NYSE: CF
CF Industries
Materials · Agricultural Chemicals
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$16.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.34B |
| FY2017, ended Dec 31, 2017 | $9.92B |
| FY2018, ended Dec 31, 2018 | $9.70B |
| FY2019, ended Dec 31, 2019 | $10.3B |
| FY2020, ended Dec 31, 2020 | $8.29B |
| FY2021, ended Dec 31, 2021 | $14.7B |
| FY2022, ended Dec 31, 2022 | $16.7B |
| FY2023, ended Dec 31, 2023 | $15.0B |
| FY2024, ended Dec 31, 2024 | $14.5B |
| FY2025, ended Dec 31, 2025 | $11.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $16.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$7.74B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.69B |
| FY2017, ended Dec 31, 2017 | $4.13B |
| FY2018, ended Dec 31, 2018 | $4.43B |
| FY2019, ended Dec 31, 2019 | $4.59B |
| FY2020, ended Dec 31, 2020 | $4.12B |
| FY2021, ended Dec 31, 2021 | $6.54B |
| FY2022, ended Dec 31, 2022 | $11.2B |
| FY2023, ended Dec 31, 2023 | $6.63B |
| FY2024, ended Dec 31, 2024 | $5.94B |
| FY2025, ended Dec 31, 2025 | $7.08B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $7.74B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$277M | −$1.59B |
| FY2017, ended Dec 31, 2017 | $358M | $1.16B |
| FY2018, ended Dec 31, 2018 | $290M | $1.07B |
| FY2019, ended Dec 31, 2019 | $493M | $1.10B |
| FY2020, ended Dec 31, 2020 | $317M | $922M |
| FY2021, ended Dec 31, 2021 | $917M | $2.36B |
| FY2022, ended Dec 31, 2022 | $3.35B | $3.40B |
| FY2023, ended Dec 31, 2023 | $1.52B | $2.26B |
| FY2024, ended Dec 31, 2024 | $1.22B | $1.75B |
| FY2025, ended Dec 31, 2025 | $1.46B | $1.80B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.10B | $1.91B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.48B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.17B |
| FY2017, ended Dec 31, 2017 | $835M |
| FY2018, ended Dec 31, 2018 | $682M |
| FY2019, ended Dec 31, 2019 | $287M |
| FY2020, ended Dec 31, 2020 | $683M |
| FY2021, ended Dec 31, 2021 | $1.63B |
| FY2022, ended Dec 31, 2022 | $2.32B |
| FY2023, ended Dec 31, 2023 | $2.03B |
| FY2024, ended Dec 31, 2024 | $1.61B |
| FY2025, ended Dec 31, 2025 | $1.98B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.48B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.22B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.78B |
| FY2017, ended Dec 31, 2017 | $4.69B |
| FY2018, ended Dec 31, 2018 | $4.70B |
| FY2019, ended Dec 31, 2019 | $3.96B |
| FY2020, ended Dec 31, 2020 | $3.96B |
| FY2021, ended Dec 31, 2021 | $3.46B |
| FY2022, ended Dec 31, 2022 | $2.96B |
| FY2023, ended Dec 31, 2023 | $2.97B |
| FY2024, ended Dec 31, 2024 | $2.97B |
| FY2025, ended Dec 31, 2025 | $3.21B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.22B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 35.1% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.151M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 233M |
| FY2017, ended Dec 31, 2017 | 233M |
| FY2018, ended Dec 31, 2018 | 223M |
| FY2019, ended Dec 31, 2019 | 216M |
| FY2020, ended Dec 31, 2020 | 214M |
| FY2021, ended Dec 31, 2021 | 207M |
| FY2022, ended Dec 31, 2022 | 196M |
| FY2023, ended Dec 31, 2023 | 188M |
| FY2024, ended Dec 31, 2024 | 170M |
| FY2025, ended Dec 31, 2025 | 154M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 151M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $915M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $19.0M |
| FY2017, ended Dec 31, 2017 | $0 | $17.0M |
| FY2018, ended Dec 31, 2018 | $467M | $22.0M |
| FY2019, ended Dec 31, 2019 | $370M | $28.0M |
| FY2020, ended Dec 31, 2020 | $100M | $25.0M |
| FY2021, ended Dec 31, 2021 | $539M | $30.0M |
| FY2022, ended Dec 31, 2022 | $1.35B | $41.0M |
| FY2023, ended Dec 31, 2023 | $580M | $37.0M |
| FY2024, ended Dec 31, 2024 | $1.51B | $36.0M |
| FY2025, ended Dec 31, 2025 | $1.36B | $45.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $958M | $43.0M |
Revenue (TTM)
$7.74B
+20.0% YoY
Net income (TTM)
$2.10B
+61.2% YoY
Cash
$2.48B
+47.1% YoY
Total debt
$3.22B
+8.2% YoY
Valuation
At current price- Market Cap
- $18.7B
- P/E
- 8.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.4×
- Price / Book
- 3.2×
- EV / EBITDA
- 4.8×
Growth
Trailing 12 months- Revenue (TTM)
- $7.74B
- Revenue Growth YoY
- 20.0%
- Revenue CAGR 3Y
- −14.1%
- Revenue CAGR 5Y
- 11.4%
- EPS Growth YoY
- 76.7%
- Net Income Growth YoY
- 61.2%
Profitability
Trailing 12 months- Gross Margin
- 42.5%
- Operating Margin
- 41.1%
- Net Margin
- 27.1%
- FCF Margin
- 24.7%
- Return on Equity
- 39.2%
Earnings
Trailing 12 months- Net Income
- $2.10B
- EPS (diluted)
- $13.48
- EBITDA
- $4.07B
- Operating Income
- $3.18B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $2.48B
- Total Debt
- $3.22B
- Net Debt
- $736M
- Total Assets
- $15.1B
- Total Liabilities
- $6.18B
- Shareholders' Equity
- $5.75B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.98B
- Capital Expenditure
- $1.07B
- Free Cash Flow
- $1.91B
Dividends and risk
Last 12 months- Dividend Yield
- 1.7%
- Dividend / Share
- $2.10
- Beta (5Y)
- 0.53
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 20.0% year over year, at $7.74B.
