CF Industries Holdings, Inc. (CF) 10-Year Financial Performance & Capital Metrics

CF • • Industrial / General

Basic MaterialsAgricultural InputsFertilizer ProductionNitrogen Fertilizer Producers

AboutCF Industries Holdings, Inc. manufactures and sells hydrogen and nitrogen products for energy, fertilizer, emissions abatement, and other industrial activities worldwide. Its principal products include anhydrous ammonia, granular urea, urea ammonium nitrate, and ammonium nitrate products. The company also offers diesel exhaust fluid, urea liquor, nitric acid, and aqua ammonia products; and compound fertilizer products with nitrogen, phosphorus, and potassium. It primarily serves cooperatives, independent fertilizer distributors, traders, wholesalers, and industrial users. The company was founded in 1946 and is headquartered in Deerfield, Illinois.Show more

Revenue $5.94B -10.5%
EBITDA $2.67B -17.2%
Net Income $1.22B -20.1%
EPS (Diluted) 6.74 -14.4%
Gross Margin 34.64% -13.2%
EBITDA Margin 45% -7.5%
Operating Margin 29.41% -17.2%
Net Margin 20.52% -10.8%
ROE 15.26% -18.8%
ROIC 13.93% -27.7%
Debt/Equity 0.43 +10.8%
Interest Coverage 14.43 -8.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 27.4%
✓Strong 5Y profit CAGR of 19.8%
✓FCF machine: 29.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.3%
✓Share count reduced 6.8% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.27%

5Y5.28%

3Y-3.17%

TTM12.59%

Profit (Net Income) CAGR

10Y-1.31%

5Y19.83%

3Y9.92%

TTM18.47%

EPS CAGR

10Y2.2%

5Y24.87%

3Y16.69%

TTM31.33%

ROCE

10Y Avg14.01%

5Y Avg20.92%

3Y Avg26.56%

Latest13.32%

Peer Comparison

Nitrogen Fertilizer Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UANCVR Partners, LP	1.25B	118.57	20.59	-22.91%	20.7%	39.94%	9.05%	2.00
CFCF Industries Holdings, Inc.	13.51B	86.60	12.85	-10.48%	20.47%	17.92%	12.98%	0.43

