• Warner Music Group average debt/equity ratio for 2023 was 11.01, a 45.2% decline from 2022.
• Warner Music Group average debt/equity ratio for 2022 was 20.09, a 54.47% decline from 2021.
• Warner Music Group average debt/equity ratio for 2021 was 44.12, a 71.94% 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.