• FirstEnergy average debt/equity ratio for 2023 was 2.08, a 1.96% decline from 2022.
• FirstEnergy average debt/equity ratio for 2022 was 2.04, a 30.14% increase from 2021.
• FirstEnergy average debt/equity ratio for 2021 was 2.92, a 4.89% 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.