CF Industries (CF) Financials

$90.11 -1.42 (-1.55%)

Closing price 05/29/2025 03:59 PM Eastern

Extended Trading

$90.12 +0.00 (+0.01%)

As of 05/29/2025 04:36 PM Eastern

Annual Income Statements for CF Industries

This table shows CF Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,218	1,525	3,346	917	317	493	290	358	-277	700
Consolidated Net Income / (Loss)	1,477	1,838	3,937	1,260	432	646	428	450	-158	734
Net Income / (Loss) Continuing Operations	1,477	1,838	3,937	1,260	432	646	428	456	-158	734
Total Pre-Tax Income	1,762	2,248	5,095	1,543	463	772	547	-125	-226	1,058
Total Operating Income	1,746	2,230	5,397	1,729	623	1,003	766	234	138	1,193
Total Gross Profit	2,056	2,545	5,861	2,387	801	1,174	917	434	843	1,547
Total Revenue	5,936	6,631	11,186	6,538	4,124	4,590	4,429	4,130	3,685	4,308
Operating Revenue	5,936	6,631	11,186	6,538	4,124	4,590	4,429	4,130	3,685	4,308
Total Cost of Revenue	3,880	4,086	5,325	4,151	3,323	3,416	3,512	3,696	2,842	2,761
Operating Cost of Revenue	3,880	4,086	5,325	4,151	3,323	3,416	3,512	3,696	2,842	2,761
Total Operating Expenses	310	315	464	658	178	171	151	200	705	354
Selling, General & Admin Expense	320	289	290	223	206	239	214	191	381	262
Other Operating Expenses / (Income)	-14	-23	-84	-86	-28	-68	-63	9.00	145	35
Impairment Charge	0.00	0.00	239	521	0.00	0.00	-	-	-	-
Restructuring Charge	4.00	49	19	0.00	0.00	-	-	-	179	57
Total Other Income / (Expense), net	16	18	-302	-186	-160	-231	-219	-353	-364	-135
Interest Expense	121	150	352	203	179	258	241	368	367	133
Interest & Investment Income	123	158	65	1.00	18	20	13	12	5.00	2.00
Other Income / (Expense), net	14	10	-15	16	1.00	7.00	9.00	-3.00	-2.00	-4.00
Income Tax Expense	285	410	1,158	283	31	126	119	-575	-68	396
Net Income / (Loss) Attributable to Noncontrolling Interest	259	313	591	343	115	153	138	92	119	34
Basic Earnings per Share	$6.75	$7.89	$16.45	$4.27	$1.48	$2.24	$1.25	$1.53	($1.19)	$2.97
Weighted Average Basic Shares Outstanding	180.40M	193.30M	203.30M	215M	214.90M	220.20M	232.60M	233.50M	233.10M	235.30M
Diluted Earnings per Share	$6.74	$7.87	$16.38	$4.24	$1.47	$2.23	$1.24	$1.53	($1.19)	$2.96
Weighted Average Diluted Shares Outstanding	180.70M	193.80M	204.20M	216.20M	215.20M	221.60M	233.80M	233.90M	233.10M	236.10M
Weighted Average Basic & Diluted Shares Outstanding	169.54M	188.34M	195.77M	207.30M	214.16M	216.17M	232M	234M	232.80M	235.70M
Cash Dividends to Common per Share	$2.00	$1.60	$1.50	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20

This table shows CF Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	312	328	276	420	194	274	164	527	560	860	438
Consolidated Net Income / (Loss)	351	392	341	506	238	352	230	606	650	1,009	538
Net Income / (Loss) Continuing Operations	351	392	341	506	238	352	230	606	650	1,009	538
Total Pre-Tax Income	437	433	400	629	300	436	253	740	819	1,254	693
Total Operating Income	455	441	364	638	303	426	244	734	826	1,211	750
Total Gross Profit	572	524	444	679	409	501	377	804	863	1,256	916
Total Revenue	1,663	1,524	1,370	1,572	1,470	1,571	1,273	1,775	2,012	2,608	2,321
Operating Revenue	1,663	1,524	1,370	1,572	1,470	1,571	1,273	1,775	2,012	2,608	2,321
Total Cost of Revenue	1,091	1,000	926	893	1,061	1,070	896	971	1,149	1,352	1,405
Operating Cost of Revenue	1,091	1,000	926	893	1,061	1,070	896	971	1,149	1,352	1,405
Total Operating Expenses	117	83	80	41	106	75	133	70	37	45	166
Selling, General & Admin Expense	84	78	78	76	88	76	68	71	74	87	66
Other Operating Expenses / (Income)	10	5.00	2.00	-36	15	-16	49	-4.00	-52	-43	5.00
Restructuring Charge	23	-	0.00	1.00	3.00	15	16	3.00	15	1.00	8.00
Total Other Income / (Expense), net	-18	-8.00	36	-9.00	-3.00	10	9.00	6.00	-7.00	43	-57
Interest Expense	37	47	0.00	37	37	35	39	36	40	-25	46
Interest & Investment Income	17	33	32	28	30	43	45	40	30	9.00	12
Other Income / (Expense), net	2.00	6.00	4.00	0.00	4.00	2.00	3.00	2.00	3.00	9.00	-23
Income Tax Expense	86	41	59	123	62	84	23	134	169	245	155
Net Income / (Loss) Attributable to Noncontrolling Interest	39	64	65	86	44	78	66	79	90	149	100
Basic Earnings per Share	$1.85	$1.87	$1.55	$2.30	$1.03	$1.47	$0.85	$2.71	$2.86	$4.44	$2.19
Weighted Average Basic Shares Outstanding	168.60M	180.40M	178.40M	182.70M	187.60M	193.30M	192.40M	194.60M	196.20M	203.30M	200.20M
Diluted Earnings per Share	$1.85	$1.86	$1.55	$2.30	$1.03	$1.47	$0.85	$2.70	$2.85	$4.41	$2.18
Weighted Average Diluted Shares Outstanding	168.80M	180.70M	178.60M	182.80M	188.10M	193.80M	192.90M	195M	196.90M	204.20M	200.90M
Weighted Average Basic & Diluted Shares Outstanding	162.01M	169.54M	174.02M	180.41M	182.78M	188.34M	191.06M	192.95M	194.92M	195.77M	196.19M
Cash Dividends to Common per Share	$0.50	-	$0.50	$0.50	$0.50	-	$0.40	$0.40	$0.40	-	$0.40

