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Side-by-side financial comparison of CF Industries (CF) and CLEAN HARBORS INC (CLH). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.5B, roughly 1.2× CLEAN HARBORS INC). CF Industries runs the higher net margin — 26.4% vs 5.8%, a 20.7% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 4.8%). CF Industries produced more free cash flow last quarter ($313.0M vs $233.3M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 4.4%).
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.
Clean Harbors, Inc., headquartered in Norwell, Massachusetts, is a provider of waste management and industrial services for commercial customers, specializing in the collection, transportation, treatment and disposal of hazardous waste, but also offering services for non-hazardous waste. The company has 870 operating locations in 630 properties in the U.S. and Canada including a network of over 100 waste disposal facilities such as incinerators, landfills, treatment, storage and disposal faci...
CF vs CLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.5B |
| Net Profit | $495.0M | $86.6M |
| Gross Margin | 40.9% | 30.6% |
| Operating Margin | 33.0% | 10.6% |
| Net Margin | 26.4% | 5.8% |
| Revenue YoY | 22.8% | 4.8% |
| Net Profit YoY | 26.3% | 3.1% |
| EPS (diluted) | $2.56 | $1.62 |
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 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | $495.0M | $86.6M | ||
| Q3 25 | $460.0M | $118.8M | ||
| Q2 25 | $492.0M | $126.9M | ||
| Q1 25 | $351.0M | $58.7M | ||
| Q4 24 | $392.0M | $84.0M | ||
| Q3 24 | $341.0M | $115.2M | ||
| Q2 24 | $506.0M | $133.3M | ||
| Q1 24 | $238.0M | $69.8M |
| Q4 25 | 40.9% | 30.6% | ||
| Q3 25 | 38.1% | 32.3% | ||
| Q2 25 | 39.9% | 33.3% | ||
| Q1 25 | 34.4% | 28.6% | ||
| Q4 24 | 34.4% | 29.9% | ||
| Q3 24 | 32.4% | 31.0% | ||
| Q2 24 | 43.2% | 33.3% | ||
| Q1 24 | 27.8% | 29.5% |
| Q4 25 | 33.0% | 10.6% | ||
| Q3 25 | 35.0% | 12.5% | ||
| Q2 25 | 34.3% | 13.6% | ||
| Q1 25 | 27.4% | 7.8% | ||
| Q4 24 | 28.9% | 9.6% | ||
| Q3 24 | 26.6% | 12.6% | ||
| Q2 24 | 40.6% | 13.9% | ||
| Q1 24 | 20.6% | 9.1% |
| Q4 25 | 26.4% | 5.8% | ||
| Q3 25 | 27.7% | 7.7% | ||
| Q2 25 | 26.0% | 8.2% | ||
| Q1 25 | 21.1% | 4.1% | ||
| Q4 24 | 25.7% | 5.9% | ||
| Q3 24 | 24.9% | 7.5% | ||
| Q2 24 | 32.2% | 8.6% | ||
| Q1 24 | 16.2% | 5.1% |
| Q4 25 | $2.56 | $1.62 | ||
| Q3 25 | $2.19 | $2.21 | ||
| Q2 25 | $2.37 | $2.36 | ||
| Q1 25 | $1.85 | $1.09 | ||
| Q4 24 | $1.86 | $1.55 | ||
| Q3 24 | $1.55 | $2.12 | ||
| Q2 24 | $2.30 | $2.46 | ||
| Q1 24 | $1.03 | $1.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $127.4M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $2.7B |
| Total Assets | $14.1B | $7.6B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $127.4M | ||
| Q3 25 | — | $91.2M | ||
| Q2 25 | — | $98.9M | ||
| Q1 25 | — | $105.9M | ||
| Q4 24 | — | $102.6M | ||
| Q3 24 | — | $82.4M | ||
| Q2 24 | — | $91.3M | ||
| Q1 24 | — | $104.8M |
| 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 | $4.8B | $2.7B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $5.0B | $2.7B | ||
| Q1 25 | $4.8B | $2.6B | ||
| Q4 24 | $5.0B | $2.6B | ||
| Q3 24 | $5.2B | $2.5B | ||
| Q2 24 | $5.5B | $2.4B | ||
| Q1 24 | $5.4B | $2.3B |
| Q4 25 | $14.1B | $7.6B | ||
| Q3 25 | $14.2B | $7.5B | ||
| Q2 25 | $13.8B | $7.4B | ||
| Q1 25 | $13.3B | $7.2B | ||
| Q4 24 | $13.5B | $7.4B | ||
| Q3 24 | $13.8B | $7.3B | ||
| Q2 24 | $13.8B | $7.1B | ||
| Q1 24 | $13.9B | $6.9B |
| 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 | $539.0M | $355.1M |
| Free Cash FlowOCF − Capex | $313.0M | $233.3M |
| FCF MarginFCF / Revenue | 16.7% | 15.6% |
| Capex IntensityCapex / Revenue | 12.1% | 8.1% |
| Cash ConversionOCF / Net Profit | 1.09× | 4.10× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $441.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $355.1M | ||
| Q3 25 | $1.1B | $302.0M | ||
| Q2 25 | $563.0M | $208.0M | ||
| Q1 25 | $586.0M | $1.6M | ||
| Q4 24 | $420.0M | $303.9M | ||
| Q3 24 | $931.0M | $239.2M | ||
| Q2 24 | $475.0M | $216.0M | ||
| Q1 24 | $445.0M | $18.5M |
| Q4 25 | $313.0M | $233.3M | ||
| Q3 25 | $717.0M | $207.5M | ||
| Q2 25 | $318.0M | $118.0M | ||
| Q1 25 | $454.0M | $-117.1M | ||
| Q4 24 | $223.0M | $241.5M | ||
| Q3 24 | $792.0M | $142.4M | ||
| Q2 24 | $391.0M | $80.9M | ||
| Q1 24 | $347.0M | $-119.4M |
| Q4 25 | 16.7% | 15.6% | ||
| Q3 25 | 43.2% | 13.4% | ||
| Q2 25 | 16.8% | 7.6% | ||
| Q1 25 | 27.3% | -8.2% | ||
| Q4 24 | 14.6% | 16.9% | ||
| Q3 24 | 57.8% | 9.3% | ||
| Q2 24 | 24.9% | 5.2% | ||
| Q1 24 | 23.6% | -8.7% |
| Q4 25 | 12.1% | 8.1% | ||
| Q3 25 | 20.9% | 6.1% | ||
| Q2 25 | 13.0% | 5.8% | ||
| Q1 25 | 7.9% | 8.3% | ||
| Q4 24 | 12.9% | 4.4% | ||
| Q3 24 | 10.1% | 6.3% | ||
| Q2 24 | 5.3% | 8.7% | ||
| Q1 24 | 6.7% | 10.0% |
| Q4 25 | 1.09× | 4.10× | ||
| Q3 25 | 2.31× | 2.54× | ||
| Q2 25 | 1.14× | 1.64× | ||
| Q1 25 | 1.67× | 0.03× | ||
| Q4 24 | 1.07× | 3.62× | ||
| Q3 24 | 2.73× | 2.08× | ||
| Q2 24 | 0.94× | 1.62× | ||
| Q1 24 | 1.87× | 0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
