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Side-by-side financial comparison of CF Industries (CF) and IT TECH PACKAGING, INC. (ITP). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $25.6M, roughly 73.1× IT TECH PACKAGING, INC.). CF Industries runs the higher net margin — 26.4% vs -5.7%, a 32.1% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 2.1%). CF Industries produced more free cash flow last quarter ($313.0M vs $1.5M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 10.5%).
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.
IT TECH PACKAGING, INC. is a paper manufacturing enterprise primarily operating in China. It produces and distributes a diverse portfolio of paper products including corrugated packaging paper, boxboard, and printing-use cultural paper, serving sectors such as consumer goods packaging, logistics, and commercial printing across its core market.
CF vs ITP — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $25.6M |
| Net Profit | $495.0M | $-1.4M |
| Gross Margin | 40.9% | 7.9% |
| Operating Margin | 33.0% | -3.9% |
| Net Margin | 26.4% | -5.7% |
| Revenue YoY | 22.8% | 2.1% |
| Net Profit YoY | 26.3% | 26.6% |
| EPS (diluted) | $2.56 | $-0.11 |
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 | $25.6M | ||
| Q2 25 | $1.9B | $24.8M | ||
| Q1 25 | $1.7B | $10.9M | ||
| Q4 24 | $1.5B | $17.6M | ||
| Q3 24 | $1.4B | $25.1M | ||
| Q2 24 | $1.6B | $26.2M | ||
| Q1 24 | $1.5B | $6.9M |
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $-1.4M | ||
| Q2 25 | $492.0M | $-2.0M | ||
| Q1 25 | $351.0M | $-3.5M | ||
| Q4 24 | $392.0M | $-4.0M | ||
| Q3 24 | $341.0M | $-2.0M | ||
| Q2 24 | $506.0M | $-77.7K | ||
| Q1 24 | $238.0M | $-3.7M |
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | 7.9% | ||
| Q2 25 | 39.9% | 5.1% | ||
| Q1 25 | 34.4% | 0.8% | ||
| Q4 24 | 34.4% | 6.3% | ||
| Q3 24 | 32.4% | 7.6% | ||
| Q2 24 | 43.2% | 12.4% | ||
| Q1 24 | 27.8% | 5.8% |
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | -3.9% | ||
| Q2 25 | 34.3% | -7.1% | ||
| Q1 25 | 27.4% | -31.0% | ||
| Q4 24 | 28.9% | -21.5% | ||
| Q3 24 | 26.6% | -5.8% | ||
| Q2 24 | 40.6% | 2.1% | ||
| Q1 24 | 20.6% | -51.0% |
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | -5.7% | ||
| Q2 25 | 26.0% | -7.9% | ||
| Q1 25 | 21.1% | -32.2% | ||
| Q4 24 | 25.7% | -22.9% | ||
| Q3 24 | 24.9% | -7.9% | ||
| Q2 24 | 32.2% | -0.3% | ||
| Q1 24 | 16.2% | -54.6% |
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | $-0.11 | ||
| Q2 25 | $2.37 | $-0.16 | ||
| Q1 25 | $1.85 | $-0.35 | ||
| Q4 24 | $1.86 | $-0.40 | ||
| Q3 24 | $1.55 | $-0.20 | ||
| Q2 24 | $2.30 | $-0.01 | ||
| Q1 24 | $1.03 | $-0.37 |
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 | $4.7M |
| Stockholders' EquityBook value | $4.8B | $152.0M |
| Total Assets | $14.1B | $175.7M |
| Debt / EquityLower = less leverage | 0.66× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | $4.7M | ||
| Q2 25 | $3.0B | $4.7M | ||
| Q1 25 | $3.0B | $4.7M | ||
| Q4 24 | $3.0B | $4.7M | ||
| Q3 24 | $3.0B | $8.9M | ||
| Q2 24 | $3.0B | $11.3M | ||
| Q1 24 | $3.0B | $11.4M |
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | $152.0M | ||
| Q2 25 | $5.0B | $152.3M | ||
| Q1 25 | $4.8B | $152.8M | ||
| Q4 24 | $5.0B | $156.1M | ||
| Q3 24 | $5.2B | $164.3M | ||
| Q2 24 | $5.5B | $163.5M | ||
| Q1 24 | $5.4B | $164.3M |
| Q4 25 | $14.1B | — | ||
| Q3 25 | $14.2B | $175.7M | ||
| Q2 25 | $13.8B | $175.2M | ||
| Q1 25 | $13.3B | $175.2M | ||
| Q4 24 | $13.5B | $177.5M | ||
| Q3 24 | $13.8B | $190.0M | ||
| Q2 24 | $13.8B | $191.4M | ||
| Q1 24 | $13.9B | $177.5M |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | 0.03× | ||
| Q2 25 | 0.60× | 0.03× | ||
| Q1 25 | 0.62× | 0.03× | ||
| Q4 24 | 0.60× | 0.03× | ||
| Q3 24 | 0.57× | 0.05× | ||
| Q2 24 | 0.54× | 0.07× | ||
| Q1 24 | 0.55× | 0.07× |
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 | $1.5M |
| Free Cash FlowOCF − Capex | $313.0M | $1.5M |
| FCF MarginFCF / Revenue | 16.7% | 5.9% |
| Capex IntensityCapex / Revenue | 12.1% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $3.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | — | ||
| Q3 25 | $1.1B | $1.5M | ||
| Q2 25 | $563.0M | $1.4M | ||
| Q1 25 | $586.0M | $-2.5M | ||
| Q4 24 | $420.0M | $3.5M | ||
| Q3 24 | $931.0M | $1.5M | ||
| Q2 24 | $475.0M | $721.9K | ||
| Q1 24 | $445.0M | $624.4K |
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | $1.5M | ||
| Q2 25 | $318.0M | $1.3M | ||
| Q1 25 | $454.0M | $-2.5M | ||
| Q4 24 | $223.0M | $3.5M | ||
| Q3 24 | $792.0M | $1.2M | ||
| Q2 24 | $391.0M | $668.3K | ||
| Q1 24 | $347.0M | $615.4K |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | 5.9% | ||
| Q2 25 | 16.8% | 5.4% | ||
| Q1 25 | 27.3% | -22.8% | ||
| Q4 24 | 14.6% | 19.6% | ||
| Q3 24 | 57.8% | 4.9% | ||
| Q2 24 | 24.9% | 2.5% | ||
| Q1 24 | 23.6% | 9.0% |
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | 0.0% | ||
| Q2 25 | 13.0% | 0.1% | ||
| Q1 25 | 7.9% | 0.1% | ||
| Q4 24 | 12.9% | 0.1% | ||
| Q3 24 | 10.1% | 1.0% | ||
| Q2 24 | 5.3% | 0.2% | ||
| Q1 24 | 6.7% | 0.1% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| 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% |
ITP
Segment breakdown not available.