This table details how cash moves in and out of CF Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-418	-291	695	945	396	-395	-153	-334	860	-1,711
Net Cash From Operating Activities	2,271	2,757	3,855	2,873	1,231	1,505	1,497	1,631	617	1,207
Net Cash From Continuing Operating Activities	2,271	2,757	3,855	2,873	1,231	1,505	1,497	1,631	617	1,207
Net Income / (Loss) Continuing Operations	1,477	1,838	3,937	1,260	432	646	428	450	-158	734
Consolidated Net Income / (Loss)	1,477	1,838	3,937	1,260	432	646	428	450	-158	734
Depreciation Expense	925	869	850	888	892	875	888	883	678	480
Non-Cash Adjustments To Reconcile Net Income	-36	9.00	327	544	36	29	13	127	102	209
Changes in Operating Assets and Liabilities, net	-95	41	-1,259	181	-129	-45	168	171	-5.00	-216
Net Cash From Investing Activities	-469	-1,679	-440	-466	-299	-319	-375	-413	-2,195	-2,976
Net Cash From Continuing Investing Activities	-469	-1,679	-440	-466	-299	-319	-375	-413	-2,195	-3,528
Purchase of Property, Plant & Equipment	-518	-499	-453	-514	-309	-404	-422	-473	-2,211	-2,469
Acquisitions	2.00	-1,223	0.00	0.00	-	-	-	-	-	-552
Purchase of Investments	-2.00	-1.00	-1.00	-13	0.00	0.00	-	-	-	-
Sale of Property, Plant & Equipment	3.00	1.00	1.00	1.00	2.00	70	26	20	14	12
Sale and/or Maturity of Investments	2.00	1.00	7.00	12	6.00	0.00	10	23	0.00	0.00
Other Investing Activities, net	44	42	6.00	48	2.00	15	11	1.00	2.00	-532
Net Cash From Financing Activities	-2,205	-1,372	-2,700	-1,463	-542	-1,583	-1,270	-1,564	2,439	77
Net Cash From Continuing Financing Activities	-2,205	-1,372	-2,700	-1,463	-542	-1,583	-1,272	-1,564	2,439	77
Repayment of Debt	0.00	-2.00	-511	-518	-500	-772	-1.00	-1,149	-1,351	-414
Repurchase of Common Equity	-1,509	-580	-1,347	-539	-100	-370	-467	0.00	0.00	-556
Payment of Dividends	-672	-770	-925	-454	-432	-451	-807	-411	-399	-327
Other Financing Activities, net	-24	-20	83	48	-10	10	3.00	-4.00	-5.00	7.00
Effect of Exchange Rate Changes	-15	3.00	-20	1.00	6.00	2.00	-	12	-1.00	-19

This table details how cash moves in and out of CF Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-208	-263	58	46	-259	-1,222	35	394	502	131	-178
Net Cash From Operating Activities	586	420	931	475	445	480	618	712	947	585	990
Net Cash From Continuing Operating Activities	586	420	931	475	445	480	618	712	947	585	990
Net Income / (Loss) Continuing Operations	351	392	341	506	238	352	230	606	650	1,009	538
Consolidated Net Income / (Loss)	351	392	341	506	238	352	230	606	650	1,009	538
Depreciation Expense	221	221	229	222	253	229	213	221	206	198	221
Non-Cash Adjustments To Reconcile Net Income	32	12	7.00	-38	-17	39	58	14	-102	78	123
Changes in Operating Assets and Liabilities, net	-18	-205	354	-215	-29	-140	117	-129	193	-700	108
Net Cash From Investing Activities	-126	-196	-139	-34	-100	-1,408	-144	-93	-34	-132	-187
Net Cash From Continuing Investing Activities	-126	-196	-139	-34	-100	-1,408	-144	-93	-34	-132	-187
Purchase of Property, Plant & Equipment	-132	-197	-139	-84	-98	-188	-147	-95	-69	-134	-190
Sale of Property, Plant & Equipment	2.00	3.00	-	-	-	-	-	-	-	-	-
Divestitures	4.00	-	-	-	-	-	-	-	-	-	-
Other Investing Activities, net	0.00	-1.00	-	47	-2.00	3.00	3.00	1.00	35	-	3.00
Net Cash From Financing Activities	-671	-462	-745	-396	-602	-302	-431	-229	-410	-330	-966
Net Cash From Continuing Financing Activities	-671	-462	-745	-396	-602	-302	-431	-229	-410	-330	-966
Repurchase of Common Equity	-444	-375	-490	-305	-339	-225	-150	-151	-54	-251	-519
Payment of Dividends	-215	-86	-254	-91	-241	-76	-281	-79	-334	-79	-452
Other Financing Activities, net	-12	-1.00	-1.00	-	-22	1.00	-	1.00	-22	-	5.00
Other Net Changes in Cash	3.00	-	-	-	-2.00	-	-	-	-	-	-

This table presents CF Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	13,466	14,376	13,313	12,375	12,023	12,172	12,661	10,010	15,131	12,683
Total Current Assets	2,520	3,050	3,673	2,593	1,367	974	1,274	835	2,655	1,127
Cash & Equivalents	1,614	2,032	2,323	1,628	683	287	682	835	1,164	286
Accounts Receivable	404	505	582	497	265	242	235	-	236	267
Inventories, net	314	299	474	408	287	351	309	-	339	321
Current Deferred & Refundable Income Taxes	145	167	215	4.00	97	71	28	-	841	185
Other Current Assets	43	47	79	56	35	23	20	-	70	45
Plant, Property, & Equipment, net	6,735	7,141	6,437	7,081	7,632	8,170	8,623	9,175	9,652	8,539
Total Noncurrent Assets	4,211	4,185	3,203	2,701	3,024	3,028	2,764	0.00	2,824	3,017
Long-Term Investments	29	26	74	82	80	88	93	-	139	298
Goodwill	2,492	2,495	2,089	2,091	2,374	2,365	2,353	-	2,345	2,390
Intangible Assets	507	538	15	-	-	-	-	-	-	-
Other Noncurrent Operating Assets	1,183	1,126	1,025	528	570	575	318	-	340	329
Total Liabilities & Shareholders' Equity	13,466	14,376	13,313	12,375	12,023	12,172	12,661	3,105	15,131	12,683
Total Liabilities	5,874	6,003	5,460	6,339	6,420	6,535	6,930	0.00	8,639	8,296
Total Current Liabilities	818	800	995	1,432	906	665	705	0.00	686	1,215
Accounts Payable	603	520	575	565	424	437	545	-	638	918
Current Deferred Revenue	118	130	229	700	130	119	149	-	42	162
Current Deferred & Payable Income Tax Liabilities	2.00	12	3.00	24	0.00	1.00	5.00	-	1.00	5.00
Other Current Liabilities	95	138	188	143	103	108	6.00	-	5.00	130
Total Noncurrent Liabilities	5,056	5,203	4,465	4,907	5,514	5,870	6,225	0.00	7,953	7,081
Long-Term Debt	2,971	2,968	2,965	3,465	3,712	3,957	4,698	-	5,778	5,537
Noncurrent Deferred Revenue	724	754	0.00	-	-	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	871	999	958	1,029	1,184	1,246	1,117	-	1,630	916
Other Noncurrent Operating Liabilities	490	482	542	413	618	667	410	-	545	628
Total Equity & Noncontrolling Interests	7,592	8,373	7,853	6,036	5,603	5,637	5,731	6,684	6,492	4,387
Total Preferred & Common Equity	4,985	5,717	5,051	3,206	2,922	2,897	2,958	0.00	3,348	4,035
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Common Equity	4,985	5,717	5,051	3,206	2,922	2,897	2,958	0.00	3,348	4,035
Common Stock	1,286	1,391	1,414	1,377	1,319	1,305	1,370	-	1,382	1,380
Retained Earnings	4,009	4,535	3,867	2,088	1,927	1,958	2,463	-	2,365	3,058
Treasury Stock	-30	0.00	0.00	-2.00	-4.00	0.00	-504	-	-1.00	-153
Accumulated Other Comprehensive Income / (Loss)	-280	-209	-230	-257	-320	-366	-371	-	-398	-250
Noncontrolling Interest	2,607	2,656	2,802	2,830	2,681	2,740	2,773	3,105	3,144	352

