• Harley-Davidson average debt/equity ratio for 2023 was 1.7, a 2.3% decline from 2022.
• Harley-Davidson average debt/equity ratio for 2022 was 1.74, a 21.27% decline from 2021.
• Harley-Davidson average debt/equity ratio for 2021 was 2.21, a 35% 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.