CF Industries Holdings, Inc.

CF · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Valuation
Market cap	$12,063	$14,847	$15,189	$16,715	$15,181	$8,302	$10,239	$9,332	$9,124	$6,752	$8,753	$13,955	$13,727	$12,981	$10,063	$8,744	$4,404	$2,723	$6,108	$1,411	$839	–	–	$891	$891
Enterprise value	$16,965	$19,086	$19,045	$20,419	$20,099	$14,523	$16,932	$16,121	$16,086	$14,505	$14,388	$16,913	$15,476	$12,691	$10,860	$10,285	$3,542	$2,115	$5,269	$1,103	$640	–	–	$796	–
P/E (TTM) at period end	8.29×	12.19×	9.96×	5.00×	16.55×	26.19×	20.77×	32.18×	25.49×	–	12.50×	10.04×	9.37×	7.02×	6.54×	25.04×	12.05×	3.98×	16.39×	42.36×	–	–	–	–	–
P/S (TTM) at period end	1.70×	2.50×	2.29×	1.49×	2.32×	2.01×	2.23×	2.11×	2.21×	1.83×	2.03×	2.94×	2.51×	2.13×	1.65×	2.21×	1.69×	0.69×	2.22×	0.72×	0.44×	–	–	0.88×	0.77×
P/B at period end	2.49×	2.98×	2.66×	3.31×	4.74×	2.84×	3.53×	3.15×	2.55×	2.02×	2.17×	3.31×	2.70×	2.20×	2.21×	2.16×	2.55×	2.03×	5.15×	1.84×	1.11×	–	–	1.20×	–
EV / EBITDA (TTM)	5.30×	7.15×	6.15×	3.27×	7.68×	9.59×	9.02×	9.75×	14.40×	17.78×	8.60×	6.13×	5.48×	3.76×	3.39×	7.97×	4.54×	1.69×	7.68×	4.27×	2.48×	–	–	–	–
EV / Sales (TTM)	2.39×	3.22×	2.87×	1.83×	3.07×	3.52×	3.69×	3.64×	3.89×	3.94×	3.34×	3.57×	2.83×	2.08×	1.78×	2.59×	1.36×	0.54×	1.91×	0.57×	0.34×	–	–	0.79×	–
Returns
Return on equity	30.1%	24.4%	26.7%	66.2%	28.6%	10.8%	17.0%	9.8%	10.0%	(8.3%)	17.3%	33.0%	28.9%	31.3%	33.9%	8.6%	21.1%	51.2%	31.4%	4.3%	(5.2%)	8.6%	(2.5%)	(3.8%)	–
Return on invested capital	19.0%	15.9%	19.0%	47.6%	17.4%	6.4%	8.8%	6.1%	–	0.9%	7.7%	21.3%	24.4%	34.8%	33.9%	9.6%	41.7%	106.9%	48.6%	13.6%	–	9.2%	(0.9%)	(2.7%)	–
Dividend yield	2.7%	2.5%	2.0%	1.8%	1.7%	3.1%	2.6%	3.0%	3.1%	4.1%	3.2%	1.8%	0.9%	0.8%	0.7%	0.3%	0.4%	0.8%	0.1%	0.3%	0.1%	–	–	–	–
Financial health
Current ratio	3.37×	3.08×	3.81×	3.69×	1.81×	1.51×	1.46×	1.81×	2.53×	3.87×	0.93×	2.58×	3.18×	2.95×	1.74×	1.41×	2.67×	1.75×	2.03×	1.79×	1.69×	1.86×	–	–	–
Debt / equity	0.69×	0.60×	0.52×	0.59×	1.08×	1.36×	1.37×	1.59×	1.31×	1.73×	1.37×	1.09×	0.61×	0.27×	0.35×	0.48×	0.00×	0.00×	0.00×	0.01×	0.01×	0.33×	–	–	–
Effective tax rate	19.7%	16.2%	18.2%	22.7%	18.3%	6.7%	16.3%	21.8%	460.0%	30.1%	37.4%	35.3%	31.1%	34.1%	35.0%	39.8%	35.4%	32.2%	31.9%	37.2%	139.1%	38.0%	(38.7%)	(35.8%)	(40.0%)
Share count
Diluted shares outstanding	162	181	194	204	216	215	222	234	234	233	236	257	296	324	350	327	246	282	284	276	275	275	275	275	275

