• Denso average debt/equity ratio for 2023 was 0.12, a 25% decline from 2022.
• Denso average debt/equity ratio for 2022 was 0.16, a 5.88% decline from 2021.
• Denso average debt/equity ratio for 2021 was 0.17, a 70% decline 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.