• Telefonica SA average debt/equity ratio for 2023 was 1.13, a 3.67% increase from 2022.
• Telefonica SA average debt/equity ratio for 2022 was 1.09, a 25.85% increase from 2021.
• Telefonica SA average debt/equity ratio for 2021 was 1.47, a 35.53% 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.