• Obayashi average debt/equity ratio for 2023 was 0.24, a 11.11% decline from 2022.
• Obayashi average debt/equity ratio for 2022 was 0.27, a 28.57% decline from 2021.
• Obayashi average debt/equity ratio for 2021 was 0.21, a 16% 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.