• West Japan Railway average debt/equity ratio for 2023 was 1.11, a 14.62% decline from 2022.
• West Japan Railway average debt/equity ratio for 2022 was 1.3, a 23.08% decline from 2021.
• West Japan Railway average debt/equity ratio for 2021 was 1.69, a 55.05% 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.