• Novanta average debt/equity ratio for 2023 was 0.6, a 22.08% increase from 2022.
• Novanta average debt/equity ratio for 2022 was 0.77, a 24.19% decline from 2021.
• Novanta average debt/equity ratio for 2021 was 0.62, a 34.78% 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.