— Know what they know.
/
Not Investment Advice

CF

NYSE · USD
CF Industries Holdings, Inc.
Basic Materials · Agricultural Inputs
CEO Christopher D. Bohn Employees 2,900 R&D / revenue 0.0%
Last price
$120.85+0.90%last session
Market cap
$18.3B
P/E (TTM)
8.9x
From 52w high
−14.9%
From 52w low
+60.2%
1-year return
+46.5%
RSI 14 · vs SMA200
52.6 · +5.7%
IS score
83.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CF   SPY   XLB (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26CF 147XLB 118SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
90
Profitability
76
Growth
84
Value
97
Momentum
90
Risk (safety)
92
Quality
81
Balance sheet
79
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for CF (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 9 / 9Altman Z 3.5Beta 0.402 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 26, $68.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+51
172 new holders, 113 closed
970 filers hold 104.4% · 378 added, 310 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+119
910 funds adding shares
791 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
58.9%
20-day avg 47.1%, 50-day avg 52.2%
Latest 11.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$7.1B
Revenue growth YoY+19.3%
Gross margin38.5%
Operating income$2.4B
Operating margin33.4%
Net income$1.5B
Net margin20.5%
EPS (diluted)$8.97
Cash flow
Operating cash flow$2.8B
Capital expenditure$950.0M
Free cash flow$1.8B
FCF conversion (FCF / OCF)65.5%
Stock-based compensation$45.0M
FCF less SBC$1.8B
Buybacks$0
Dividends$326.0M
Balance sheet & returns
Cash & short-term investments$2.0B
Total debt$3.6B
Net debt$1.7B
Shareholders' equity$7.8B
Goodwill & intangibles$3.0B
Debt / equity0.63
ROE (TTM)40.4%
ROIC (TTM)16.5%
Operating margin by fiscal year
30.5%FY202150.1%FY202235.5%FY202329.3%FY202436.6%FY2025
Revenue $6.5B (FY2021) to $7.1B (FY2025), a 2.0% CAGR.

Valuation

P/E (TTM)8.9x
EV / EBITDA4.7x
Price / sales2.36x
Price / FCF9.6x
FCF yield10.44%
Buyback yield0.00%
SBC / revenue0.6%
Price / book3.23x
Forward P/E FY20268.1x
Forward P/E FY202710.7x
Forward P/E FY202813.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $128.17 across 6 analysts last quarter is theirs, not ours.

CF vs industry median

71 companies in Agricultural Inputs
Gross margin 42.5% 28.6% Operating margin 38.1% -3.8% Net margin 27.1% -10.7% ROIC 16.5% 5.7%
CF (TTM)Industry median Asset turnover 0.51 vs industry 0.45 · financial leverage 2.63

Earnings delivery

Next report 2026-11-04 · consensus EPS $2.98
67%
beat rate, 8 of 12 quarters
+5.6%
median EPS surprise
4
longest beat streak
-10+1-41+25+14+23+25-5+1+23+10-16
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CF CF Industries Holdings, Inc. $18.3B8.9x40.4%27.1%+19.3% +46.5%
NTR Nutrien Ltd. $34.0B14.4x9.3%11.2%+8.4% +26.4%
CTVA Corteva, Inc. $8.6B8.5x4.0%18.2%+3.7% +40.9%
MOS The Mosaic Company $6.0B94.1x0.4%-9.7%+5.5% −35.5%
SMG The Scotts Miracle-Gro Compa $3.2B43.7x-39.0%9.6%−2.0% +5.7%
PAAS Pan American Silver Corp. $18.3B13.4x22.4%27.0%+38.0% —
IP International Paper Company $18.0Bn/m-20.8%-0.2%+10.3% —
CRS Carpenter Technology Corpora $18.7B35.6x25.8%19.1%+8.6% —
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.

