CF Industries Holdings, Inc.CF
NYSE•Basic Materials•Agricultural Inputs
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.
CF Industries Holdings, Inc. (CF) reported trailing twelve months revenue of $7.41B as of March 2026, a 20.9% increase year-over-year. Quarterly revenue reached $1.99B, reflecting continued top-line momentum.
CF Industries Holdings, Inc. generated $2.12B in TTM net income, with quarterly EBITDA of $1.09B. The operating margin expanded from 27.4% to 43.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (43.5%) and net margin (34.0%) indicates moderate non-operating costs. Net margin has improved from 21.1% a year ago, signaling stronger bottom-line efficiency.
CF trades at a P/E of 10.0x (below the broader market average) and a P/S of 2.9x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company generated $273.00M in free cash flow over the trailing twelve months, a 39.9% decrease year-over-year, indicating cash generation ability. The balance sheet shows $14.61B in total assets with $3.22B in long-term debt against $5.34B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~33.6%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 32.3% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~25.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~36.4% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 15.6% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation