CF Industries key statistics and ratios

In fiscal 2025, CF Industries had return on equity of 29.6%, an operating margin of 32.5%, debt equal to 67.2% of equity and a current ratio of 3.37. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

CF Industries: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	32.2%	29.7%	47.5%	51.0%	46.0%	37.5%	35.9%	22.9%	10.5%	20.7%	25.6%	19.4%	36.5%	52.4%	38.4%	34.6%	38.5%	42.5%
Operating margin	26.1%	22.6%	45.8%	48.5%	44.1%	49.9%	27.7%	3.7%	5.7%	17.3%	21.9%	15.1%	26.4%	48.2%	33.6%	29.4%	32.5%	41.1%
Net margin	14.0%	8.8%	25.2%	30.3%	26.8%	29.3%	16.2%	−7.5%	8.7%	6.5%	10.7%	7.7%	14.0%	29.9%	23.0%	20.5%	20.5%	27.1%
Free-cash-flow margin	17.1%	23.6%	30.0%	30.3%	11.7%	−8.2%	−29.3%	−43.3%	28.0%	24.3%	24.0%	22.4%	36.1%	30.4%	34.1%	29.5%	25.4%	24.7%
Return on equity	21.1%	12.1%	35.8%	35.4%	26.7%	29.9%	17.0%	−7.5%	10.3%	8.9%	16.8%	10.9%	29.9%	81.0%	28.3%	22.8%	29.6%	39.7%
Return on assets	14.7%	6.2%	17.4%	19.3%	14.1%	12.7%	5.8%	−2.0%	2.5%	2.2%	4.0%	2.6%	7.5%	26.1%	11.0%	8.7%	10.6%	14.4%
Asset turnover	1.05	0.70	0.69	0.64	0.53	0.43	0.36	0.27	0.29	0.34	0.37	0.34	0.54	0.87	0.48	0.43	0.51	0.53
Current ratio	2.67	1.41	1.74	2.95	3.18	2.58	0.93	3.87	2.53	1.81	1.46	1.51	1.81	3.69	3.81	3.08	3.37	4.86
Debt to equity	0.3%	48.2%	35.5%	27.1%	61.0%	109.1%	138.8%	174.7%	132.7%	160.6%	138.1%	136.9%	109.2%	59.4%	52.5%	60.2%	67.2%	56.5%
Interest cover (operating income ÷ interest)	—	4.0x	19.0x	21.9x	15.8x	13.3x	9.0x	0.7x	0.7x	3.2x	4.2x	3.5x	9.4x	15.7x	14.9x	14.4x	14.8x	18.6x
Effective tax rate	35.4%	39.8%	35.0%	34.1%	31.1%	35.3%	37.4%	—	—	21.8%	16.3%	6.7%	18.3%	22.7%	18.2%	16.2%	19.7%	19.5%
SG&A as % of revenue	2.4%	2.7%	2.1%	2.5%	3.0%	3.2%	3.9%	4.7%	4.6%	4.8%	5.2%	5.0%	3.4%	2.6%	4.4%	5.4%	5.1%	4.8%
Capital spending as % of revenue	9.0%	6.5%	4.1%	8.6%	15.0%	38.1%	57.3%	60.0%	11.5%	9.5%	8.8%	7.5%	7.9%	4.0%	7.5%	8.7%	13.4%	13.8%
Free cash flow ÷ net income	122.0%	268.1%	119.0%	100.2%	43.9%	−27.9%	−180.3%	—	323.5%	370.7%	223.3%	290.9%	257.3%	101.7%	148.1%	143.9%	123.8%	91.0%
Dividends ÷ net income	5.3%	7.5%	4.5%	5.6%	8.8%	18.4%	40.3%	—	78.2%	96.6%	53.8%	81.4%	28.4%	9.1%	20.4%	29.9%	22.4%	15.0%
Dividends and buybacks ÷ free cash flow	4.3%	2.8%	58.4%	32.5%	239.2%	—	—	—	24.2%	69.5%	57.7%	38.8%	33.9%	48.6%	39.5%	106.8%	93.8%	66.6%

US$ thousands unless shown otherwise. Fiscal quarters.

CF Industries: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	32.4%	34.4%	34.4%	39.9%	38.1%	40.9%	37.6%	51.5%
Operating margin	26.6%	28.9%	27.4%	34.3%	35.0%	33.0%	43.5%	50.5%
Net margin	20.1%	21.5%	18.8%	20.4%	21.3%	21.6%	31.0%	32.7%
Free-cash-flow margin	57.8%	14.6%	27.3%	16.8%	43.2%	16.7%	13.7%	27.3%
Current ratio	2.81	3.08	2.59	3.22	2.27	3.37	3.54	4.86
Debt to equity	57.2%	59.6%	62.2%	59.9%	61.3%	66.5%	60.2%	55.9%
SG&A as % of revenue	5.7%	5.1%	5.1%	5.3%	5.3%	4.9%	5.2%	4.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $15.1bn

Short-term assets $3.8bnLonger-term assets $11.3bn

What it owes, and who funded it · $6.5bn

Short-term liabilities $772mShareholders' equity $5.7bn

Short-term assets cover short-term liabilities $3.8bn of assets due within a year against $772m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $2.5bn of cash against $3.2bn of debt.
Debt below 40% of shareholders' equity Debt is 56% of equity.
Debt burden no higher than five years ago Debt to equity moved from 108% to 56% over five years.
A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $3.2bn of debt.
Operating profit covers interest at least five times over Operating income of $3.2bn against $171m of interest.

From CF Industries's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

58 /100

Moderate moat

How hard CF Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 8 / 20

Net income has been a median 6.1% of total assets over 10 years.
Pricing power 3 / 20

Gross margin has been a median 28.8%, moving by 12.7 percentage points (standard deviation) across 10 years.
Durability 8 / 20

Operating margin has been a median 24.1%; its worst year was -0.8%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 25.2% of revenue.
Discipline 20 / 20

The diluted share count fell 27.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from CF Industries's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to CF Industries.