Recent 8-K filings

2026-09-03Officer/Director Change
2026-08-05Earnings Release; Exhibits
2026-08-05Earnings Release; Exhibits
2026-05-06Earnings Release; Exhibits
2026-05-06Earnings Release; Exhibits
2026-05-05Officer/Director Change; Regulation FD; Exhibits

Context

Shares outstanding151,338,130
Free float99.4%
Institutional ownership104.4%
Beta0.40
Dividend yield1.74%
Last dividend$0.60 on 2026-11-16
50 / 200-day average$123.29 / $114.20
Large-cap Basic Materials median P/E30.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CF sits among 9 scored companies in Agricultural Inputs (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCFIndustry medianIndustry percentileSector median
P/E (TTM) 8.7x 15.4x
29th		 19.5x
PEG (P/E ÷ 3-yr EPS CAGR) 2.36 — 0.89
Price / sales 2.4x 0.9x
100th		 1.9x
Price / book 3.2x 0.9x
86th		 2.3x
Price / tangible book 6.0x 2.5x
83rd		 3.3x
Price / free cash flow 9.6x 11.7x
29th		 16.3x
Price / operating cash flow 6.1x 7.0x
25th		 9.6x
Enterprise value $19.4B $9.0B
88th		 $5.4B
EV / sales 2.5x 1.4x
88th		 2.0x
EV / EBITDA 4.7x 6.0x
14th		 10.8x
EV / EBIT 5.9x 11.4x
14th		 14.7x
EV / free cash flow 10.2x 16.9x
14th		 21.6x
Earnings yield 11.5% 6.0%
75th		 3.9%
FCF yield 10.4% 7.3%
75th		 4.3%
Operating cash flow yield 16.3% 14.3%
75th		 9.8%
Graham number (per share) $107.06 $41.61
100th		 $36.55

Profitability (TTM)

MeasureCFIndustry medianIndustry percentileSector median
Gross margin 42.5% 31.0%
88th		 32.1%
EBITDA margin 53.8% 18.2%
100th		 19.0%
Operating margin 38.1% 12.3%
100th		 13.8%
EBIT margin 42.3% 10.6%
100th		 12.3%
Net margin 27.1% 5.7%
100th		 6.8%
NOPAT margin 30.7% 7.7%
100th		 10.1%
FCF margin 24.7% 7.5%
100th		 6.4%
Operating cash flow margin 38.5% 14.0%
100th		 15.6%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.8% 15.0%
12th		 9.4%
Stock comp / revenue 0.6% 0.6%
43rd		 0.4%
Effective tax rate 19.5% 23.8%
25th		 22.5%

Returns on capital

MeasureCFIndustry medianIndustry percentileSector median
ROE (on average equity) 39.2% 5.1%
86th		 12.1%
ROA 14.6% 2.4%
88th		 5.0%
ROIC 34.5% 7.5%
100th		 9.8%
ROCE 22.9% 7.9%
100th		 9.7%
Return on tangible assets 22.7% 6.4%
100th		 8.5%
Cash ROIC (OCF / invested capital) 43.3% 12.3%
100th		 14.9%
Gross profitability (GP / assets) 21.8% 17.9%
88th		 17.5%
ROIC, 3-yr average 21.6% 4.2%
100th		 6.5%
ROIC, 5-yr average 29.5% 8.4%
100th		 8.1%
ROE, 5-yr average 35.8% 11.3%
86th		 9.1%
Incremental ROIC 123.8% 98.2%
57th		 28.3%

Growth

MeasureCFIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 20.0% 5.5%
100th		 9.7%
Revenue growth (QoQ) 11.9% 11.9%
50th		 9.5%
Revenue CAGR, 3 yr -3.9% -3.9%
50th		 2.3%
Revenue CAGR, 5 yr 11.0% 4.3%
88th		 7.3%
Gross profit CAGR, 3 yr -6.1% -11.6%
75th		 5.4%
Operating income CAGR, 3 yr -7.1% -12.7%
71st		 7.8%
Net income growth (TTM YoY) 61.2% 39.4%
67th		 45.4%
Net income CAGR, 3 yr -4.2% -12.3%
67th		 7.3%
EPS growth (TTM YoY) 70.9% 38.2%
67th		 44.1%
EPS CAGR, 3 yr 3.7% -12.3%
83rd		 8.0%
EPS CAGR, 5 yr 45.3% -1.7%
100th		 11.5%
FCF growth (TTM YoY) 6.9% 6.9%
50th		 19.4%
FCF CAGR, 3 yr -11.4% -13.4%
60th		 3.8%
Operating cash flow CAGR, 3 yr -2.7% -13.8%
86th		 7.7%
Book value CAGR, 3 yr 7.9% 0.1%
100th		 6.5%
Dividend CAGR, 3 yr 5.1% 2.8%
71st		 2.6%
Sustainable growth rate 33.3% 5.2%
100th		 13.5%

