• Spirax Group average debt/equity ratio for 2023 was 0.68, a 7.94% increase from 2022.
• Spirax Group average debt/equity ratio for 2022 was 0.63, a 103.23% increase from 2021.
• Spirax Group average debt/equity ratio for 2021 was 0.31, a 44.64% 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.