• Brown & Brown average debt/equity ratio for 2023 was 0.67, a 23.86% decline from 2022.
• Brown & Brown average debt/equity ratio for 2022 was 0.88, a 87.23% decline from 2021.
• Brown & Brown average debt/equity ratio for 2021 was 0.47, a 4.08% 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.