• Hormel Foods average debt/equity ratio for 2023 was 0.37, a 17.78% decline from 2022.
• Hormel Foods average debt/equity ratio for 2022 was 0.45, a 40.63% decline from 2021.
• Hormel Foods average debt/equity ratio for 2021 was 0.32, a 220% 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.