• Donaldson average debt/equity ratio for 2023 was 0.38, a 28.3% decline from 2022.
• Donaldson average debt/equity ratio for 2022 was 0.53, a 20.45% decline from 2021.
• Donaldson average debt/equity ratio for 2021 was 0.44, a 32.31% 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.