Margin history & stability

MeasureCFIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 38.5% 29.8%
88th		 29.8%
Operating margin, 3-yr average 33.5% 10.5%
100th		 12.0%
Net margin, 3-yr average 21.7% 5.1%
100th		 6.3%
FCF margin, 3-yr average 19.0% 9.2%
88th		 7.1%
Revenue stability (0-1) 0.25 0.28
38th		 0.60
Earnings stability (0-1) 0.04 0.11
12th		 0.41
Margin stability (0-1) 0.73 0.77
25th		 0.83

Liquidity (latest quarter)

MeasureCFIndustry medianIndustry percentileSector median
Cash & short-term investments $2.5B $476.6M
100th		 $245.7M
Net cash (− = net debt) −$1.1B −$2.5B
75th		 −$465.1M
Working capital $3.0B $1.7B
75th		 $531.5M
Current ratio 4.86 1.58
88th		 2.08
Quick ratio 4.32 1.10
100th		 1.42
Cash ratio (cash + ST investments / current liabilities) 3.21 0.22
88th		 0.45
Defensive interval (days) 3,443 days 736 days
88th		 773 days

Leverage & solvency (latest quarter)

MeasureCFIndustry medianIndustry percentileSector median
Total debt $3.6B $3.6B
50th		 $807.4M
Debt / equity 0.63 0.52
71st		 0.50
Net debt / equity 0.20 0.44
29th		 0.30
Debt / assets 23.9% 23.9%
50th		 24.4%
Debt / capital 38.6% 34.4%
71st		 33.5%
Debt / EBITDA 0.87 2.04
14th		 1.80
Net debt / EBITDA 0.27 1.68
14th		 1.17
Interest coverage (EBIT / interest) 19.2x 5.3x
88th		 6.7x
Cash interest coverage 17.4x 5.7x
88th		 7.7x
Debt payback (years of OCF) 1.2 yrs 3.1 yrs
12th		 2.6 yrs
Liabilities / assets 40.9% 51.6%
25th		 47.8%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 275
0th		 162

Efficiency

MeasureCFIndustry medianIndustry percentileSector median
Asset turnover 0.54 0.53
62nd		 0.66
Fixed asset turnover 1.15 1.15
50th		 1.53
Inventory turnover 12.2 3.1
100th		 4.9
Receivables turnover 11.9 5.2
75th		 8.7
Days sales outstanding 31 days 70 days
25th		 42 days
Days inventory outstanding 30 days 117 days
0th		 74 days
Days payables outstanding 54 days 54 days
50th		 49 days
Cash conversion cycle (days) 7 days 119 days
0th		 61 days
Capex / revenue 13.8% 10.1%
100th		 7.8%
Capex / depreciation 1.20 0.84
71st		 1.09
Operating expense ratio 4.2% 16.7%
12th		 11.3%

Cash flow & earnings quality

MeasureCFIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.42 2.08
29th		 1.55
FCF / net income 0.91 0.91
57th		 0.89
FCF / operating cash flow 64.2% 50.9%
71st		 52.6%
Capex / operating cash flow 35.8% 49.1%
29th		 47.0%
Accruals ratio -6.1% -5.7%
25th		 -5.6%
Sloan accruals ratio 1.7% -3.2%
75th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureCFIndustry medianIndustry percentileSector median
Dividend yield 1.7% 4.4%
25th		 0.9%
Dividend per share (TTM) $2.10 $0.88
62nd		 $0.40
Payout ratio (dividends / net income) 15.0% 64.5%
14th		 18.3%
Dividends / FCF 16.4% 74.0%
14th		 17.9%
Dividend growth (YoY) -3.0% 1.4%
29th		 4.2%
Buyback yield -2.2% 0.0%
0th		 0.2%
Shareholder yield (dividends + buybacks) -0.5% 4.9%
0th		 2.3%
Share count change (YoY) -5.6% -0.2%
0th		 0.0%
Buybacks, last 5 years $2.1B $0
75th		 $35.6M

