• ON Semiconductor average debt/equity ratio for 2023 was 0.36, a 34.55% decline from 2022.
• ON Semiconductor average debt/equity ratio for 2022 was 0.55, a 23.61% decline from 2021.
• ON Semiconductor average debt/equity ratio for 2021 was 0.72, a 33.94% 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.