• Mastercard average debt/equity ratio for 2023 was 2.43, a 15.17% decline from 2022.
• Mastercard average debt/equity ratio for 2022 was 2.11, a 7.65% increase from 2021.
• Mastercard average debt/equity ratio for 2021 was 1.96, a 4.85% increase 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.