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Side-by-side financial comparison of CF Industries (CF) and Diamondback Energy (FANG). Click either name above to swap in a different company.
Diamondback Energy is the larger business by last-quarter revenue ($3.4B vs $1.9B, roughly 1.8× CF Industries). CF Industries runs the higher net margin — 26.4% vs -43.2%, a 69.6% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -9.0%). Over the past eight quarters, Diamondback Energy's revenue compounded faster (23.1% 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.
Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin.
CF vs FANG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $3.4B |
| Net Profit | $495.0M | $-1.5B |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | -82.4% |
| Net Margin | 26.4% | -43.2% |
| Revenue YoY | 22.8% | -9.0% |
| Net Profit YoY | 26.3% | -235.8% |
| EPS (diluted) | $2.56 | $-4.99 |
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 | $3.4B | ||
| Q3 25 | $1.7B | $3.9B | ||
| Q2 25 | $1.9B | $3.7B | ||
| Q1 25 | $1.7B | $4.0B | ||
| Q4 24 | $1.5B | $3.7B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.6B | $2.5B | ||
| Q1 24 | $1.5B | $2.2B |
| Q4 25 | $495.0M | $-1.5B | ||
| Q3 25 | $460.0M | $1.0B | ||
| Q2 25 | $492.0M | $699.0M | ||
| Q1 25 | $351.0M | $1.4B | ||
| Q4 24 | $392.0M | $1.1B | ||
| Q3 24 | $341.0M | $659.0M | ||
| Q2 24 | $506.0M | $837.0M | ||
| Q1 24 | $238.0M | $768.0M |
| 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% | -82.4% | ||
| Q3 25 | 35.0% | 31.5% | ||
| Q2 25 | 34.3% | 31.0% | ||
| Q1 25 | 27.4% | 41.3% | ||
| Q4 24 | 28.9% | 38.0% | ||
| Q3 24 | 26.6% | 26.8% | ||
| Q2 24 | 40.6% | 46.6% | ||
| Q1 24 | 20.6% | 50.2% |
| Q4 25 | 26.4% | -43.2% | ||
| Q3 25 | 27.7% | 25.9% | ||
| Q2 25 | 26.0% | 19.0% | ||
| Q1 25 | 21.1% | 34.7% | ||
| Q4 24 | 25.7% | 28.9% | ||
| Q3 24 | 24.9% | 24.9% | ||
| Q2 24 | 32.2% | 33.7% | ||
| Q1 24 | 16.2% | 34.5% |
| Q4 25 | $2.56 | $-4.99 | ||
| Q3 25 | $2.19 | $3.51 | ||
| Q2 25 | $2.37 | $2.38 | ||
| Q1 25 | $1.85 | $4.83 | ||
| Q4 24 | $1.86 | $3.40 | ||
| Q3 24 | $1.55 | $3.19 | ||
| Q2 24 | $2.30 | $4.66 | ||
| Q1 24 | $1.03 | $4.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $104.0M |
| Total DebtLower is stronger | $3.2B | $13.7B |
| Stockholders' EquityBook value | $4.8B | $37.0B |
| Total Assets | $14.1B | $71.1B |
| Debt / EquityLower = less leverage | 0.66× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $104.0M | ||
| Q3 25 | — | $159.0M | ||
| Q2 25 | — | $219.0M | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $161.0M | ||
| Q3 24 | — | $370.0M | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $896.0M |
| Q4 25 | $3.2B | $13.7B | ||
| Q3 25 | $3.0B | $15.8B | ||
| Q2 25 | $3.0B | $15.1B | ||
| Q1 25 | $3.0B | $13.0B | ||
| Q4 24 | $3.0B | $12.1B | ||
| Q3 24 | $3.0B | $11.9B | ||
| Q2 24 | $3.0B | $12.0B | ||
| Q1 24 | $3.0B | $6.6B |
| Q4 25 | $4.8B | $37.0B | ||
| Q3 25 | $4.8B | $39.1B | ||
| Q2 25 | $5.0B | $38.9B | ||
| Q1 25 | $4.8B | $38.5B | ||
| Q4 24 | $5.0B | $37.7B | ||
| Q3 24 | $5.2B | $37.4B | ||
| Q2 24 | $5.5B | $17.4B | ||
| Q1 24 | $5.4B | $16.9B |
| Q4 25 | $14.1B | $71.1B | ||
| Q3 25 | $14.2B | $76.2B | ||
| Q2 25 | $13.8B | $71.9B | ||
| Q1 25 | $13.3B | $70.1B | ||
| Q4 24 | $13.5B | $67.3B | ||
| Q3 24 | $13.8B | $65.7B | ||
| Q2 24 | $13.8B | $35.6B | ||
| Q1 24 | $13.9B | $29.7B |
| Q4 25 | 0.66× | 0.37× | ||
| Q3 25 | 0.61× | 0.41× | ||
| Q2 25 | 0.60× | 0.39× | ||
| Q1 25 | 0.62× | 0.34× | ||
| Q4 24 | 0.60× | 0.32× | ||
| Q3 24 | 0.57× | 0.32× | ||
| Q2 24 | 0.54× | 0.69× | ||
| Q1 24 | 0.55× | 0.39× |
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 | $2.3B |
| 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.
| Q4 25 | $539.0M | $2.3B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $563.0M | $1.7B | ||
| Q1 25 | $586.0M | $2.4B | ||
| Q4 24 | $420.0M | $2.3B | ||
| Q3 24 | $931.0M | $1.2B | ||
| Q2 24 | $475.0M | $1.5B | ||
| Q1 24 | $445.0M | $1.3B |
| 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× | 2.34× | ||
| Q2 25 | 1.14× | 2.40× | ||
| Q1 25 | 1.67× | 1.68× | ||
| Q4 24 | 1.07× | 2.18× | ||
| Q3 24 | 2.73× | 1.83× | ||
| Q2 24 | 0.94× | 1.83× | ||
| Q1 24 | 1.87× | 1.74× |
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% |
FANG
| Oil Explorationand Production | $2.7B | 81% |
| Oil Purchased | $308.0M | 9% |
| Natural Gas Liquids Production | $293.0M | 9% |
| Natural Gas Production | $4.0M | 0% |
