• Walgreens average debt/equity ratio for 2023 was 0.29, a 17.14% increase from 2022.
• Walgreens average debt/equity ratio for 2022 was 0.35, a 10.26% decline from 2021.
• Walgreens average debt/equity ratio for 2021 was 0.39, a 26.42% 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.