Jeffrey Zekauskas -- J.P. Morgan -- Analyst
And then for my follow-up, I realize that CF has been a pretty good stock this year, but if you look at it over a longer period of time, then the share price had struggled. And it sounds like you don't really want to buy back shares in that you want to buy them at a more attractive price. And historically, CF has really not been interested in raising the dividend.
And the market doesn't seem to want to pay a high multiple of your cash flow for whatever reason. So like, what do you do? Like, how do people make money in CF over a longer period of time? You don't want to lever up. What are the levers that are going to lead to an above-average return over time or are those out of your hands?
Tony Will -- President and Chief Executive Officer
Yeah. No, Jeff, I appreciate that question. And I think you have to look at our return in the context of other companies within the Ag space or within the nitrogen space. And I'd say, if you look at, I think, 10-year return kind of numbers, we're at the top of the heap in terms of what our -- where our peer group has been. And I think that certainly there has been some challenges in the interim during that period of time, but I also think we've done some things that make the company stronger today than it's ever been in the past.
And if you look at how much cash flow we're generating today and how many shares that are outstanding, the ratio is better today than it was even back in the highest-priced days of the stock and/or the highest EBITDA that we were generating in the company's history. And so I think the sector may not be in that much favor right now in the marketplace, but I think the fundamentals of this business are better than they've ever been in the past.
And I would also say we've taken out, I think, over 50 million shares out of our share count through repurchases and it's probably even more than 50 million shares. And that actually has not seemed to -- led to any kind of dramatic improvement and so I'm not sure share repurchase is the answer.
I think what really does drive value for investors, in the near term, it's the fundamentals that we're looking at, which are better than anything we've seen in the last seven or eight years. And in the longer term, it is the fact that ammonia and hydrogen, I think, are really the clear clean energy sources of the future as economies decarbonize, and we're in the best position to capitalize on that.
And as demand starts ramping up and exceeding supply, I think what you'll see is asset values will tend toward replacement costs, which is way above where they are today. And so it gives us the opportunity to think about how we want to participate in that marketplace, and it puts growth clearly back on the radar screen, whether that's inorganic or organic. But the fact of the matter is, I firmly believe that you move the clock forward several years and ammonia is going to be in tight supply and people are going to be racing to need to build it. And when that happens, you see a dramatic uptick in terms of asset value. So we're very optimistic about the return profile that we offer to our investors.
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