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CF Industries

CF NYSE Fertilizers & Agricultural Chemicals Financials FY2016–FY2025

CF Industries' revenue rose 19.3% to $7.1 billion in fiscal 2025. Its operating margin was 32.5%, up from 29.4% a year earlier. Free cash flow was $1.8 billion, up 2.8%. It paid out $1.7 billion in dividends and buybacks, 94% of free cash flow. The diluted share count fell 10.2%.

Last close · Oct 23, 2026

$120.68

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$7.1B
19.3% vs prior year
Operating margin Operating income as a share of revenue.
32.5%
3.1 pts
Net income Profit after all expenses, interest and tax.
$1.5B
19.5%
Free cash flow Cash from operations minus capital spending.
$1.8B
2.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.6%
4.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$18.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.0x
On $13.48 EPS (TTM)

About these figures. Net income is the part that belongs to CF Industries' shareholders; its 10-Ks tag a total only with the share of the minority owner of its nitrogen business included.

What CF Industries does

No business description yet.

Legal name
CF INDUSTRIES HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001324404-26-000007
0001324404

Revenue and margins

CF Industries had $7.1B of revenue in fiscal 2025, up 19.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.8B in fiscal 2025, 25.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CF Industries returned $1.7B to shareholders in fiscal 2025, 94% of free cash flow. The diluted share count fell 10.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CF Industries yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.2B and divides by 162.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.0x · peers 29.2x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably CF Industries can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.6B$2.3B$2.0B$1.6B$2.0B
Debt incl. finance leases $3.5B$3.0B$3.0B$3.0B$3.2B
Net debt / EBITDA 0.7x0.1x0.3x0.5x0.4x
Debt / equity 1.1x0.6x0.5x0.6x0.7x
Interest coverage 9.4x15.7x14.9x14.4x14.8x
Current ratio 1.8x3.7x3.8x3.1x3.4x
Quick ratio 1.5x3.2x3.4x2.7x2.9x
Total assets $12.4B$13.3B$14.4B$13.5B$14.1B
Total liabilities $6.3B$5.5B$6.0B$5.9B$6.3B
Shareholders' equity $3.2B$5.1B$5.7B$5.0B$4.8B
Net debt (− = net cash) $1.8B$642M$936M$1.4B$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$23.8M

