The company maintains a conservative financial profile with a debt-to-equity ratio of 0.44 as of 2026Q1, providing significant headroom against commodity price cycles.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Current Assets | 3.39B | 2.98B | 2.52B | 3.05B | 3.67B | 2.59B | 1.37B | 974M | 1.27B | 1.47B | 2.65B | 1.13B | 2.61B | 2.63B | 2.81B | 1.8B | 1.34B | 1.28B | 1.43B | 1.28B | 633.1M | 576.1M | 788.8M | 0 |
| Cash & Short-Term Investments | 2.04B | 1.98B | 1.61B | 2.03B | 2.32B | 1.63B | 683M | 287M | 682M | 835M | 1.16B | 286M | 2B | 1.71B | 2.27B | 1.21B | 800.8M | 882.1M | 625M | 861M | 325.6M | 216.7M | 419.29M | 168.9M |
| Cash Only | 2.04B | 1.98B | 1.61B | 2.03B | 2.32B | 1.63B | 683M | 287M | 682M | 835M | 1.16B | 286M | 2B | 1.71B | 2.27B | 1.21B | 797.7M | 697.1M | 625M | 366.5M | 25.4M | 37.4M | 50M | 77.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.1M | 185M | 0 | 494.5M | 300.2M | 179.3M | 369.29M | 91.7M |
| Accounts Receivable | 726M | 488M | 404M | 505M | 582M | 497M | 265M | 242M | 235M | 307M | 236M | 267M | 191.5M | 230.9M | 217.4M | 269.4M | 238.9M | 167.4M | 175.1M | 148.7M | 113.9M | 53.9M | 43.27M | 0 |
| Days Sales Outstanding | 29.59 | 25.14 | 24.84 | 27.8 | 18.99 | 27.75 | 23.45 | 19.24 | 19.37 | 27.13 | 23.38 | 22.62 | 14.74 | 15.39 | 13 | 16.13 | 21.99 | 23.42 | 16.3 | 19.69 | 21.33 | 10.31 | 9.57 | - |
| Inventory | 371M | 383M | 314M | 299M | 474M | 408M | 287M | 351M | 309M | 275M | 339M | 321.2M | 202.9M | 274.3M | 277.9M | 304.2M | 270.3M | 207.8M | 588.6M | 231.7M | 176.1M | 251.1M | 233.55M | 0 |
| Days Inventory Outstanding | 29.71 | 32.06 | 29.54 | 27.38 | 32.68 | 35.65 | 31.84 | 37.61 | 32.01 | 27.81 | 41.63 | 47.45 | 25.11 | 33.27 | 34.56 | 36.16 | 35.98 | 43.57 | 82.38 | 41.72 | 37.62 | 54.69 | 59.42 | - |
| Other Current Assets | 229M | 27M | 43M | 47M | 79M | 56M | 35M | 23M | 20M | 15M | 916M | 310M | 223.5M | 361M | 23.5M | 6.1M | 31.4M | 5.8M | 13M | 37.7M | 17.5M | 54.4M | 92.68M | 0 |
| Total Non-Current Assets | 11.22B | 11.1B | 10.95B | 11.33B | 9.64B | 9.78B | 10.66B | 11.2B | 11.39B | 12B | 12.48B | 11.61B | 8.72B | 8.05B | 7.36B | 7.18B | 7.42B | 1.21B | 954.4M | 733.4M | 657.3M | 652M | 758.17M | 0 |
| Property, Plant & Equipment | 7.12B | 7.13B | 7B | 7.4B | 6.69B | 7.32B | 7.89B | 8.45B | 8.62B | 9.18B | 9.65B | 8.54B | 5.53B | 4.1B | 3.9B | 3.74B | 3.93B | 793.8M | 661.9M | 623.6M | 597M | 630.1M | 645.6M | 0 |
| Fixed Asset Turnover | 1.04x | 0.99x | 0.85x | 0.90x | 1.67x | 0.89x | 0.52x | 0.54x | 0.51x | 0.45x | 0.38x | 0.50x | 0.86x | 1.33x | 1.56x | 1.63x | 1.01x | 3.29x | 5.92x | 4.42x | 3.27x | 3.03x | 2.56x | - |
| Goodwill | 2.49B | 2.49B | 2.49B | 2.5B | 2.09B | 2.09B | 2.37B | 2.37B | 2.35B | 2.37B | 2.35B | 2.39B | 2.09B | 2.1B | 2.06B | 2.06B | 2.09B | 900K | 900K | 900K | 900K | 0 | 0 | 0 |
| Intangible Assets | 470M | 473M | 507M | 538M | 15M | 45M | 104M | 110M | 115M | 129M | 128M | 155.7M | 41.8M | 45.8M | 49.6M | 0 | 0 | 0 | 0 | 0 | 0 | 900K | 1.33M | 0 |
| Long-Term Investments | 141M | 32M | 29M | 26M | 74M | 82M | 80M | 88M | 93M | 108M | 139M | 297.8M | 861.5M | 926M | 935.6M | 999.5M | 1.08B | 376.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.1B | 980M | 917M | 867M | 771M | 240M | 207M | 185M | 203M | 215M | 212M | 173M | 201.8M | 878.7M | 383.1M | 322.5M | 325.9M | 77.4M | 40.2M | 108.9M | 57.7M | 21M | 36.34M | 0 |
