• Xcel Energy average debt/equity ratio for 2023 was 1.41, a 0.71% increase from 2022.
• Xcel Energy average debt/equity ratio for 2022 was 1.4, a 1.41% increase from 2021.
• Xcel Energy average debt/equity ratio for 2021 was 1.42, a 2.9% 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.