• Woodward average debt/equity ratio for 2023 was 0.31, a 13.89% decline from 2022.
• Woodward average debt/equity ratio for 2022 was 0.36, a 5.88% decline from 2021.
• Woodward average debt/equity ratio for 2021 was 0.34, a 12.82% 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.