CF Industries (CF) Financials

$74.90 +0.80 (+1.08%)

Closing price 03:59 PM Eastern

Extended Trading

$75.26 +0.36 (+0.48%)

As of 05:24 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	700	-277	358	290	493	317	917	3,346	1,525	1,218
Consolidated Net Income / (Loss)	734	-158	450	428	646	432	1,260	3,937	1,838	1,477
Net Income / (Loss) Continuing Operations	734	-158	456	428	646	432	1,260	3,937	1,838	1,477
Total Pre-Tax Income	1,058	-226	-125	547	772	463	1,543	5,095	2,248	1,762
Total Operating Income	1,193	138	234	766	1,003	623	1,729	5,397	2,230	1,746
Total Gross Profit	1,547	843	434	917	1,174	801	2,387	5,861	2,545	2,056
Total Revenue	4,308	3,685	4,130	4,429	4,590	4,124	6,538	11,186	6,631	5,936
Operating Revenue	4,308	3,685	4,130	4,429	4,590	4,124	6,538	11,186	6,631	5,936
Total Cost of Revenue	2,761	2,842	3,696	3,512	3,416	3,323	4,151	5,325	4,086	3,880
Operating Cost of Revenue	2,761	2,842	3,696	3,512	3,416	3,323	4,151	5,325	4,086	3,880
Total Operating Expenses	354	705	200	151	171	178	658	464	315	310
Selling, General & Admin Expense	262	381	191	214	239	206	223	290	289	320
Other Operating Expenses / (Income)	35	145	9.00	-63	-68	-28	-86	-84	-23	-14
Impairment Charge	-	-	-	-	0.00	0.00	521	239	0.00	0.00
Restructuring Charge	57	179	-	-	-	0.00	0.00	19	49	4.00
Total Other Income / (Expense), net	-135	-364	-353	-219	-231	-160	-186	-302	18	16
Interest Expense	133	367	368	241	258	179	203	352	150	121
Interest & Investment Income	2.00	5.00	12	13	20	18	1.00	65	158	123
Other Income / (Expense), net	-4.00	-2.00	-3.00	9.00	7.00	1.00	16	-15	10	14
Income Tax Expense	396	-68	-575	119	126	31	283	1,158	410	285
Net Income / (Loss) Attributable to Noncontrolling Interest	34	119	92	138	153	115	343	591	313	259
Basic Earnings per Share	$2.97	($1.19)	$1.53	$1.25	$2.24	$1.48	$4.27	$16.45	$7.89	$6.75
Weighted Average Basic Shares Outstanding	235.30M	233.10M	233.50M	232.60M	220.20M	214.90M	215M	203.30M	193.30M	180.40M
Diluted Earnings per Share	$2.96	($1.19)	$1.53	$1.24	$2.23	$1.47	$4.24	$16.38	$7.87	$6.74
Weighted Average Diluted Shares Outstanding	236.10M	233.10M	233.90M	233.80M	221.60M	215.20M	216.20M	204.20M	193.80M	180.70M
Weighted Average Basic & Diluted Shares Outstanding	235.70M	232.80M	234M	232M	216.17M	214.16M	207.30M	195.77M	188.34M	169.54M
Cash Dividends to Common per Share	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.50	$1.60	$2.00

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-178	131	502	394	35	-1,222	-259	46	58	-263
Net Cash From Operating Activities	990	585	947	712	618	480	445	475	931	420
Net Cash From Continuing Operating Activities	990	585	947	712	618	480	445	475	931	420
Net Income / (Loss) Continuing Operations	538	1,009	650	606	230	352	238	506	341	392
Consolidated Net Income / (Loss)	538	1,009	650	606	230	352	238	506	341	392
Depreciation Expense	221	198	206	221	213	229	253	222	229	221
Non-Cash Adjustments To Reconcile Net Income	123	78	-102	14	58	39	-17	-38	7.00	12
Changes in Operating Assets and Liabilities, net	108	-700	193	-129	117	-140	-29	-215	354	-205
Net Cash From Investing Activities	-187	-132	-34	-93	-144	-1,408	-100	-34	-139	-196
Net Cash From Continuing Investing Activities	-187	-132	-34	-93	-144	-1,408	-100	-34	-139	-196
Purchase of Property, Plant & Equipment	-190	-134	-69	-95	-147	-188	-98	-84	-139	-197
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	-	3.00
Sale and/or Maturity of Investments	-	2.00	-	-	-	1.00	-	-	-	1.00
Other Investing Activities, net	3.00	-	35	1.00	3.00	3.00	-2.00	47	-	-1.00
Net Cash From Financing Activities	-966	-330	-410	-229	-431	-302	-602	-396	-745	-462
Net Cash From Continuing Financing Activities	-966	-330	-410	-229	-431	-302	-602	-396	-745	-462
Repurchase of Common Equity	-519	-251	-54	-151	-150	-225	-339	-305	-490	-375
Payment of Dividends	-452	-79	-334	-79	-281	-76	-241	-91	-254	-86
Other Financing Activities, net	5.00	-	-22	1.00	-	1.00	-22	-	-1.00	-1.00
Effect of Exchange Rate Changes	-15	8.00	-1.00	4.00	-8.00	8.00	-	-	11	-25

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

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

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

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

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

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

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.

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 4/17/2025 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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