• Michelin average debt/equity ratio for 2023 was 0.04, a 0% decline from 2022.
• Michelin average debt/equity ratio for 2022 was 0.04, a 20% decline from 2021.
• Michelin average debt/equity ratio for 2021 was 0.05, a 66.67% 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.