• IES Holdings average debt/equity ratio for 2023 was 0.01, a 95% decline from 2022.
• IES Holdings average debt/equity ratio for 2022 was 0.2, a 100% decline from 2021.
• IES Holdings average debt/equity ratio for 2021 was 0.1, a 150% 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.