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Side-by-side financial comparison of BELDEN INC. (BDC) and CF Industries (CF). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $720.1M, roughly 2.6× BELDEN INC.). CF Industries runs the higher net margin — 26.4% vs 9.4%, a 17.0% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 8.1%). CF Industries produced more free cash flow last quarter ($313.0M vs $121.3M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs 12.8%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.
BDC vs CF — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $1.9B |
| Net Profit | $67.9M | $495.0M |
| Gross Margin | 36.6% | 40.9% |
| Operating Margin | 12.2% | 33.0% |
| Net Margin | 9.4% | 26.4% |
| Revenue YoY | 8.1% | 22.8% |
| Net Profit YoY | 16.3% | 26.3% |
| EPS (diluted) | $1.70 | $2.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $720.1M | $1.9B | ||
| Q3 25 | $698.2M | $1.7B | ||
| Q2 25 | $672.0M | $1.9B | ||
| Q1 25 | $624.9M | $1.7B | ||
| Q4 24 | $666.0M | $1.5B | ||
| Q3 24 | $654.9M | $1.4B | ||
| Q2 24 | $604.3M | $1.6B | ||
| Q1 24 | $535.7M | $1.5B |
| Q4 25 | $67.9M | $495.0M | ||
| Q3 25 | $56.7M | $460.0M | ||
| Q2 25 | $61.0M | $492.0M | ||
| Q1 25 | $51.9M | $351.0M | ||
| Q4 24 | $58.4M | $392.0M | ||
| Q3 24 | $53.7M | $341.0M | ||
| Q2 24 | $49.0M | $506.0M | ||
| Q1 24 | $37.3M | $238.0M |
| Q4 25 | 36.6% | 40.9% | ||
| Q3 25 | 37.7% | 38.1% | ||
| Q2 25 | 38.5% | 39.9% | ||
| Q1 25 | 39.3% | 34.4% | ||
| Q4 24 | 37.5% | 34.4% | ||
| Q3 24 | 37.3% | 32.4% | ||
| Q2 24 | 37.5% | 43.2% | ||
| Q1 24 | 37.6% | 27.8% |
| Q4 25 | 12.2% | 33.0% | ||
| Q3 25 | 10.9% | 35.0% | ||
| Q2 25 | 11.8% | 34.3% | ||
| Q1 25 | 11.6% | 27.4% | ||
| Q4 24 | 10.4% | 28.9% | ||
| Q3 24 | 11.5% | 26.6% | ||
| Q2 24 | 11.4% | 40.6% | ||
| Q1 24 | 9.9% | 20.6% |
| Q4 25 | 9.4% | 26.4% | ||
| Q3 25 | 8.1% | 27.7% | ||
| Q2 25 | 9.1% | 26.0% | ||
| Q1 25 | 8.3% | 21.1% | ||
| Q4 24 | 8.8% | 25.7% | ||
| Q3 24 | 8.2% | 24.9% | ||
| Q2 24 | 8.1% | 32.2% | ||
| Q1 24 | 7.0% | 16.2% |
| Q4 25 | $1.70 | $2.56 | ||
| Q3 25 | $1.41 | $2.19 | ||
| Q2 25 | $1.53 | $2.37 | ||
| Q1 25 | $1.27 | $1.85 | ||
| Q4 24 | $1.41 | $1.86 | ||
| Q3 24 | $1.30 | $1.55 | ||
| Q2 24 | $1.19 | $2.30 | ||
| Q1 24 | $0.90 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $389.9M | — |
| Total DebtLower is stronger | — | $3.2B |
| Stockholders' EquityBook value | $1.3B | $4.8B |
| Total Assets | $3.5B | $14.1B |
| Debt / EquityLower = less leverage | — | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $389.9M | — | ||
| Q3 25 | $314.3M | — | ||
| Q2 25 | $301.5M | — | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $370.3M | — | ||
| Q3 24 | $323.0M | — | ||
| Q2 24 | $564.8M | — | ||
| Q1 24 | $506.8M | — |
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $1.3B | $4.8B | ||
| Q3 25 | $1.2B | $4.8B | ||
| Q2 25 | $1.2B | $5.0B | ||
| Q1 25 | $1.2B | $4.8B | ||
| Q4 24 | $1.3B | $5.0B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $1.2B | $5.5B | ||
| Q1 24 | $1.2B | $5.4B |
| Q4 25 | $3.5B | $14.1B | ||
| Q3 25 | $3.4B | $14.2B | ||
| Q2 25 | $3.4B | $13.8B | ||
| Q1 25 | $3.3B | $13.3B | ||
| Q4 24 | $3.3B | $13.5B | ||
| Q3 24 | $3.3B | $13.8B | ||
| Q2 24 | $3.5B | $13.8B | ||
| Q1 24 | $3.1B | $13.9B |
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.54× | ||
| Q1 24 | — | 0.55× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $160.4M | $539.0M |
| Free Cash FlowOCF − Capex | $121.3M | $313.0M |
| FCF MarginFCF / Revenue | 16.8% | 16.7% |
| Capex IntensityCapex / Revenue | 5.4% | 12.1% |
| Cash ConversionOCF / Net Profit | 2.36× | 1.09× |
| TTM Free Cash FlowTrailing 4 quarters | $218.7M | $1.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $160.4M | $539.0M | ||
| Q3 25 | $105.0M | $1.1B | ||
| Q2 25 | $82.0M | $563.0M | ||
| Q1 25 | $7.4M | $586.0M | ||
| Q4 24 | $174.7M | $420.0M | ||
| Q3 24 | $91.7M | $931.0M | ||
| Q2 24 | $83.0M | $475.0M | ||
| Q1 24 | $2.7M | $445.0M |
| Q4 25 | $121.3M | $313.0M | ||
| Q3 25 | $65.3M | $717.0M | ||
| Q2 25 | $56.9M | $318.0M | ||
| Q1 25 | $-24.8M | $454.0M | ||
| Q4 24 | $116.4M | $223.0M | ||
| Q3 24 | $67.2M | $792.0M | ||
| Q2 24 | $61.0M | $391.0M | ||
| Q1 24 | $-21.5M | $347.0M |
| Q4 25 | 16.8% | 16.7% | ||
| Q3 25 | 9.4% | 43.2% | ||
| Q2 25 | 8.5% | 16.8% | ||
| Q1 25 | -4.0% | 27.3% | ||
| Q4 24 | 17.5% | 14.6% | ||
| Q3 24 | 10.3% | 57.8% | ||
| Q2 24 | 10.1% | 24.9% | ||
| Q1 24 | -4.0% | 23.6% |
| Q4 25 | 5.4% | 12.1% | ||
| Q3 25 | 5.7% | 20.9% | ||
| Q2 25 | 3.7% | 13.0% | ||
| Q1 25 | 5.2% | 7.9% | ||
| Q4 24 | 8.8% | 12.9% | ||
| Q3 24 | 3.7% | 10.1% | ||
| Q2 24 | 3.6% | 5.3% | ||
| Q1 24 | 4.5% | 6.7% |
| Q4 25 | 2.36× | 1.09× | ||
| Q3 25 | 1.85× | 2.31× | ||
| Q2 25 | 1.34× | 1.14× | ||
| Q1 25 | 0.14× | 1.67× | ||
| Q4 24 | 2.99× | 1.07× | ||
| Q3 24 | 1.71× | 2.73× | ||
| Q2 24 | 1.69× | 0.94× | ||
| Q1 24 | 0.07× | 1.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
