• Pool average debt/equity ratio for 2023 was 0.83, a 32.52% decline from 2022.
• Pool average debt/equity ratio for 2022 was 1.23, a 92.19% decline from 2021.
• Pool average debt/equity ratio for 2021 was 0.64, a 31.18% 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.