• Pfizer average debt/equity ratio for 2023 was 0.56, a 47.37% increase from 2022.
• Pfizer average debt/equity ratio for 2022 was 0.38, a 22.45% increase from 2021.
• Pfizer average debt/equity ratio for 2021 was 0.49, a 26.87% 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.