debt/equity ratio for 2023 was 3.2, a 18.08% increase from 2022.
• Crown Castle average debt/equity ratio for 2022 was 2.71, a 15.32% increase from 2021.
• Crown Castle average debt/equity ratio for 2021 was 2.35, a 18.69% 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.