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CF Industries Holdings, Inc.

CF Basic Materials Agricultural Inputs

CF Industries Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.1 billion, up 19.3% from fiscal 2024.

Revenue
+12.1%
EPS
+31.5%
Free cash flow
+23.9%
Total debt
+8.17%

Quarter to September 2026, against a year earlier

118.41 6.73 +6.03%
Market cap
$17.9B
P/E
8.3×
Fwd P/E
8.0×
Dividend yield
1.77%
F-score
8/9
Altman Z
2.80
Beneish M
−2.67
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Ammonia
  • UAN
  • Granular Urea
  • Other
  • Other
  • AN

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 72.18
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 20 — — — — — — — —
Insider Ownership 0.48%

Capital & Financial Ratios $m

Size
Market Cap 17,940.00
Revenue ttm 7,940.00
Net income ttm 2,560.00
Free cash flow ttm 2,082.00
Net debt Q 397.00
Valuation
P/E 8.33
Forward P/E 8.00
Price / sales 2.25
Forward P/S Powerpack
Price / FCF 8.60
Price / book 2.01
Financial health
Current ratio Q 2.98 (at or above 1.5: strong)
Debt / equity Q 0.36 (at or below 0.5: strong)
Interest coverage Q 4.17
Growth
Revenue growth Q +12.12% (above 0%: growing)
Operating income growth Q +20.86% (above 0%: growing)
EPS, this year +56.70% (at or above 15%: strong)
EPS, next year A −21.85% (below 0%: weak)
Revenue, next year A +17.32% (at or above 10%: strong)
EPS, past 5 yrs +43.58% (at or above 15%: strong)
EPS, next 5 yrs A −1.30% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 2.7×; over the ten years it ranged from 1.2× in 2023 to 4.1× in 2018.
P/E against its own 10 years 14.98%
10-year low 10-year high
P/S against its own 10 years 59.26%
10-year low 10-year high
P/B against its own 10 years 77.08%
10-year low 10-year high
EV/Sales against its own 10 years 26.66%
10-year low 10-year high
EV/FCF against its own 10 years 35.60%
10-year low 10-year high

Dividends

Yield
1.77%
Annual rate
2.10
Payout ratio
14.8%
Growth, 2018–26
+7.87%/yr
  1. 1.20 ’18
  2. 1.20 ’19 +0
  3. 1.20 ’20 +0
  4. 1.20 ’21 +0
  5. 1.50 ’22 +25
  6. 1.60 ’23 +7
  7. 2.00 ’24 +25
  8. 2.00 ’25 +0
  9. 2.20 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,032 1,614 1,982 2,820
Receivables 505 404 488 642
Inventory 299 314 383 416
Other 47 43 27 65
3,050 2,520 2,985 4,088
2023 2024 2025 Q'26
Payables 520 603 681 777
ST’ Debt — — — —
Other 172 127 96 478
800 818 887 1,370

Compound Annual Growth %

10y 5y 3y
Sales 5.10% 11.43% (14.12%)
Cash Flow 8.59% 17.46% (10.63%)
Earnings 7.59% 35.63% (24.24%)
Book Value 5.89% 6.77% (0.33%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.93 Actual 2.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.50 2.99 Beat by 0.49
Q1 FY26 2.43 2.89 Beat by 0.46
Q2 FY26 5.65 4.73 Miss by 0.92
Q3 FY26 2.93 2.87 Miss by 0.06
Q4 FY26 3.30 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.98 4.73 2.87 — —
’25 1.85 2.37 2.19 2.59 8.97
’24 1.03 2.30 1.55 1.89 6.74
’23 2.85 2.70 0.85 1.44 7.87
’22 4.21 5.58 2.18 4.35 16.38
’21 0.70 1.14 (0.86) 3.27 4.24
’20 0.31 0.89 (0.13) 0.40 1.47
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,986 2,222 1,860 — —
’25 1,663 1,890 1,659 1,872 7,084
’24 1,470 1,572 1,370 1,524 5,936
’23 2,012 1,775 1,273 1,571 6,631
’22 2,868 3,389 2,321 2,608 11,186
’21 1,048 1,588 1,362 2,540 6,538
’20 971 1,204 847 1,102 4,124
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 496 878 1,170 — —
’25 586 563 1,064 539 2,752
’24 445 475 931 420 2,271
’23 947 712 618 480 2,757
’22 1,391 889 990 585 3,855
’21 578 128 687 1,480 2,873
’20 292 426 223 290 1,231
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 273 608 888 — —
’25 456 322 717 313 1,808
’24 347 391 792 226 1,756
’23 878 618 471 292 2,259
’22 1,329 823 800 451 3,403
’21 507 18 486 1,349 2,360
’20 225 374 138 187 924
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −4.8% a year for ten years.

