• S&P Global average debt/equity ratio for 2023 was 0.31, a 10.71% increase from 2022.
• S&P Global average debt/equity ratio for 2022 was 0.28, a 89.74% increase from 2021.
• S&P Global average debt/equity ratio for 2021 was 2.73, a 63.84% 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.