CF Industries Holding, Inc.

Agricultural Chemicals

CFMixed9 of 11 basics passed

$111.56

-1.78%

Market cap $16.9B

$111.56

-1.78%

Market cap $16.9B

CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers. The company operates nitrogen manufacturing plants primarily in North America.

It is a $16.9B materials company. Revenue grew 20.0% over the last year, it keeps 27¢ of every dollar of sales as profit, and its net debt equals ~0.6 years of free cash flow. It trades at 8.0× earnings — in the cheapest third of its own history.

Website: cfindustries.com
Location: Northbrook, IL
Employees: 2 900
Sector: Basic Materials

Moved +3.3% on Oct 9, 20262.2σ — unusual for this stock

Share price · 3 years

$85.41 → $111.56+30.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $7.74B
Profit: keeps 27¢ of every $1 sold; $2.10B
Free cash flow: cash left after running the business; $1.91B
Net debt: debt minus cash on hand; $1.23B
P/E: years of profit in the price; 8.0
EPS: earnings per share, TTM; $12.94
Dividend: pays out 15% of profit · 16% of FCF; 1.86%
Shares: down 30% since 2016 — buybacks; 162.2M
Volatility: beta vs the market — under 1 swings less; 0.55

Revenue, last 10 years

52-week range

Low $76.09$111.56High $139.27

Today's price is 56% of the way from the year's low to its high.

P/E vs its history5y

8.0×median 9.9×

Higher than 32% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

8.0×

68%

P/S

2.2×

55%

EV/EBITDA

6.1×

64%

P/B

1.9×

95%

FCF yield

11.3%

31%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Standing in Basic Materials

Size$16.9Btop 62%
Revenue growth-14%top 90%
Net margin27%top 33%
Return on equity40%top 8%
P/E8.0×top 8%
Dividend yield1.86%top 56%

Ranked against 51 Basic Materials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, profitability and quality; Moat lags behind.

Valuation90

P/E vs own history32th pct · 20/25
FCF yield11.3% · 25/25
P/S2.2x · 20/25
EV/EBITDA4.7x · 25/25

Growth51

Revenue CAGR2.0% · 6/25
Net income CAGR12.2% · 20/25
EPS CAGR ~5Y43.5% · 25/25
Fwd implied growth-22.7% · 0/25

Profitability100

ROIC26.0% · 25/25
ROE40.4% · 25/25
Net margin27.1% · 25/25
Operating margin41.0% · 25/25

Health70

Altman Zn/a · 0/25
Current ratio4.86 · 25/25
Interest coverage41.7x · 25/25
Net cash / debtD/A 9% · 20/25

Quality84

Piotroski F8/9 · 25/25
Beneish M-2.84 · 25/25
FCF conversion91% · 22/25
Margin stabilityσ 13.9% · 12/25

Moat44

ROIC >12% years6/10 yrs · 13/25
Median gross margin30.1% · 13/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst -7.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Revenue crossed $10B
$11.2B for the year
FY2022Financial
Best year on record
$3.35B net income
FY2017Financial
Turned profitable
$358M net income after a loss year
FY2017Financial
Positive free cash flow every year since
9-year streak
FY2016Financial
Revenue already above $1B
$3.69B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$24 038 today — price return only

$7.1B revenue in FY2025

Revenue up 20.0% year over year

Profitable 9 years in a row

Positive free cash flow 9 years in a row

2 900 employees

ROIC of 26.0%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (42.5%)
Strongly profitable — 27.1% net margin
Revenue growing 20.0% year over year
Strong cash conversion — FCF is 24.7% of revenue
Interest covered 41.7× by operating earnings

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+20.0% YoY
Profitable — makes more than it spends$2.10B TTM
Profit growing — earnings are higher than last year-18.2% YoY
Generates cash — cash left after running and investing$1.91B TTM
Debt under control — could handle its obligations~0.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$16.9B market cap
Not printing shares — share count not ballooning — you keep your slice-24.6% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersyield 1.86%
Valuation not extreme — price not wildly above earningsP/E 8.0

Peer comparisonCF Industries Holding, Inc. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
CF this company	$16.9B	8.0	+20.0%	27.1%	Mixed
LIN Linde plc Ordinary Share	$223.2B	30.8	+6.6%	20.4%	Solid
SCCO Southern Copper Corporation	$176.8B	31.2	+32.8%	35.9%	Strong
NEM Newmont Corporation	$124.2B	14.4	+25.2%	33.4%	Strong
FCX Freeport-McMoran Inc.	$105.8B	35.9	+0.2%	11.4%	Strong
AEM Agnico Eagle Mines Ltd.	$95.8B	15.9	+43.7%	37.5%	Strong
B Barrick Mining Corporation	$67.5B	10.1	+9.2%	31.6%	Strong

Head-to-head: CF vs LIN · CF vs SCCO · CF vs NEM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 8Hold 15Sell 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $7.74B · net income $2.10B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$7.74B

YoY 20.0%

Net income (TTM)

$2.10B

Margin 27.1%

Gross margin

42.5%

Operating margin

41.0%

P/E ratio

8.0

Dividend yield

1.86%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	4.1	6.5	11.2	6.6	5.9	7.1
Gross profit	0.8	2.4	5.9	2.5	2.1	2.7
Operating income (EBIT)	0.6	1.7	5.4	2.2	1.7	2.3
Net income	0.3	0.9	3.3	1.5	1.2	1.5
EPS (diluted)	1.47	4.24	16.39	7.87	6.74	8.97

Cash flowFree cash flow $1.91B · operating cash flow $2.98B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.91B

Margin 24.7%

Operating cash flow (TTM)

$2.98B

FCF margin

24.7%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.2	2.9	3.9	2.8	2.3	2.8
Capital expenditure	-0.3	-0.5	-0.5	-0.5	-0.5	-0.9
Free cash flow	0.9	2.4	3.4	2.3	1.8	1.8
FCF margin	22.4%	36.1%	30.4%	34.1%	29.5%	25.4%

Balance sheetAssets $14.1B · net debt $1.23B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $14.1B of assets is financed

66%

34%

Liabilities $9.25B — borrowed moneyEquity $4.84B — owners' stake

Cash vs debt

Total debt $3.21B − cash $1.98B = net debt $1.23B

Cash on hand covers 62% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

41.7x

EBIT ÷ interest expense

ROE

40.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.7	1.6	2.3	2.0	1.6	2.0
Total assets	12.0	12.4	13.3	14.4	13.5	14.1
Total liabilities	9.1	9.2	8.3	8.7	8.5	9.3
Total debt	3.7	3.5	3.0	3.0	3.0	3.2
Equity	2.9	3.2	5.1	5.7	5.0	4.8
Net debt	3.0	1.8	0.6	0.9	1.4	1.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of CF on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $111.56 · market cap $16.9B.