• Central Japan Railway average debt/equity ratio for 2023 was 1.19, a 10.53% decline from 2022.
• Central Japan Railway average debt/equity ratio for 2022 was 1.33, a 0.76% decline from 2021.
• Central Japan Railway average debt/equity ratio for 2021 was 1.32, a 4.76% 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.