Scores & forensic checks

MeasureCFIndustry medianIndustry percentileSector median
IS score 83 55
100th		 57
IS profitability 90 36
100th		 44
IS growth 76 59
100th		 59
IS value 84 61
100th		 54
IS momentum 97 84
100th		 78
IS risk (safety) 90 50
100th		 80
IS quality 92 75
100th		 70
IS balance sheet 81 58
88th		 65
IS earnings quality 79 73
75th		 71
IS cash flow 71 57
88th		 49
Piotroski F-score (0-9) 9 6
100th		 6
Altman Z-score 3.5 2.4
100th		 3.1
Beneish M-score −2.53 −2.60
75th		 −2.55
Ohlson O-score −9.99 −8.15
12th		 −8.14
IS credit score 91 59
100th		 70

Per share

MeasureCFIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $13.64 $1.50
88th		 $1.57
Book value per share $37.35 $36.06
62nd		 $16.95
Tangible book per share $38.85 $25.44
88th		 $8.43
Revenue per share $50.29 $37.36
62nd		 $31.21
FCF per share $12.41 $2.34
88th		 $1.99
Operating cash flow per share $19.34 $4.71
88th		 $4.23
Cash per share $16.11 $3.52
100th		 $2.16

Size (TTM)

MeasureCFIndustry medianIndustry percentileSector median
Market cap $18.3B $6.0B
88th		 $4.7B
Revenue $7.7B $7.7B
62nd		 $2.5B
EBITDA $4.2B $1.5B
88th		 $488.0M
Net income $2.1B $160.2M
88th		 $137.1M
Free cash flow $1.9B $291.0M
88th		 $142.7M
Total assets $15.1B $13.2B
62nd		 $3.8B
Shareholders' equity $5.7B $5.7B
50th		 $1.6B
Employees 2,900 5,500
25th		 4,067

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-05-26Scribner Andrew
EVP and CFO
 Award / grant 6,464——6,464
2026-04-28Dehaas Deborah L
Director
 Award / grant 1,390——12,233
2026-04-28Wagler Theresa E
Director
 Award / grant 1,390——36,464
2026-04-28Eaves John W
Director
 Award / grant 1,390——27,336
2026-04-28Ellerbusch Susan A
Director
 Award / grant 1,390——7,323
2026-04-28Madrazo Yris Jesus
Director
 Award / grant 1,390——12,473
2026-04-28Noonan Anne P
Director
 Award / grant 2,208——34,870
2026-04-28Toelle Michael
Director
 Award / grant 1,390——27,336
2026-04-28White Celso L.
Director
 Award / grant 1,390——23,429
2026-04-28Williams Trevor Leigh
SVP, Manufacturing & Dist'n
 Award / grant 4,184——4,184
2026-04-28Ahmed Javed
Director
 Award / grant 1,390——23,165
2026-04-28Arzbaecher Robert C
Director
 Award / grant 1,390——54,304

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMay

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1225,366—
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 26 notices · 642,375 shares · $68.9M
FiledFilerShares proposedEst. proceeds
2026-05-22Stephen J Hagge3,293$401,306
2026-03-17Frost Bert A6,000$756,000
2026-03-17Hoker Richard A3,499$438,705
2026-03-17Mayer Erik M.1,500$187,035
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (2 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-09Gilbert CisnerosHousePurchase$1,001 - $15,0002026-02-16
2026-01-08Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002026-02-13
2025-09-05Ro KhannaHouseSale$1,001 - $15,0002025-10-03
2025-08-08Julia LetlowHouseSale$1,001 - $15,0002026-01-14
2023-09-21Pete RickettsSenateSale$50,001 - $100,0002023-10-20
2023-09-21Pete RickettsSenateSale (Full)$50,001 - $100,0002023-10-19
2023-09-21John Peter RickettsSenateSale (Full)$50,001 - $100,0002023-10-19
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.13,029,812$1.4B8.61%
VANGUARD CAPITAL MANAGEMENT LLC10,040,045$1.1B6.63%
VANGUARD PORTFOLIO MANAGEMENT LLC8,532,875$923.8M5.64%
STATE STREET CORP8,531,329$923.6M5.64%
PRICE T ROWE ASSOCIATES INC /MD/8,472,753$917.3M5.60%
GEODE CAPITAL MANAGEMENT, LLC5,386,783$630.0M3.56%
DIMENSIONAL FUND ADVISORS LP3,632,033$393.1M2.40%
Capital World Investors3,321,883$359.6M2.20%
Invesco Ltd.3,143,864$340.4M2.08%
Allianz Asset Management GmbH3,107,019$336.4M2.05%
NORGES BANK3,004,820$325.3M1.99%
NORTHERN TRUST CORP2,629,057$284.6M1.74%
FMR LLC2,587,699$280.1M1.71%
VICTORY CAPITAL MANAGEMENT INC2,427,371$262.8M1.60%
GOLDMAN SACHS GROUP INC2,351,891$254.6M1.55%

