• MSA Safety Incorporporated average debt/equity ratio for 2023 was 0.86, a 24.64% decline from 2022.
• MSA Safety Incorporporated average debt/equity ratio for 2022 was 0.69, a 23.21% increase from 2021.
• MSA Safety Incorporporated average debt/equity ratio for 2021 was 0.56, a 33.33% 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.