CF Industries vs Corteva
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The short version
- Corteva is the larger business, with $17.4B of revenue in fiscal 2025 against $7.1B for CF Industries, about 2.5 times as much.
- CF Industries grew revenue faster (19.3%, against 2.9%).
- CF Industries turned more of its sales into free cash flow (25.4% FCF margin, against 16.2%).
- CF Industries earned a higher return on the capital invested in it (20.6%, against 5.8%).
- Investors pay more for each dollar of CF Industries’s earnings: a P/E of 9.0x against 8.2x for Corteva.
| Latest fiscal year | CF · FY25 | CTVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.6B | $8.3B |
| Revenue | $7.1B | $17.4B |
| Free cash flow | $1.8B | $2.8B |
| Net income | $1.5B | $1.1B |
| Growth | ||
| Revenue growth | 19.3% | 2.9% |
| 5-year growth | 11.4% | 4.1% |
| Share count change | −10.2% | −2.1% |
| Profitability | ||
| Gross margin | 38.5% | 47.3% |
| Operating margin | 32.5% | — |
| Net margin | 20.5% | 6.3% |
| FCF margin | 25.4% | 16.2% |
| Return on capital | 20.6% | 5.8% |
| Return on equity | 29.6% | 4.6% |
| Balance sheet | ||
| Net debt | $1.2B | −$2.0B |
| Net debt / EBITDA | 0.4x | −0.6x |
| Dividends and buybacks | $1.7B | $1.5B |
| Valuation & quality | ||
| P/E | 9.0x | 8.2x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
CF $3.7B
CTVA —
FY17
CF $4.1B
CTVA —
FY18
CF $4.4B
CTVA $14.3B
FY19
CF $4.6B
CTVA $13.8B
FY20
CF $4.1B
CTVA $14.2B
FY21
CF $6.5B
CTVA $15.7B
FY22
CF $11.2B
CTVA $17.5B
FY23
CF $6.6B
CTVA $17.2B
FY24
CF $5.9B
CTVA $16.9B
FY25
CF $7.1B
CTVA $17.4B
CF
CTVA
Operating margin
FY16
CF 3.7%
CTVA —
FY17
CF 5.7%
CTVA —
FY18
CF 17.3%
CTVA —
FY19
CF 21.9%
CTVA —
FY20
CF 15.1%
CTVA —
FY21
CF 26.5%
CTVA —
FY22
CF 48.3%
CTVA —
FY23
CF 33.6%
CTVA —
FY24
CF 29.4%
CTVA —
FY25
CF 32.5%
CTVA —
CF
CTVA
Free cash flow
FY16
CF −$1.6B
CTVA —
FY17
CF $1.2B
CTVA —
FY18
CF $1.1B
CTVA −$1.0B
FY19
CF $1.1B
CTVA −$93.0M
FY20
CF $922M
CTVA $1.6B
FY21
CF $2.4B
CTVA $2.2B
FY22
CF $3.4B
CTVA $267M
FY23
CF $2.3B
CTVA $1.2B
FY24
CF $1.8B
CTVA $1.5B
FY25
CF $1.8B
CTVA $2.8B
CF
CTVA
Return on capital
FY16
CF 1.1%
CTVA —
FY17
CF 1.7%
CTVA —
FY18
CF 5.9%
CTVA —
FY19
CF 8.8%
CTVA −0.3%
FY20
CF 6.4%
CTVA 3.2%
FY21
CF 16.9%
CTVA 8.3%
FY22
CF 51.0%
CTVA 5.6%
FY23
CF 20.5%
CTVA 4.7%
FY24
CF 16.0%
CTVA 4.2%
FY25
CF 20.6%
CTVA 5.8%
CF
CTVA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.