• Nokia average debt/equity ratio for 2023 was 0.17, a 26.09% decline from 2022.
• Nokia average debt/equity ratio for 2022 was 0.23, a 25.81% decline from 2021.
• Nokia average debt/equity ratio for 2021 was 0.31, a 8.82% 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.