• Fastenal average debt/equity ratio for 2023 was 0.06, a 45.45% decline from 2022.
• Fastenal average debt/equity ratio for 2022 was 0.11, a 8.33% decline from 2021.
• Fastenal average debt/equity ratio for 2021 was 0.12, a 20% 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.