• Illinois Tool Works average debt/equity ratio for 2023 was 2.1, a 9.38% increase from 2022.
• Illinois Tool Works average debt/equity ratio for 2022 was 1.92, a 6.8% increase from 2021.
• Illinois Tool Works average debt/equity ratio for 2021 was 2.06, a 30.87% 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.