• Dillard's average debt/equity ratio for 2023 was 0.31, a 11.43% decline from 2022.
• Dillard's average debt/equity ratio for 2022 was 0.35, a 5.41% decline from 2021.
• Dillard's average debt/equity ratio for 2021 was 0.37, a 7.5% 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.