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Side-by-side financial comparison of CF Industries (CF) and CAVCO INDUSTRIES, INC. (CVCO). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $581.0M, roughly 3.2× CAVCO INDUSTRIES, INC.). CF Industries runs the higher net margin — 26.4% vs 7.6%, a 18.9% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 11.3%). CF Industries produced more free cash flow last quarter ($313.0M vs $57.6M). Over the past eight quarters, CAVCO INDUSTRIES, INC.'s revenue compounded faster (17.6% 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.
Cavco Industries, Inc. is an American company that manufactures modular homes, Recreational vehicle (RVs), vacation cabins, and manufactured homes. The company operates through a network of manufacturing facilities and retail locations across the United States. Cavco is Headquartered in Phoenix, Arizona.
CF vs CVCO — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $581.0M |
| Net Profit | $495.0M | $44.1M |
| Gross Margin | 40.9% | 23.4% |
| Operating Margin | 33.0% | 9.4% |
| Net Margin | 26.4% | 7.6% |
| Revenue YoY | 22.8% | 11.3% |
| Net Profit YoY | 26.3% | -22.0% |
| EPS (diluted) | $2.56 | $5.58 |
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 | $581.0M | ||
| Q3 25 | $1.7B | $556.5M | ||
| Q2 25 | $1.9B | $556.9M | ||
| Q1 25 | $1.7B | $508.4M | ||
| Q4 24 | $1.5B | $522.0M | ||
| Q3 24 | $1.4B | $507.5M | ||
| Q2 24 | $1.6B | $477.6M | ||
| Q1 24 | $1.5B | $420.1M |
| Q4 25 | $495.0M | $44.1M | ||
| Q3 25 | $460.0M | $52.4M | ||
| Q2 25 | $492.0M | $51.6M | ||
| Q1 25 | $351.0M | $36.3M | ||
| Q4 24 | $392.0M | $56.5M | ||
| Q3 24 | $341.0M | $43.8M | ||
| Q2 24 | $506.0M | $34.4M | ||
| Q1 24 | $238.0M | $33.9M |
| Q4 25 | 40.9% | 23.4% | ||
| Q3 25 | 38.1% | 24.2% | ||
| Q2 25 | 39.9% | 23.3% | ||
| Q1 25 | 34.4% | 22.8% | ||
| Q4 24 | 34.4% | 24.9% | ||
| Q3 24 | 32.4% | 22.9% | ||
| Q2 24 | 43.2% | 21.7% | ||
| Q1 24 | 27.8% | 23.6% |
| Q4 25 | 33.0% | 9.4% | ||
| Q3 25 | 35.0% | 11.2% | ||
| Q2 25 | 34.3% | 10.8% | ||
| Q1 25 | 27.4% | 7.6% | ||
| Q4 24 | 28.9% | 12.3% | ||
| Q3 24 | 26.6% | 9.7% | ||
| Q2 24 | 40.6% | 8.1% | ||
| Q1 24 | 20.6% | 8.9% |
| Q4 25 | 26.4% | 7.6% | ||
| Q3 25 | 27.7% | 9.4% | ||
| Q2 25 | 26.0% | 9.3% | ||
| Q1 25 | 21.1% | 7.1% | ||
| Q4 24 | 25.7% | 10.8% | ||
| Q3 24 | 24.9% | 8.6% | ||
| Q2 24 | 32.2% | 7.2% | ||
| Q1 24 | 16.2% | 8.1% |
| Q4 25 | $2.56 | $5.58 | ||
| Q3 25 | $2.19 | $6.55 | ||
| Q2 25 | $2.37 | $6.42 | ||
| Q1 25 | $1.85 | $4.42 | ||
| Q4 24 | $1.86 | $6.90 | ||
| Q3 24 | $1.55 | $5.28 | ||
