• Daiwa Securities Group average debt/equity ratio for 2023 was 1.81, a 3.43% decline from 2022.
• Daiwa Securities Group average debt/equity ratio for 2022 was 1.75, a 6.91% increase from 2021.
• Daiwa Securities Group average debt/equity ratio for 2021 was 1.88, a 21.29% 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.