What the contrast ratio checker shows
The ratio is (L1 + 0.05) / (L2 + 0.05) on relative luminance, where L1 is the lighter colour. It runs from 1:1 for identical colours to 21:1 for black on white. Unlike the panel tests on this site, this is a defined calculation rather than an observation, so the number is exact.
The thresholds are the useful part. Body text needs 4.5:1 for AA and 7:1 for AAA. Large text — 24px, or 19px bold — needs 3:1 and 4.5:1. Interface components and graphical objects need 3:1.
Using the ratio in practice
Read the sample text rather than only the number. A ratio that passes on paper can still be uncomfortable with a thin typeface or a light weight, because contrast requirements were written before variable fonts made hairline weights easy.
Both colours are kept in the address bar, so a checked pair is a link you can put in a review comment or a design ticket.