Strength
Operating margin widened 11.5 pts in a year, to 41.1%.
Note
Net debt of $736M is 0.2× EBITDA, a manageable load.
Strength
Turns 24.7% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K51Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 20, 2025 · Read the filing on EDGAR
- Sales fell 10% to $5.94 billion and operating earnings fell 22% to $1.75 billion, as average selling prices dropped 10%.
- Natural gas costs fell 35%, adding about $436 million to gross margin and offsetting part of the price decline.
- CF bought back $1.51 billion of stock in 2024, reducing cash to $1.61 billion, while operating cash flow was $2.27 billion.
- A design study put a possible low-carbon ammonia plant at Blue Point at about $4 billion, plus about $500 million for shared infrastructure; no final decision has been made.
Business momentum
Weakening
“Our total net sales decreased $695 million, or 10%, to $5.94 billion in 2024 compared to $6.63 billion in 2023.”
Outlook
Neutral
“We expect gross ammonia production for 2025 will be approximately 10 million tons.”
Financial stress
Low
“Net cash provided by operating activities in 2024 was $2.27 billion, a decrease of $486 million compared to $2.76 billion in 2023.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“Commissioning of the 20-megawatt alkaline water electrolysis plant to produce hydrogen was suspended due to an issue experienced in the fourth quarter of 2024.”
Positives
Lower natural gas costs supported margins
“The decrease in natural gas costs in 2024 as compared to 2023 resulted in an increase in gross margin of approximately $436 million, excluding the impact of the Waggaman acquisition.”
Large share buybacks reduced the share count
“In 2024, we repurchased approximately 18.8 million shares under the 2022 Share Repurchase Program for approximately $1.51 billion, of which $10 million was accrued and unpaid as of December 31, 2024.”
Carbon capture at Donaldsonville is expected to start in 2025
“At Donaldsonville, CCS is expected to commence in 2025 and annually will sequester up to approximately 2 million metric tons of CO2 that would otherwise have been emitted to the atmosphere.”
Concerns
Lower selling prices across all products cut sales
“The 10% decrease in the average selling price for our products in 2024 compared to 2023 resulted in a year-over-year decrease in net sales of approximately $716 million.”
Winter storm and plant downtime added costs
“The plant downtime led to approximately $75 million of additional costs in the first quarter of 2024 for maintenance, repairs and certain unabsorbed fixed costs.”
More global nitrogen supply could pressure prices
“Additional nitrogen production capacity is expected to come online over the next 12 months.”
New risks since the previous report
New U.S. administration could change clean-energy tax credits for low-carbon ammonia projects
“The change in U.S. presidential administration and regulatory leadership may result in changes to the underlying legislation or the final guidance issued and impact our ability to receive anticipated tax credits for our low-carbon ammonia projects.”
Proposed U.S. tariffs and possible retaliation could disrupt trade and existing operations
“Proposed tariffs on imports into the United States, potential retaliatory tariffs on U.S. exports, and potential renegotiation of trade deals may impact our existing operations or our planned strategic ventures”
Trinidad joint venture has no gas supply commitment beyond December 2025 and could close
“If NGC does not make sufficient quantities of natural gas available to PLNL at prices that permit profitable operations, PLNL may cease operating its facility and we would write off the remaining investment in PLNL.”
Proposed Blue Point plant would use technology not widely proven for ammonia at this scale
“While ATR’s are widely used today for the production of hydrogen, they have not been widely used for ammonia production and not at the scale we are evaluating.”
Biggest risks named
- Fertilizer price swings and global oversupply
- Volatile natural gas prices and rising U.S. gas exports
- Low-carbon ammonia demand and project execution uncertainty
- Changing U.S. climate policy, tax credits and tariffs
- Tighter greenhouse gas rules and carbon border charges
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 51 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 20, 2025 | 51 | Weakening | 1 minor | |
| 10-K | Feb 22, 2024 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Feb 23, 2023 | 70 | Strong improvement | 2 minor | |
| 10-K | Feb 24, 2022 | 67 | Strong improvement | 2 medium | |
| 10-K | Feb 24, 2021 | 39 | Sharp deterioration | None | |
| 10-K | Feb 24, 2020 | 72 | Strong improvement | None | |
| 10-K | Feb 22, 2019 | 58 | Mixed | None | |
| 10-K | Feb 22, 2018 | 56 | Mixed | None | |
| 10-K | Feb 23, 2017 | 23 | Sharp deterioration | 3 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR