• Japan Airlines average debt/equity ratio for 2023 was 0.93, a 7% decline from 2022.
• Japan Airlines average debt/equity ratio for 2022 was 1, a 85.19% decline from 2021.
• Japan Airlines average debt/equity ratio for 2021 was 0.54, a 12.5% 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.