• Novo Nordisk average debt/equity ratio for 2023 was 0.23, a 28.13% increase from 2022.
• Novo Nordisk average debt/equity ratio for 2022 was 0.32, a 113.33% decline from 2021.
• Novo Nordisk average debt/equity ratio for 2021 was 0.15, a 200% 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.