Implied
−4.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,685 4,130 4,429 4,590 4,124 6,538 11,186 6,631 5,936 7,084 7,940 +7.5% 8,311 7,407 6,997 (0.4%)
Gross margin, % 22.88 10.51 20.70 25.58 19.42 36.51 52.40 38.38 34.64 38.45 42.52 +15.6 pt
EBT (226) (125) 547 772 463 1,543 5,095 2,248 1,762 2,239 3,158 n/m
EBT margin, % (6.13) (3.03) 12.35 16.82 11.23 23.60 45.55 33.90 29.68 31.61 39.77 +37.7 pt
Net income (158) 450 428 646 432 1,260 3,937 1,838 1,477 1,798 2,560 n/m
Per share, $
Per share, $ Revenue 15.81 17.69 19.04 20.84 19.19 30.41 55.02 34.30 32.90 43.70 52.51 +12.0%
Earnings (1.19) 1.53 1.25 2.24 1.48 4.27 16.45 7.89 6.75 8.98 14.21 n/m
Cash flow 2.65 6.99 6.44 6.83 5.73 13.36 18.96 14.26 12.59 16.98 20.39 +22.9%
Capex (9.43) (1.94) (1.70) (1.52) (1.43) (2.39) (2.22) (2.58) (2.85) (5.82) (6.62) (5.2%)
Free cash flow (6.78) 5.05 4.73 5.32 4.30 10.98 16.74 11.69 9.73 11.15 13.77 n/m
Book value 27.85 28.63 24.64 25.60 26.07 28.07 38.63 43.32 42.08 47.96 58.86 +6.2%
Shares, m 233 234 233 220 215 215 203 193 180 162 155 (4.0%)
Valuation, ×
Valuation, × P/E 0.00 28.20 35.09 21.41 26.33 16.58 5.00 10.38 12.60 8.58 8.33 16.4
P/S 2.02 2.44 2.29 2.29 2.02 2.33 1.49 2.38 2.59 1.77 2.25 2.2
P/B 1.14 1.51 1.77 1.86 1.48 2.52 2.12 1.88 2.03 1.61 2.01 1.8
EV/Sales 3.27 3.57 3.37 3.11 2.81 2.62 1.59 2.60 2.91 2.01 2.37 2.8
EV/FCF (7.62) 12.50 13.56 12.19 12.55 7.26 5.23 7.62 9.82 7.89 9.03 8.1
Cash, $m
Cash, $m Operating cash flow 617 1,631 1,497 1,505 1,231 2,873 3,855 2,757 2,271 2,752 3,083 +18.1%
Capex (2,197) (453) (396) (334) (307) (513) (452) (498) (515) (944) (1,001) (9.0%)
Free cash flow (1,580) 1,178 1,101 1,171 924 2,360 3,403 2,259 1,756 1,808 2,082 n/m
Balance, $m
Balance, $m Working capital 1,969 885 569 309 461 1,161 2,678 2,250 1,702 2,098 2,718 +0.7%
Net debt 4,609 3,857 4,016 3,760 3,278 1,837 642 936 1,357 1,233 397 (13.6%)
Shareholders’ equity 6,492 6,684 5,731 5,637 5,603 6,036 7,853 8,373 7,592 7,775 8,899 +2.0%
Returns, %
Returns, % ROA (1.99) 2.50 2.22 3.97 2.62 7.52 26.05 11.02 8.75 10.56 14.41 +12.6 pt
ROIC 0.78 1.39 4.91 6.67 4.38 13.73 39.71 14.97 12.19 15.96 22.20 +15.2 pt
ROE (5.09) 5.43 4.67 8.67 5.64 15.76 48.18 18.80 15.26 18.94 26.30 +24.0 pt
People
People Employees 3,000 3,000 3,000 3,000 3,000 3,000 2,700 2,700 2,800 2,900 — (0.4%)
Revenue/emp, $m 1.23 1.38 1.48 1.53 1.37 2.18 4.14 2.46 2.12 2.44 — +7.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

CF Industries Holdings, Inc. produces ammonia and nitrogen products used mainly as fertilizers. It makes ammonia by combining nitrogen from the air with hydrogen from natural gas. The company sells ammonia directly or processes it into other products, including granular urea, urea ammonium nitrate solution, known as UAN, and ammonium nitrate, known as AN.