Institutional ownership by quarter

2023-092026-06104.4%
% of shares held by 13F filers
2023-092026-06970
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30970104.4%172378310113
2026-03-3191998.0%21331430091
2025-12-31813104.0%12527330691
2025-09-30793103.5%8728130790
2025-06-30807108.5%13332426176
2025-03-31761108.1%96281278108
2024-12-31784107.4%14527627061
2024-09-30710106.6%9821531181
2024-06-30698111.3%6223831097
2024-03-31747116.0%8427429564
2023-12-31737114.1%11824827777
2023-09-30706117.7%8324628467

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.0%7,763,165
2026-04-29SCHEDULE 13GVanguard Capital Management7.4%11,386,581
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-09SCHEDULE 13GSTATE STREET CORPORATION5.0%7,850,945
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$552.9M
VTI0.02%$552.9M
VTSAX0.02%$552.9M
VSMPX0.02%$552.9M
VOO0.03%$457.9M
VFINX0.03%$457.9M

Share structure

Shares outstanding151,338,130
Float150,464,931
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.5B$11.2B$6.6B$5.9B$7.1B
Cost of revenue$4.2B$5.3B$4.0B$3.9B$4.4B
Gross profit$2.4B$5.9B$2.6B$2.1B$2.7B
R&D$0$0$0$0$0
SG&A$223.0M$290.0M$289.0M$320.0M$364.0M
Operating income$2.1B$5.6B$2.4B$1.7B$2.4B
EBITDA$2.6B$6.3B$3.3B$2.8B$3.3B
Pretax income$1.5B$5.1B$2.2B$1.8B$2.2B
Income tax$283.0M$1.2B$410.0M$285.0M$441.0M
Net income$917.0M$3.3B$1.5B$1.2B$1.5B
EPS, diluted$4.24$16.39$7.87$6.74$8.97
Diluted shares216.2M204.2M193.8M180.7M162.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.6B$2.3B$2.0B$1.6B$2.0B
Receivables$497.0M$582.0M$505.0M$404.0M$488.0M
Inventory$408.0M$474.0M$299.0M$314.0M$383.0M
Total current assets$2.6B$3.7B$3.0B$2.5B$3.0B
PP&E, net$7.3B$6.7B$7.4B$7.0B$7.1B
Goodwill & intangibles$2.1B$2.1B$3.0B$3.0B$3.0B
Total assets$12.4B$13.3B$14.4B$13.5B$14.1B
Accounts payable$110.0M$63.0M$114.0M$125.0M$681.0M
Total current liabilities$1.4B$995.0M$800.0M$818.0M$887.0M
Long-term debt$3.5B$3.0B$3.0B$3.0B$3.5B
Total liabilities$6.3B$5.5B$6.0B$5.9B$6.3B
Shareholders' equity$6.0B$7.9B$8.4B$7.6B$7.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.3B$3.9B$1.5B$1.5B$1.8B
Depreciation & amortization$888.0M$850.0M$869.0M$925.0M$898.0M
Stock-based compensation$30.0M$41.0M$37.0M$36.0M$45.0M
Change in working capital$448.0M−$900.0M$192.0M$20.0M−$97.0M
Operating cash flow$2.9B$3.9B$2.8B$2.3B$2.8B
Capital expenditure−$524.0M−$462.0M−$501.0M−$518.0M−$950.0M
Free cash flow$2.3B$3.4B$2.3B$1.8B$1.8B
Investing cash flow−$466.0M−$440.0M−$1.7B−$469.0M−$933.0M
Net debt issued / repaid−$518.0M−$507.0M$0$0$0
Buybacks−$539.0M−$1.3B−$580.0M−$1.5B$0
Dividends paid−$260.0M−$306.0M−$311.0M−$364.0M−$326.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin33.9%52.7%39.9%34.7%41.3%
Operating margin30.5%50.1%35.5%29.3%36.6%
Net margin14.0%29.9%23.0%20.5%20.5%
FCF margin35.9%30.3%15.5%29.5%25.4%
ROE29.9%81.0%28.3%22.8%29.6%
ROIC30.8%72.7%27.8%22.1%30.6%
ROA7.5%26.1%11.0%8.7%10.6%
Debt / equity1.160.640.570.650.82
Interest coverage9.4x14.8x16.0x15.6x15.4x
Current ratio1.813.693.813.083.37
Revenue growth+58.5%+71.1%−40.7%−10.5%+19.3%
EPS growth+188.5%+298.3%−52.8%−12.3%+32.8%
P/E at year end15.3x4.7x9.5x11.9x8.3x
EV / EBITDA at year end6.2x2.6x4.8x5.7x4.3x
FCF yield at year end16.77%21.63%7.15%12.11%14.93%
Dividend payout28.4%9.1%20.4%29.9%22.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
UNITED STATES$5.2B$8.4B$4.9B——
Non-US$1.5B$3.0B$1.8B——
Ammonia———$1.7B$2.2B
UAN———$1.7B$2.2B
Urea———$1.6B$1.8B
AN———$419.0M$421.0M

