• CarMax average debt/equity ratio for 2023 was 3.08, a 7.51% decline from 2022.
• CarMax average debt/equity ratio for 2022 was 3.33, a 0.3% decline from 2021.
• CarMax average debt/equity ratio for 2021 was 3.34, a 12.34% 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.