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Revenue and gross profit
Revenue	$7,739	$7,084	$5,936	$6,631	$11,186	$6,538	$4,124	$4,590	$4,429	$4,130	$3,685	$4,308	$4,743	$5,475	$6,104	$6,098	$3,965	$2,608	$3,921	$2,757	$1,950	$1,908	$1,651	$1,390	$1,014	$1,160
Cost of revenue	($4,451)	($4,360)	($3,880)	($4,086)	($5,325)	($4,151)	($3,323)	($3,416)	($3,512)	($3,700)	($2,845)	($2,761)	($2,965)	($2,954)	($2,991)	($3,202)	($2,786)	($1,769)	($2,698)	($2,087)	($1,709)	($1,676)	($1,435)	($1,356)	($986)	($1,245)
Gross profit	$3,288	$2,724	$2,056	$2,545	$5,861	$2,387	$801	$1,174	$917	$434	$843	$1,547	$1,778	$2,520	$3,113	$2,896	$1,180	$839	$1,223	$670	$241	$232	$216	$34	$28	($85)
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($22)	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($371)	($364)	($320)	($289)	($290)	($223)	($206)	($239)	($214)	($191)	($173)	($170)	($152)	($166)	($152)	($130)	($106)	($63)	($68)	($65)	($54)	($71)	($67)	($38)	($37)	($36)
Total operating expenses	($107)	($424)	($310)	($315)	($464)	($658)	($178)	($171)	($151)	($200)	($705)	($354)	$588	($108)	($154)	($105)	($284)	($160)	($72)	($68)	($77)	($72)	($67)	($40)	($47)	($49)
Total costs and expenses	($4,558)	($4,784)	($4,190)	($4,401)	($5,789)	($4,809)	($3,501)	($3,587)	($3,663)	($3,896)	($3,547)	($3,115)	($2,377)	($3,063)	($3,145)	($3,307)	($3,069)	($1,929)	($2,771)	($2,155)	($1,786)	($1,748)	($1,501)	($1,396)	($1,033)	($1,294)
Operating income	$3,181	$2,300	$1,746	$2,230	$5,397	$1,729	$623	$1,003	$766	$234	$138	$1,193	$2,366	$2,412	$2,959	$2,790	$896	$680	$1,150	$602	$164	$160	$149	($6)	($19)	($134)
Earnings
EBITDA	$4,069	$3,198	$2,671	$3,099	$6,247	$2,617	$1,515	$1,878	$1,654	$1,117	$816	$1,673	$2,759	$2,822	$3,379	$3,207	$1,290	$781	$1,251	$686	$258	$258	$258	–	–	–
Interest income	$93	$81	$123	$158	$65	$1	$18	$20	$13	$12	$5	$2	$1	$5	$4	$2	$2	$4	$26	$24	$12	$15	$6	–	–	–
Interest expense	($171)	($155)	($121)	($150)	($344)	($184)	($179)	($237)	($241)	($315)	($200)	($133)	($178)	($152)	($135)	($147)	($221)	($2)	($2)	($2)	($3)	($14)	($17)	–	–	–
Pre-tax income	$3,104	$2,239	$1,762	$2,248	$5,095	$1,543	$463	$772	$547	($125)	($226)	$1,058	$2,187	$2,210	$2,830	$2,646	$688	$696	$1,175	$626	$53	$92	$109	($33)	($46)	($148)
Income tax expense	($604)	($441)	($285)	($410)	($1,158)	($283)	($31)	($126)	($119)	$575	$68	($396)	($773)	($686)	($964)	($926)	($274)	($246)	($378)	($200)	($20)	($129)	($41)	($13)	($17)	($59)
Net income	$2,099	$1,455	$1,218	$1,525	$3,346	$917	$317	$493	$290	$358	($277)	$700	$1,390	$1,465	$1,849	$1,539	$349	$366	$685	$373	$33	($39)	$68	($18)	($28)	($74)
Per share
Diluted EPS (GAAP)	$13.49	$8.97	$6.74	$7.87	$16.38	$4.24	$1.47	$2.23	$1.24	$1.53	($1.19)	$2.96	$5.42	$4.95	$5.72	$4.40	$1.07	$1.48	$2.43	$1.31	$0.12	($0.14)	$0.25	($0.0669)	($0.10)	($0.27)
Basic EPS (GAAP)	$13.52	$8.98	$6.75	$7.89	$16.45	$4.27	$1.48	$2.24	$1.25	$1.53	($1.19)	$2.97	$5.43	$4.97	$5.79	$4.44	$1.08	$1.51	$2.47	$1.34	$0.12	($0.14)	$0.25	($0.0669)	($0.10)	($0.27)
Basic shares outstanding	156	162	180	193	203	215	215	220	233	234	233	235	256	294	320	347	324	242	277	278	275	275	275	275	275	275
Margins
Gross margin	42.5%	38.5%	34.6%	38.4%	52.4%	36.5%	19.4%	25.6%	20.7%	10.5%	22.9%	35.9%	37.5%	46.0%	51.0%	47.5%	29.7%	32.2%	31.2%	24.3%	12.4%	12.2%	13.1%	2.5%	2.7%	(7.3%)
Operating margin	41.1%	32.5%	29.4%	33.6%	48.2%	26.4%	15.1%	21.9%	17.3%	5.7%	3.7%	27.7%	49.9%	44.1%	48.5%	45.8%	22.6%	26.1%	29.3%	21.8%	8.4%	8.4%	9.0%	(0.4%)	(1.9%)	(11.6%)
Net margin	27.1%	20.5%	20.5%	23.0%	29.9%	14.0%	7.7%	10.7%	6.5%	8.7%	(7.5%)	16.2%	29.3%	26.8%	30.3%	25.2%	8.8%	14.0%	17.5%	13.5%	1.7%	(2.0%)	4.1%	(1.3%)	(2.8%)	(6.4%)

