• Toll Brothers average debt/equity ratio for 2023 was 0.45, a 23.73% decline from 2022.
• Toll Brothers average debt/equity ratio for 2022 was 0.59, a 18.06% decline from 2021.
• Toll Brothers average debt/equity ratio for 2021 was 0.72, a 16.28% 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.