• Federal Signal average debt/equity ratio for 2023 was 0.38, a 7.32% decline from 2022.
• Federal Signal average debt/equity ratio for 2022 was 0.41, a 24.24% decline from 2021.
• Federal Signal average debt/equity ratio for 2021 was 0.33, a 10.81% 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.