vs
Side-by-side financial comparison of CF Industries (CF) and Elanco Animal Health Inc (ELAN). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.1B, roughly 1.6× Elanco Animal Health Inc). CF Industries runs the higher net margin — 26.4% vs -24.1%, a 50.6% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 12.2%). CF Industries produced more free cash flow last quarter ($313.0M vs $46.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -2.6%).
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.
Elanco Animal Health Incorporated is an American pharmaceutical company which produces medicines and vaccinations for pets and livestock. Until 2019, the company was a subsidiary of Eli Lilly and Company, before being divested. It is the third-largest animal health company in the world.
CF vs ELAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $495.0M | $-276.0M |
| Gross Margin | 40.9% | 51.5% |
| Operating Margin | 33.0% | -22.6% |
| Net Margin | 26.4% | -24.1% |
| Revenue YoY | 22.8% | 12.2% |
| Net Profit YoY | 26.3% | -3350.0% |
| EPS (diluted) | $2.56 | $-0.55 |
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 | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.2B |
| Q4 25 | $495.0M | $-276.0M | ||
| Q3 25 | $460.0M | $-34.0M | ||
| Q2 25 | $492.0M | $11.0M | ||
| Q1 25 | $351.0M | $67.0M | ||
| Q4 24 | $392.0M | $-8.0M | ||
| Q3 24 | $341.0M | $364.0M | ||
| Q2 24 | $506.0M | $-50.0M | ||
| Q1 24 | $238.0M | $32.0M |
| Q4 25 | 40.9% | 51.5% | ||
| Q3 25 | 38.1% | 53.4% | ||
| Q2 25 | 39.9% | 57.5% | ||
| Q1 25 | 34.4% | 57.3% | ||
| Q4 24 | 34.4% | 50.9% | ||
| Q3 24 | 32.4% | 52.2% | ||
| Q2 24 | 43.2% | 58.2% | ||
| Q1 24 | 27.8% | 57.3% |
| Q4 25 | 33.0% | -22.6% | ||
| Q3 25 | 35.0% | -4.4% | ||
| Q2 25 | 34.3% | 2.0% | ||
| Q1 25 | 27.4% | 5.0% | ||
| Q4 24 | 28.9% | -5.0% | ||
| Q3 24 | 26.6% | 54.3% | ||
| Q2 24 | 40.6% | -2.7% | ||
| Q1 24 | 20.6% | 1.0% |
| Q4 25 | 26.4% | -24.1% | ||
| Q3 25 | 27.7% | -3.0% | ||
| Q2 25 | 26.0% | 0.9% | ||
| Q1 25 | 21.1% | 5.6% | ||
| Q4 24 | 25.7% | -0.8% | ||
| Q3 24 | 24.9% | 35.3% | ||
| Q2 24 | 32.2% | -4.2% | ||
| Q1 24 | 16.2% | 2.7% |
| Q4 25 | $2.56 | $-0.55 | ||
| Q3 25 | $2.19 | $-0.07 | ||
| Q2 25 | $2.37 | $0.02 | ||
| Q1 25 | $1.85 | $0.13 | ||
| Q4 24 | $1.86 | $-0.01 | ||
| Q3 24 | $1.55 | $0.73 | ||
| Q2 24 | $2.30 | $-0.10 | ||
| Q1 24 | $1.03 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $545.0M |
| Total DebtLower is stronger | $3.2B | $3.9B |
| Stockholders' EquityBook value | $4.8B | $6.5B |
| Total Assets | $14.1B | $13.4B |
| Debt / EquityLower = less leverage | 0.66× | 0.60× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $545.0M | ||