This table presents CF Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	13,308	13,466	13,843	13,775	13,861	14,376	13,543	13,537	13,398	13,313	13,280
Total Current Assets	2,433	2,520	2,850	2,801	2,719	3,050	4,190	4,072	3,848	3,673	3,680
Cash & Equivalents	1,406	1,614	1,877	1,819	1,773	2,032	3,254	3,219	2,825	2,323	2,192
Accounts Receivable	582	404	482	531	535	505	417	388	482	582	721
Inventories, net	351	314	301	302	271	299	318	319	430	474	500
Current Deferred & Refundable Income Taxes	54	145	133	85	102	167	147	81	69	215	179
Other Current Assets	40	43	57	64	38	47	54	65	42	79	88
Plant, Property, & Equipment, net	6,603	6,735	6,816	6,830	6,982	7,141	6,156	6,218	6,294	6,437	6,500
Total Noncurrent Assets	4,272	4,211	4,177	4,144	4,160	4,185	3,197	3,247	3,256	3,203	3,100
Long-Term Investments	33	29	28	25	29	26	32	72	81	74	86
Goodwill	2,492	2,492	2,493	2,493	2,495	2,495	2,089	2,089	2,089	2,089	2,088
Intangible Assets	499	507	515	522	532	538	-	-	-	15	-
Other Noncurrent Operating Assets	1,248	1,183	1,141	1,104	1,104	1,126	1,076	1,086	1,086	1,025	926
Total Liabilities & Shareholders' Equity	13,308	13,466	13,843	13,775	13,861	14,376	13,543	13,537	13,398	13,313	13,280
Total Liabilities	6,011	5,874	6,106	5,673	5,865	6,003	5,242	5,017	5,308	5,460	6,183
Total Current Liabilities	939	818	1,013	596	690	800	926	622	862	995	1,381
Accounts Payable	597	603	562	501	501	520	497	451	452	575	711
Current Deferred Revenue	241	118	348	8.00	104	130	282	9.00	284	229	511
Current Deferred & Payable Income Tax Liabilities	2.00	2.00	3.00	0.00	0.00	12	20	47	10	3.00	25
Other Current Liabilities	99	95	100	87	85	138	127	115	116	188	134
Total Noncurrent Liabilities	5,072	5,056	5,093	5,077	5,175	5,203	4,316	4,395	4,446	4,465	4,802
Long-Term Debt	2,972	2,971	2,970	2,970	2,969	2,968	2,967	2,967	2,966	2,965	2,965
Noncurrent Deferred Revenue	717	724	732	739	747	754	-	-	-	0.00	-
Noncurrent Deferred & Payable Income Tax Liabilities	845	871	927	926	985	999	882	910	933	958	1,010
Other Noncurrent Operating Liabilities	538	490	464	442	474	482	467	518	547	542	827
Total Equity & Noncontrolling Interests	7,297	7,592	7,737	8,102	7,996	8,373	8,301	8,520	8,090	7,853	7,097
Total Preferred & Common Equity	4,780	4,985	5,194	5,460	5,440	5,717	5,723	5,804	5,453	5,051	4,444
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,780	4,985	5,194	5,460	5,445	5,717	5,725	5,807	5,454	5,051	4,444
Common Stock	1,294	1,286	1,353	1,347	1,405	1,391	1,418	1,432	1,426	1,414	1,490
Retained Earnings	4,208	4,009	4,533	4,360	4,634	4,535	4,681	4,797	4,348	3,867	4,087
Treasury Stock	-451	-30	-483	-15	-369	0.00	-149	-223	-96	0.00	-863
Accumulated Other Comprehensive Income / (Loss)	-271	-280	-209	-232	-225	-209	-225	-199	-224	-230	-270
Noncontrolling Interest	2,517	2,607	2,543	2,642	2,556	2,656	2,578	2,716	2,637	2,802	2,653

