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CF Industries USD

At a glance: strengths & risks
✓Revenue growing (+19%)✓Profit growing (+22%)✓Low leverage (0.5x EBITDA)

Sector: Fertilizers

Geography: United States, Canada, United Kingdom

COMM_CF

Price chart

117.05 USDDay -2.47%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
117.05 USD · -2.47%
Market cap
19.0 bn USD

Growth

Δ revenue y/y
17.6%
Δ EBITDA y/y
51.8%

Multiples

P/E (LTM)
7.6x
3y avg: 7.8x
P/B (FY)
3.9x
P/E (ann.)
5.5x
EV/EBITDA (LTM)
4.8x
3y avg: 4.9x
EV/EBITDA (ann.)
3.7x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
13.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+4.1%
↓ details

Liquidity

Daily turnover (listing)
196.5 mln USD

Shares: yahoo_fundamentals_timeseries/CF

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2222.0
y/y 17.6%
1121.0
y/y 73.0%
215.0
y/y -7.3%
1336.0
y/y 51.8%
869.0
y/y 76.6%
878.0-271.015099.0
y/y 9.8%
5748.0
y/y 15.8%
62.7%736.0Link
2026-03-31Q1 2026 (3M)OK1986.0
y/y 19.4%
863.0
y/y 89.7%
228.0
y/y 3.2%
1091.0
y/y 61.4%
676.0
y/y 92.6%
496.0-223.014608.0
y/y 9.8%
5342.0
y/y 11.8%
53.1%1578.0Link
2025-12-31Q4 2025 (3M)OK1872.0
y/y 22.8%
617.0
y/y 39.9%
228.0
y/y 3.2%
845.0
y/y 27.6%
495.0
y/y 26.3%
539.0-226.014088.0
y/y 4.6%
4838.0
y/y -2.9%
37.1%1654.0Link
2025-09-30Q3 2025 (3M)OK1659.0
y/y 21.1%
580.0
y/y 59.3%
217.0
y/y -5.2%
797.0
y/y 34.4%
460.0
y/y 34.9%
1064.0-347.014203.0
y/y 2.6%
4849.0
y/y -6.6%
12.5%1558.0Link
2025-06-30Q2 2025 (3M)OK1890.0
y/y 20.2%
648.0
y/y 1.6%
232.0
y/y 4.5%
880.0
y/y 2.3%
492.0
y/y -2.8%
563.0-245.013750.0
y/y -0.2%
4963.0
y/y -9.1%
40.4%1640.0Link
2025-03-31Q1 2025 (3M)OK1663.0
y/y 13.1%
455.0
y/y 50.2%
221.0
y/y -12.6%
676.0
y/y 21.6%
351.0
y/y 47.5%
586.0-132.013308.0
y/y -4.0%
4780.0
y/y -12.1%
28.8%1890.0Link
2024-12-31Q4 2024 (3M)OK1524.0
y/y -3.0%
441.0
y/y 3.5%
221.0
y/y -3.5%
662.0
y/y 1.1%
392.0
y/y 11.4%
420.0-197.013466.0
y/y -6.3%
4985.0
y/y -12.8%
29.0%1632.0Link
2024-09-30Q3 2024 (3M)OK1370.0
y/y 7.6%
364.0
y/y 49.2%
229.0
y/y 7.5%
593.0
y/y 29.8%
341.0
y/y 48.3%
931.0-139.013843.0
y/y 2.2%
5194.0
y/y -9.2%
8.5%1373.0Link
2024-06-30Q2 2024 (3M)OK1572.0
y/y -11.4%
638.0
y/y -13.1%
222.0
y/y 0.5%
860.0
y/y -9.9%
506.0
y/y -16.5%
475.0-84.013775.0
y/y 1.8%
5460.0
y/y -5.9%
37.1%1400.0Link
2024-03-31Q1 2024 (3M)OK1470.0
y/y -26.9%
303.0
y/y -63.3%
253.0
y/y 22.8%
556.0
y/y -46.1%
238.0
y/y -63.4%
445.0-98.013861.0
y/y 3.5%
5440.0
y/y -0.2%
17.1%1444.0Link
2023-12-31Q4 2023 (3M)OK1571.0
y/y —
426.0
y/y —
229.0
y/y —
655.0
y/y —
352.0
y/y —
480.0-188.014376.0
y/y —
5717.0
y/y —
32.1%1200.0Link
2023-09-30Q3 2023 (3M)OK1273.0
y/y —
244.0
y/y —
213.0
y/y —
457.0
y/y —
230.0
y/y —
618.0-147.013543.0
y/y —
5723.0
y/y —
5.3%-7.0Link
2023-06-30Q2 2023 (3M)OK1775.0
y/y —
734.0
y/y —
221.0
y/y —
955.0
y/y —
606.0
y/y —
712.0-95.013537.0
y/y —
5804.0
y/y —
43.1%25.0Link
2023-03-31Q1 2023 (3M)OK2012.0
y/y —
826.0
y/y —
206.0
y/y —
1032.0
y/y —
650.0
y/y —
947.0-69.013398.0
y/y —
5453.0
y/y —
—427.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)3 216
− Cash & equivalents2 480
Net debt736