| Q3 25 | — | $505.0M | ||
| Q2 25 | — | $539.0M | ||
| Q1 25 | — | $487.0M | ||
| Q4 24 | — | $468.0M | ||
| Q3 24 | — | $490.0M | ||
| Q2 24 | — | $416.0M | ||
| Q1 24 | — | $345.0M |
| Q4 25 | $3.2B | $3.9B | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $3.0B | $4.1B | ||
| Q1 25 | $3.0B | $4.4B | ||
| Q4 24 | $3.0B | $4.3B | ||
| Q3 24 | $3.0B | $4.4B | ||
| Q2 24 | $3.0B | $5.7B | ||
| Q1 24 | $3.0B | $5.8B |
| Q4 25 | $4.8B | $6.5B | ||
| Q3 25 | $4.8B | $6.7B | ||
| Q2 25 | $5.0B | $6.8B | ||
| Q1 25 | $4.8B | $6.4B | ||
| Q4 24 | $5.0B | $6.1B | ||
| Q3 24 | $5.2B | $6.5B | ||
| Q2 24 | $5.5B | $5.9B | ||
| Q1 24 | $5.4B | $6.1B |
| Q4 25 | $14.1B | $13.4B | ||
| Q3 25 | $14.2B | $13.6B | ||
| Q2 25 | $13.8B | $13.7B | ||
| Q1 25 | $13.3B | $12.9B | ||
| Q4 24 | $13.5B | $12.6B | ||
| Q3 24 | $13.8B | $13.3B | ||
| Q2 24 | $13.8B | $13.8B | ||
| Q1 24 | $13.9B | $14.0B |
| Q4 25 | 0.66× | 0.60× | ||
| Q3 25 | 0.61× | 0.59× | ||
| Q2 25 | 0.60× | 0.61× | ||
| Q1 25 | 0.62× | 0.69× | ||
| Q4 24 | 0.60× | 0.70× | ||
| Q3 24 | 0.57× | 0.67× | ||
| Q2 24 | 0.54× | 0.96× | ||
| 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 | $108.0M |
| Free Cash FlowOCF − Capex | $313.0M | $46.0M |
| FCF MarginFCF / Revenue | 16.7% | 4.0% |
| Capex IntensityCapex / Revenue | 12.1% | 5.4% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $284.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $108.0M | ||
| Q3 25 | $1.1B | $219.0M | ||
| Q2 25 | $563.0M | $237.0M | ||
| Q1 25 | $586.0M | $-4.0M | ||
| Q4 24 | $420.0M | $177.0M | ||
| Q3 24 | $931.0M | $162.0M | ||
| Q2 24 | $475.0M | $200.0M | ||
| Q1 24 | $445.0M | $2.0M |
| Q4 25 | $313.0M | $46.0M | ||
| Q3 25 | $717.0M | $127.0M | ||
| Q2 25 | $318.0M | $180.0M | ||
| Q1 25 | $454.0M | $-69.0M | ||
| Q4 24 | $223.0M | $130.0M | ||
| Q3 24 | $792.0M | $120.0M | ||
| Q2 24 | $391.0M | $166.0M | ||
| Q1 24 | $347.0M | $-22.0M |
| Q4 25 | 16.7% | 4.0% | ||
| Q3 25 | 43.2% | 11.2% | ||
| Q2 25 | 16.8% | 14.5% | ||
| Q1 25 | 27.3% | -5.8% | ||
| Q4 24 | 14.6% | 12.7% | ||
| Q3 24 | 57.8% | 11.7% | ||
| Q2 24 | 24.9% | 14.0% | ||
| Q1 24 | 23.6% | -1.8% |
| Q4 25 | 12.1% | 5.4% | ||
| Q3 25 | 20.9% | 8.1% | ||
| Q2 25 | 13.0% | 4.6% | ||
| Q1 25 | 7.9% | 5.4% | ||
| Q4 24 | 12.9% | 4.6% | ||
| Q3 24 | 10.1% | 4.1% | ||
| Q2 24 | 5.3% | 2.9% | ||
| Q1 24 | 6.7% | 2.0% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | 21.55× | ||
| Q1 25 | 1.67× | -0.06× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 0.45× | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | 0.06× |
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% |
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