Revenue by region · FY2025

UNITED STATES$5.3B · 60%
Non-US$1.7B · 20%
All Regions Outside of US and Canada$712.0M · 8%
CANADA$598.0M · 7%
United Kingdom [Domain]$378.0M · 4%
North America$58.0M · 1%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $2.98 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$8.1B$7.6B – $9.8B$14.97$13.52 – $16.2888.1x
2027$7.4B$6.9B – $8.1B$11.27$9.57 – $13.00910.7x
2028$6.9B$6.1B – $9.4B$8.96$7.22 – $10.58713.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$5.63$4.73−16.0%$2.4B$2.2B−9.3%
2026-05-06$2.63$2.89+9.9%$1.8B$2.0B+8.0%
2026-02-18$2.43$2.99+23.0%$1.8B$1.9B+5.0%
2025-11-05$2.16$2.19+1.4%$1.7B$1.7B−0.5%
2025-08-06$2.50$2.37−5.2%$1.8B$1.9B+4.8%
2025-05-07$1.48$1.85+25.0%$1.5B$1.7B+7.9%
2025-02-19$1.54$1.89+22.7%$1.5B$1.5B+1.5%
2024-10-30$1.18$1.34+13.6%$1.3B$1.4B+6.7%
2024-08-07$1.84$2.30+25.0%$1.5B$1.6B+3.8%
2024-05-01$1.52$0.90−40.8%$1.5B$1.5B+1.0%
2024-02-14$1.57$1.58+0.6%$1.6B$1.6B−4.4%
2023-11-01$0.94$0.85−9.6%$1.3B$1.3B−2.1%
2023-08-02$2.25$2.71+20.4%$1.4B$1.8B+30.7%
2023-05-01$2.52$2.90+15.1%$2.0B$2.0B+0.8%
2023-02-15$4.30$4.28−0.5%$2.8B$2.6B−7.8%
2022-11-02$3.33$2.27−31.8%$2.4B$2.3B−1.9%
2022-08-01$6.03$6.19+2.7%$3.5B$3.4B−4.1%
2022-05-04$4.35$4.21−3.2%$2.6B$2.9B+10.3%
2022-02-15$3.55$3.27−7.9%$2.6B$2.5B−0.9%
2021-11-03$0.97$0.96−1.0%$1.4B$1.4B−1.0%
2021-08-09$1.57$1.15−26.8%$1.6B$1.6B0.0%
2021-05-05$0.60$0.73+21.7%$1.1B$1.0B−2.5%
2021-02-17$0.11$0.40+263.6%$999.6M$1.1B+10.2%
2020-11-04$0.05$-0.13−360.0%$456.1M$847.0M+85.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.406-220.306-290.507-060.407-130.407-200.407-270.408-030.408-100.508-170.308-240.608-31
Week ofNotionalSharesTrades
2026-08-31$585.5M4,354,02894,654
2026-08-24$334.8M2,639,35170,373
2026-08-17$528.0M4,254,60181,913
2026-08-10$406.8M3,443,24680,627
2026-08-03$432.3M3,710,20786,744
2026-07-27$397.7M3,212,82076,118

