• British American Tobacco average debt/equity ratio for 2023 was 0.59, a 11.32% increase from 2022.
• British American Tobacco average debt/equity ratio for 2022 was 0.53, a 5.36% increase from 2021.
• British American Tobacco average debt/equity ratio for 2021 was 0.56, a 11.11% 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.