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.31B	3.69B	4.13B	4.43B	4.59B	4.12B	6.54B	11.19B	6.63B	5.94B
Revenue Growth %	-0.09%	-0.14%	0.12%	0.07%	0.04%	-0.1%	0.59%	0.71%	-0.41%	-0.1%
Cost of Goods Sold+	2.47B	2.97B	3.61B	3.52B	3.41B	3.29B	4.18B	5.29B	3.99B	3.88B
COGS % of Revenue	0.57%	0.81%	0.87%	0.8%	0.74%	0.8%	0.64%	0.47%	0.6%	0.65%
Gross Profit+	1.84B	713M	521M	906M	1.18B	834M	2.36B	5.89B	2.65B	2.06B
Gross Margin %	0.43%	0.19%	0.13%	0.2%	0.26%	0.2%	0.36%	0.53%	0.4%	0.35%
Gross Profit Growth %	0.02%	-0.61%	-0.27%	0.74%	0.31%	-0.3%	1.83%	1.5%	-0.55%	-0.22%
Operating Expenses+	170M	174M	191M	212M	239M	206M	223M	290M	289M	310M
OpEx % of Revenue	0.04%	0.05%	0.05%	0.05%	0.05%	0.05%	0.03%	0.03%	0.04%	0.05%
Selling, General & Admin	169.8M	174M	192M	214M	239M	206M	223M	290M	289M	320M
SG&A % of Revenue	0.04%	0.05%	0.05%	0.05%	0.05%	0.05%	0.03%	0.03%	0.04%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-10M
Operating Income+	1.67B	539M	330M	694M	945M	628M	2.14B	5.6B	2.36B	1.75B
Operating Margin %	0.39%	0.15%	0.08%	0.16%	0.21%	0.15%	0.33%	0.5%	0.36%	0.29%
Operating Income Growth %	0.03%	-0.68%	-0.39%	1.1%	0.36%	-0.34%	2.4%	1.62%	-0.58%	-0.26%
EBITDA+	2.12B	1.15B	1.19B	1.57B	1.81B	1.51B	3.02B	6.44B	3.23B	2.67B
EBITDA Margin %	0.49%	0.31%	0.29%	0.35%	0.39%	0.37%	0.46%	0.58%	0.49%	0.45%
EBITDA Growth %	0.06%	-0.46%	0.03%	0.32%	0.15%	-0.16%	1%	1.14%	-0.5%	-0.17%
D&A (Non-Cash Add-back)	454M	614M	857M	872M	863M	884M	879M	841M	869M	925M
EBIT	1.19B	-26M	190M	788M	1.01B	642M	1.73B	5.44B	2.4B	1.9B
Net Interest Income+	-131M	-195M	-303M	-228M	-217M	-161M	-183M	-279M	8M	2M
Interest Income	2M	5M	12M	13M	20M	18M	1M	65M	158M	123M
Interest Expense	133M	200M	315M	241M	237M	179M	184M	344M	150M	121M
Other Income/Expense	-537M	-765M	-455M	-147M	-173M	-165M	-595M	-507M	-108M	16M
Pretax Income+	1.06B	-226M	-125M	547M	772M	463M	1.54B	5.09B	2.25B	1.76B
Pretax Margin %	0.25%	-0.06%	-0.03%	0.12%	0.17%	0.11%	0.24%	0.46%	0.34%	0.3%
Income Tax+	395.8M	-68M	-575M	119M	126M	31M	283M	1.16B	410M	285M
Effective Tax Rate %	0.66%	1.23%	-2.86%	0.53%	0.64%	0.68%	0.59%	0.66%	0.68%	0.69%
Net Income+	700M	-277M	358M	290M	493M	317M	917M	3.35B	1.52B	1.22B
Net Margin %	0.16%	-0.08%	0.09%	0.07%	0.11%	0.08%	0.14%	0.3%	0.23%	0.21%
Net Income Growth %	-0.5%	-1.4%	2.29%	-0.19%	0.7%	-0.36%	1.89%	2.65%	-0.54%	-0.2%
Net Income (Continuing)	734M	-158M	450M	428M	646M	432M	1.26B	3.94B	1.84B	1.48B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	352M	3.14B	3.1B	2.77B	2.74B	2.68B	2.83B	2.8B	2.66B	2.61B
EPS (Diluted)+	2.96	-1.19	1.53	1.24	2.22	1.47	4.24	16.39	7.87	6.74
EPS Growth %	-0.45%	-1.4%	2.29%	-0.19%	0.79%	-0.34%	1.88%	2.86%	-0.52%	-0.14%
EPS (Basic)	2.97	-1.19	1.53	1.25	2.24	1.48	4.27	16.46	7.89	6.75
Diluted Shares Outstanding	236.1M	233.1M	233.9M	233.8M	221.6M	215.2M	216.2M	204.2M	193.8M	180.7M
Basic Shares Outstanding	235.3M	232.77M	233.5M	232.6M	220.2M	214.9M	215M	203.3M	193.3M	180.4M