This table displays calculated financial ratios and metrics derived from CF Industries' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.48%	-40.72%	71.09%	58.54%	-10.15%	3.64%	7.24%	12.08%	-14.46%	-9.17%
EBITDA Growth	-13.64%	-50.11%	136.69%	73.68%	-19.58%	13.35%	49.28%	36.86%	-51.23%	-52.41%
EBIT Growth	-21.43%	-58.38%	208.42%	179.65%	-38.22%	30.32%	235.50%	69.85%	-88.56%	-61.82%
NOPAT Growth	-19.73%	-56.28%	195.38%	142.89%	-30.74%	40.03%	265.91%	69.57%	-87.06%	-51.20%
Net Income Growth	-19.64%	-53.31%	212.46%	191.67%	-33.13%	50.93%	-4.89%	384.81%	-121.53%	-48.92%
EPS Growth	-14.36%	-51.95%	286.32%	188.44%	-34.08%	79.84%	-18.95%	228.57%	-140.20%	-45.39%
Operating Cash Flow Growth	-17.63%	-28.48%	34.18%	133.39%	-18.21%	0.53%	-8.22%	164.34%	-48.88%	-15.06%
Free Cash Flow Firm Growth	90.02%	-72.85%	46.18%	142.36%	-21.58%	958.77%	-93.83%	225.99%	34.10%	-586.86%
Invested Capital Growth	-3.91%	10.24%	8.09%	-11.48%	-4.53%	-4.51%	5.22%	-16.30%	17.66%	49.77%
Revenue Q/Q Growth	-0.79%	-13.52%	0.61%	28.20%	1.30%	-1.78%	0.75%	5.95%	0.00%	0.00%
EBITDA Q/Q Growth	0.41%	-19.66%	0.84%	59.38%	-0.13%	-1.67%	4.92%	27.02%	34.10%	277.18%
EBIT Q/Q Growth	1.09%	-26.12%	1.74%	126.04%	-3.11%	-2.23%	13.47%	788.46%	0.00%	0.00%
NOPAT Q/Q Growth	3.85%	-25.69%	2.06%	106.51%	0.78%	2.20%	-58.74%	609.09%	0.00%	0.00%
Net Income Q/Q Growth	2.78%	-26.33%	3.96%	142.31%	6.14%	-0.15%	-48.80%	231.96%	0.00%	0.00%
EPS Q/Q Growth	6.14%	-27.20%	7.55%	207.25%	10.53%	2.29%	-58.94%	183.61%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-2.57%	-3.67%	-18.84%	70.71%	-0.97%	3.29%	1.63%	14.30%	-2.06%	-13.99%
Free Cash Flow Firm Q/Q Growth	209.95%	-57.38%	-21.88%	93.80%	-5.62%	-0.85%	-92.64%	153.32%	20.22%	21.82%
Invested Capital Q/Q Growth	1.34%	16.30%	8.18%	-5.33%	0.06%	-0.64%	-0.90%	-7.56%	2.72%	6.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.64%	38.38%	52.40%	36.51%	19.42%	25.58%	20.70%	10.51%	22.88%	35.91%
EBITDA Margin	45.23%	46.89%	55.71%	40.27%	36.76%	41.07%	37.55%	26.97%	22.09%	38.74%
Operating Margin	29.41%	33.63%	48.25%	26.45%	15.11%	21.85%	17.30%	5.67%	3.74%	27.69%
EBIT Margin	29.65%	33.78%	48.11%	26.69%	15.13%	22.00%	17.50%	5.59%	3.69%	27.60%
Profit (Net Income) Margin	24.88%	27.72%	35.20%	19.27%	10.48%	14.07%	9.66%	10.90%	-4.29%	17.04%
Tax Burden Percent	83.83%	81.76%	77.27%	81.66%	93.30%	83.68%	78.25%	-360.00%	69.91%	69.38%
Interest Burden Percent	100.11%	100.36%	94.67%	88.42%	74.20%	76.44%	70.58%	-54.11%	-166.18%	88.98%
Effective Tax Rate	16.17%	18.24%	22.73%	18.34%	6.70%	16.32%	21.76%	0.00%	0.00%	37.43%
Return on Invested Capital (ROIC)	16.08%	20.60%	51.45%	17.02%	6.45%	8.89%	6.37%	1.63%	0.95%	9.61%
ROIC Less NNEP Spread (ROIC-NNEP)	17.28%	22.59%	31.36%	10.89%	2.05%	3.74%	1.02%	9.85%	-4.46%	9.23%
Return on Net Nonoperating Assets (RNNOA)	2.42%	2.06%	5.24%	4.63%	1.24%	2.47%	0.53%	5.20%	-3.86%	6.78%
Return on Equity (ROE)	18.50%	22.66%	56.69%	21.65%	7.69%	11.37%	6.89%	6.83%	-2.90%	16.38%
Cash Return on Invested Capital (CROIC)	20.07%	10.86%	43.68%	29.19%	11.09%	13.50%	1.28%	19.38%	-15.27%	-30.25%
Operating Return on Assets (OROA)	12.64%	16.18%	41.90%	14.30%	5.16%	8.13%	6.84%	1.84%	0.98%	9.93%
Return on Assets (ROA)	10.61%	13.28%	30.65%	10.33%	3.57%	5.20%	3.78%	3.58%	-1.14%	6.13%
Return on Common Equity (ROCE)	12.40%	15.03%	33.70%	11.40%	3.98%	5.85%	1.64%	1.74%	-1.97%	15.08%
Return on Equity Simple (ROE_SIMPLE)	29.63%	32.15%	77.95%	39.30%	14.78%	22.30%	14.47%	0.00%	-4.72%	18.19%
Net Operating Profit after Tax (NOPAT)	1,464	1,823	4,170	1,412	581	839	599	164	97	746
NOPAT Margin	24.66%	27.50%	37.28%	21.60%	14.10%	18.29%	13.53%	3.97%	2.62%	17.33%
Net Nonoperating Expense Percent (NNEP)	-1.20%	-1.99%	20.09%	6.13%	4.40%	5.15%	5.34%	-8.22%	5.42%	0.38%
Return On Investment Capital (ROIC_SIMPLE)	13.86%	16.08%	38.55%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	65.36%	61.62%	47.60%	63.49%	80.58%	74.42%	79.30%	89.49%	77.12%	64.09%
SG&A Expenses to Revenue	5.39%	4.36%	2.59%	3.41%	5.00%	5.21%	4.83%	4.62%	10.34%	6.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.22%	4.75%	4.15%	10.06%	4.32%	3.73%	3.41%	4.84%	19.13%	8.22%
Earnings before Interest and Taxes (EBIT)	1,760	2,240	5,382	1,745	624	1,010	775	231	136	1,189
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,685	3,109	6,232	2,633	1,516	1,885	1,663	1,114	814	1,669
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	2.57	3.14	4.48	2.62	3.19	2.94	0.00	1.78	1.83
Price to Tangible Book Value (P/TBV)	7.43	5.48	5.38	12.87	13.96	17.35	14.36	0.00	5.94	4.48
Price to Revenue (P/Rev)	2.49	2.22	1.42	2.20	1.85	2.01	1.96	2.02	1.62	1.71
Price to Earnings (P/E)	12.12	9.65	4.74	15.65	24.13	18.72	29.97	23.34	0.00	10.53
Dividend Yield	2.36%	2.08%	1.85%	1.79%	3.36%	2.83%	3.19%	3.35%	4.70%	3.79%
Earnings Yield	8.25%	10.36%	21.09%	6.39%	4.14%	5.34%	3.34%	4.29%	0.00%	9.50%
Enterprise Value to Invested Capital (EV/IC)	2.10	1.97	2.28	2.43	1.54	1.69	1.59	1.16	1.24	1.36
Enterprise Value to Revenue (EV/Rev)	3.15	2.76	1.72	2.90	3.28	3.39	3.47	2.57	3.68	2.94
Enterprise Value to EBITDA (EV/EBITDA)	6.96	5.88	3.09	7.19	8.92	8.25	9.25	9.54	16.67	7.58
Enterprise Value to EBIT (EV/EBIT)	10.62	8.16	3.57	10.85	21.68	15.40	19.85	45.99	99.76	10.64
Enterprise Value to NOPAT (EV/NOPAT)	12.77	10.03	4.61	13.41	23.27	18.53	25.67	64.86	140.45	16.95
Enterprise Value to Operating Cash Flow (EV/OCF)	8.23	6.63	4.99	6.59	10.99	10.33	10.28	6.51	21.99	10.48
Enterprise Value to Free Cash Flow (EV/FCFF)	10.23	19.02	5.43	7.82	13.54	12.20	127.84	5.45	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.35	0.38	0.57	0.71	0.70	0.82	0.00	0.89	1.26
Long-Term Debt to Equity	0.39	0.35	0.38	0.57	0.66	0.70	0.82	0.00	0.89	1.26
Financial Leverage	0.14	0.09	0.17	0.43	0.60	0.66	0.52	0.53	0.86	0.73
Leverage Ratio	1.74	1.71	1.85	2.10	2.15	2.18	1.83	1.91	2.56	2.67
Compound Leverage Factor	1.75	1.71	1.75	1.85	1.60	1.67	1.29	-1.03	-4.25	2.38