| Total Assets | 14.61B | 14.09B | 13.47B | 14.38B | 13.31B | 12.38B | 12.02B | 12.17B | 12.66B | 13.46B | 15.13B | 12.74B | 11.34B | 10.68B | 10.17B | 8.97B | 8.76B | 2.49B | 2.39B | 2.01B | 1.29B | 1.23B | 1.55B | 1.42B |
| Asset Turnover | 0.52x | 0.50x | 0.44x | 0.46x | 0.84x | 0.53x | 0.34x | 0.38x | 0.35x | 0.31x | 0.24x | 0.34x | 0.42x | 0.51x | 0.60x | 0.68x | 0.45x | 1.05x | 1.64x | 1.37x | 1.51x | 1.55x | 1.07x | 0.98x |
| Asset Growth % | 16.81% | 4.62% | -6.33% | 7.98% | 7.58% | 2.93% | -1.22% | -3.86% | -5.96% | -11.02% | 18.78% | 12.35% | 6.18% | 5.03% | 13.29% | 2.47% | 251.06% | 4.49% | 18.64% | 55.96% | 5.07% | -20.61% | 9.28% | - |
| Total Current Liabilities | 958M | 887M | 818M | 800M | 995M | 1.43B | 906M | 665M | 705M | 580M | 686M | 1.22B | 979.7M | 828.3M | 950.2M | 1.03B | 946.6M | 479.8M | 818.1M | 629.3M | 353.4M | 341.1M | 424.8M | 0 |
| Accounts Payable | 613M | 681M | 125M | 114M | 63M | 110M | 85M | 78M | 101M | 99M | 81M | 97M | 65.8M | 169M | 117.3M | 99.5M | 752.7M | 332M | 555.7M | 210.4M | 37.4M | 171.6M | 169.24M | 0 |
| Days Payables Outstanding | 55.42 | 57.01 | 11.76 | 10.44 | 4.34 | 9.61 | 9.43 | 8.36 | 10.46 | 10.01 | 9.95 | 14.33 | 8.14 | 20.5 | 14.59 | 11.83 | 100.2 | 69.61 | 77.78 | 37.88 | 7.99 | 37.37 | 43.06 | - |
| Short-Term Debt | 107M | 110M | 0 | 0 | 0 | 0 | 249M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 4.9M | 0 | 4.1M | 0 | 0 | 0 | 19.92M | 0 |
| Deferred Revenue (Current) | 718M | 77M | 118M | 130M | 229M | 700M | 130M | 119M | 149M | 89M | 42M | 161.5M | 325.4M | 120.6M | 380.7M | 257.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 16M | 19M | 9M | 42M | 95M | 54M | 15M | 18M | 6M | 17M | 5M | 130M | 48.4M | 27.3M | 17.9M | 181.9M | 48.8M | 55.7M | 138.2M | 268.3M | 229.4M | 169.5M | 235.65M | 0 |
| Current Ratio | 3.54x | 3.37x | 3.08x | 3.81x | 3.69x | 1.81x | 1.51x | 1.46x | 1.81x | 2.53x | 3.87x | 0.93x | 2.67x | 3.18x | 2.95x | 1.74x | 1.42x | 2.67x | 1.75x | 2.03x | 1.79x | 1.69x | 1.86x | - |
| Quick Ratio | 3.15x | 2.93x | 2.70x | 3.44x | 3.22x | 1.53x | 1.19x | 0.94x | 1.37x | 2.05x | 3.38x | 0.66x | 2.46x | 2.84x | 2.66x | 1.45x | 1.13x | 2.24x | 1.03x | 1.66x | 1.29x | 0.95x | 1.31x | - |
| Cash Conversion Cycle | 3.87 | 0.2 | 42.62 | 44.74 | 47.33 | 53.79 | 45.86 | 48.5 | 40.92 | 44.93 | 55.06 | 55.74 | 31.7 | 28.17 | 32.97 | 40.46 | -42.22 | -2.62 | 20.9 | 23.52 | 50.95 | 27.62 | 25.93 | - |
| Total Non-Current Liabilities | 5.39B | 5.43B | 5.06B | 5.2B | 4.46B | 4.91B | 5.51B | 5.87B | 6.22B | 6.2B | 7.95B | 7.14B | 5.79B | 4.41B | 2.93B | 3.01B | 3.38B | 270.2M | 218.8M | 178.9M | 156.4M | 117.5M | 322.11M | 0 |
| Long-Term Debt | 3.22B | 3.53B | 2.97B | 2.97B | 2.96B | 3.46B | 3.71B | 3.96B | 4.7B | 4.69B | 5.78B | 5.54B | 4.59B | 3.1B | 1.6B | 1.62B | 1.95B | 4.7M | 0 | 4.9M | 4.2M | 4.2M | 238.9M | 0 |
| Capital Lease Obligations | 1.18B | 311M | 189M | 168M | 167M | 162M | 174M | 193M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.45B | 869M | 871M | 999M | 958M | 1.03B | 1.18B | 1.25B | 1.12B | 1.05B | 1.63B | 916M | 734.6M | 833.2M | 938.8M | 956.8M | 1.08B | 68.3M | 6.2M | 32.1M | 0 | 8.4M | 0 | 0 |
| Other Non-Current Liabilities | 340M | 26M | 301M | 314M | 375M | 251M | 444M | 474M | 410M | 460M | 545M | 628M | 374.9M | 480.1M | 395.7M | 435.8M | 343.2M | 197.2M | 212.6M | 141.9M | 152.2M | 104.9M | 83.2M | 0 |
| Total Liabilities | 6.35B | 6.31B | 5.87B | 6B | 5.46B | 6.34B | 6.42B | 6.54B | 6.93B | 6.78B | 8.64B | 8.35B | 6.77B | 5.24B | 3.88B | 4.04B | 4.33B | 750M | 1.04B | 808.2M | 509.8M | 458.6M | 746.91M | 682.1M |
