• Middleby average debt/equity ratio for 2023 was 0.85, a 19.05% decline from 2022.
• Middleby average debt/equity ratio for 2022 was 1.05, a 19.32% decline from 2021.
• Middleby average debt/equity ratio for 2021 was 0.88, a 14.56% 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.