• Canadian National Railway average debt/equity ratio for 2023 was 0.77, a 26.23% increase from 2022.
• Canadian National Railway average debt/equity ratio for 2022 was 0.61, a 5.17% increase from 2021.
• Canadian National Railway average debt/equity ratio for 2021 was 0.58, a 12.12% increase 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.