Farmers use these products to supply nitrogen for crop growth. CF Industries typically sells to cooperatives, retailers, fertilizer distributors, traders and wholesalers rather than describing farmers as its principal direct customers. It also sells to industrial users. For example, ammonium nitrate is used in commercial explosives, while diesel exhaust fluid helps control emissions.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Ammonia 2,176 30.72%
UAN 2,161 30.51%
Granular Urea 1,781 25.14%
Other 545 7.69%
Other 545 7.69%
AN 421 5.94%
Gross margin 38.45%
Operating margin 32.47%
Pre-tax margin 31.61%

Revenue by segment since 2009

CF Industries Holdings, Inc. vs peers in Agricultural Inputs (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NTR Nutrien Ltd. $34.4B 14.6× 15.1× +3.58% (above 0%: growing) +0.80% (above 0%: growing) −5.72% (below 0%: shrinking) 30.07% 16.44% Compare
CF CF Industries Holdings, Inc. $17.9B 8.3× 8.0× +12.12% (above 0%: growing) +31.51% (above 0%: growing) +23.85% (above 0%: growing) 38.71% 37.69%
CTVA Corteva, Inc. $8.0B 8.0× 14.2× −1.19% (below 0%: shrinking) −9.90% (below 0%: shrinking) −169.39% (below 0%: shrinking) 57.39% 26.21% Compare
MOS The Mosaic Company $7.1B — (loss-making) — (loss-making) −10.18% (below 0%: shrinking) n/m +102.12% (above 0%: growing) 2.71% (3.12%) Compare
ICL ICL Group Ltd. $6.0B 19.5× 20.4× +16.54% (above 0%: growing) +57.14% (above 0%: growing) +38.81% (above 0%: growing) 31.10% 12.46% Compare
SMG The Scotts Miracle-Gro Company $3.9B 37.2× 23.4× −39.12% (below 0%: shrinking) n/m +24.47% (above 0%: growing) (0.69%) (47.21%) Compare
UAN CVR Partners, LP $1.2B 10.8× — −10.64% (below 0%: shrinking) n/m +5.14% (above 0%: growing) 21.70% (2.49%) Compare
FMC FMC Corporation $944.2M — (loss-making) — (loss-making) −80.47% (below 0%: shrinking) n/m +90.90% (above 0%: growing) (379.23%) (1,050.24%) Compare
IPI Intrepid Potash, Inc $422.1M 16.9× — (loss-making) −4.11% (below 0%: shrinking) −54.76% (below 0%: shrinking) −85.77% (below 0%: shrinking) 19.68% 0.41% Compare
Median of peers $4.9B 15.8× 17.8× −7.14% −4.55% +14.81% 20.69% (1.04%)

All 15 Agricultural Inputs stocks →

From the latest earnings call

Updated

  • CEO Christopher Bohn said the conflict with Iran strained an already tight nitrogen market, while higher construction costs had raised CF Industries’ mid-cycle earnings expectations.
  • Chief Commercial Officer Bert Frost said CF Industries shifted production toward urea and diesel exhaust fluid in the second quarter, limiting UAN availability.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Oct 15, 2026 Initiated Outperform 100.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 104.48%
Held by the ten largest 47.62%
Holder Shares Stake Change
Vanguard 19.96m 13.19% +778.50k
BlackRock 13.03m 8.61% +838.08k
T. Rowe Price 8.83m 5.84% +1.30m
State Street 8.53m 5.64% +643.59k
Geode Capital Management 5.39m 3.56% +207.82k
Dimensional Fund Advisors 3.63m 2.40% −826.87k
Capital Group 3.47m 2.29% +1.16m
Invesco 3.14m 2.08% +152.27k
Northern Trust 3.08m 2.04% −24.42k
Norges Bank 3.00m 1.99% +3.00m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 13.71m 15.60m 222.57
2024 12.30m 13.39m 239.84
2023 12.90m 9.47m 217.94
2022 14.28m 33.76m 228.76
2021 11.69m 31.67m 187.11

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group. 15.70%
BlackRock, Inc. 8.30%
T. Rowe Price Associates, Inc. 5.20%
State Street Corporation One Congress Street, Suite 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CF Industries Holdings, Inc. (CF) Latest News

5 Nov

Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks

4 Nov

Impact 4 · · Business Wire

28 Oct

Impact 4 · · Investing.com
Impact 3 · · Zacks

26 Oct

Impact 4 · · Trefis
Impact 4 · · Barchart
Impact 3 · · Trefis

20 Oct

Impact 3 · · Zacks

15 Oct

Impact 4 · · Insider Monkey

13 Oct

Impact 4 · · Trefis

8 Oct

Impact 4 · · Zacks

22 Sep

Impact 4 · · Barchart
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

27 Aug

Impact 4 ·

26 Aug

Impact 4 ·

23 Aug

Impact 4 · · TheStreet

14 Aug

Impact 4 ·

13 Aug

Impact 3 ·

12 Aug

Impact 4 · · The Motley Fool transcript

10 Aug

Impact 4 ·

7 Aug

Impact 4 · · MarketBeat transcript
Impact 4 ·

6 Aug

Impact 4 ·
Impact 3 ·
Impact 3 · · Moby transcript

5 Aug

Impact 3 ·
Impact 3 ·

CF metrics, ten years each

stockrow.com/CF · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com