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Side-by-side financial comparison of CF Industries (CF) and KeyCorp (KEY). Click either name above to swap in a different company.
KeyCorp is the larger business by last-quarter revenue ($2.0B vs $1.9B, roughly 1.1× CF Industries). CF Industries runs the higher net margin — 26.4% vs 25.4%, a 1.0% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 22.8%). KeyCorp produced more free cash flow last quarter ($2.1B vs $313.0M). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% 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.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
CF vs KEY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.0B |
| Net Profit | $495.0M | $510.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 32.3% |
| Net Margin | 26.4% | 25.4% |
| Revenue YoY | 22.8% | 131.8% |
| Net Profit YoY | 26.3% | 309.0% |
| EPS (diluted) | $2.56 | $0.43 |
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 | $2.0B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.5B | $865.0M | ||
| Q3 24 | $1.4B | $695.0M | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.5B | $1.5B |
| Q4 25 | $495.0M | $510.0M | ||
| Q3 25 | $460.0M | $489.0M | ||
| Q2 25 | $492.0M | $425.0M | ||
| Q1 25 | $351.0M | $405.0M | ||
| Q4 24 | $392.0M | $-244.0M | ||
| Q3 24 | $341.0M | $-410.0M | ||
| Q2 24 | $506.0M | $274.0M | ||
| Q1 24 | $238.0M | $219.0M |
| 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% | 32.3% | ||
| Q3 25 | 35.0% | 31.8% | ||
| Q2 25 | 34.3% | 29.3% | ||
| Q1 25 | 27.4% | 29.0% | ||
| Q4 24 | 28.9% | -92.6% | ||
| Q3 24 | 26.6% | -72.8% | ||
| Q2 24 | 40.6% | 22.0% | ||
| Q1 24 | 20.6% | 18.1% |
| Q4 25 | 26.4% | 25.4% | ||
| Q3 25 | 27.7% | 25.8% | ||
| Q2 25 | 26.0% | 23.1% | ||
| Q1 25 | 21.1% | 22.8% | ||
| Q4 24 | 25.7% | -54.7% | ||
| Q3 24 | 24.9% | -59.0% | ||
| Q2 24 | 32.2% | 18.0% | ||
| Q1 24 | 16.2% | 14.3% |
| Q4 25 | $2.56 | $0.43 | ||
| Q3 25 | $2.19 | $0.41 | ||
| Q2 25 | $2.37 | $0.35 | ||
| Q1 25 | $1.85 | $0.33 | ||
| Q4 24 | $1.86 | $-0.30 | ||
| Q3 24 | $1.55 | $-0.47 | ||
| Q2 24 | $2.30 | $0.25 | ||
| Q1 24 | $1.03 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $10.2B |
| Total DebtLower is stronger | $3.2B | $9.9B |
| Stockholders' EquityBook value | $4.8B | $20.4B |
| Total Assets | $14.1B | $184.4B |
| Debt / EquityLower = less leverage | 0.66× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.2B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $11.6B | ||
| Q1 25 | — | $15.3B | ||
| Q4 24 | — | $17.5B | ||
| Q3 24 | — | $22.8B | ||
| Q2 24 | — | $15.5B | ||
| Q1 24 | — | $13.2B |
| Q4 25 | $3.2B | $9.9B | ||
| Q3 25 | $3.0B | $10.9B | ||
| Q2 25 | $3.0B | $12.1B | ||
| Q1 25 | $3.0B | $12.4B | ||
| Q4 24 | $3.0B | $12.1B | ||
| Q3 24 | $3.0B | $15.7B | ||
| Q2 24 | $3.0B | $16.9B | ||
| Q1 24 | $3.0B | $20.8B |
| Q4 25 | $4.8B | $20.4B | ||
| Q3 25 | $4.8B | $20.1B | ||
| Q2 25 | $5.0B | $19.5B | ||
| Q1 25 | $4.8B | $19.0B | ||
| Q4 24 | $5.0B | $18.2B | ||
| Q3 24 | $5.2B | $16.9B | ||
| Q2 24 | $5.5B | $14.8B | ||
| Q1 24 | $5.4B | $14.5B |
| Q4 25 | $14.1B | $184.4B | ||
| Q3 25 | $14.2B | $187.4B | ||
| Q2 25 | $13.8B | $185.5B | ||
| Q1 25 | $13.3B | $188.7B | ||
| Q4 24 | $13.5B | $187.2B | ||
| Q3 24 | $13.8B | $189.8B | ||
| Q2 24 | $13.8B | $187.4B | ||
| Q1 24 | $13.9B | $187.5B |
| Q4 25 | 0.66× | 0.49× | ||
| Q3 25 | 0.61× | 0.54× | ||
| Q2 25 | 0.60× | 0.62× | ||
| Q1 25 | 0.62× | 0.65× | ||
| Q4 24 | 0.60× | 0.67× | ||
| Q3 24 | 0.57× | 0.93× | ||
| Q2 24 | 0.54× | 1.14× | ||
| Q1 24 | 0.55× | 1.43× |
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 | $2.2B |
| Free Cash FlowOCF − Capex | $313.0M | $2.1B |
| FCF MarginFCF / Revenue | 16.7% | 104.8% |
| Capex IntensityCapex / Revenue | 12.1% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.09× | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $2.2B | ||
| Q3 25 | $1.1B | $396.0M | ||
| Q2 25 | $563.0M | $1.2B | ||
| Q1 25 | $586.0M | $-140.0M | ||
| Q4 24 | $420.0M | $664.0M | ||
| Q3 24 | $931.0M | $-1.2B | ||
| Q2 24 | $475.0M | $-217.0M | ||
| Q1 24 | $445.0M | $359.0M |
| Q4 25 | $313.0M | $2.1B | ||
| Q3 25 | $717.0M | $367.0M | ||
| Q2 25 | $318.0M | $1.2B | ||
| Q1 25 | $454.0M | $-150.0M | ||
| Q4 24 | $223.0M | $599.0M | ||
| Q3 24 | $792.0M | $-1.2B | ||
| Q2 24 | $391.0M | $-230.0M | ||
| Q1 24 | $347.0M | $347.0M |
| Q4 25 | 16.7% | 104.8% | ||
| Q3 25 | 43.2% | 19.4% | ||
| Q2 25 | 16.8% | 65.8% | ||
| Q1 25 | 27.3% | -8.5% | ||
| Q4 24 | 14.6% | 69.2% | ||
| Q3 24 | 57.8% | -175.8% | ||
| Q2 24 | 24.9% | -15.1% | ||
| Q1 24 | 23.6% | 22.6% |
| Q4 25 | 12.1% | 5.3% | ||
| Q3 25 | 20.9% | 1.5% | ||
| Q2 25 | 13.0% | 1.3% | ||
| Q1 25 | 7.9% | 0.6% | ||
| Q4 24 | 12.9% | 7.5% | ||
| Q3 24 | 10.1% | 2.4% | ||
| Q2 24 | 5.3% | 0.9% | ||
| Q1 24 | 6.7% | 0.8% |
| Q4 25 | 1.09× | 4.33× | ||
| Q3 25 | 2.31× | 0.81× | ||
| Q2 25 | 1.14× | 2.90× | ||
| Q1 25 | 1.67× | -0.35× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | -0.79× | ||
| Q1 24 | 1.87× | 1.64× |
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% |
KEY
Segment breakdown not available.
