• National Fuel Gas average debt/equity ratio for 2023 was 0.77, a 23% decline from 2022.
• National Fuel Gas average debt/equity ratio for 2022 was 1, a 24.24% decline from 2021.
• National Fuel Gas average debt/equity ratio for 2021 was 1.32, a 14.78% 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.