• Procter & Gamble average debt/equity ratio for 2023 was 0.5, a 2.04% decline from 2022.
• Procter & Gamble average debt/equity ratio for 2022 was 0.49, a 4.26% increase from 2021.
• Procter & Gamble average debt/equity ratio for 2021 was 0.47, a 4.08% 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.