• Campbell's average debt/equity ratio for 2023 was 1.2, a 1.64% increase from 2022.
• Campbell's average debt/equity ratio for 2022 was 1.22, a 23.75% decline from 2021.
• Campbell's average debt/equity ratio for 2021 was 1.6, a 17.1% 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.