• XP average debt/equity ratio for 2023 was 0.07, a 36.36% increase from 2022.
• XP average debt/equity ratio for 2022 was 0.11, a 15.38% decline from 2021.
• XP average debt/equity ratio for 2021 was 0.13, a 7.14% 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.