• Southwest Gas average debt/equity ratio for 2023 was 1.51, a 4.14% decline from 2022.
• Southwest Gas average debt/equity ratio for 2022 was 1.45, a 29.46% increase from 2021.
• Southwest Gas average debt/equity ratio for 2021 was 1.12, a 13.13% 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.