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1558.9%
DateShort shareShort volumeTotal volume
2026-10-1558.9%821,3611,393,914
2026-10-1461.2%659,7501,078,656
2026-10-1340.4%305,275754,873
2026-10-1254.8%458,860837,267
2026-10-0939.4%619,1651,573,129
2026-10-0833.8%324,628961,416
2026-10-0749.6%419,926847,475
2026-10-0645.0%290,096644,218
2026-10-0551.5%383,618745,296
2026-10-0257.1%385,261674,920
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.6Jan+5.3Feb-2.4Mar+1.2Apr+1.5May+0.7Jun+5.5Jul+3.5Aug+1.4Sep+1.5Oct+1.6Nov+4.1Dec
MonthAvg returnUp yearsYears
Jan+1.6%55%20
Feb+5.3%70%20
Mar−2.4%38%21
Apr+1.2%55%20
May+1.5%70%20
Jun+0.7%40%20
Jul+5.5%85%20
Aug+3.5%65%20
Sep+1.4%70%20
Oct+1.5%40%20
Nov+1.6%60%20
Dec+4.1%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.6
MFI50.4
ADX24.1
Stochastic %K / %D85.2 / 72.6
Williams %R-9.5
CCI87
TSI / signal-13.7 / -16.7
Chaikin money flow-0.24
ATR$4.16
Bollinger width10.1%
Volume vs 20-day avg0.53x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$116.86 (+3.4%)
SMA 50$123.31 (−2.0%)
SMA 200$114.29 (+5.7%)
EMA 21$118.91 (+1.6%)
EMA 50$120.88 (−0.0%)
EMA 200$113.57 (+6.4%)
Bollinger upper$122.77 (−1.6%)
Bollinger lower$110.95 (+8.9%)
Parabolic SAR$111.27 (+8.6%)
Open the live chart, 110+ indicators

About CF Industries Holdings, Inc.

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.

https://www.cfindustries.com

Key executives

NameTitlePayBorn
Christopher D. BohnPresident, Chief Executive Officer & Director$3.2M1968
Bert A. FrostExecutive Vice President & Chief Commercial Officer$2.2M1965
Susan L. MenzelExecutive Vice President & Chief Administrative Officer$2.0M1965
Michael McGraneSenior Vice President, Gen. Counsel & Sec.$1.6M1974
Andrew T. ScribnerExecutive Vice President & Chief Financial Officer$1.2M1979
Trevor WilliamsSenior Vice President of Manufacturing and Distribution$1.2M—
Richard A. HokerVP, Corporate Controller & Chief Accounting Officer$731,5111965
Linda DempseyVice President of Public Affairs—1964

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
W. Anthony Will President and Chief Executive Officer2025$1.4M$7.7M$4.2M$13.7M
Susan L. Menzel Executive Vice President and Chief Administrative Officer2025$700,000$3.9M$1.1M$5.9M
Christopher D. Bohn Executive Vice President and Chief Operating Officer2025$1.0M$2.6M$2.0M$5.9M
Gregory D. Cameron Executive Vice President and Chief Financial Officer2025$770,000$2.0M$1.4M$4.3M
Bert A. Frost Executive Vice President, Sales, Market Development and Supply Chain2025$725,000$2.0M$1.2M$4.3M

Employees

3k20183k20193k20203k20213k20223k20233k20243k2025

Dividends

Ex-dateAmountPaid
2026-11-16$0.62026-11-30
2026-08-14$0.62026-08-31
2026-05-15$0.52026-05-29
2026-02-13$0.52026-02-27
2025-11-14$0.52025-11-28
2025-08-15$0.52025-08-29
2025-05-15$0.52025-05-30
2025-02-14$0.52025-02-28

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage72
Intangibles61
Switching costs34
Network effect30
Efficient scale95
Our component scores (0-100) and overall 56.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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