• NewMarket average debt/equity ratio for 2023 was 0.9, a 30.77% increase from 2022.
• NewMarket average debt/equity ratio for 2022 was 1.3, a 10.17% decline from 2021.
• NewMarket average debt/equity ratio for 2021 was 1.18, a 21.65% 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.