• Smiths Group average debt/equity ratio for 2023 was 0.26, a 13.33% increase from 2022.
• Smiths Group average debt/equity ratio for 2022 was 0.3, a 52.38% decline from 2021.
• Smiths Group average debt/equity ratio for 2021 was 0.63, a 1.56% 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.