Debt to Total Capital	28.13%	26.17%	27.41%	36.47%	41.42%	41.24%	45.05%	0.00%	47.09%	55.79%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	2.60%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.13%	26.17%	27.41%	36.47%	38.81%	41.24%	45.05%	0.00%	47.09%	55.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	24.68%	23.42%	25.90%	29.79%	28.03%	28.56%	26.59%	46.45%	25.62%	3.55%
Common Equity to Total Capital	47.19%	50.41%	46.69%	33.74%	30.55%	30.20%	28.36%	0.00%	27.29%	40.66%
Debt to EBITDA	1.11	0.95	0.48	1.32	2.61	2.10	2.83	0.00	7.10	3.32
Net Debt to EBITDA	0.49	0.29	0.09	0.67	2.11	1.90	2.36	0.00	5.49	2.95
Long-Term Debt to EBITDA	1.11	0.95	0.48	1.32	2.45	2.10	2.83	0.00	7.10	3.32
Debt to NOPAT	2.03	1.63	0.71	2.45	6.81	4.71	7.84	0.00	59.81	7.42
Net Debt to NOPAT	0.91	0.50	0.14	1.24	5.50	4.27	6.55	0.00	46.27	6.60
Long-Term Debt to NOPAT	2.03	1.63	0.71	2.45	6.39	4.71	7.84	0.00	59.81	7.42
Altman Z-Score	2.95	3.08	4.57	2.70	1.50	1.75	1.63	0.00	1.06	1.51
Noncontrolling Interest Sharing Ratio	32.97%	33.64%	40.55%	47.35%	48.23%	48.50%	76.17%	74.59%	32.14%	7.98%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.08	3.81	3.69	1.81	1.51	1.46	1.81	0.00	3.87	0.93
Quick Ratio	2.47	3.17	2.92	1.48	1.05	0.80	1.30	0.00	2.04	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,827	961	3,540	2,422	999	1,274	120	1,951	-1,548	-2,350
Operating Cash Flow to CapEx	440.97%	553.61%	852.88%	560.04%	400.98%	450.60%	378.03%	360.04%	28.08%	49.12%
Free Cash Flow to Firm to Interest Expense	15.10	6.41	10.06	11.93	5.58	4.94	0.50	5.30	-4.22	-17.67
Operating Cash Flow to Interest Expense	18.77	18.38	10.95	14.15	6.88	5.83	6.21	4.43	1.68	9.08
Operating Cash Flow Less CapEx to Interest Expense	14.51	15.06	9.67	11.63	5.16	4.54	4.57	3.20	-4.31	-9.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.48	0.87	0.54	0.34	0.37	0.39	0.33	0.27	0.36
Accounts Receivable Turnover	13.06	12.20	20.73	17.16	16.27	19.25	0.00	0.00	14.65	18.79
Inventory Turnover	12.66	10.57	12.07	11.95	10.42	10.35	0.00	0.00	8.61	10.54
Fixed Asset Turnover	0.86	0.98	1.66	0.89	0.52	0.55	0.50	0.44	0.41	0.61
Accounts Payable Turnover	6.91	7.46	9.34	8.39	7.72	6.96	0.00	0.00	3.65	3.66
Days Sales Outstanding (DSO)	27.95	29.92	17.60	21.27	22.44	18.97	0.00	0.00	24.91	19.42
Days Inventory Outstanding (DIO)	28.83	34.53	30.23	30.56	35.04	35.26	0.00	0.00	42.38	34.63
Days Payable Outstanding (DPO)	52.82	48.91	39.07	43.48	47.29	52.46	0.00	0.00	99.92	99.67
Cash Conversion Cycle (CCC)	3.96	15.53	8.76	8.34	10.19	1.76	0.00	0.00	-32.63	-45.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,920	9,283	8,421	7,791	8,801	9,219	9,654	9,175	10,962	9,317
Invested Capital Turnover	0.65	0.75	1.38	0.79	0.46	0.49	0.47	0.41	0.36	0.55
Increase / (Decrease) in Invested Capital	-363	862	630	-1,010	-418	-435	479	-1,787	1,645	3,096
Enterprise Value (EV)	18,691	18,284	19,236	18,940	13,528	15,552	15,386	10,625	13,567	12,653
Market Capitalization	14,756	14,718	15,866	14,355	7,649	9,230	8,690	8,355	5,953	7,371
Book Value per Share	$28.65	$29.92	$25.75	$14.95	$13.66	$13.32	$12.82	$0.00	$14.36	$17.31
Tangible Book Value per Share	$11.41	$14.05	$15.02	$5.20	$2.56	$2.45	$2.62	$0.00	$4.30	$7.06
Total Capital	10,563	11,341	10,818	9,501	9,564	9,594	10,429	6,684	12,270	9,924
Total Debt	2,971	2,968	2,965	3,465	3,961	3,957	4,698	0.00	5,778	5,537
Total Long-Term Debt	2,971	2,968	2,965	3,465	3,712	3,957	4,698	0.00	5,778	5,537
Net Debt	1,328	910	568	1,755	3,198	3,582	3,923	-835	4,470	4,930
Capital Expenditures (CapEx)	515	498	452	513	307	334	396	453	2,197	2,457
Debt-free, Cash-free Net Working Capital (DFCFNWC)	88	218	355	-467	27	22	-113	0.00	800	-397
Debt-free Net Working Capital (DFNWC)	1,702	2,250	2,678	1,161	710	309	569	835	1,969	-88
Net Working Capital (NWC)	1,702	2,250	2,678	1,161	461	309	569	835	1,969	-88
Net Nonoperating Expense (NNE)	-13	-15	233	152	149	193	171	-286	255	12
Net Nonoperating Obligations (NNO)	1,328	910	568	1,755	3,198	3,582	3,923	2,491	4,470	4,930
Total Depreciation and Amortization (D&A)	925	869	850	888	892	875	888	883	678	480
Debt-free, Cash-free Net Working Capital to Revenue	1.48%	3.29%	3.17%	-7.14%	0.65%	0.48%	-2.55%	0.00%	21.71%	-9.22%
Debt-free Net Working Capital to Revenue	28.67%	33.93%	23.94%	17.76%	17.22%	6.73%	12.85%	20.22%	53.43%	-2.04%
Net Working Capital to Revenue	28.67%	33.93%	23.94%	17.76%	11.18%	6.73%	12.85%	20.22%	53.43%	-2.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.75	$7.89	$16.45	$4.27	$1.48	$2.24	$1.25	$1.53	($1.19)	$2.97
Adjusted Weighted Average Basic Shares Outstanding	180.40M	193.30M	203.30M	215M	214.90M	220.20M	232.60M	233.50M	233.10M	235.30M
Adjusted Diluted Earnings per Share	$6.74	$7.87	$16.38	$4.24	$1.47	$2.23	$1.24	$1.53	($1.19)	$2.96
Adjusted Weighted Average Diluted Shares Outstanding	180.70M	193.80M	204.20M	216.20M	215.20M	221.60M	233.80M	233.90M	233.10M	236.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	169.54M	188.34M	195.77M	207.30M	214.16M	216.17M	222.89M	233.29M	233.11M	233.08M
Normalized Net Operating Profit after Tax (NOPAT)	1,467	1,863	4,370	1,837	581	839	599	164	222	782
Normalized NOPAT Margin	24.71%	28.10%	39.06%	28.10%	14.10%	18.29%	13.53%	3.97%	6.02%	18.16%
Pre Tax Income Margin	29.68%	33.90%	45.55%	23.60%	11.23%	16.82%	12.35%	-3.03%	-6.13%	24.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.55	14.93	15.29	8.60	3.49	3.91	3.22	0.63	0.37	8.94
NOPAT to Interest Expense	12.10	12.16	11.85	6.96	3.25	3.25	2.49	0.45	0.26	5.61
EBIT Less CapEx to Interest Expense	10.29	11.61	14.01	6.07	1.77	2.62	1.57	-0.60	-5.62	-9.53
NOPAT Less CapEx to Interest Expense	7.84	8.84	10.56	4.43	1.53	1.96	0.84	-0.79	-5.72	-12.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.50%	41.89%	23.50%	36.03%	100.00%	69.81%	188.55%	91.33%	-252.53%	44.55%
Augmented Payout Ratio	147.66%	73.45%	57.71%	78.81%	123.15%	127.09%	297.66%	91.33%	-252.53%	120.30%

