# CF Industries Holding, Inc. (CF) — Stock CV

CF Industries Holding, Inc. is a $16.9B materials company. Revenue grew 20.0% over the last year, it keeps 27¢ of every dollar of sales as profit, and its net debt equals ~0.6 years of free cash flow. It trades at 8.0× earnings — in the cheapest third of its own history.

> CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers. The company operates nitrogen manufacturing plants primarily in North America.

## Identity

- **Ticker**: CF
- **Sector**: Basic Materials
- **Industry**: Agricultural Chemicals
- **Headquarters**: NORTHBROOK, IL
- **Employees**: 2 900
- **Website**: https://www.cfindustries.com
- **Market cap**: $16.9B
- **Last price**: $111.56
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $7.74B
- **Net income**: $2.10B
- **Free cash flow**: $1.91B
- **Net debt**: $1.23B
- **P/E**: 8.0
- **Revenue growth (YoY)**: 20.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 51 |
| Profitability | 100 |
| Health | 70 |
| Quality | 84 |
| Moat | 44 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +20.0% YoY
- [x] Profitable — $2.10B TTM
- [ ] Profit growing — -18.2% YoY
- [x] Generates cash — $1.91B TTM
- [x] Debt under control — ~0.6y of cash flow to repay
- [x] Established company — $16.9B market cap
- [x] Not printing shares — -24.6% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 50/100
- [x] Pays a dividend — yield 1.86%
- [x] Valuation not extreme — P/E 8.0

## Experience (career milestones)

- **FY2022** — Revenue crossed $10B: $11.2B for the year
- **FY2022** — Best year on record: $3.35B net income
- **FY2017** — Turned profitable: $358M net income after a loss year
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **FY2016** — Revenue already above $1B: $3.69B in first reported year

## Strengths

- High gross margin (42.5%)
- Strongly profitable — 27.1% net margin
- Revenue growing 20.0% year over year
- Strong cash conversion — FCF is 24.7% of revenue
- Interest covered 41.7× by operating earnings

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $6.54B | $917M | $2.36B |
| FY2022 | $11.2B | $3.35B | $3.40B |
| FY2023 | $6.63B | $1.52B | $2.26B |
| FY2024 | $5.94B | $1.22B | $1.75B |
| FY2025 | $7.08B | $1.46B | $1.80B |

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Source: https://stockcv.com/CF — derived from company filings; may be delayed or incomplete. Information, not investment advice.