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CFCF Industries

Materials · Fertilizers · NYSE
CF quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 19.3%, free cash flow up to $1.8B

XBRL, from each 10-K
RevenueStatements ↓
$7.1B
from $5.9B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.5B
from $1.2B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.8B
from $1.8B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.97
from $6.74 in FY2024
FY2016FY2025
Operating marginStatements ↓
32.5%
from 29.4% in FY2024
FY2016FY2025
Total debtStatements ↓
$3.2B
from $3.0B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)14.18Sales (ttm)7.9BNet income (ttm)2.2BSales growth+19.3%EPS growth+33.1%Sales Q/Q+12.1%
Free cash flow2.1BGross margin42.5%Oper. margin41.6%Net margin27.5%FCF margin26.2%ROE38.1%
ROA13.6%R&D / sales-Dividend2.00Debt/Eq0.56Curr. ratio2.98Cash2.8B
Op. cash flow (ttm)3.1BEBITDA3.2BEBITDA margin45.1%Net debt397.0MQuick ratio2.70Interest cover14.84
ROIC20.6%Payout ratio22.3%Tax rate19.7%Stock pay / sales0.6%Shares out.146.3MShares Y/Y-10.2%
Book / share39.18Cash / share19.28Sales / share54.28Asset turnover0.49Inventory turns11.38Days sales out.25
Sales 3Y CAGR-14.1%Sales 5Y CAGR+11.4%EPS 3Y CAGR-18.2%EPS 5Y CAGR+43.6%Employees2,900Sales / employee2.7M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +19.3%-10.5% → +19.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 32.5%29.4% → 32.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

CF against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
CFPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+19.3%5th of 24 · median +4.4%
Net margin
27.5%3rd of 24 · median 8.4%
Return on equity
38.1%2nd of 24 · median 13.1%
Free cash flow margin
26.2%2nd of 24 · median 6.8%
Debt / equity (less is better)
0.568th of 24 · median 0.76
CF and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CF CF Industries$7.9B +19.3%42.5%27.5%38.1%26.2%0.56
PKG Packaging Corporation of America$9.8B +7.2%20.5%7.4%15.1%7.0%0.83
AVY Avery Dennison$9.4B +1.1%28.8%7.6%29.7%11.1%1.51
VMC Vulcan Materials Company$8.0B +7.1%27.5%13.8%13.1%9.8%0.71
MLM Martin Marietta Materials$7.2B +8.6%26.7%31.9%13.0%12.1%0.73
ALB Albemarle Corporation$6.2B -4.4%25.8%11.1%6.5%23.5%0.18
Where each dollar goes

From $6.5B of sales to $917.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $4.2BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $658.0MOperating profit to Net profit: $917.0MOperating profit to Tax & other: $812.0M Revenue: $6.5B Revenue$6.5B +59% Y/Y Gross profit: $2.4B · 37% margin Gross profit$2.4B37% margin +198% Y/Y Cost of revenue: $4.2B · 63% of revenue Cost of revenue$4.2B63% of revenue Operating profit: $1.7B · 26% margin Operating profit$1.7B26% margin +178% Y/Y Operating expenses: $658.0M · 10% of revenue Operating expenses$658.0M10% of revenue Net profit: $917.0M · 14% margin Net profit$917.0M14% margin +189% Y/Y Tax & other: $812.0M · 12% of revenue Tax & other$812.0M12% of revenue

Swipe sideways for the whole flow →

From $11.2B of sales to $3.3B of profit

FY2022, from the 10-K income statement and revenue by region
United States to Revenue: $8.2BOther foreign to Revenue: $1.3BCanada to Revenue: $849.0MUnited Kingdom to Revenue: $642.0MNorth America excluding United States and Canada to Revenue: $149.0MRevenue to Gross profit: $5.9BRevenue to Cost of revenue: $5.3BGross profit to Operating profit: $5.4BGross profit to Operating expenses: $464.0MOperating profit to Net profit: $3.3BOperating profit to Tax & other: $2.1B United States: $8.2B · 73% United States$8.2B73% Other foreign: $1.3B · 12% Other foreign$1.3B12% Canada: $849.0M · 8% Canada$849.0M8% United Kingdom: $642.0M · 6% United Kingdom$642.0M6% North America excluding United States and Canada: $149.0M · 1% North America excluding…$149.0M1% Revenue: $11.2B Revenue$11.2B +71% Y/Y Gross profit: $5.9B · 52% margin Gross profit$5.9B52% margin +146% Y/Y Cost of revenue: $5.3B · 48% of revenue Cost of revenue$5.3B48% of revenue Operating profit: $5.4B · 48% margin Operating profit$5.4B48% margin +212% Y/Y Operating expenses: $464.0M · 4% of revenue Operating expenses$464.0M4% of revenue Net profit: $3.3B · 30% margin Net profit$3.3B30% margin +265% Y/Y Tax & other: $2.1B · 18% of revenue Tax & other$2.1B18% of revenue

