vs
Side-by-side financial comparison of CF Industries (CF) and CONSTELLIUM SE (CSTM). Click either name above to swap in a different company.
CONSTELLIUM SE is the larger business by last-quarter revenue ($2.2B vs $1.9B, roughly 1.2× CF Industries). CF Industries runs the higher net margin — 26.4% vs 5.1%, a 21.4% gap on every dollar of revenue. CF Industries produced more free cash flow last quarter ($313.0M vs $109.0M).
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.
Constellium SE is an American-Swiss, French-based global manufacturer of aluminium rolled products, extruded products, and structural parts based on a large variety of advanced alloys. Constellium's C-TEC research center has been credited for advancing technology in the field of advanced aluminium alloy. Constellium primarily serves the aerospace, automotive, and packaging sectors. Large clients include Mercedes-Benz, Audi, BMW, Fiat Chrysler Automotive, Ford, Airbus, Boeing, and Bombardier.
CF vs CSTM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.2B |
| Net Profit | $495.0M | $112.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 7.5% |
| Net Margin | 26.4% | 5.1% |
| Revenue YoY | 22.8% | — |
| Net Profit YoY | 26.3% | — |
| EPS (diluted) | $2.56 | $0.79 |
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 | $2.2B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.6B | $1.9B | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $495.0M | $112.0M | ||
| Q3 25 | $460.0M | $88.0M | ||
| Q2 25 | $492.0M | $36.0M | ||
| Q1 25 | $351.0M | $37.0M | ||
| Q4 24 | $392.0M | — | ||
| Q3 24 | $341.0M | — | ||
| Q2 24 | $506.0M | $76.0M | ||
| Q1 24 | $238.0M | — |
| 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% | 7.5% | ||
| Q3 25 | 35.0% | 5.8% | ||
| Q2 25 | 34.3% | 2.7% | ||
| Q1 25 | 27.4% | 3.1% | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 26.6% | — | ||
| Q2 24 | 40.6% | 5.4% | ||
| Q1 24 | 20.6% | — |
| Q4 25 | 26.4% | 5.1% | ||
| Q3 25 | 27.7% | 4.1% | ||
| Q2 25 | 26.0% | 1.7% | ||
| Q1 25 | 21.1% | 1.9% | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 24.9% | — | ||
| Q2 24 | 32.2% | 3.9% | ||
| Q1 24 | 16.2% | — |
| Q4 25 | $2.56 | $0.79 | ||
| Q3 25 | $2.19 | $0.62 | ||
| Q2 25 | $2.37 | $0.25 | ||
| Q1 25 | $1.85 | $0.26 | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.55 | — | ||
| Q2 24 | $2.30 | $0.51 | ||
| 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 | — | $120.0M |
| Total DebtLower is stronger | $3.2B | $1.9B |
| Stockholders' EquityBook value | $4.8B | $952.0M |
| Total Assets | $14.1B | $5.4B |
| Debt / EquityLower = less leverage | 0.66× | 2.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $120.0M | ||
| Q3 25 | — | $122.0M | ||
| Q2 25 | — | $133.0M | ||
| Q1 25 | — | $118.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.2B | $1.9B | ||
| Q3 25 | $3.0B | $2.0B | ||
| Q2 25 | $3.0B | $2.0B | ||
| Q1 25 | $3.0B | $1.9B | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $952.0M | ||
| Q3 25 | $4.8B | $845.0M | ||
| Q2 25 | $5.0B | $780.0M | ||
| Q1 25 | $4.8B | $745.0M | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.5B | $796.0M | ||
| Q1 24 | $5.4B | — |
| Q4 25 | $14.1B | $5.4B | ||
| Q3 25 | $14.2B | $5.4B | ||
| Q2 25 | $13.8B | $5.4B | ||
| Q1 25 | $13.3B | $5.2B | ||
| Q4 24 | $13.5B | — | ||
| Q3 24 | $13.8B | — | ||
| Q2 24 | $13.8B | — | ||
| Q1 24 | $13.9B | — |
| Q4 25 | 0.66× | 2.00× | ||
| Q3 25 | 0.61× | 2.34× | ||
| Q2 25 | 0.60× | 2.53× | ||
| Q1 25 | 0.62× | 2.56× | ||
| 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 | $218.0M |
| Free Cash FlowOCF − Capex | $313.0M | $109.0M |
| FCF MarginFCF / Revenue | 16.7% | 5.0% |
| Capex IntensityCapex / Revenue | 12.1% | 5.0% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.95× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $159.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $218.0M | ||
| Q3 25 | $1.1B | $99.0M | ||
| Q2 25 | $563.0M | $114.0M | ||
| Q1 25 | $586.0M | $58.0M | ||
| Q4 24 | $420.0M | — | ||
| Q3 24 | $931.0M | — | ||
| Q2 24 | $475.0M | $138.0M | ||
| Q1 24 | $445.0M | — |
| Q4 25 | $313.0M | $109.0M | ||
| Q3 25 | $717.0M | $24.0M | ||
| Q2 25 | $318.0M | $37.0M | ||
| Q1 25 | $454.0M | $-11.0M | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | — | ||
| Q2 24 | $391.0M | $54.0M | ||
| Q1 24 | $347.0M | — |
| Q4 25 | 16.7% | 5.0% | ||
| Q3 25 | 43.2% | 1.1% | ||
| Q2 25 | 16.8% | 1.8% | ||
| Q1 25 | 27.3% | -0.6% | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 24.9% | 2.8% | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 12.1% | 5.0% | ||
| Q3 25 | 20.9% | 3.5% | ||
| Q2 25 | 13.0% | 3.7% | ||
| Q1 25 | 7.9% | 3.5% | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 5.3% | 4.3% | ||
| Q1 24 | 6.7% | — |
| Q4 25 | 1.09× | 1.95× | ||
| Q3 25 | 2.31× | 1.13× | ||
| Q2 25 | 1.14× | 3.17× | ||
| Q1 25 | 1.67× | 1.57× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | 1.82× | ||
| 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% |
CSTM
| Packaging Rolled Products | $1.0B | 46% |
| Automotive Rolled Products | $318.0M | 14% |
| Aerospace Rolled Products | $270.0M | 12% |
| Transportation Industry Defense And Other Rolled Products | $232.0M | 11% |
| Automotive Extruded Products | $220.0M | 10% |
| Other Extruded Products | $132.0M | 6% |
| Specialty And Other Thin Rolled Products | $22.0M | 1% |
