• Heineken average debt/equity ratio for 2023 was 0.64, a 6.67% decline from 2022.
• Heineken average debt/equity ratio for 2022 was 0.6, a 24.05% increase from 2021.
• Heineken average debt/equity ratio for 2021 was 0.79, a 90.77% 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.