Is the business good?
How good a business is CF?
CF Industries earns 33% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
33%
Return on invested capital · cost of capital 9.0% · 24 points above what the capital costs: growth creates value
- Operating margin
- 37%
Operating margin · Agricultural Inputs median 11% · 12 months to Q1 2026
- Cash conversion
- 0.76×
Cash conversion · 1.17× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −8.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 15% |
| FY2021 | 26% |
| FY2022 | 48% |
| FY2023 | 34% |
| FY2024 | 29% |
| FY2025 | 32% |
Details›
- Gross margin12 months to Q1 2026
- 39%
- Operating margin12 months to Q1 2026
- 37%
- Net margin12 months to Q1 2026
- 29%
- Free cash flow margin
- 22%
- Revenue, trailing twelve months
- $7.41B
- Free cash flow, trailing twelve months
- $1.62B
- Net income, trailing twelve months
- $2.12B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 33%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Agricultural Inputs
Ranks #1 of 7 by Smart Score