• Telefonica Brasil S.A average debt/equity ratio for 2023 was 0.19, a 5.56% increase from 2022.
• Telefonica Brasil S.A average debt/equity ratio for 2022 was 0.18, a 50% increase from 2021.
• Telefonica Brasil S.A average debt/equity ratio for 2021 was 0.12, a 0% 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.