InsiderClue
Stocks · Materials · Agricultural Chemicals

CF Industries

CF Clue Score57
United States Fiscal year ends December CIK 0001324404
$114.58 +2.73% Close, 12 Oct 2026
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Price $114.58 +88.14% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue4.13Operating income0.23Net income0.45EPS, diluted1.53Fiscal year 2018Revenue4.43 +7.2%Operating income0.77Net income0.43 −4.9%EPS, diluted1.24 −19.0%Fiscal year 2019Revenue4.59 +3.6%Operating income1.00Net income0.65 +50.9%EPS, diluted2.23 +79.8%Fiscal year 2020Revenue4.12 −10.2%Operating income0.62Net income0.43 −33.1%EPS, diluted1.47 −34.1%Fiscal year 2021Revenue6.54 +58.5%Operating income1.73Net income1.26 +191.7%EPS, diluted4.24 +188.4%Fiscal year 2022Revenue11.19 +71.1%Operating income5.40Net income3.94 +212.5%EPS, diluted16.38 +286.3%Fiscal year 2023Revenue6.63 −40.7%Operating income2.23Net income1.84 −53.3%EPS, diluted7.87 −52.0%Fiscal year 2024Revenue5.94 −10.5%Operating income1.75Net income1.48 −19.6%EPS, diluted6.74 −14.4%Fiscal year 2025Revenue7.08 +19.3%Operating income2.30Net income1.80 +21.7%EPS, diluted8.97 +33.1%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.13 4.43 4.59 4.12 6.54 11.19 6.63 5.94 7.08
Growth +7.2% +3.6% −10.2% +58.5% +71.1% −40.7% −10.5% +19.3%
Operating income 0.23 0.77 1.00 0.62 1.73 5.40 2.23 1.75 2.30
Net income 0.45 0.43 0.65 0.43 1.26 3.94 1.84 1.48 1.80
Growth −4.9% +50.9% −33.1% +191.7% +212.5% −53.3% −19.6% +21.7%
EPS, diluted 1.53 1.24 2.23 1.47 4.24 16.38 7.87 6.74 8.97
Growth −19.0% +79.8% −34.1% +188.4% +286.3% −52.0% −14.4% +33.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin10.5%Operating margin5.7%Net margin10.9%Free cash flow margin28.0%Fiscal year 2018Gross margin20.7%Operating margin17.3%Net margin9.7%Free cash flow margin24.3%Fiscal year 2019Gross margin25.6%Operating margin21.9%Net margin14.1%Free cash flow margin24.0%Fiscal year 2020Gross margin19.4%Operating margin15.1%Net margin10.5%Free cash flow margin22.4%Fiscal year 2021Gross margin36.5%Operating margin26.4%Net margin19.3%Free cash flow margin36.1%Fiscal year 2022Gross margin52.4%Operating margin48.2%Net margin35.2%Free cash flow margin30.4%Fiscal year 2023Gross margin38.4%Operating margin33.6%Net margin27.7%Free cash flow margin34.1%Fiscal year 2024Gross margin34.6%Operating margin29.4%Net margin24.9%Free cash flow margin29.5%Fiscal year 2025Gross margin38.5%Operating margin32.5%Net margin25.4%Free cash flow margin25.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 10.5% 20.7% 25.6% 19.4% 36.5% 52.4% 38.4% 34.6% 38.5%
Operating margin 5.7% 17.3% 21.9% 15.1% 26.4% 48.2% 33.6% 29.4% 32.5%
Net margin 10.9% 9.7% 14.1% 10.5% 19.3% 35.2% 27.7% 24.9% 25.4%
Free cash flow margin 28.0% 24.3% 24.0% 22.4% 36.1% 30.4% 34.1% 29.5% 25.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow1.63Capital expenditure−0.47Free cash flow1.16Buybacks0.00Dividends paid−0.28Fiscal year 2018Operating cash flow1.50Capital expenditure−0.42Free cash flow1.08 −7.2%Buybacks−0.47Dividends paid−0.28Fiscal year 2019Operating cash flow1.51Capital expenditure−0.40Free cash flow1.10 +2.4%Buybacks−0.37Dividends paid−0.27Fiscal year 2020Operating cash flow1.23Capital expenditure−0.31Free cash flow0.92 −16.3%Buybacks−0.10Dividends paid−0.26Fiscal year 2021Operating cash flow2.87Capital expenditure−0.51Free cash flow2.36 +155.9%Buybacks−0.54Dividends paid−0.26Fiscal year 2022Operating cash flow3.86Capital expenditure−0.45Free cash flow3.40 +44.2%Buybacks−1.35Dividends paid−0.31Fiscal year 2023Operating cash flow2.76Capital expenditure−0.50Free cash flow2.26 −33.6%Buybacks−0.58Dividends paid−0.31Fiscal year 2024Operating cash flow2.27Capital expenditure−0.52Free cash flow1.75 −22.4%Buybacks−1.51Dividends paid−0.36Fiscal year 2025Operating cash flow2.75Capital expenditure−0.95Free cash flow1.80 +2.8%Buybacks−1.37Dividends paid−0.33
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.63 1.50 1.51 1.23 2.87 3.86 2.76 2.27 2.75
Capital expenditure −0.47 −0.42 −0.40 −0.31 −0.51 −0.45 −0.50 −0.52 −0.95
Free cash flow 1.16 1.08 1.10 0.92 2.36 3.40 2.26 1.75 1.80
Growth −7.2% +2.4% −16.3% +155.9% +44.2% −33.6% −22.4% +2.8%
Buybacks 0.00 −0.47 −0.37 −0.10 −0.54 −1.35 −0.58 −1.51 −1.37
Dividends paid −0.28 −0.28 −0.27 −0.26 −0.26 −0.31 −0.31 −0.36 −0.33

