• Northern Trust average debt/equity ratio for 2023 was 0.49, a 32.43% increase from 2022.
• Northern Trust average debt/equity ratio for 2022 was 0.37, a 5.71% increase from 2021.
• Northern Trust average debt/equity ratio for 2021 was 0.35, a 16.67% 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.