• Parker-Hannifin average debt/equity ratio for 2023 was 0.89, a 20.54% decline from 2022.
• Parker-Hannifin average debt/equity ratio for 2022 was 1.12, a 43.59% decline from 2021.
• Parker-Hannifin average debt/equity ratio for 2021 was 0.78, a 30.97% 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.