• Toro average debt/equity ratio for 2023 was 0.71, a 11.25% decline from 2022.
• Toro average debt/equity ratio for 2022 was 0.8, a 48.15% decline from 2021.
• Toro average debt/equity ratio for 2021 was 0.54, a 23.94% 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.