• Diageo average debt/equity ratio for 2023 was 1.7, a 4.94% decline from 2022.
• Diageo average debt/equity ratio for 2022 was 1.62, a 8.72% increase from 2021.
• Diageo average debt/equity ratio for 2021 was 1.49, a 15.34% 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.