This table displays calculated financial ratios and metrics derived from CF Industries' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.13%	-2.99%	7.62%	-11.44%	-26.94%	-39.76%	-45.15%	-47.62%	-29.85%	2.68%	70.41%
EBITDA Growth	21.07%	1.67%	29.78%	-10.14%	-45.89%	-53.67%	-51.48%	-52.17%	-44.50%	3.81%	658.40%
EBIT Growth	48.86%	4.44%	48.99%	-13.32%	-62.97%	-64.92%	-66.02%	-58.61%	-49.97%	8.16%	1,032.05%
NOPAT Growth	52.03%	16.08%	39.89%	-14.61%	-63.33%	-64.70%	-61.90%	-57.18%	-45.38%	9.01%	957.51%
Net Income Growth	47.48%	11.36%	48.26%	-16.50%	-63.38%	-65.11%	-57.25%	-54.74%	-38.15%	17.46%	691.21%
EPS Growth	79.61%	26.53%	82.35%	-14.81%	-63.86%	-66.67%	-61.01%	-51.61%	-32.30%	35.28%	353.49%
Operating Cash Flow Growth	31.69%	-12.50%	50.65%	-33.29%	-53.01%	-17.95%	-37.58%	-19.91%	-31.92%	-60.47%	44.10%
Free Cash Flow Firm Growth	190.40%	247.13%	-2,239.92%	-219.51%	-4,050.90%	-250.43%	-97.68%	-80.15%	-99.10%	-81.91%	106.43%
Invested Capital Growth	-3.63%	-3.91%	10.27%	12.59%	12.43%	10.24%	2.54%	2.08%	8.46%	8.09%	-5.42%
Revenue Q/Q Growth	9.12%	11.24%	-12.85%	6.94%	-6.43%	23.41%	-28.28%	-11.78%	-22.85%	12.37%	-31.51%
EBITDA Q/Q Growth	1.50%	11.89%	-30.58%	53.57%	-14.76%	42.83%	-51.93%	-7.54%	-27.01%	49.58%	-52.62%
EBIT Q/Q Growth	2.24%	21.47%	-42.32%	107.82%	-28.27%	73.28%	-66.44%	-11.22%	-32.05%	67.81%	-59.11%
NOPAT Q/Q Growth	-8.46%	28.66%	-39.54%	113.51%	-30.11%	55.05%	-63.10%	-8.31%	-32.72%	67.35%	-58.52%
Net Income Q/Q Growth	-10.46%	14.96%	-32.61%	112.61%	-32.39%	53.04%	-62.05%	-6.77%	-35.58%	87.55%	-59.82%
EPS Q/Q Growth	-0.54%	20.00%	-32.61%	123.30%	-29.93%	72.94%	-68.52%	-5.26%	-35.37%	102.29%	-60.93%
Operating Cash Flow Q/Q Growth	39.52%	-54.89%	96.00%	6.74%	-7.29%	-22.33%	-13.20%	-24.82%	61.88%	-40.91%	11.36%
Free Cash Flow Firm Q/Q Growth	-8.37%	249.55%	1.75%	32.86%	-49.13%	-2,275.12%	-94.51%	2,119.76%	-94.32%	-66.51%	-52.98%
Invested Capital Q/Q Growth	-1.01%	1.34%	-4.62%	0.71%	-1.29%	16.30%	-2.61%	0.56%	-3.22%	8.18%	-3.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.40%	34.38%	32.41%	43.19%	27.82%	31.89%	29.62%	45.30%	42.89%	48.16%	39.47%
EBITDA Margin	40.77%	43.83%	43.58%	54.71%	38.10%	41.82%	36.14%	53.92%	51.44%	54.37%	40.84%
Operating Margin	27.36%	28.94%	26.57%	40.59%	20.61%	27.12%	19.17%	41.35%	41.05%	46.43%	32.31%
EBIT Margin	27.48%	29.33%	26.86%	40.59%	20.88%	27.24%	19.40%	41.46%	41.20%	46.78%	31.32%
Profit (Net Income) Margin	21.11%	25.72%	24.89%	32.19%	16.19%	22.41%	18.07%	34.14%	32.31%	38.69%	23.18%
Tax Burden Percent	80.32%	90.53%	85.25%	80.45%	79.33%	80.73%	90.91%	81.89%	79.37%	80.46%	77.63%
Interest Burden Percent	95.62%	96.87%	108.70%	98.59%	97.72%	101.87%	102.43%	100.54%	98.79%	102.79%	95.32%
Effective Tax Rate	19.68%	9.47%	14.75%	19.55%	20.67%	19.27%	9.09%	18.11%	20.63%	19.54%	22.37%
Return on Invested Capital (ROIC)	14.97%	17.09%	16.15%	22.06%	11.50%	16.40%	16.95%	36.38%	42.97%	51.56%	34.83%
ROIC Less NNEP Spread (ROIC-NNEP)	13.90%	16.44%	24.38%	20.25%	11.11%	17.49%	21.40%	41.53%	41.62%	54.54%	32.15%
Return on Net Nonoperating Assets (RNNOA)	2.45%	2.30%	1.13%	0.98%	0.85%	1.59%	0.51%	0.49%	2.30%	9.12%	8.36%
Return on Equity (ROE)	17.43%	19.39%	17.28%	23.04%	12.35%	17.99%	17.46%	36.88%	45.28%	60.68%	43.19%
Cash Return on Invested Capital (CROIC)	21.37%	20.07%	7.02%	3.31%	4.56%	10.86%	28.61%	32.64%	38.07%	43.68%	56.60%
Operating Return on Assets (OROA)	12.40%	12.51%	11.74%	17.49%	9.33%	13.05%	11.09%	26.81%	31.32%	40.74%	27.81%
Return on Assets (ROA)	9.52%	10.97%	10.88%	13.87%	7.23%	10.73%	10.33%	22.08%	24.56%	33.69%	20.58%
Return on Common Equity (ROCE)	11.65%	13.00%	11.77%	15.61%	8.37%	11.94%	11.53%	23.91%	28.85%	36.07%	25.08%
Return on Equity Simple (ROE_SIMPLE)	33.26%	0.00%	27.67%	24.29%	26.21%	0.00%	43.60%	48.29%	64.85%	0.00%	85.22%
Net Operating Profit after Tax (NOPAT)	365	399	310	513	240	344	222	601	656	974	582
NOPAT Margin	21.98%	26.20%	22.65%	32.65%	16.35%	21.89%	17.42%	33.86%	32.58%	37.36%	25.09%
Net Nonoperating Expense Percent (NNEP)	1.07%	0.65%	-8.23%	1.81%	0.39%	-1.09%	-4.45%	-5.15%	1.35%	-2.98%	2.68%
Return On Investment Capital (ROIC_SIMPLE)	3.56%	3.78%	-	-	-	3.03%	-	-	-	9.01%	-
Cost of Revenue to Revenue	65.60%	65.62%	67.59%	56.81%	72.18%	68.11%	70.38%	54.70%	57.11%	51.84%	60.53%
SG&A Expenses to Revenue	5.05%	5.12%	5.69%	4.83%	5.99%	4.84%	5.34%	4.00%	3.68%	3.34%	2.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.04%	5.45%	5.84%	2.61%	7.21%	4.77%	10.45%	3.94%	1.84%	1.73%	7.15%
Earnings before Interest and Taxes (EBIT)	457	447	368	638	307	428	247	736	829	1,220	727
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	678	668	597	860	560	657	460	957	1,035	1,418	948
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.77	2.96	2.98	2.47	2.88	2.57	2.82	2.26	2.51	3.14	4.13
Price to Tangible Book Value (P/TBV)	7.41	7.43	7.08	5.51	6.49	5.48	4.44	3.53	4.07	5.38	7.79
Price to Revenue (P/Rev)	2.16	2.49	2.59	2.29	2.58	2.22	2.11	1.51	1.33	1.42	1.65
Price to Earnings (P/E)	9.92	12.12	13.30	12.80	13.54	9.65	7.65	5.51	4.53	4.74	5.75
Dividend Yield	2.56%	2.36%	2.21%	2.44%	2.07%	2.08%	1.91%	2.37%	2.29%	1.85%	1.52%
Earnings Yield	10.08%	8.25%	7.52%	7.81%	7.39%	10.36%	13.08%	18.15%	22.07%	21.09%	17.39%
Enterprise Value to Invested Capital (EV/IC)	1.96	2.10	2.17	1.87	2.12	1.97	2.31	1.89	2.01	2.28	2.79
Enterprise Value to Revenue (EV/Rev)	2.82	3.15	3.19	2.93	3.19	2.76	2.40	1.78	1.59	1.72	1.95
Enterprise Value to EBITDA (EV/EBITDA)	6.17	6.96	7.14	6.79	7.37	5.88	4.76	3.56	3.03	3.09	3.51
Enterprise Value to EBIT (EV/EBIT)	9.06	10.62	10.96	10.64	11.30	8.16	6.07	4.42	3.60	3.57	4.10
Enterprise Value to NOPAT (EV/NOPAT)	10.89	12.77	13.54	13.05	13.79	10.03	7.50	5.52	4.53	4.61	5.31
Enterprise Value to Operating Cash Flow (EV/OCF)	7.17	8.23	8.19	8.54	8.61	6.63	6.43	4.80	4.81	4.99	4.57
Enterprise Value to Free Cash Flow (EV/FCFF)	9.00	10.23	32.39	59.78	49.17	19.02	8.16	5.86	5.50	5.43	4.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.39	0.38	0.37	0.37	0.35	0.36	0.35	0.37	0.38	0.42
Long-Term Debt to Equity	0.41	0.39	0.38	0.37	0.37	0.35	0.36	0.35	0.37	0.38	0.42
Financial Leverage	0.18	0.14	0.05	0.05	0.08	0.09	0.02	0.01	0.06	0.17	0.26
Leverage Ratio	1.78	1.74	1.71	1.64	1.69	1.71	1.74	1.68	1.83	1.85	1.97
