• Herc Holdings average debt/equity ratio for 2023 was 3.11, a 23.41% decline from 2022.
• Herc Holdings average debt/equity ratio for 2022 was 2.52, a 21.15% increase from 2021.
• Herc Holdings average debt/equity ratio for 2021 was 2.08, a 30.2% 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.