• Lamar Advertising average debt/equity ratio for 2023 was 2.66, a 8.13% decline from 2022.
• Lamar Advertising average debt/equity ratio for 2022 was 2.46, a 9.82% increase from 2021.
• Lamar Advertising average debt/equity ratio for 2021 was 2.24, a 15.15% 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.