CF Industries Holdings Inc.
CFFinancial Snapshot
ticker: CF step: 04 generated: 2026-05-12 source: quick-research
CF Industries Holdings, Inc. (CF) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $11.19B | $6.63B | $5.94B | -10.5% |
| Net Income | $3.35B | $1.53B | $1.22B | -20.3% |
| EPS (diluted) | $16.46 | $7.89 | $6.75 | -14.5% |
| Adj. EBITDA | $5.88B | $2.76B | $2.28B | -17.4% |
FY2022 was an extraordinary year — Russian invasion of Ukraine sent nitrogen prices to all-time highs, driving record profitability. FY2023 and FY2024 reflect price normalization as global supply recovered. FY2025 showed recovery: net income $1.46B (+19% YoY), adjusted EBITDA ~$2.85B, on net sales of $7.08B.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Adj. EBITDA (FY2024) | $2.28B |
| Gross Ammonia Production | ~9.8M tons |
| Capital Expenditures | ~$600M |
| Cash & Equivalents | ~$2.3B |
| Total Debt | ~$3.0B |
| Net Debt | ~$0.7B (low leverage) |
CF's balance sheet is conservatively levered, with substantial cash position enabling aggressive buybacks and the $4B low-carbon ammonia FID. FCF generation is strong even at trough nitrogen prices due to low net debt and U.S. natural gas cost advantage.
Key Ratios (approximate)
- P/E (FY2024): ~10x | EV/EBITDA: ~7x | ROIC: ~29%
- FCF Yield: ~8–10% (at trough pricing)
- Adj. EBITDA Margin: ~38% (FY2024)
- Operating Margin (FY2025): ~31.8%
Growth Profile
CF's revenues are highly cyclical with nitrogen fertilizer prices. FY2022 was a generational peak; FY2023–FY2024 normalized significantly. FY2025 recovery was driven by stronger ammonia/urea pricing and capacity utilization improvement. The $4B low-carbon ammonia project (Louisiana, production starting 2029) represents the next structural growth leg as the company positions for the premium green ammonia market.
Forward Estimates
- FY2026 EPS: ~$7–8 range (consensus; variable with nitrogen prices)
- Low-carbon ammonia facility commissioning: 2029 (~3M tons capacity at premium pricing)
- Nitrogen price outlook: Supported by Russian supply restrictions (~15% below pre-war) and Chinese urea export quotas
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CF.