• Nippon Paint Holdings average debt/equity ratio for 2023 was 0.49, a 5.77% decline from 2022.
• Nippon Paint Holdings average debt/equity ratio for 2022 was 0.52, a 6.12% decline from 2021.
• Nippon Paint Holdings average debt/equity ratio for 2021 was 0.49, a 18.33% 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.