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Side-by-side financial comparison of CF Industries (CF) and Core Natural Resources, Inc. (CNR). 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× Core Natural Resources, Inc.). CF Industries runs the higher net margin — 26.4% vs -7.6%, a 34.0% gap on every dollar of revenue. On growth, Core Natural Resources, Inc. posted the faster year-over-year revenue change (81.8% vs 22.8%). CF Industries produced more free cash flow last quarter ($313.0M vs $26.0M). Over the past eight quarters, Core Natural Resources, Inc.'s revenue compounded faster (38.1% CAGR vs 12.8%).
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.
Arch Resources, previously known as Arch Coal, was an American coal mining and processing company. The company mined, processed, and marketed bituminous and sub-bituminous coal with low sulfur content in the United States. Arch Resources was the second-largest supplier of coal in the United States, behind Peabody Energy. As of 2011 the company supplied 15% of the domestic market. Demand came mainly from generators of electricity.
CF vs CNR — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.0B |
| Net Profit | $495.0M | $-79.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | -9.3% |
| Net Margin | 26.4% | -7.6% |
| Revenue YoY | 22.8% | 81.8% |
| Net Profit YoY | 26.3% | -356.3% |
| EPS (diluted) | $2.56 | $-1.51 |
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 | $1.0B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | $573.6M | ||
| Q3 24 | $1.4B | $553.4M | ||
| Q2 24 | $1.6B | $490.7M | ||
| Q1 24 | $1.5B | $546.7M |
| Q4 25 | $495.0M | $-79.0M | ||
| Q3 25 | $460.0M | $31.6M | ||
| Q2 25 | $492.0M | $-36.6M | ||
| Q1 25 | $351.0M | $-69.3M | ||
| Q4 24 | $392.0M | $30.8M | ||
| Q3 24 | $341.0M | $95.6M | ||
| Q2 24 | $506.0M | $58.1M | ||
| Q1 24 | $238.0M | $101.9M |
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 33.0% | -9.3% | ||
| Q3 25 | 35.0% | -1.2% | ||
| Q2 25 | 34.3% | -1.7% | ||
| Q1 25 | 27.4% | -5.3% | ||
| Q4 24 | 28.9% | 6.6% | ||
| Q3 24 | 26.6% | 21.2% | ||
| Q2 24 | 40.6% | 14.6% | ||
| Q1 24 | 20.6% | 22.7% |
| Q4 25 | 26.4% | -7.6% | ||
| Q3 25 | 27.7% | 3.2% | ||
| Q2 25 | 26.0% | -3.3% | ||
| Q1 25 | 21.1% | -6.8% | ||
| Q4 24 | 25.7% | 5.4% | ||
| Q3 24 | 24.9% | 17.3% | ||
| Q2 24 | 32.2% | 11.8% | ||
| Q1 24 | 16.2% | 18.6% |
| Q4 25 | $2.56 | $-1.51 | ||
| Q3 25 | $2.19 | $0.61 | ||
| Q2 25 | $2.37 | $-0.70 | ||
| Q1 25 | $1.85 | $-1.38 | ||
| Q4 24 | $1.86 | $1.04 | ||
| Q3 24 | $1.55 | $3.22 | ||
| Q2 24 | $2.30 | $1.96 | ||
| Q1 24 | $1.03 | $3.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $432.2M |
| Total DebtLower is stronger | $3.2B | $354.2M |
| Stockholders' EquityBook value | $4.8B | $3.7B |
| Total Assets | $14.1B | $6.1B |
| Debt / EquityLower = less leverage | 0.66× | 0.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $444.7M | ||
