• Goldman Sachs average debt/equity ratio for 2023 was 2, a 5.66% decline from 2022.
• Goldman Sachs average debt/equity ratio for 2022 was 2.12, a 7.42% decline from 2021.
• Goldman Sachs average debt/equity ratio for 2021 was 2.29, a 2.97% 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.