CF Industries Holdings, Inc. (CF)

CF Industries Holdings, Inc., together with its subsidiaries, engages in the production of ammonia in North America, Europe, and internationally. It operates through Ammonia, Granular Urea, UAN, AN, and Other segments. The company offers ammonia products; nitrogen products, such as granular urea, urea ammonium nitrate solution, and ammonium nitrate; diesel exhaust fluid, urea liquor, and nitric acid products. It serves cooperatives, retailers, independent fertilizer distributors, traders, wholesalers, and industrial users. The company was founded in 1946 and is headquartered in Northbrook, Illinois.

Symbol: CF
Exchange: NYSE
Sector: Basic Materials
Industry: Agricultural Inputs
Market cap: $17.67B
52 week range: 75.42 - 141.96

Valuation

Share price: $115.01 (close of 2026-10-02)
P/E (TTM): 8.53x
Price to book: 1.98x
Price to free cash flow: 9.25x
Enterprise value: $18.80B
Book value per share: $58.07

Price performance

Period	Change
1 day	+0.41%
5 days	+0.30%
1 month	-17.42%
3 months	+4.04%
6 months	-11.51%
Year to date	+48.71%
1 year	+28.02%
3 years	+37.39%
5 years	+88.11%
10 years	+372.32%
All time	+3449.69%

Members of Congress who disclosed CF trades

Julia Letlow · Alan Armstrong · Gilbert Ray Cisneros · Val Hoyle

Super investors holding CF

Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: 23.13%
Return on invested capital: 19.72%
Return on assets: 12.76%
Return on capital employed: 17.42%
Gross margin: 38.45%
Net margin: 25.38%
EBITDA margin: 45.14%
Revenue growth: 19.34%
Net income growth: 21.73%
Free cash flow growth: 2.80%

Cash flow and balance sheet

Free cash flow yield (TTM): 10.81%
Current ratio: 4.86x
Net debt to EBITDA: 0.27x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $7.08B
Cost of revenue: $4.36B
Gross profit: $2.72B
EBITDA: $3.20B
Net income: $1.80B
Earnings per share: $8.98
Interest expense: $155.00M
Shares outstanding: 162.10M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$7.08B	$2.72B	$1.80B	$8.98
2024-12-31	$5.94B	$2.06B	$1.48B	$6.75
2023-12-31	$6.63B	$2.54B	$1.84B	$7.89
2022-12-31	$11.19B	$5.86B	$3.94B	$16.45
2021-12-31	$6.54B	$2.39B	$1.26B	$4.27
2020-12-31	$4.12B	$801.00M	$432.00M	$1.48
2019-12-31	$4.59B	$1.17B	$646.00M	$2.24
2018-12-31	$4.43B	$917.00M	$428.00M	$1.25
2017-12-31	$4.13B	$434.00M	$450.00M	$1.53
2016-12-31	$3.69B	$843.00M	-$158.00M	$-1.19

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	38.45%	25.38%	23.13%	19.72%
2024-12-31	34.64%	24.88%	19.45%	15.84%
2023-12-31	38.38%	27.72%	21.95%	19.01%
2022-12-31	52.40%	35.20%	50.13%	48.42%
2021-12-31	36.51%	19.27%	20.87%	17.80%
2020-12-31	19.42%	10.48%	7.71%	6.47%
2019-12-31	25.58%	14.07%	11.46%	9.14%
2018-12-31	20.70%	9.66%	7.47%	6.64%
2017-12-31	10.51%	10.90%	6.73%	2.22%
2016-12-31	22.88%	-4.29%	-2.43%	1.24%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$1.98B	$3.21B
2024-12-31	$1.61B	$2.97B
2023-12-31	$2.03B	$2.97B
2022-12-31	$2.32B	$2.96B
2021-12-31	$1.63B	$3.46B
2020-12-31	$683.00M	$3.71B
2019-12-31	$287.00M	$3.96B
2018-12-31	$682.00M	$4.70B
2017-12-31	$835.00M	$4.69B
2016-12-31	$1.17B	$5.78B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$1.80B	$45.00M
2024-12-31	$1.75B	$36.00M
2023-12-31	$2.26B	$37.00M
2022-12-31	$3.40B	$41.00M
2021-12-31	$2.36B	$30.00M
2020-12-31	$922.00M	$25.00M
2019-12-31	$1.10B	$28.00M
2018-12-31	$1.07B	$22.00M
2017-12-31	$1.16B	$17.00M
2016-12-31	-$1.59B	$19.00M

Dividend history

Most recent payment: 2026-08-14
Paid in the last twelve months: $2.10

Payment date	Dividend per share
2026-08-14	$0.60
2026-05-15	$0.50
2026-02-13	$0.50
2025-11-14	$0.50
2025-08-15	$0.50
2025-05-15	$0.50
2025-02-14	$0.50
2024-11-15	$0.50

Investor relations

Next earnings report

Next confirmed report: 2026-11-04
Consensus EPS estimate: $3.02

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-05	Jun/2026	$5.65
2026-05-06	Mar/2026	$2.43
2026-02-18	Dec/2025	$2.50
2025-11-05	Sep/2025	$2.06
2025-08-06	Jun/2025	$2.35
2025-05-07	Mar/2025	$1.47
2025-04-29	-	-
2025-02-19	Dec/2024	$1.49

Filings and sources

Company website: cfindustries.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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