• Waters average debt/equity ratio for 2023 was 2.61, a 27.7% decline from 2022.
• Waters average debt/equity ratio for 2022 was 3.61, a 35.88% decline from 2021.
• Waters average debt/equity ratio for 2021 was 5.63, a 333.08% 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.