| Q2 25 | — | $413.2M | ||
| Q1 25 | — | $388.5M | ||
| Q4 24 | — | $460.2M | ||
| Q3 24 | — | $331.7M | ||
| Q2 24 | — | $216.1M | ||
| Q1 24 | — | $172.6M |
| Q4 25 | $3.2B | $354.2M | ||
| Q3 25 | $3.0B | $334.5M | ||
| Q2 25 | $3.0B | $334.0M | ||
| Q1 25 | $3.0B | $329.8M | ||
| Q4 24 | $3.0B | $94.8M | ||
| Q3 24 | $3.0B | $83.7M | ||
| Q2 24 | $3.0B | $184.9M | ||
| Q1 24 | $3.0B | $185.5M |
| Q4 25 | $4.8B | $3.7B | ||
| Q3 25 | $4.8B | $3.8B | ||
| Q2 25 | $5.0B | $3.8B | ||
| Q1 25 | $4.8B | $3.9B | ||
| Q4 24 | $5.0B | $1.6B | ||
| Q3 24 | $5.2B | $1.5B | ||
| Q2 24 | $5.5B | $1.4B | ||
| Q1 24 | $5.4B | $1.4B |
| Q4 25 | $14.1B | $6.1B | ||
| Q3 25 | $14.2B | $6.2B | ||
| Q2 25 | $13.8B | $6.2B | ||
| Q1 25 | $13.3B | $6.3B | ||
| Q4 24 | $13.5B | $2.9B | ||
| Q3 24 | $13.8B | $2.8B | ||
| Q2 24 | $13.8B | $2.7B | ||
| Q1 24 | $13.9B | $2.7B |
| Q4 25 | 0.66× | 0.10× | ||
| Q3 25 | 0.61× | 0.09× | ||
| Q2 25 | 0.60× | 0.09× | ||
| Q1 25 | 0.62× | 0.08× | ||
| Q4 24 | 0.60× | 0.06× | ||
| Q3 24 | 0.57× | 0.05× | ||
| Q2 24 | 0.54× | 0.13× | ||
| Q1 24 | 0.55× | 0.13× |
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 | $107.3M |
| Free Cash FlowOCF − Capex | $313.0M | $26.0M |
| FCF MarginFCF / Revenue | 16.7% | 2.5% |
| Capex IntensityCapex / Revenue | 12.1% | 7.8% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $21.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $107.3M | ||
| Q3 25 | $1.1B | $87.9M | ||
| Q2 25 | $563.0M | $220.2M | ||
| Q1 25 | $586.0M | $-109.6M | ||
| Q4 24 | $420.0M | $121.3M | ||
| Q3 24 | $931.0M | $161.3M | ||
| Q2 24 | $475.0M | $116.3M | ||
| Q1 24 | $445.0M | $77.5M |
| Q4 25 | $313.0M | $26.0M | ||
| Q3 25 | $717.0M | $38.6M | ||
| Q2 25 | $318.0M | $131.0M | ||
| Q1 25 | $454.0M | $-174.5M | ||
| Q4 24 | $223.0M | $80.5M | ||
| Q3 24 | $792.0M | $121.9M | ||
| Q2 24 | $391.0M | $60.9M | ||
| Q1 24 | $347.0M | $35.1M |
| Q4 25 | 16.7% | 2.5% | ||
| Q3 25 | 43.2% | 3.9% | ||
| Q2 25 | 16.8% | 11.9% | ||
| Q1 25 | 27.3% | -17.1% | ||
| Q4 24 | 14.6% | 14.0% | ||
| Q3 24 | 57.8% | 22.0% | ||
| Q2 24 | 24.9% | 12.4% | ||
| Q1 24 | 23.6% | 6.4% |
| Q4 25 | 12.1% | 7.8% | ||
| Q3 25 | 20.9% | 4.9% | ||
| Q2 25 | 13.0% | 8.1% | ||
| Q1 25 | 7.9% | 6.4% | ||
| Q4 24 | 12.9% | 7.1% | ||
| Q3 24 | 10.1% | 7.1% | ||
| Q2 24 | 5.3% | 11.3% | ||
| Q1 24 | 6.7% | 7.7% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 2.78× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 3.94× | ||
| Q3 24 | 2.73× | 1.69× | ||
| Q2 24 | 0.94× | 2.00× | ||
| Q1 24 | 1.87× | 0.76× |
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% |
CNR
| Other | $397.4M | 38% |
| Power Generation | $376.5M | 36% |
| PRB | $183.0M | 18% |
| Metallurgical | $42.0M | 4% |
| Industrial | $34.1M | 3% |
| Terminal Revenue | $6.4M | 1% |
| Other Revenue | $3.0M | 0% |