Analyst consensus

Buy42 analysts

Bearish · 6 · Hold · 15 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$1.34	$1.18	Beat
Q4 2024	$1.89	$1.54	Beat
Q1 2025	$1.85	$1.48	Beat
Q2 2025	$2.37	$2.50	Miss
Q3 2025	$2.19	$2.16	Beat
Q4 2025	$2.99	$2.43	Beat
Q1 2026	$3.99	$2.63	Beat
Q2 2026	$4.73	$5.63	Miss

Peers

Company overview

IPO dateAug 11, 2005

CEOChristopher D. Bohn

Employees2,900

SectorBasic Materials

IndustryAgricultural Inputs

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cfindustries.com

CF Industries Holdings, Inc. is a global producer and distributor of hydrogen and nitrogen-based products. These essential chemicals serve a variety of purposes worldwide, including energy generation, agricultural fertilization, environmental emissions reduction, and numerous other industrial applications. The company's core product lineup features vital nitrogen compounds such as anhydrous ammonia, granular urea, urea ammonium nitrate (UAN), and different forms of ammonium nitrate. In addition to these primary offerings, CF Industries also provides specialized chemicals like diesel exhaust fluid, urea liquor, nitric acid, and aqua ammonia, alongside complex fertilizers containing nitrogen, phosphorus, and potassium. Its diverse customer base includes agricultural cooperatives, independent fertilizer distributors, commodity traders, wholesalers, and a wide array of industrial end-users. Founded in 1946, the firm is headquartered in Deerfield, Illinois.

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