• Shell average debt/equity ratio for 2023 was 0.38, a 7.32% decline from 2022.
• Shell average debt/equity ratio for 2022 was 0.41, a 18% decline from 2021.
• Shell average debt/equity ratio for 2021 was 0.5, a 5.66% 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.