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From $6.6B of sales to $1.5B of profit

FY2023, from the 10-K income statement and revenue by region
United States to Revenue: $4.9BOther foreign to Revenue: $747.0MCanada to Revenue: $607.0MUnited Kingdom to Revenue: $346.0MNorth America excluding United States and Canada to Revenue: $75.0MRevenue to Gross profit: $2.5BRevenue to Cost of revenue: $4.1BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $315.0MOperating profit to Net profit: $1.5BOperating profit to Tax & other: $705.0M United States: $4.9B · 73% United States$4.9B73% Other foreign: $747.0M · 11% Other foreign$747.0M11% Canada: $607.0M · 9% Canada$607.0M9% United Kingdom: $346.0M · 5% United Kingdom$346.0M5% North America excluding United States and Canada: $75.0M · 1% North America excluding…$75.0M1% Revenue: $6.6B Revenue$6.6B −41% Y/Y Gross profit: $2.5B · 38% margin Gross profit$2.5B38% margin −57% Y/Y Cost of revenue: $4.1B · 62% of revenue Cost of revenue$4.1B62% of revenue Operating profit: $2.2B · 34% margin Operating profit$2.2B34% margin −59% Y/Y Operating expenses: $315.0M · 5% of revenue Operating expenses$315.0M5% of revenue Net profit: $1.5B · 23% margin Net profit$1.5B23% margin −54% Y/Y Tax & other: $705.0M · 11% of revenue Tax & other$705.0M11% of revenue

Swipe sideways for the whole flow →

From $5.9B of sales to $1.2B of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $4.4BOther foreign to Revenue: $584.0MCanada to Revenue: $534.0MUnited Kingdom to Revenue: $327.0MNorth America excluding United States and Canada to Revenue: $72.0MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $3.9BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $310.0MOperating profit to Net profit: $1.2BOperating profit to Tax & other: $528.0M United States: $4.4B · 74% United States$4.4B74% Other foreign: $584.0M · 10% Other foreign$584.0M10% Canada: $534.0M · 9% Canada$534.0M9% United Kingdom: $327.0M · 6% United Kingdom$327.0M6% North America excluding United States and Canada: $72.0M · 1% North America excluding…$72.0M1% Revenue: $5.9B Revenue$5.9B −10% Y/Y Gross profit: $2.1B · 35% margin Gross profit$2.1B35% margin −19% Y/Y Cost of revenue: $3.9B · 65% of revenue Cost of revenue$3.9B65% of revenue Operating profit: $1.7B · 29% margin Operating profit$1.7B29% margin −22% Y/Y Operating expenses: $310.0M · 5% of revenue Operating expenses$310.0M5% of revenue Net profit: $1.2B · 21% margin Net profit$1.2B21% margin −20% Y/Y Tax & other: $528.0M · 9% of revenue Tax & other$528.0M9% of revenue

Swipe sideways for the whole flow →

From $7.1B of sales to $1.5B of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $5.3BOther foreign to Revenue: $712.0MCanada to Revenue: $598.0MUnited Kingdom to Revenue: $378.0MNorth America excluding United States and Canada to Revenue: $58.0MRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $4.4BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $424.0MOperating profit to Net profit: $1.5BOperating profit to Tax & other: $845.0M United States: $5.3B · 75% United States$5.3B75% Other foreign: $712.0M · 10% Other foreign$712.0M10% Canada: $598.0M · 8% Canada$598.0M8% United Kingdom: $378.0M · 5% United Kingdom$378.0M5% North America excluding United States and Canada: $58.0M · 1% North America excluding…$58.0M1% Revenue: $7.1B Revenue$7.1B +19% Y/Y Gross profit: $2.7B · 38% margin Gross profit$2.7B38% margin +32% Y/Y Cost of revenue: $4.4B · 62% of revenue Cost of revenue$4.4B62% of revenue Operating profit: $2.3B · 32% margin Operating profit$2.3B32% margin +32% Y/Y Operating expenses: $424.0M · 6% of revenue Operating expenses$424.0M6% of revenue Net profit: $1.5B · 21% margin Net profit$1.5B21% margin +19% Y/Y Tax & other: $845.0M · 12% of revenue Tax & other$845.0M12% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median27.5% vs 8.4%
  • ✓
    Gross margin up over 5 years19.4% → 38.5%
  • ✓
    Return on equity above 15%38.1%
  • !
    A profit in 9 of 10 years
Net margin, FY2016 to FY2025: -7.5% → 20.5%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 14.8× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.56 on the latest balance sheet (peer median 0.76)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.98
  • ✓
    Net debt under 3 years of free cash flow$397.0M net debt, 0.2 years
Debt / equity at each year end, FY2016 to FY2025: 1.73 → 0.66

