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Side-by-side financial comparison of CF Industries (CF) and Dover Corporation (DOV). Click either name above to swap in a different company.
Dover Corporation is the larger business by last-quarter revenue ($2.1B vs $1.9B, roughly 1.1× CF Industries). CF Industries runs the higher net margin — 26.4% vs 13.4%, a 13.0% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 12.5%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -1.8%).
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.
Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under the symbol DOV. Dover was ranked 448 in the 2024 Fortu...
CF vs DOV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.1B |
| Net Profit | $495.0M | $282.1M |
| Gross Margin | 40.9% | 39.1% |
| Operating Margin | 33.0% | 16.5% |
| Net Margin | 26.4% | 13.4% |
| Revenue YoY | 22.8% | 12.5% |
| Net Profit YoY | 26.3% | 22.2% |
| EPS (diluted) | $2.56 | $2.06 |
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.
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.6B | $2.2B |
| Q1 26 | — | $282.1M | ||
| Q4 25 | $495.0M | $282.1M | ||
| Q3 25 | $460.0M | $302.0M | ||
| Q2 25 | $492.0M | $279.1M | ||
| Q1 25 | $351.0M | $230.8M | ||
| Q4 24 | $392.0M | $1.4B | ||
| Q3 24 | $341.0M | $347.1M | ||
| Q2 24 | $506.0M | $281.8M |
| Q1 26 | — | 39.1% | ||
| Q4 25 | 40.9% | 39.1% | ||
| Q3 25 | 38.1% | 40.1% | ||
| Q2 25 | 39.9% | 39.9% | ||
| Q1 25 | 34.4% | 40.0% | ||
| Q4 24 | 34.4% | 41.4% | ||
| Q3 24 | 32.4% | 38.5% | ||
| Q2 24 | 43.2% | 37.7% |
| Q1 26 | — | 16.5% | ||
| Q4 25 | 33.0% | 16.5% | ||
| Q3 25 | 35.0% | 18.2% | ||
| Q2 25 | 34.3% | 17.3% | ||
| Q1 25 | 27.4% | 15.9% | ||
| Q4 24 | 28.9% | 14.0% | ||
| Q3 24 | 26.6% | 16.8% | ||
| Q2 24 | 40.6% | 17.0% |
| Q1 26 | — | 13.4% | ||
| Q4 25 | 26.4% | 13.4% | ||
| Q3 25 | 27.7% | 14.5% | ||
| Q2 25 | 26.0% | 13.6% | ||
| Q1 25 | 21.1% | 12.4% | ||
| Q4 24 | 25.7% | 96.4% | ||
| Q3 24 | 24.9% | 17.5% | ||
| Q2 24 | 32.2% | 12.9% |
| Q1 26 | — | $2.06 | ||
| Q4 25 | $2.56 | $2.06 | ||
| Q3 25 | $2.19 | $2.19 | ||
| Q2 25 | $2.37 | $2.02 | ||
| Q1 25 | $1.85 | $1.67 | ||
| Q4 24 | $1.86 | $10.38 | ||
| Q3 24 | $1.55 | $2.51 | ||
| Q2 24 | $2.30 | $2.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $3.2B | $3.3B |
| Stockholders' EquityBook value | $4.8B | $7.4B |
| Total Assets | $14.1B | $13.4B |
| Debt / EquityLower = less leverage | 0.66× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.0B | $3.1B | ||
| Q2 25 | $3.0B | $3.1B | ||
| Q1 25 | $3.0B | $3.0B | ||
| Q4 24 | $3.0B | $2.9B | ||
| Q3 24 | $3.0B | $3.0B | ||
| Q2 24 | $3.0B | $3.0B |
| Q1 26 | — | $7.4B | ||
| Q4 25 | $4.8B | $7.4B | ||
| Q3 25 | $4.8B | $7.7B | ||
| Q2 25 | $5.0B | $7.4B | ||
| Q1 25 | $4.8B | $7.1B | ||
| Q4 24 | $5.0B | $7.0B | ||
| Q3 24 | $5.2B | $5.7B | ||
| Q2 24 | $5.5B | $5.4B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | $14.1B | $13.4B | ||
| Q3 25 | $14.2B | $13.4B | ||
| Q2 25 | $13.8B | $13.2B | ||
| Q1 25 | $13.3B | $12.6B | ||
| Q4 24 | $13.5B | $12.5B | ||
| Q3 24 | $13.8B | $11.9B | ||
| Q2 24 | $13.8B | $11.3B |
| Q1 26 | — | 0.45× | ||
| Q4 25 | 0.66× | 0.45× | ||
| Q3 25 | 0.61× | 0.40× | ||
| Q2 25 | 0.60× | 0.41× | ||
| Q1 25 | 0.62× | 0.42× | ||
| Q4 24 | 0.60× | 0.42× | ||
| Q3 24 | 0.57× | 0.53× | ||
| Q2 24 | 0.54× | 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 | — |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $543.9M | ||
| Q3 25 | $1.1B | $424.2M | ||
| Q2 25 | $563.0M | $212.3M | ||
| Q1 25 | $586.0M | $157.5M | ||
| Q4 24 | $420.0M | $439.0M | ||
| Q3 24 | $931.0M | $353.2M | ||
| Q2 24 | $475.0M | $203.7M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $487.0M | ||
| Q3 25 | $717.0M | $370.1M | ||
| Q2 25 | $318.0M | $151.4M | ||
| Q1 25 | $454.0M | $109.3M | ||
| Q4 24 | $223.0M | $385.0M | ||
| Q3 24 | $792.0M | $325.0M | ||
| Q2 24 | $391.0M | $162.8M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 23.2% | ||
| Q3 25 | 43.2% | 17.8% | ||
| Q2 25 | 16.8% | 7.4% | ||
| Q1 25 | 27.3% | 5.9% | ||
| Q4 24 | 14.6% | 25.8% | ||
| Q3 24 | 57.8% | 16.4% | ||
| Q2 24 | 24.9% | 7.5% |
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 2.7% | ||
| Q3 25 | 20.9% | 2.6% | ||
| Q2 25 | 13.0% | 3.0% | ||
| Q1 25 | 7.9% | 2.6% | ||
| Q4 24 | 12.9% | 3.6% | ||
| Q3 24 | 10.1% | 1.4% | ||
| Q2 24 | 5.3% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 1.93× | ||
| Q3 25 | 2.31× | 1.40× | ||
| Q2 25 | 1.14× | 0.76× | ||
| Q1 25 | 1.67× | 0.68× | ||
| Q4 24 | 1.07× | 0.31× | ||
| Q3 24 | 2.73× | 1.02× | ||
| Q2 24 | 0.94× | 0.72× |
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% |
DOV
Segment breakdown not available.
