• Modine Manufacturing average debt/equity ratio for 2023 was 0.49, a 35.53% decline from 2022.
• Modine Manufacturing average debt/equity ratio for 2022 was 0.76, a 17.39% decline from 2021.
• Modine Manufacturing average debt/equity ratio for 2021 was 0.92, a 4.55% 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.