• Carnival average debt/equity ratio for 2023 was 4.78, a 33.15% decline from 2022.
• Carnival average debt/equity ratio for 2022 was 3.59, a 106.32% increase from 2021.
• Carnival average debt/equity ratio for 2021 was 1.74, a 120.25% 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.