Net debt / LTM EBITDA: 0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.53x of reported net profit; after capex, 1.19x.
year202320242025
cash flow / profit1.50x1.54x1.53x
accruals, % of assets-6.4%-5.9%-6.8%
Last twelve months (to 2025-Q3): 1.19x of profit came back as operating cash flow.
net debt / EBITDA 0.5x · EBIT covers interest 14.8x · capex 0.7x of depreciation · dividends 17% of free cash flow · share count -8.5% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Annual production
19 057 thousand tons
2025

Production, thousand tons

19 130202318 943202419 0572025

Production

YearProduction, thousand tons
202519 057
+0.6%
202418 943
−1.0%
202319 130

SEC 10-K (CIK 1324404) via DeepSeek; CF primary-product production & reserves.

Key-commodity price — Ammonia (Black Sea)

Current 343spot vs LTM +1%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +4.1% ▼ -0.0 pp 1d

Main driver: Ammonia (Black Sea) +1% vs LTM; revenue ×1.05 vs costs ×0.96; EBITDA 3 899→4 051; at 5.2× EV/EBITDA → +4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (cost)-36%2.773.383.11-18%-8%
Ammonia (Black Sea) (rev)+31%342.70338.24397.03+1%+17%
UAN (Black Sea) (rev)+30%492.50375.13337.47+31%-10%
Urea (FOB China) (rev)+25%400.00508.98387.69-21%-24%
AN (Black Sea) (rev)+6%652.79572.00578.12+14%+1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue7 739
LTM EBITDA3 899
LTM cash costs (revenue − EBITDA)3 840
2 · Revenue projection
Revenue multiplier — spot×1.054 (+5%)
= Spot revenue8 157
Revenue multiplier — 3y price×0.964 (-4%)
= 3-year-price revenue7 457
3 · Costs projection
Cost multiplier — spot×0.960 (-4%)
= Spot cash costs3 685
Cost multiplier — 3y price×0.996 (-0%)
= 3-year-price cash costs3 826
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 472
= 3-year-price EBITDA3 630
Conservative EBITDA = min(spot, avg)4 051
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)5.2x
Target EV = EV/EBITDA × conservative EBITDA20 990
Net debt736
Target market cap = EV − net debt20 254
Current market cap19 466

Upside = target market cap ÷ current − 1 = +4.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q11 4701 551-5.2%556725-23.3%
2024 Q21 5721 466+7.2%860610+41.0%
2024 Q31 3701 439-4.8%593616-3.8%
2024 Q41 5241 462+4.2%662545+21.4%
2025 Q11 6631 503+10.6%676498+35.6%
2025 Q21 8901 715+10.2%880791+11.2%
2025 Q31 6591 668-0.5%797750+6.2%
2025 Q41 8721 658+12.9%845644+31.3%
2026 Q11 9862 061-3.7%1 0911 095-0.3%
2026 Q22 2222 403-7.5%1 1661 499-22.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +19% vs -10% the year before — a +29.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 -10% · 2025 +19%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.3x · target 75th pct (3y) 5.4x · LTM avg 7.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-150.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2026-02-130.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-11-140.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-08-150.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-05-150.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-02-140.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-11-150.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-08-150.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-05-140.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-02-140.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-11-140.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-08-140.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-05-120.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-02-140.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-11-140.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-08-120.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-05-130.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-02-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2021-11-120.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2021-08-130.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of CF Industries — from primary filings.

CF Industries Holdings produces nitrogen fertilizers, including ammonia, granular urea, and ammonium nitrate, for agricultural and industrial use. It sells these products to cooperatives, distributors, and industrial customers across North America, Europe, and internationally.

Frequently asked questions

What is CF Industries's P/E ratio?
CF Industries trades at a P/E of 7.6x (price to trailing 12-month earnings).
What is CF Industries's EV/EBITDA?
CF Industries trades at 4.8x EV/EBITDA.
What is CF Industries's P/B ratio?
CF Industries trades at a P/B of 3.9x.
What is CF Industries's dividend yield?
CF Industries's trailing 12-month dividend yield is 1.7%.
What is CF Industries's return on equity (ROE)?
CF Industries's ROE is 62.7%.
What is CF Industries's market capitalization?
CF Industries's market cap is 19.0 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map