| Total Debt | 3.62B | 3.95B | 3.25B | 3.23B | 3.23B | 3.72B | 4.22B | 4.24B | 4.7B | 4.69B | 5.78B | 5.59B | 4.59B | 3.1B | 1.6B | 1.62B | 1.96B | 4.7M | 4.1M | 4.9M | 4.2M | 4.2M | 258.82M | 0 |
| Net Debt | 1.58B | 1.97B | 1.63B | 1.2B | 902M | 2.09B | 3.54B | 3.95B | 4.02B | 3.86B | 4.61B | 5.31B | 2.6B | 1.39B | -669.9M | 410.8M | 1.16B | -692.4M | -620.9M | -361.6M | -21.2M | -33.2M | 208.82M | -77.2M |
| Debt / Equity | 0.44x | 0.51x | 0.43x | 0.39x | 0.41x | 0.62x | 0.75x | 0.75x | 0.82x | 0.70x | 0.89x | 1.27x | 1.00x | 0.57x | 0.26x | 0.33x | 0.44x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.32x | - |
| Debt / EBITDA | 1.02x | 1.21x | 1.22x | 1.00x | 0.50x | 1.23x | 2.79x | 2.35x | 3.00x | 3.95x | 5.01x | 2.64x | 2.29x | 1.14x | 0.47x | 0.49x | 1.30x | 0.01x | 0.00x | 0.01x | 0.02x | 0.02x | 1.00x | - |
| Net Debt / EBITDA | 0.44x | 0.60x | 0.61x | 0.37x | 0.14x | 0.69x | 2.34x | 2.19x | 2.56x | 3.25x | 4.00x | 2.50x | 1.30x | 0.51x | -0.19x | 0.12x | 0.77x | -0.76x | -0.46x | -0.48x | -0.08x | -0.13x | 0.81x | - |
| Interest Coverage | 16.31x | 15.45x | 15.71x | 15.99x | 15.81x | 9.39x | 3.59x | 4.26x | 3.27x | 0.60x | -0.13x | 8.95x | 13.27x | 15.52x | 21.91x | 18.97x | 4.11x | 464.73x | 735.63x | 369.18x | 29.21x | 8.88x | 8.80x | - |
| Total Equity | 8.26B | 7.78B | 7.59B | 8.37B | 7.85B | 6.04B | 5.6B | 5.64B | 5.73B | 6.68B | 6.49B | 4.39B | 4.57B | 5.44B | 6.28B | 4.93B | 4.43B | 1.74B | 1.35B | 1.2B | 780.6M | 769.5M | 800.06M | 733.5M |
| Equity Growth % | 11.54% | 2.41% | -9.33% | 6.62% | 30.1% | 7.73% | -0.6% | -1.64% | -14.26% | 2.96% | 47.98% | -4.05% | -15.92% | -13.43% | 27.35% | 11.27% | 154.08% | 29.18% | 12.16% | 54.28% | 1.44% | -3.82% | 9.07% | - |
| Book Value per Share | 53.44 | 47.93 | 42.01 | 43.20 | 38.46 | 27.92 | 26.04 | 25.44 | 24.51 | 28.58 | 27.85 | 18.58 | 17.83 | 18.37 | 19.42 | 14.09 | 13.56 | 7.09 | 4.79 | 4.25 | 2.83 | 2.80 | 2.91 | 2.67 |
| Total Shareholders' Equity | 5.34B | 4.84B | 4.99B | 5.72B | 5.05B | 3.21B | 2.92B | 2.9B | 2.96B | 3.58B | 3.35B | 4.04B | 4.21B | 5.08B | 5.9B | 4.55B | 4.05B | 1.73B | 1.34B | 1.19B | 767M | 755.9M | 787.29M | 733.5M |
| Common Stock | 0 | 0 | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2.4M | 500K | 600K | 600K | 700K | 700K | 500K | 500K | 600K | 600K | 600K | 8K | 0 |
| Retained Earnings | 0 | 0 | 4.01B | 4.54B | 3.87B | 2.09B | 1.93B | 1.96B | 2.46B | 2.44B | 2.37B | 3.06B | 3.18B | 3.73B | 3.46B | 2.84B | 1.37B | 1.05B | 703.4M | 416.8M | 48.6M | 19.7M | 59.78M | 0 |
| Treasury Stock | 0 | 0 | -30M | 0 | 0 | -2M | -4M | 0 | -504M | 0 | -1M | -153M | -222.2M | -201.8M | -2.3M | -1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -280M | -209M | -230M | -257M | -320M | -366M | -371M | -263M | -398M | -249.8M | -159.8M | -42.6M | -49.6M | -99.3M | -53.3M | -43.2M | -75.2M | -21.2M | -33.4M | -7.4M | -12.36M | 0 |
| Minority Interest | 2.91B | 2.94B | 2.61B | 2.66B | 2.8B | 2.83B | 2.68B | 2.74B | 2.77B | 3.1B | 3.14B | 352M | 362.8M | 362.3M | 380M | 385.9M | 383M | 16M | 12.6M | 17.3M | 13.6M | 13.6M | 12.77M | 0 |
Commodity price cyclicality
According to recent financial statements, CF has maintained a remarkably stable total asset base of approximately $14 billion over the last ten quarters, suggesting that management is prioritizing balance sheet preservation over aggressive capacity expansion during periods of heightened commodity price volatility and shifting global nitrogen demand.
