Read the notes, not the ratio. The borrowings line is one number on the face of the balance sheet. Leases, guarantees and vendor financing live in the notes behind it, and that is where the rest of the debt is hiding.

A liability that behaves like debt is debt. Fixed claim, contractual schedule, a lender who gets paid before you do. Whichever line it sits on, it competes with your equity for the same cash.

Add it back before you compare. A company that leases its plants and one that owns them are not lightly versus heavily geared by accident. Put the leases and the financing back on both sides, then judge.