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash0.84Total debt4.69Net cash (debt)−3.86Shareholders’ equity3.58Debt to equity1.31Fiscal year 2018Cash0.68Total debt4.70Net cash (debt)−4.02Shareholders’ equity2.96Debt to equity1.59Fiscal year 2019Cash0.29Total debt3.96Net cash (debt)−3.67Shareholders’ equity2.90Debt to equity1.37Fiscal year 2020Cash0.68Total debt3.96Net cash (debt)−3.28Shareholders’ equity2.92Debt to equity1.36Fiscal year 2021Cash1.63Total debt3.47Net cash (debt)−1.84Shareholders’ equity3.21Debt to equity1.08Fiscal year 2022Cash2.32Total debt2.97Net cash (debt)−0.64Shareholders’ equity5.05Debt to equity0.59Fiscal year 2023Cash2.03Total debt2.97Net cash (debt)−0.94Shareholders’ equity5.72Debt to equity0.52Fiscal year 2024Cash1.61Total debt2.97Net cash (debt)−1.36Shareholders’ equity4.99Debt to equity0.60Fiscal year 2025Cash1.98Total debt3.22Net cash (debt)−1.23Shareholders’ equity4.84Debt to equity0.66
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.84 0.68 0.29 0.68 1.63 2.32 2.03 1.61 1.98
Total debt 4.69 4.70 3.96 3.96 3.47 2.97 2.97 2.97 3.22
Net cash (debt) −3.86 −4.02 −3.67 −3.28 −1.84 −0.64 −0.94 −1.36 −1.23
Shareholders’ equity 3.58 2.96 2.90 2.92 3.21 5.05 5.72 4.99 4.84
Debt to equity 1.31 1.59 1.37 1.36 1.08 0.59 0.52 0.60 0.66

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
10.5% 20.7% 25.6% 19.4% 36.5% 52.4% 38.4% 34.6% 38.5%
5.7% 17.3% 21.9% 15.1% 26.4% 48.2% 33.6% 29.4% 32.5%
−3.0% 12.4% 16.8% 11.2% 23.6% 45.5% 33.9% 29.7% 31.6%
10.9% 9.7% 14.1% 10.5% 19.3% 35.2% 27.7% 24.9% 25.4%
28.0% 24.3% 24.0% 22.4% 36.1% 30.4% 34.1% 29.5% 25.4%
Spending
4.6% 4.8% 5.2% 5.0% 3.4% 2.6% 4.4% 5.4% 5.1%
11.5% 9.5% 8.8% 7.5% 7.9% 4.0% 7.5% 8.7% 13.4%
n/a 21.8% 16.3% 6.7% 18.3% 22.7% 18.2% 16.2% 19.7%
Returns
12.6% 14.5% 22.3% 14.8% 39.3% 77.9% 32.1% 29.6% 37.2%
3.3% 3.4% 5.3% 3.6% 10.2% 29.6% 12.8% 11.0% 12.8%
Balance and payout
1.31 1.59 1.37 1.36 1.08 0.59 0.52 0.60 0.66
62.2% 65.4% 41.0% 59.7% 20.6% 7.8% 16.9% 24.6% 18.1%
24.2% 69.5% 57.7% 38.8% 33.9% 48.6% 39.5% 106.8% 93.8%