Cash and shareholders

3 of 4
  • !
    Free cash flow positive in 9 of 10 years$1.8B last year
  • ✓
    Share count down over 5 years−24.6%
  • ✓
    Dividend per share up over 5 years$1.20 → $2.00
  • ✓
    Cash from operations above net income$2.8B vs $1.5B
Free cash flow, FY2016 to FY2025: -1.6B → 1.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 7.1B Net income 1.5B
FY2016 revenue 3.7B · Revenues, 0001324404-19-000006 FY2016 net income -277.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-19-000006 3.7B FY2016 FY2017 revenue 4.1B · Revenues, 0001324404-20-000006 FY2017 net income 358.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-20-000006 4.1B FY2017 FY2018 revenue 4.4B · Revenues, 0001324404-21-000008 FY2018 net income 290.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-21-000008 4.4B FY2018 FY2019 revenue 4.6B · Revenues, 0001324404-22-000008 FY2019 net income 493.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-22-000008 4.6B FY2019 FY2020 revenue 4.1B · Revenues, 0001324404-23-000006 FY2020 net income 317.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-23-000006 4.1B FY2020 FY2021 revenue 6.5B · Revenues, 0001324404-24-000008 FY2021 net income 917.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-24-000008 6.5B FY2021 FY2022 revenue 11.2B · Revenues, 0001324404-25-000006 FY2022 net income 3.3B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-25-000006 11.2B FY2022 FY2023 revenue 6.6B · Revenues, 0001324404-26-000007 FY2023 net income 1.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-26-000007 6.6B FY2023 FY2024 revenue 5.9B · Revenues, 0001324404-26-000007 FY2024 net income 1.2B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-26-000007 5.9B FY2024 FY2025 revenue 7.1B · Revenues, 0001324404-26-000007 FY2025 net income 1.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001324404-26-000007 7.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CF's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue7.1B
FY2016: 3.7BFY2017: 4.1BFY2018: 4.4BFY2019: 4.6BFY2020: 4.1BFY2021: 6.5BFY2022: 11.2BFY2023: 6.6BFY2024: 5.9BFY2025: 7.1B FY2017FY2019FY2021FY2023FY2025
Net income1.5B
FY2016: -277.0MFY2017: 358.0MFY2018: 290.0MFY2019: 493.0MFY2020: 317.0MFY2021: 917.0MFY2022: 3.3BFY2023: 1.5BFY2024: 1.2BFY2025: 1.5B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.8B
FY2016: -1.6BFY2017: 1.2BFY2018: 1.1BFY2019: 1.1BFY2020: 922.0MFY2021: 2.4BFY2022: 3.4BFY2023: 2.3BFY2024: 1.8BFY2025: 1.8B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.97
FY2016: -1.19FY2017: 1.53FY2018: 1.24FY2019: 2.23FY2020: 1.47FY2021: 4.24FY2022: 16.38FY2023: 7.87FY2024: 6.74FY2025: 8.97 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.00
FY2016: 1.20FY2017: 1.20FY2018: 1.20FY2019: 1.20FY2020: 1.20FY2021: 1.20FY2022: 1.50FY2023: 1.60FY2024: 2.00FY2025: 2.00 FY2017FY2019FY2021FY2023FY2025
Diluted shares162.2M
FY2016: 233.1MFY2017: 233.9MFY2018: 233.8MFY2019: 221.6MFY2020: 215.2MFY2021: 216.2MFY2022: 204.2MFY2023: 193.8MFY2024: 180.7MFY2025: 162.2M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Ammonia 2.2B30.7% +25.3%
UAN 2.2B30.5% +28.8%
Granular Urea 1.8B25.1% +11.3%
Other 545.0M7.7% +8.3%
Other 545.0M7.7% +8.3%
AN 421.0M5.9% +0.5%

10-K 0001324404-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 6.0B84.6% +19.3%
United States 5.3B75.4% +20.8%
Total Foreign 1.7B24.6% +15.1%
Europe and Other 1.1B15.4% +19.6%
Other foreign 712.0M10.1% +21.9%
Canada 598.0M8.4% +12.0%
United Kingdom 378.0M5.3% +15.6%
North America excluding United States and Canada 58.0M0.8% -19.4%