The consistency in total assets despite significant fluctuations in operating cash flow indicates a disciplined approach to capital management. This stability suggests that the company is successfully navigating the cyclical nature of the agricultural inputs industry without overextending its financial position.
As reported in quarterly filings, CF has maintained a disciplined debt-to-equity ratio that hovered near 0.44 as of 2026Q1, reflecting a conservative approach to leverage that provides the company with significant financial headroom to navigate potential downturns in the global nitrogen market.
The company's ability to keep debt levels relatively constant while managing large-scale capital projects suggests a focus on maintaining an investment-grade profile. This low leverage provides a critical buffer against the inherent volatility of natural gas feedstock costs and global fertilizer pricing.
Based on the provided balance sheet data, CF maintains a strong liquidity position with a current ratio of 3.54 in 2026Q1, which indicates that the company holds ample short-term assets to cover its immediate obligations even during periods of seasonal working capital intensity.
The consistent maintenance of a high current ratio suggests that management prioritizes liquidity to mitigate risks associated with the lumpy nature of agricultural demand. This liquidity cushion appears sufficient to support ongoing operations and strategic initiatives without reliance on external financing.
As indicated by the latest financial disclosures, CF’s net property, plant, and equipment remains the primary component of its $14.6 billion asset base, with $7.1 billion in PPE reflecting the capital-intensive nature of its integrated ammonia production and distribution network.
The significant investment in PPE underscores the company's reliance on its proprietary logistical infrastructure to maintain a competitive cost advantage. Investors should monitor whether these assets continue to generate sufficient returns to justify the ongoing maintenance capital requirements inherent in such a heavy industrial footprint.
Based on reported figures, CF carries $2.5 billion in goodwill on its balance sheet, a figure that has remained static for ten quarters and warrants monitoring for potential impairment should long-term nitrogen price expectations or agricultural demand trends deviate from current management projections.
While the goodwill balance appears stable, its persistence suggests that past acquisitions are being carried at historical values that may not fully reflect current market realities. Any significant shift in the competitive landscape or feedstock cost advantages could necessitate a re-evaluation of these intangible assets.
Quick answers to the most common questions about buying CF stock.
As of 2025, CF Industries Holdings, Inc. (CF) had total assets of $14.09B including $2.98B in current assets.
CF Industries Holdings, Inc. (CF) carries total debt of $3.95B, offset by $1.98B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CF Industries Holdings, Inc. (CF) has total shareholders' equity (book value) of $4.84B ($47.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CF Industries Holdings, Inc. (CF) reported a current ratio of 3.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.