• Reliance average debt/equity ratio for 2023 was 0.15, a 21.05% decline from 2022.
• Reliance average debt/equity ratio for 2022 was 0.19, a 34.48% decline from 2021.
• Reliance average debt/equity ratio for 2021 was 0.29, a 9.38% 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.