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Side-by-side financial comparison of CF Industries (CF) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.6B, roughly 1.2× DARLING INGREDIENTS INC.). CF Industries runs the higher net margin — 26.4% vs 1.2%, a 25.2% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 10.0%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -1.6%).
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.
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
CF vs DAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.6B |
| Net Profit | $495.0M | $19.4M |
| Gross Margin | 40.9% | 24.7% |
| Operating Margin | 33.0% | 4.6% |
| Net Margin | 26.4% | 1.2% |
| Revenue YoY | 22.8% | 10.0% |
| Net Profit YoY | 26.3% | 14.2% |
| EPS (diluted) | $2.56 | $0.12 |
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 | — | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $19.4M | ||
| Q2 25 | $492.0M | $12.7M | ||
| Q1 25 | $351.0M | $-26.2M | ||
| Q4 24 | $392.0M | $101.9M | ||
| Q3 24 | $341.0M | $16.9M | ||
| Q2 24 | $506.0M | $78.9M | ||
| Q1 24 | $238.0M | $81.2M |
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | 24.7% | ||
| Q2 25 | 39.9% | 23.3% | ||
| Q1 25 | 34.4% | 22.6% | ||
| Q4 24 | 34.4% | 23.5% | ||
| Q3 24 | 32.4% | 22.1% | ||
| Q2 24 | 43.2% | 22.5% | ||
| Q1 24 | 27.8% | 21.4% |
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | 4.6% | ||
| Q2 25 | 34.3% | 5.1% | ||
| Q1 25 | 27.4% | 2.1% | ||
| Q4 24 | 28.9% | 8.6% | ||
| Q3 24 | 26.6% | 4.2% | ||
| Q2 24 | 40.6% | 10.2% | ||
| Q1 24 | 20.6% | 9.7% |
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | 1.2% | ||
| Q2 25 | 26.0% | 0.9% | ||
| Q1 25 | 21.1% | -1.9% | ||
| Q4 24 | 25.7% | 7.2% | ||
| Q3 24 | 24.9% | 1.2% | ||
| Q2 24 | 32.2% | 5.4% | ||
| Q1 24 | 16.2% | 5.7% |
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | $0.12 | ||
| Q2 25 | $2.37 | $0.08 | ||
| Q1 25 | $1.85 | $-0.16 | ||
| Q4 24 | $1.86 | $0.63 | ||
| Q3 24 | $1.55 | $0.11 | ||
| Q2 24 | $2.30 | $0.49 | ||
| Q1 24 | $1.03 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $91.5M |
| Total DebtLower is stronger | $3.2B | $4.0B |
| Stockholders' EquityBook value | $4.8B | $4.7B |
| Total Assets | $14.1B | $10.5B |
| Debt / EquityLower = less leverage | 0.66× | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $91.5M | ||
| Q2 25 | — | $94.6M | ||
| Q1 25 | — | $81.5M | ||
| Q4 24 | — | $76.0M | ||
| Q3 24 | — | $114.8M | ||
| Q2 24 | — | $121.6M | ||
| Q1 24 | — | $145.5M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $3.0B | $3.9B | ||
| Q1 25 | $3.0B | $3.8B | ||
| Q4 24 | $3.0B | $3.9B | ||
| Q3 24 | $3.0B | $4.1B | ||
| Q2 24 | $3.0B | $4.3B | ||
| Q1 24 | $3.0B | $4.4B |
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | $4.7B | ||
| Q2 25 | $5.0B | $4.6B | ||
| Q1 25 | $4.8B | $4.4B | ||
| Q4 24 | $5.0B | $4.4B | ||
| Q3 24 | $5.2B | $4.6B | ||
| Q2 24 | $5.5B | $4.5B | ||
| Q1 24 | $5.4B | $4.6B |
| Q4 25 | $14.1B | — | ||
| Q3 25 | $14.2B | $10.5B | ||
| Q2 25 | $13.8B | $10.3B | ||
| Q1 25 | $13.3B | $10.0B | ||
| Q4 24 | $13.5B | $10.1B | ||
| Q3 24 | $13.8B | $10.6B | ||
| Q2 24 | $13.8B | $10.6B | ||
| Q1 24 | $13.9B | $10.9B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | 0.86× | ||
| Q2 25 | 0.60× | 0.85× | ||
| Q1 25 | 0.62× | 0.86× | ||
| Q4 24 | 0.60× | 0.89× | ||
| Q3 24 | 0.57× | 0.91× | ||
| Q2 24 | 0.54× | 0.97× | ||
| Q1 24 | 0.55× | 0.95× |
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 | $224.3M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | — | ||
| Q3 25 | $1.1B | $224.3M | ||
| Q2 25 | $563.0M | $145.8M | ||
| Q1 25 | $586.0M | $249.0M | ||
| Q4 24 | $420.0M | $154.4M | ||
| Q3 24 | $931.0M | $274.5M | ||
| Q2 24 | $475.0M | $146.5M | ||
| Q1 24 | $445.0M | $263.9M |
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | — | ||
| Q2 25 | $318.0M | — | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | — | ||
| Q2 24 | $391.0M | — | ||
| Q1 24 | $347.0M | — |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 6.7% | — |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 11.59× | ||
| Q2 25 | 1.14× | 11.52× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 1.52× | ||
| Q3 24 | 2.73× | 16.19× | ||
| Q2 24 | 0.94× | 1.86× | ||
| Q1 24 | 1.87× | 3.25× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
