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The debt-to-equity ratio -LRB- D / E -RRB- is a financial ratio indicating the relative proportion of shareholders ' equity and debt used to finance a company 's assets .. financial ratio. financial ratio. debt. debt. Closely related to leveraging , the ratio is also known as risk , gearing or leverage .. leveraging. leverage ( finance ). The two components are often taken from the firm 's balance sheet or statement of financial position -LRB- so-called book value -RRB- , but the ratio may also be calculated using market values for both , if the company 's debt and equity are publicly traded , or using a combination of book value for debt and market value for equity financially .. debt. debt. balance sheet. balance sheet. book value. book value. publicly traded. public company