External-rotor dual-armature flux-switching PM (ER-DA-FSPM) machines have high torque density and decent fault tolerance, making them promising candidates for in-wheel machine applications in electric vehicles. The torque output and optimal design parameters of ER-DA-FSPM machines are affected by the stator/rotor torque ratio, which is the focus of this paper. Firstly, this paper analyzes airgap flux density harmonics of ER-DA-FSPM to provide a clear insight into the torque-generation mechanism. Then, this paper investigates the influence of torque ratio on average torque under the same copper loss. It is found that the average torque decreases with torque ratio increasing due to the reduction of the positive torque component generated by the sixth airgap field harmonics and the rise in the negative torque component from the eighth harmonics. Moreover, this paper also provides the optimal parameter recommendation to guide the machine design. The split ratio should increase, and the arc of PMs should decrease for a larger torque ratio, whilst the other parameters are hardly influenced. Next, this paper makes a comparison among the ER-DA-FSPM machine, external rotor flux-switching PM (ER-FSPM) machine, and surface-mounted PM (ER-SPM) machines. It shows that the ER-DA-FSPM machine, with the torque ratio being 2, can lead to a much larger total torque. In addition, in the event of rotor winding failure, which is more possible due to the existence of slip rings than stator winding failure, the stator can still provide an average torque larger than that of ER-SPM machine and 92.0% that of the ER-FSPM machine, respectively. Finally, the theoretical analysis is verified by the experiments.