• UPS average debt/equity ratio for 2023 was 1.01, a 6.48% increase from 2022.
• UPS average debt/equity ratio for 2022 was 1.08, a 46.8% decline from 2021.
• UPS average debt/equity ratio for 2021 was 2.03, a 83.66% 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.