Dividend Payout Ratio	0.4%	-	0.78%	0.97%	0.54%	0.81%	0.28%	0.09%	0.2%	0.3%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.13B	2.65B	1.47B	1.27B	974M	1.37B	2.59B	3.67B	3.05B	2.52B
Cash & Short-Term Investments	286M	1.16B	835M	682M	287M	683M	1.63B	2.32B	2.03B	1.61B
Cash Only	286M	1.16B	835M	682M	287M	683M	1.63B	2.32B	2.03B	1.61B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	267M	236M	307M	235M	242M	265M	497M	582M	505M	404M
Days Sales Outstanding	22.62	23.38	27.13	19.37	19.24	23.45	27.75	18.99	27.8	24.84
Inventory	321.2M	339M	275M	309M	351M	287M	408M	474M	299M	314M
Days Inventory Outstanding	47.45	41.63	27.81	32.01	37.61	31.84	35.65	32.68	27.38	29.54
Other Current Assets	310M	916M	15M	20M	23M	35M	56M	79M	47M	43M
Total Non-Current Assets+	11.61B	12.48B	12B	11.39B	11.2B	10.66B	9.78B	9.64B	11.33B	10.95B
Property, Plant & Equipment	8.54B	9.65B	9.18B	8.62B	8.45B	7.89B	7.32B	6.69B	7.4B	7B
Fixed Asset Turnover	0.50x	0.38x	0.45x	0.51x	0.54x	0.52x	0.89x	1.67x	0.90x	0.85x
Goodwill	2.39B	2.35B	2.37B	2.35B	2.37B	2.37B	2.09B	2.09B	2.5B	2.49B
Intangible Assets	155.7M	128M	129M	115M	110M	104M	45M	15M	538M	507M
Long-Term Investments	297.8M	139M	108M	93M	88M	80M	82M	74M	26M	29M
Other Non-Current Assets	173M	212M	215M	203M	185M	207M	240M	771M	867M	917M
Total Assets+	12.74B	15.13B	13.46B	12.66B	12.17B	12.02B	12.38B	13.31B	14.38B	13.47B
Asset Turnover	0.34x	0.24x	0.31x	0.35x	0.38x	0.34x	0.53x	0.84x	0.46x	0.44x
Asset Growth %	0.12%	0.19%	-0.11%	-0.06%	-0.04%	-0.01%	0.03%	0.08%	0.08%	-0.06%
Total Current Liabilities+	1.22B	686M	580M	705M	665M	906M	1.43B	995M	800M	818M
Accounts Payable	97M	81M	99M	101M	78M	85M	110M	63M	114M	125M
Days Payables Outstanding	14.33	9.95	10.01	10.46	8.36	9.43	9.61	4.34	10.44	11.76
Short-Term Debt	0	0	0	0	0	249M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	130M	5M	17M	6M	18M	15M	54M	95M	42M	9M
Current Ratio	0.93x	3.87x	2.53x	1.81x	1.46x	1.51x	1.81x	3.69x	3.81x	3.08x
Quick Ratio	0.66x	3.38x	2.05x	1.37x	0.94x	1.19x	1.53x	3.22x	3.44x	2.70x
Cash Conversion Cycle	55.74	55.06	44.93	40.92	48.5	45.86	53.79	47.33	44.74	42.62
Total Non-Current Liabilities+	7.14B	7.95B	6.2B	6.22B	5.87B	5.51B	4.91B	4.46B	5.2B	5.06B
Long-Term Debt	5.54B	5.78B	4.69B	4.7B	3.96B	3.71B	3.46B	2.96B	2.97B	2.97B
Capital Lease Obligations	0	0	0	0	193M	174M	162M	167M	168M	189M
Deferred Tax Liabilities	916M	1.63B	1.05B	1.12B	1.25B	1.18B	1.03B	958M	999M	871M
Other Non-Current Liabilities	628M	545M	460M	410M	474M	444M	251M	375M	314M	301M
Total Liabilities	8.35B	8.64B	6.78B	6.93B	6.54B	6.42B	6.34B	5.46B	6B	5.87B
Total Debt+	5.59B	5.78B	4.69B	4.7B	4.24B	4.22B	3.72B	3.23B	3.23B	3.25B
Net Debt	5.31B	4.61B	3.86B	4.02B	3.95B	3.54B	2.09B	902M	1.2B	1.63B
Debt / Equity	1.27x	0.89x	0.70x	0.82x	0.75x	0.75x	0.62x	0.41x	0.39x	0.43x
Debt / EBITDA	2.64x	5.01x	3.95x	3.00x	2.35x	2.79x	1.23x	0.50x	1.00x	1.22x
Net Debt / EBITDA	2.50x	4.00x	3.25x	2.56x	2.19x	2.34x	0.69x	0.14x	0.37x	0.61x
Interest Coverage	12.53x	2.70x	1.05x	2.88x	3.99x	3.51x	11.62x	16.28x	15.71x	14.43x
