• Banco Santander, S.A average debt/equity ratio for 2023 was 1.06, a 55.27% decline from 2022.
• Banco Santander, S.A average debt/equity ratio for 2022 was 2.37, a 233.8% decline from 2021.
• Banco Santander, S.A average debt/equity ratio for 2021 was 0.71, a 69.79% 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.