• UGI average debt/equity ratio for 2023 was 1.45, a 31.82% increase from 2022.
• UGI average debt/equity ratio for 2022 was 1.1, a 6.78% increase from 2021.
• UGI average debt/equity ratio for 2021 was 1.18, a 16.9% 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.