• 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.
• Target average debt/equity ratio for 2021 was 0.8, a 25.23% 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.