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Side-by-side financial comparison of CF Industries (CF) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.0B, roughly 1.8× Calumet, Inc.). CF Industries runs the higher net margin — 26.4% vs -3.6%, a 30.0% gap on every dollar of revenue. CF Industries produced more free cash flow last quarter ($313.0M vs $103.8M).
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.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
CF vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.0B |
| Net Profit | $495.0M | $-37.3M |
| Gross Margin | 40.9% | -0.3% |
| Operating Margin | 33.0% | -6.2% |
| Net Margin | 26.4% | -3.6% |
| Revenue YoY | 22.8% | — |
| Net Profit YoY | 26.3% | — |
| EPS (diluted) | $2.56 | $-0.43 |
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 | $1.0B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $993.9M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $495.0M | $-37.3M | ||
| Q3 25 | $460.0M | $313.4M | ||
| Q2 25 | $492.0M | $-147.9M | ||
| Q1 25 | $351.0M | $-162.0M | ||
| Q4 24 | $392.0M | — | ||
| Q3 24 | $341.0M | $-100.6M | ||
| Q2 24 | $506.0M | $-39.1M | ||
| Q1 24 | $238.0M | — |
| Q4 25 | 40.9% | -0.3% | ||
| Q3 25 | 38.1% | 34.7% | ||
| Q2 25 | 39.9% | -4.2% | ||
| Q1 25 | 34.4% | -8.2% | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | 0.4% | ||
| Q2 24 | 43.2% | 5.6% | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 33.0% | -6.2% | ||
| Q3 25 | 35.0% | 30.0% | ||
| Q2 25 | 34.3% | -9.8% | ||
| Q1 25 | 27.4% | -4.9% | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 26.6% | -5.2% | ||
| Q2 24 | 40.6% | 0.5% | ||
| Q1 24 | 20.6% | — |
| Q4 25 | 26.4% | -3.6% | ||
| Q3 25 | 27.7% | 29.1% | ||
| Q2 25 | 26.0% | -14.4% | ||
| Q1 25 | 21.1% | -16.3% | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 24.9% | -9.1% | ||
| Q2 24 | 32.2% | -3.4% | ||
| Q1 24 | 16.2% | — |
| Q4 25 | $2.56 | $-0.43 | ||
| Q3 25 | $2.19 | $3.61 | ||
| Q2 25 | $2.37 | $-1.70 | ||
| Q1 25 | $1.85 | $-1.87 | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.55 | $-1.18 | ||
| Q2 24 | $2.30 | $-0.48 | ||
| Q1 24 | $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 | — | $125.1M |
| Total DebtLower is stronger | $3.2B | $2.1B |
| Stockholders' EquityBook value | $4.8B | $-732.7M |
| Total Assets | $14.1B | $2.7B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $125.1M | ||
| Q3 25 | — | $94.6M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $123.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $34.6M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | — |
| Q4 25 | $3.2B | $2.1B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $3.0B | $2.1B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | $1.7B | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $-732.7M | ||
| Q3 25 | $4.8B | $-695.3M | ||
| Q2 25 | $5.0B | $-1.0B | ||
| Q1 25 | $4.8B | $-862.3M | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | $-672.2M | ||
| Q2 24 | $5.5B | $-566.4M | ||
| Q1 24 | $5.4B | — |
| Q4 25 | $14.1B | $2.7B | ||
| Q3 25 | $14.2B | $2.7B | ||
| Q2 25 | $13.8B | $2.8B | ||
| Q1 25 | $13.3B | $2.8B | ||
| Q4 24 | $13.5B | — | ||
| Q3 24 | $13.8B | $2.6B | ||
| Q2 24 | $13.8B | $100 | ||
| Q1 24 | $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 | $539.0M | $116.5M |
| Free Cash FlowOCF − Capex | $313.0M | $103.8M |
| FCF MarginFCF / Revenue | 16.7% | 10.0% |
| Capex IntensityCapex / Revenue | 12.1% | 1.2% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $116.5M | ||
| Q3 25 | $1.1B | $23.5M | ||
| Q2 25 | $563.0M | $-1.8M | ||
| Q1 25 | $586.0M | $-29.3M | ||
| Q4 24 | $420.0M | — | ||
| Q3 24 | $931.0M | $-15.5M | ||
| Q2 24 | $475.0M | — | ||
| Q1 24 | $445.0M | — |
| Q4 25 | $313.0M | $103.8M | ||
| Q3 25 | $717.0M | $15.1M | ||
| Q2 25 | $318.0M | $-15.4M | ||
| Q1 25 | $454.0M | $-46.9M | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | $-32.2M | ||
| Q2 24 | $391.0M | — | ||
| Q1 24 | $347.0M | — |
| Q4 25 | 16.7% | 10.0% | ||
| Q3 25 | 43.2% | 1.4% | ||
| Q2 25 | 16.8% | -1.5% | ||
| Q1 25 | 27.3% | -4.7% | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | -2.9% | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 12.1% | 1.2% | ||
| Q3 25 | 20.9% | 0.8% | ||
| Q2 25 | 13.0% | 1.3% | ||
| Q1 25 | 7.9% | 1.8% | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | 1.5% | ||
| Q2 24 | 5.3% | 2.2% | ||
| Q1 24 | 6.7% | — |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 0.07× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | — |
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% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
