• Johnson Controls average debt/equity ratio for 2023 was 0.46, a 6.98% decline from 2022.
• Johnson Controls average debt/equity ratio for 2022 was 0.43, a 7.5% increase from 2021.
• Johnson Controls average debt/equity ratio for 2021 was 0.4, a 14.29% 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.