10-K 0001324404-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.7B4.1B4.4B4.6B4.1B6.5B11.2B6.6B5.9B7.1B
Cost of revenue2.8B3.7B3.5B3.4B3.3B4.2B5.3B4.1B3.9B4.4B
Gross profit843.0M434.0M917.0M1.2B801.0M2.4B5.9B2.5B2.1B2.7B
SG&A173.0M191.0M214.0M239.0M206.0M223.0M290.0M289.0M320.0M364.0M
Operating income138.0M234.0M766.0M1.0B623.0M1.7B5.4B2.2B1.7B2.3B
Interest expense200.0M315.0M241.0M237.0M179.0M184.0M344.0M150.0M121.0M155.0M
Pretax income-226.0M-125.0M547.0M772.0M463.0M1.5B5.1B2.2B1.8B2.2B
Income tax-68.0M-575.0M119.0M126.0M31.0M283.0M1.2B410.0M285.0M441.0M
Net income-277.0M358.0M290.0M493.0M317.0M917.0M3.3B1.5B1.2B1.5B
EPS (diluted)-1.191.531.242.231.474.2416.387.876.748.97
Diluted shares233.1M233.9M233.8M221.6M215.2M216.2M204.2M193.8M180.7M162.2M
Depreciation & amortization678.0M883.0M888.0M875.0M892.0M888.0M850.0M869.0M925.0M898.0M
EBITDA816.0M1.1B1.7B1.9B1.5B2.6B6.2B3.1B2.7B3.2B
Gross margin22.9%10.5%20.7%25.6%19.4%36.5%52.4%38.4%34.6%38.5%
Operating margin3.7%5.7%17.3%21.9%15.1%26.4%48.2%33.6%29.4%32.5%
Net margin-7.5%8.7%6.5%10.7%7.7%14.0%29.9%23.0%20.5%20.5%
Revenue growth-+12.1%+7.2%+3.6%-10.2%+58.5%+71.1%-40.7%-10.5%+19.3%
EPS growth---19.0%+79.8%-34.1%+188%+286%-52.0%-14.4%+33.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.2B835.0M682.0M287.0M683.0M1.6B2.3B2.0B1.6B2.0B
Receivables236.0M307.0M235.0M242.0M265.0M497.0M582.0M505.0M404.0M488.0M
Inventory339.0M275.0M309.0M351.0M287.0M408.0M474.0M299.0M314.0M383.0M
Current assets2.7B1.5B1.3B974.0M1.4B2.6B3.7B3.0B2.5B3.0B
Property & equipment9.7B9.2B8.6B8.2B7.6B7.1B6.4B7.1B6.7B6.7B
Goodwill2.3B2.4B2.4B2.4B2.4B2.1B2.1B2.5B2.5B2.5B
Total assets15.1B13.5B12.7B12.2B12.0B12.4B13.3B14.4B13.5B14.1B
Accounts payable81.0M99.0M101.0M78.0M85.0M110.0M63.0M114.0M125.0M148.0M
Current liabilities686.0M580.0M705.0M665.0M906.0M1.4B995.0M800.0M818.0M887.0M
Total debt5.8B4.7B4.7B4.0B4.0B3.5B3.0B3.0B3.0B3.2B
Shareholders' equity3.3B3.6B3.0B2.9B2.9B3.2B5.1B5.7B5.0B4.8B
Retained earnings2.4B2.4B2.5B2.0B1.9B2.1B3.9B4.5B4.0B3.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow617.0M1.6B1.5B1.5B1.2B2.9B3.9B2.8B2.3B2.8B
Capital spending2.2B473.0M422.0M404.0M309.0M514.0M453.0M499.0M518.0M950.0M
Free cash flow-1.6B1.2B1.1B1.1B922.0M2.4B3.4B2.3B1.8B1.8B
Stock-based pay (added back)19.0M17.0M22.0M28.0M25.0M30.0M41.0M37.0M36.0M45.0M
Dividends paid280.0M280.0M280.0M265.0M258.0M260.0M306.0M311.0M364.0M326.0M
Buybacks00467.0M370.0M100.0M539.0M1.3B580.0M1.5B1.4B
Acquisitions00---001.2B-2.0M0
Debt raised1.2B00----00999.0M
Debt repaid1.2B1.1B0769.0M0518.0M507.0M00-
Investing cash flow-2.2B-413.0M-375.0M-319.0M-299.0M-466.0M-440.0M-1.7B-469.0M-933.0M
Financing cash flow2.4B-1.6B-1.3B-1.6B-542.0M-1.5B-2.7B-1.4B-2.2B-1.5B
Dividend per share1.201.201.201.201.201.201.501.602.002.00

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)19.0M17.0M22.0M28.0M25.0M30.0M41.0M37.0M36.0M45.0M
Stock-based pay / revenue0.5%0.4%0.5%0.6%0.6%0.5%0.4%0.6%0.6%0.6%
Operating lease cost---95.0M107.0M102.0M103.0M113.0M112.0M126.0M
Operating lease cash paid---93.0M105.0M97.0M100.0M107.0M98.0M118.0M
Right-of-use assets--0280.0M259.0M243.0M254.0M259.0M266.0M410.0M
Operating lease liabilities--0283.0M262.0M251.0M260.0M264.0M275.0M421.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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