• Brown-Forman average debt/equity ratio for 2023 was 0.77, a 5.48% decline from 2022.
• Brown-Forman average debt/equity ratio for 2022 was 0.73, a 17.05% increase from 2021.
• Brown-Forman average debt/equity ratio for 2021 was 0.88, a 18.52% 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.