Total Equity+	4.39B	6.49B	6.68B	5.73B	5.64B	5.6B	6.04B	7.85B	8.37B	7.59B
Equity Growth %	-0.04%	0.48%	0.03%	-0.14%	-0.02%	-0.01%	0.08%	0.3%	0.07%	-0.09%
Book Value per Share	18.58	27.85	28.58	24.51	25.44	26.04	27.92	38.46	43.20	42.01
Total Shareholders' Equity	4.04B	3.35B	3.58B	2.96B	2.9B	2.92B	3.21B	5.05B	5.72B	4.99B
Common Stock	2.4M	2M	2M	2M	2M	2M	2M	2M	2M	2M
Retained Earnings	3.06B	2.37B	2.44B	2.46B	1.96B	1.93B	2.09B	3.87B	4.54B	4.01B
Treasury Stock	-153M	-1M	0	-504M	0	-4M	-2M	0	0	-30M
Accumulated OCI	-249.8M	-398M	-263M	-371M	-366M	-320M	-257M	-230M	-209M	-280M
Minority Interest	352M	3.14B	3.1B	2.77B	2.74B	2.68B	2.83B	2.8B	2.66B	2.61B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.2B	617M	1.63B	1.5B	1.5B	1.23B	2.87B	3.85B	2.76B	2.27B
Operating CF Margin %	0.28%	0.17%	0.39%	0.34%	0.33%	0.3%	0.44%	0.34%	0.42%	0.38%
Operating CF Growth %	-0.15%	-0.49%	1.64%	-0.08%	0.01%	-0.18%	1.33%	0.34%	-0.28%	-0.18%
Net Income	734.1M	-158M	450M	428M	646M	432M	1.26B	3.94B	1.52B	1.48B
Depreciation & Amortization	479.6M	678M	883M	888M	875M	892M	888M	850M	869M	925M
Stock-Based Compensation	16.8M	19M	17M	22M	28M	25M	30M	41M	37M	36M
Deferred Taxes	77.9M	739M	-601M	78M	149M	-74M	-196M	-107M	81M	-115M
Other Non-Cash Items	241.1M	142M	43M	-46M	-81M	-56M	443M	34M	53M	-72M
Working Capital Changes	-345.8M	-803M	839M	127M	-112M	12M	448M	-900M	192M	20M
Change in Receivables	-4.8M	18M	-57M	68M	-6M	-19M	-235M	-110M	100M	77M
Change in Inventory	-71M	-7M	40M	-52M	-26M	27M	-123M	-93M	152M	-28M
Change in Payables	41.7M	-18M	-1M	44M	-72M	-15M	142M	1M	0	44M
Cash from Investing+	-2.98B	-2.18B	-408M	-375M	-319M	-299M	-466M	-440M	-1.68B	-469M
Capital Expenditures	-2.47B	-2.21B	-473M	-422M	-404M	-309M	-524M	-462M	-499M	-518M
CapEx % of Revenue	0.57%	0.6%	0.11%	0.1%	0.09%	0.07%	0.08%	0.04%	0.08%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19.8M	34M	6M	47M	15M	8M	9M	21M	43M	49M
Cash from Financing+	77M	2.44B	-1.56B	-1.27B	-1.58B	-542M	-1.46B	-2.7B	-1.37B	-2.21B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-282M	-280M	-280M	-280M	-265M	-258M	-260M	-306M	-311M	-364M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-46M	2.65B	-137M	-535M	-198M	-189M	-210M	-646M	-481M	-334M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.27B	-1.59B	1.16B	1.07B	1.1B	922M	2.35B	3.39B	2.26B	1.75B
FCF Margin %	-0.29%	-0.43%	0.28%	0.24%	0.24%	0.22%	0.36%	0.3%	0.34%	0.3%
FCF Growth %	-2.16%	-0.26%	1.73%	-0.07%	0.02%	-0.16%	1.55%	0.44%	-0.34%	-0.22%
FCF per Share	-5.36	-6.84	4.95	4.60	4.97	4.28	10.86	16.62	11.64	9.70
FCF Conversion (FCF/Net Income)	1.72x	-2.23x	4.56x	5.16x	3.05x	3.88x	3.13x	1.15x	1.81x	1.86x
Interest Paid	100M	0	0	227M	0	184M	176M	257M	145M	118M
Taxes Paid	435M	0	0	7M	0	111M	430M	1.78B	373M	410M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.63%	-5.09%	5.43%	4.67%	8.67%	5.64%	15.76%	48.18%	18.8%	15.26%
Return on Invested Capital (ROIC)	14.83%	3.89%	2.29%	5.13%	7.33%	5.03%	18.57%	49.78%	19.28%	13.93%