Compound Leverage Factor	1.70	1.69	1.86	1.62	1.66	1.74	1.78	1.69	1.81	1.90	1.88
Debt to Total Capital	28.94%	28.13%	27.74%	26.82%	27.08%	26.17%	26.33%	25.83%	26.83%	27.41%	29.47%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.94%	28.13%	27.74%	26.82%	27.08%	26.17%	26.33%	25.83%	26.83%	27.41%	29.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	24.51%	24.68%	23.75%	23.86%	23.31%	23.42%	22.88%	23.64%	23.85%	25.90%	26.37%
Common Equity to Total Capital	46.55%	47.19%	48.51%	49.31%	49.65%	50.41%	50.81%	50.56%	49.33%	46.69%	44.17%
Debt to EBITDA	1.06	1.11	1.11	1.17	1.13	0.95	0.77	0.68	0.55	0.48	0.48
Net Debt to EBITDA	0.55	0.49	0.40	0.44	0.44	0.29	-0.08	-0.07	0.01	0.09	0.11
Long-Term Debt to EBITDA	1.06	1.11	1.11	1.17	1.13	0.95	0.77	0.68	0.55	0.48	0.48
Debt to NOPAT	1.87	2.03	2.11	2.25	2.11	1.63	1.21	1.05	0.82	0.71	0.73
Net Debt to NOPAT	0.96	0.91	0.76	0.85	0.83	0.50	-0.13	-0.12	0.02	0.14	0.17
Long-Term Debt to NOPAT	1.87	2.03	2.11	2.25	2.11	1.63	1.21	1.05	0.82	0.71	0.73
Altman Z-Score	2.47	2.63	2.66	2.64	2.76	2.66	3.25	3.20	3.25	3.53	3.44
Noncontrolling Interest Sharing Ratio	33.14%	32.97%	31.92%	32.21%	32.25%	33.64%	33.96%	35.16%	36.29%	40.55%	41.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.59	3.08	2.81	4.70	3.94	3.81	4.52	6.55	4.46	3.69	2.66
Quick Ratio	2.12	2.47	2.33	3.94	3.34	3.17	3.96	5.80	3.84	2.92	2.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	698	762	-510	-519	-773	-518	24	434	20	344	1,028
Operating Cash Flow to CapEx	450.77%	216.49%	669.78%	565.48%	454.08%	255.32%	420.41%	749.47%	1,372.46%	436.57%	521.05%
Free Cash Flow to Firm to Interest Expense	18.88	16.22	0.00	-14.02	-20.88	-14.80	0.61	12.06	0.49	0.00	22.35
Operating Cash Flow to Interest Expense	15.84	8.94	0.00	12.84	12.03	13.71	15.85	19.78	23.68	0.00	21.52
Operating Cash Flow Less CapEx to Interest Expense	12.32	4.81	0.00	10.57	9.38	8.34	12.08	17.14	21.95	0.00	17.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.43	0.44	0.43	0.45	0.48	0.57	0.65	0.76	0.87	0.89
Accounts Receivable Turnover	10.97	13.06	13.31	12.81	11.97	12.20	13.48	15.68	17.80	20.73	20.09
Inventory Turnover	12.57	12.66	12.76	12.62	11.41	10.57	10.68	11.95	11.56	12.07	11.67
Fixed Asset Turnover	0.90	0.86	0.92	0.90	0.92	0.98	1.21	1.36	1.57	1.66	1.62
Accounts Payable Turnover	7.12	6.91	7.46	8.24	8.39	7.46	7.23	7.76	9.81	9.34	8.59
Days Sales Outstanding (DSO)	33.26	27.95	27.42	28.49	30.48	29.92	27.08	23.28	20.51	17.60	18.17
Days Inventory Outstanding (DIO)	29.03	28.83	28.60	28.91	32.00	34.53	34.18	30.54	31.59	30.23	31.27
Days Payable Outstanding (DPO)	51.25	52.82	48.93	44.32	43.50	48.91	50.47	47.04	37.20	39.07	42.51
Cash Conversion Cycle (CCC)	11.04	3.96	7.09	13.08	18.98	15.53	10.79	6.78	14.90	8.76	6.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,830	8,920	8,802	9,228	9,163	9,283	7,982	8,196	8,150	8,421	7,784
Invested Capital Turnover	0.68	0.65	0.71	0.68	0.70	0.75	0.97	1.07	1.32	1.38	1.39
Increase / (Decrease) in Invested Capital	-333	-363	820	1,032	1,013	862	198	167	636	630	-446
Enterprise Value (EV)	17,299	18,691	19,087	17,232	19,416	18,284	18,402	15,530	16,393	19,236	21,693
Market Capitalization	13,249	14,756	15,479	13,464	15,693	14,718	16,143	13,138	13,696	15,866	18,353
Book Value per Share	$28.19	$28.65	$28.79	$29.87	$29.02	$29.92	$29.67	$29.79	$27.86	$25.75	$22.30
Tangible Book Value per Share	$10.55	$11.41	$12.12	$13.38	$12.89	$14.05	$18.84	$19.08	$17.19	$15.02	$11.82
Total Capital	10,269	10,563	10,707	11,072	10,965	11,341	11,268	11,487	11,056	10,818	10,062
Total Debt	2,972	2,971	2,970	2,970	2,969	2,968	2,967	2,967	2,966	2,965	2,965
Total Long-Term Debt	2,972	2,971	2,970	2,970	2,969	2,968	2,967	2,967	2,966	2,965	2,965
Net Debt	1,533	1,328	1,065	1,126	1,167	910	-319	-324	60	568	687
Capital Expenditures (CapEx)	130	194	139	84	98	188	147	95	69	134	190
Debt-free, Cash-free Net Working Capital (DFCFNWC)	88	88	-40	386	256	218	10	231	161	355	107
Debt-free Net Working Capital (DFNWC)	1,494	1,702	1,837	2,205	2,029	2,250	3,264	3,450	2,986	2,678	2,299
Net Working Capital (NWC)	1,494	1,702	1,837	2,205	2,029	2,250	3,264	3,450	2,986	2,678	2,299
Net Nonoperating Expense (NNE)	14	7.24	-31	7.24	2.38	-8.07	-8.18	-4.91	5.56	-35	44
Net Nonoperating Obligations (NNO)	1,533	1,328	1,065	1,126	1,167	910	-319	-324	60	568	687
Total Depreciation and Amortization (D&A)	221	221	229	222	253	229	213	221	206	198	221
Debt-free, Cash-free Net Working Capital to Revenue	1.44%	1.48%	-0.67%	6.56%	4.20%	3.29%	0.13%	2.65%	1.56%	3.17%	0.96%
Debt-free Net Working Capital to Revenue	24.38%	28.67%	30.70%	37.46%	33.32%	33.93%	42.57%	39.58%	28.91%	23.94%	20.68%
Net Working Capital to Revenue	24.38%	28.67%	30.70%	37.46%	33.32%	33.93%	42.57%	39.58%	28.91%	23.94%	20.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.85	$1.87	$1.55	$2.30	$1.03	$1.47	$0.85	$2.71	$2.86	$4.44	$2.19
Adjusted Weighted Average Basic Shares Outstanding	168.60M	180.40M	178.40M	182.70M	187.60M	193.30M	192.40M	194.60M	196.20M	203.30M	200.20M
Adjusted Diluted Earnings per Share	$1.85	$1.86	$1.55	$2.30	$1.03	$1.47	$0.85	$2.70	$2.85	$4.41	$2.18
Adjusted Weighted Average Diluted Shares Outstanding	168.80M	180.70M	178.60M	182.80M	188.10M	193.80M	192.90M	195M	196.90M	204.20M	200.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	162.01M	169.54M	174.02M	180.41M	182.78M	188.34M	191.06M	192.95M	194.92M	195.77M	196.19M
Normalized Net Operating Profit after Tax (NOPAT)	384	399	310	514	243	356	236	604	667	975	656
Normalized NOPAT Margin	23.09%	26.20%	22.65%	32.70%	16.51%	22.66%	18.57%	34.00%	33.17%	37.39%	28.26%
Pre Tax Income Margin	26.28%	28.41%	29.20%	40.01%	20.41%	27.75%	19.87%	41.69%	40.71%	48.08%	29.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.35	9.51	0.00	17.24	8.30	12.23	6.33	20.44	20.73	0.00	15.80
NOPAT to Interest Expense	9.88	8.49	0.00	13.87	6.50	9.83	5.69	16.70	16.39	0.00	12.66
EBIT Less CapEx to Interest Expense	8.84	5.38	0.00	14.97	5.65	6.86	2.56	17.81	19.00	0.00	11.67
NOPAT Less CapEx to Interest Expense	6.36	4.37	0.00	11.60	3.85	4.46	1.92	14.06	14.66	0.00	8.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	40.63%	45.50%	46.07%	51.96%	47.48%	41.89%	30.98%	33.68%	26.81%	23.50%	24.06%
Augmented Payout Ratio	142.14%	147.66%	140.64%	128.81%	108.13%	73.45%	55.27%	68.46%	63.66%	57.71%	65.91%

