• Target average debt/equity ratio for 2024 was 1.01, a 22.9% decline from 2023.
• Target average debt/equity ratio for 2023 was 1.31, a 7.38% decline from 2022.
• Target average debt/equity ratio for 2022 was 1.22, a 52.5% increase from 2021.

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.