Gross Margin	42.64%	19.35%	12.62%	20.46%	25.8%	20.22%	36.11%	52.67%	39.89%	34.64%
Net Margin	16.25%	-7.52%	8.67%	6.55%	10.74%	7.69%	14.03%	29.91%	23%	20.52%
Debt / Equity	1.27x	0.89x	0.70x	0.82x	0.75x	0.75x	0.62x	0.41x	0.39x	0.43x
Interest Coverage	12.53x	2.70x	1.05x	2.88x	3.99x	3.51x	11.62x	16.28x	15.71x	14.43x
FCF Conversion	1.72x	-2.23x	4.56x	5.16x	3.05x	3.88x	3.13x	1.15x	1.81x	1.86x
Revenue Growth	-9.17%	-14.47%	12.08%	7.24%	3.64%	-10.15%	58.54%	71.09%	-40.72%	-10.48%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Ammonia	1.52B	981M	1.21B	1.03B	-	-	-	-	-	1.74B
Ammonia Growth	-	-35.59%	23.24%	-14.97%	-	-	-	-	-	-
UAN	1.48B	1.2B	1.13B	1.23B	-	-	-	-	-	1.68B
UAN Growth	-	-19.17%	-5.18%	8.82%	-	-	-	-	-	-
Urea	788M	831M	971M	1.32B	-	-	-	-	-	1.6B
Urea Growth	-	5.46%	16.85%	36.15%	-	-	-	-	-	-
AN	-	-	497M	460M	-	-	-	-	-	419M
AN Growth	-	-	-	-7.44%	-	-	-	-	-	-
UNITED STATES	-	-	-	-	3.44B	3.09B	5.17B	8.36B	4.93B	-
UNITED STATES Growth	-	-	-	-	-	-10.17%	67.15%	61.88%	-41.02%	-
Non-US	-	-	-	-	1.2B	1.09B	1.45B	2.97B	1.77B	-
Non-US Growth	-	-	-	-	-	-9.56%	33.46%	104.82%	-40.32%	-
Ammonium Nitrate	294M	411M	-	-	-	-	-	-	-	-
Ammonium Nitrate Growth	-	39.80%	-	-	-	-	-	-	-	-
Other Products	223.5M	266M	-	-	-	-	-	-	-	-
Other Products Growth	-	19.02%	-	-	-	-	-	-	-	-
Phosphate	-	-	-	-	-	-	-	-	-	-
Phosphate Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.48B	2.73B	2.85B	3.16B	3.44B	3.09B	5.17B	8.36B	4.93B	4.49B
UNITED STATES Growth	-	-21.72%	4.51%	10.84%	8.86%	-10.17%	67.15%	61.88%	-41.02%	-8.92%
Non-US	823.4M	957M	1.28B	1.27B	1.2B	1.09B	1.45B	2.97B	1.77B	1.52B
Non-US Growth	-	16.23%	33.65%	-0.78%	-5.20%	-9.56%	33.46%	104.82%	-40.32%	-14.54%
United Kingdom [Domain]	-	-	427M	425M	-	-	-	-	-	-
United Kingdom [Domain] Growth	-	-	-	-0.47%	-	-	-	-	-	-
All Regions Outside of US and Canada	-	-	500M	384M	-	-	-	-	-	-
All Regions Outside of US and Canada Growth	-	-	-	-23.20%	-	-	-	-	-	-
CANADA	-	-	352M	379M	-	-	-	-	-	-
CANADA Growth	-	-	-	7.67%	-	-	-	-	-	-
North America	-	-	-	81M	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CF Industries Holdings, Inc. (CF) has a price-to-earnings (P/E) ratio of 12.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CF Industries Holdings, Inc. (CF) reported $6.74B in revenue for fiscal year 2024. This represents a 10% increase from $6.10B in 2011.

CF Industries Holdings, Inc. (CF) saw revenue decline by 10.5% over the past year.

Yes, CF Industries Holdings, Inc. (CF) is profitable, generating $1.38B in net income for fiscal year 2024 (20.5% net margin).

Dividend & Returns

Yes, CF Industries Holdings, Inc. (CF) pays a dividend with a yield of 2.33%. This makes it attractive for income-focused investors.

CF Industries Holdings, Inc. (CF) has a return on equity (ROE) of 15.3%. This is reasonable for most industries.

CF Industries Holdings, Inc. (CF) generated $1.71B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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