• Valero Energy average debt/equity ratio for 2023 was 0.36, a 26.53% decline from 2022.
• Valero Energy average debt/equity ratio for 2022 was 0.49, a 30% decline from 2021.
• Valero Energy average debt/equity ratio for 2021 was 0.7, a 9.38% 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.