Frequently Asked Questions About CF Industries' Financials

When does CF Industries's financial year end?

According to the most recent income statement we have on file, CF Industries' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has CF Industries' net income changed over the last 9 years?

CF Industries' net income appears to be on an upward trend, with a most recent value of $1.48 billion in 2024, rising from $734 million in 2015. The previous period was $1.84 billion in 2023. Check out CF Industries' forecast to explore projected trends and price targets.

What is CF Industries's operating income?

CF Industries's total operating income in 2024 was $1.75 billion, based on the following breakdown:

Total Gross Profit: $2.06 billion
Total Operating Expenses: $310 million

How has CF Industries revenue changed over the last 9 years?

Over the last 9 years, CF Industries' total revenue changed from $4.31 billion in 2015 to $5.94 billion in 2024, a change of 37.8%.

How much debt does CF Industries have?

CF Industries' total liabilities were at $5.87 billion at the end of 2024, a 2.1% decrease from 2023, and a 29.2% decrease since 2015.

How much cash does CF Industries have?

In the past 9 years, CF Industries' cash and equivalents has ranged from $286 million in 2015 to $2.32 billion in 2022, and is currently $1.61 billion as of their latest financial filing in 2024.

How has CF Industries' book value per share changed over the last 9 years?

Over the last 9 years, CF Industries' book value per share changed from 17.31 in 2015 to 28.65 in 2024, a change of 65.5%.

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This page (NYSE:CF) was last updated on 5/30/2025 by MarketBeat.com Staff

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CF Industries (CF) Financials

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CF Industries (CF) Financials

Annual Income Statements for CF Industries

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