• Walmart average debt/equity ratio for 2023 was 0.5, a 13.64% decline from 2022.
• Walmart average debt/equity ratio for 2022 was 0.44, a 12% increase from 2021.
• Walmart average debt/equity ratio for 2021 was 0.5, a 13.79% 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.