CF Industries - Public Comps and Valuation Multiples

CF Industries Overview

About CF Industries

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. CF also produces nitrogen in the United Kingdom and holds a joint venture interest in a nitrogen production facility in Trinidad and Tobago. CF makes nitrogen primarily using low-cost US natural gas as its feedstock, making the company one of the lowest-cost nitrogen producers globally. It is also investing in carbon-free blue and green ammonia, which can be used as an alternative fuel to hydrogen or as a means to transport hydrogen.

Founded

2005

HQ

Employees

2.8K+

Website

cfindustries.com

Sectors

Agriculture
Chemicals
Bioindustrials
AgriTech

Financials

LTM Revenue $6.6B

LTM EBITDA $2.6B

EV

$16.2B

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CF Industries Financials

As of September 2025, CF Industries reported last 12-month revenue of $6.6B and EBITDA of $2.6B.

In the same period, CF Industries generated $2.5B in LTM gross profit and $1.3B in net income.

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CF Industries P&L

In the most recent fiscal year, CF Industries reported revenue of $5.9B and EBITDA of $2.8B.

CF Industries expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$6.6B	XXX	$5.9B	XXX	XXX	XXX
Gross Profit	$2.5B	XXX	$2.1B	XXX	XXX	XXX
Gross Margin	37%	XXX	35%	XXX	XXX	XXX
EBITDA	$2.6B	XXX	$2.8B	XXX	XXX	XXX
EBITDA Margin	40%	XXX	48%	XXX	XXX	XXX
EBIT	$2.0B	XXX	$1.7B	XXX	XXX	XXX
EBIT Margin	30%	XXX	29%	XXX	XXX	XXX
Net Profit	$1.3B	XXX	$1.2B	XXX	XXX	XXX
Net Margin	20%	XXX	21%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for CF Industries including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $6.6B. EBITDA for the last twelve months was $2.6B. In the most recent fiscal year, CF Industries achieved $5.9B in revenue and $2.8B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$6.6B	Analyst estimates available to subscribers	$5.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.5B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	37.2% gross margin	Analyst estimates available to subscribers	34.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$2.6B	Analyst estimates available to subscribers	$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	39.8% EBITDA margin	Analyst estimates available to subscribers	47.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.0B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	30.0% EBIT margin	Analyst estimates available to subscribers	28.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.3B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	20.2% net profit margin	Analyst estimates available to subscribers	20.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for CF Industries

This financial data table provides comprehensive performance metrics for CF Industries, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

CF Industries generated $6.6B in revenue over the last twelve months.
The company achieved $2.6B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.5B.
Net income over the last twelve months reached $1.3B.

Fiscal Year Performance

In the most recent fiscal year, CF Industries reported $5.9B in total revenue.
Fiscal year EBITDA was $2.8B.
The company maintained a gross profit margin of 34.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 47.6%.
Net profit margin reached 20.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for CF Industries. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

CF Industries Stock Performance

CF Industries has current market cap of $14.6B, and EV of $16.2B.

Market Cap Evolution

CF Industries Stock Data

As of October 3, 2025, CF Industries's stock price is $90.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$16.2B	$14.6B	XXX	XXX	XXX	XXX	$7.93

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CF Industries Valuation Multiples

CF Industries's trades at 2.7x EV/Revenue multiple, and 5.7x EV/EBITDA.

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CF Industries Financial Valuation Multiples

As of October 3, 2025, CF Industries has market cap of $14.6B and EV of $16.2B.

Equity research analysts estimate CF Industries's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

CF Industries has a P/E ratio of 10.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$14.6B	XXX	$14.6B	XXX	XXX	XXX
EV (current)	$16.2B	XXX	$16.2B	XXX	XXX	XXX
EV/Revenue	2.4x	XXX	2.7x	XXX	XXX	XXX
EV/EBITDA	6.1x	XXX	5.7x	XXX	XXX	XXX
EV/EBIT	8.1x	XXX	9.5x	XXX	XXX	XXX
EV/Gross Profit	6.6x	XXX	n/a	XXX	XXX	XXX
P/E	10.9x	XXX	11.9x	XXX	XXX	XXX
EV/FCF	10.0x	XXX	9.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CF Industries Margins & Growth Rates

CF Industries's last 12 month revenue growth is -1%

CF Industries's revenue per employee in the last FY averaged $2.1M, while opex per employee averaged $0.1M for the same period.

CF Industries's rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CF Industries's rule of X is 37% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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CF Industries Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-1%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	40%	XXX	48%	XXX	XXX	XXX
EBITDA Growth	-6%	XXX	-8%	XXX	XXX	XXX
Rule of 40	48%	XXX	46%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	37%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	6%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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