| Q2 24 | $2.30 | $4.11 | ||
| Q1 24 | $1.03 | $4.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $241.9M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $1.1B |
| Total Assets | $14.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $241.9M | ||
| Q3 25 | — | $391.8M | ||
| Q2 25 | — | $362.4M | ||
| Q1 25 | — | $376.1M | ||
| Q4 24 | — | $378.9M | ||
| Q3 24 | — | $388.7M | ||
| Q2 24 | — | $380.0M | ||
| Q1 24 | — | $371.0M |
| 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 | $1.1B | ||
| Q3 25 | $4.8B | $1.1B | ||
| Q2 25 | $5.0B | $1.1B | ||
| Q1 25 | $4.8B | $1.1B | ||
| Q4 24 | $5.0B | $1.1B | ||
| Q3 24 | $5.2B | $1.0B | ||
| Q2 24 | $5.5B | $1.0B | ||
| Q1 24 | $5.4B | $1.0B |
| Q4 25 | $14.1B | $1.5B | ||
| Q3 25 | $14.2B | $1.4B | ||
| Q2 25 | $13.8B | $1.4B | ||
| Q1 25 | $13.3B | $1.4B | ||
| Q4 24 | $13.5B | $1.4B | ||
| Q3 24 | $13.8B | $1.4B | ||
| Q2 24 | $13.8B | $1.4B | ||
| Q1 24 | $13.9B | $1.4B |
| 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 | $66.1M |
| Free Cash FlowOCF − Capex | $313.0M | $57.6M |
| FCF MarginFCF / Revenue | 16.7% | 9.9% |
| Capex IntensityCapex / Revenue | 12.1% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $205.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $66.1M | ||
| Q3 25 | $1.1B | $78.5M | ||
| Q2 25 | $563.0M | $55.5M | ||
| Q1 25 | $586.0M | $38.6M | ||
| Q4 24 | $420.0M | $37.8M | ||
| Q3 24 | $931.0M | $54.7M | ||
| Q2 24 | $475.0M | $47.4M | ||
| Q1 24 | $445.0M | — |
| Q4 25 | $313.0M | $57.6M | ||
| Q3 25 | $717.0M | $68.7M | ||
| Q2 25 | $318.0M | $46.4M | ||
| Q1 25 | $454.0M | $32.5M | ||
| Q4 24 | $223.0M | $32.3M | ||
| Q3 24 | $792.0M | $49.8M | ||
| Q2 24 | $391.0M | $42.4M | ||
| Q1 24 | $347.0M | — |
| Q4 25 | 16.7% | 9.9% | ||
| Q3 25 | 43.2% | 12.4% | ||
| Q2 25 | 16.8% | 8.3% | ||
| Q1 25 | 27.3% | 6.4% | ||
| Q4 24 | 14.6% | 6.2% | ||
| Q3 24 | 57.8% | 9.8% | ||
| Q2 24 | 24.9% | 8.9% | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 12.1% | 1.5% | ||
| Q3 25 | 20.9% | 1.7% | ||
| Q2 25 | 13.0% | 1.6% | ||
| Q1 25 | 7.9% | 1.2% | ||
| Q4 24 | 12.9% | 1.0% | ||
| Q3 24 | 10.1% | 1.0% | ||
| Q2 24 | 5.3% | 1.0% | ||
| Q1 24 | 6.7% | — |
| Q4 25 | 1.09× | 1.50× | ||
| Q3 25 | 2.31× | 1.50× | ||
| Q2 25 | 1.14× | 1.08× | ||
| Q1 25 | 1.67× | 1.06× | ||
| Q4 24 | 1.07× | 0.67× | ||
| Q3 24 | 2.73× | 1.25× | ||
| Q2 24 | 0.94× | 1.38× | ||
| 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% |
CVCO
| Manufactured Product Other | $532.5M | 92% |
| Other | $26.0M | 4% |
| Financial Service Other | $20.5M | 4% |
| Insurance Agency Commissions | $2.0M | 0% |