6 insiders

Of sales under plans

8%

$1.8M

DateInsiderTradeSharesPriceValueFiling
Mar 17, 2026 Bert A FrostEVP, Chief Commercial Officer Sold 6,000 $126.00 $0.8M Form 4
Mar 17, 2026 Erik M. MayerVP, Clean Energy & BusDevelop Sold 1,500 $124.69 $0.2M Form 4
Mar 17, 2026 Richard A HokerVP and Corporate Controller Sold 3,499 $125.38 $0.4M Form 4
Mar 13, 2026 Will W AnthonyDirector Sold 53,026 $130.83 $6.9M Form 4
Mar 12, 2026 Bert A FrostEVP, Chief Commercial Officer Sold 6,250 $136.69 $0.9M Form 4
Mar 12, 2026 Susan L MenzelEVP and Chief Admin. Officer Sold 18,041 $136.06 $2.5M Form 4
Mar 11, 2026 Will W AnthonyDirector Sold 28,625 $118.64 $3.4M Form 4
Mar 9, 2026 Bert A FrostEVP, Chief Commercial Officer Sold plan 5,534 $116.21 $0.6M Form 4
Mar 6, 2026 Bert A FrostEVP, Chief Commercial Officer Sold plan 10,000 $119.01 $1.2M Form 4
Mar 6, 2026 Erik M. MayerVP, Clean Energy & BusDevelop Sold 2,200 $116.25 $0.3M Form 4
Mar 6, 2026 Michael Patrick McGraneSVP, Gen. Counsel & Secretary Sold 3,666 $116.50 $0.4M Form 4
Mar 5, 2026 Will W AnthonyDirector Sold 57,364 $109.35 $6.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 95 / 98 / 9
Accruals ratio −8.9%−7.6%−9.4%
Altman Z'' 4.564.034.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CF Industries CF $18.6B 19.3% 32.5% 25.4% 20.6% 9.0x 8
Mosaic MOS $5.7B 8.4% 6.8% −4.4% 2.5% — 8 Compare →
FMC FMC $633M −18.3% −47.0% −3.0% −19.6% — 2 Compare →
Scotts Miracle-Gro SMG $3.5B −3.9% 10.5% 8.0% 13.4% 50.3x 6 Compare →
Corteva CTVA $8.3B 2.9% — 16.2% 5.8% 8.2x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.7B $4.1B $4.4B $4.6B $4.1B $6.5B $11.2B $6.6B $5.9B $7.1B
Gross profit $843M $434M $917M $1.2B $801M $2.4B $5.9B $2.5B $2.1B $2.7B
Operating income $138M $234M $766M $1.0B $623M $1.7B $5.4B $2.2B $1.7B $2.3B
Interest expense $200M $315M $241M $237M $179M $184M $344M $150M $121M $155M
Pretax income −$226M −$125M $547M $772M $463M $1.5B $5.1B $2.2B $1.8B $2.2B
Income tax −$68.0M −$575M $119M $126M $31.0M $283M $1.2B $410M $285M $441M
Net income −$277M $358M $290M $493M $317M $917M $3.3B $1.5B $1.2B $1.5B
Diluted EPS −$1.19 $1.53 $1.24 $2.23 $1.47 $4.24 $16.38 $7.87 $6.74 $8.97
Diluted shares 0.23B 0.23B 0.23B 0.22B 0.22B 0.22B 0.20B 0.19B 0.18B 0.16B
Cash flow
Cash from operations $617M $1.6B $1.5B $1.5B $1.2B $2.9B $3.9B $2.8B $2.3B $2.8B
Capital expenditure $2.2B $473M $422M $404M $309M $514M $453M $499M $518M $950M
Free cash flow −$1.6B $1.2B $1.1B $1.1B $922M $2.4B $3.4B $2.3B $1.8B $1.8B
Depreciation and amortization $678M $883M $888M $875M $892M $888M $850M $869M $925M $898M
Stock-based compensation $19.0M $17.0M $22.0M $28.0M $25.0M $30.0M $41.0M $37.0M $36.0M $45.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.2B $2.0M $0.0M
Share buybacks $0.0M $0.0M $467M $370M $100M $539M $1.3B $580M $1.5B $1.4B
Dividends paid $280M $280M $280M $265M $258M $260M $306M $311M $364M $326M
Dividends and buybacks $280M $280M $747M $635M $358M $799M $1.7B $891M $1.9B $1.7B
Balance sheet
Cash and short-term investments $1.2B $835M $682M $287M $683M $1.6B $2.3B $2.0B $1.6B $2.0B
Total debt $5.8B $4.7B $4.7B $4.0B $4.0B $3.5B $3.0B $3.0B $3.0B $3.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.7B $1.5B $1.3B $974M $1.4B $2.6B $3.7B $3.1B $2.5B $3.0B
Current liabilities $686M $580M $705M $665M $906M $1.4B $995M $800M $818M $887M
Inventory $339M $275M $309M $351M $287M $408M $474M $299M $314M $383M
Property and equipment, net $9.7B $9.2B $8.6B $8.2B $7.6B $7.1B $6.4B $7.1B $6.7B $6.7B
Total assets $15.1B $13.5B $12.7B $12.2B $12.0B $12.4B $13.3B $14.4B $13.5B $14.1B
Total liabilities $8.6B $6.8B $6.9B $6.5B $6.4B $6.3B $5.5B $6.0B $5.9B $6.3B
Shareholders' equity $3.3B $3.6B $3.0B $2.9B $2.9B $3.2B $5.1B $5.7B $5.0B $4.8B
Margins
Gross margin 22.9% 10.5% 20.7% 25.6% 19.4% 36.5% 52.4% 38.4% 34.6% 38.5%
Operating margin 3.7% 5.7% 17.3% 21.9% 15.1% 26.5% 48.3% 33.6% 29.4% 32.5%
EBITDA margin 22.1% 27.1% 37.3% 40.9% 36.7% 40.0% 55.9% 46.7% 45.0% 45.1%
Net margin −7.5% 8.7% 6.6% 10.7% 7.7% 14.0% 29.9% 23.0% 20.5% 20.5%
FCF margin −43.3% 28.0% 24.3% 24.0% 22.4% 36.1% 30.4% 34.1% 29.5% 25.4%
Returns
Return on capital 1.1% 1.7% 5.9% 8.8% 6.4% 16.9% 51.0% 20.5% 16.0% 20.6%
Return on capital employed 1.1% 1.7% 6.2% 8.6% 5.5% 15.7% 46.4% 17.2% 13.3% 17.8%
Return on equity −7.5% 10.3% 8.9% 16.8% 10.9% 29.9% 81.1% 28.3% 22.8% 29.6%
Return on assets −2.0% 2.5% 2.2% 4.0% 2.6% 7.5% 26.1% 11.0% 8.8% 10.6%
Growth
Revenue growth −14.5% 12.1% 7.2% 3.6% −10.2% 58.5% 71.1% −40.7% −10.5% 19.3%
Net income growth −139.6% — −19.0% 70.0% −35.7% 189.3% 264.9% −54.4% −20.1% 19.5%
EPS growth −140.2% — −19.0% 79.8% −34.1% 188.4% 286.3% −52.0% −14.4% 33.1%
FCF growth — — −7.2% 2.4% −16.3% 155.9% 44.2% −33.6% −22.4% 2.8%
Share count change −1.3% 0.3% −0.0% −5.2% −2.9% 0.5% −5.6% −5.1% −6.8% −10.2%
Financial health
Net debt / EBITDA 5.7x 3.5x 2.4x 2.0x 2.2x 0.7x 0.1x 0.3x 0.5x 0.4x
Debt / equity 1.7x 1.3x 1.6x 1.4x 1.4x 1.1x 0.6x 0.5x 0.6x 0.7x
Interest coverage 0.7x 0.7x 3.2x 4.2x 3.5x 9.4x 15.7x 14.9x 14.4x 14.8x
Current ratio 3.9x 2.5x 1.8x 1.5x 1.5x 1.8x 3.7x 3.8x 3.1x 3.4x
Quick ratio 3.4x 2.1x 1.4x 0.9x 1.2x 1.5x 3.2x 3.4x 2.7x 2.9x
Capital allocation
Capex / revenue 60.0% 11.5% 9.5% 8.8% 7.5% 7.9% 4.1% 7.5% 8.7% 13.4%
Stock comp / revenue 0.5% 0.4% 0.5% 0.6% 0.6% 0.5% 0.4% 0.6% 0.6% 0.6%
Payouts / FCF — 24.2% 69.5% 57.7% 38.8% 33.9% 48.6% 39.5% 106.9% 93.8%
Quality scores
Piotroski F-score 5.0 5.0 6.0 8.0 5.0 8.0 9.0 6.0 5.0 8.0
Altman Z'' 2.2 2.2 2.2 2.2 2.0 3.1 6.5 4.6 4.0 4.3
Accruals ratio −6.4% −8.9% −9.2% −8.2% −7.6% −16.0% −4.0% −8.9% −7.6% −9.4%

Source: SEC EDGAR XBRL filings (CIK 0001324404). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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