• CF Industries Holdings average debt/equity ratio for 2023 was 0.36, a 12.2% increase from 2022.
• CF Industries Holdings average debt/equity ratio for 2022 was 0.41, a 33.87% decline from 2021.
• CF Industries Holdings average debt/equity ratio for 2021 was 0.62, a 12.68% 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.