• Progressive average debt/equity ratio for 2023 was 0.38, a 5% decline from 2022.
• Progressive average debt/equity ratio for 2022 was 0.4, a 42.86% decline from 2021.
• Progressive average debt/equity ratio for 2021 was 0.28, a 15.15% 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.