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Side-by-side financial comparison of CF Industries (CF) and Keysight Technologies (KEYS). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.4B, roughly 1.3× Keysight Technologies). CF Industries runs the higher net margin — 26.4% vs 16.4%, a 10.0% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 10.3%). CF Industries produced more free cash flow last quarter ($313.0M vs $187.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 6.2%).
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.
Keysight Technologies, Inc. is an American company that manufactures electronics test and measurement equipment and software. The company was formed as a spin-off of Agilent Technologies, which inherited and rebranded the test and measurement product lines developed and produced, from the late 1960s to the turn of the millennium, by Hewlett-Packard's Test and Measurement division. Its name is a portmanteau of key and insight.
CF vs KEYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.4B |
| Net Profit | $495.0M | $233.0M |
| Gross Margin | 40.9% | 61.2% |
| Operating Margin | 33.0% | 15.3% |
| Net Margin | 26.4% | 16.4% |
| Revenue YoY | 22.8% | 10.3% |
| Net Profit YoY | 26.3% | 419.2% |
| EPS (diluted) | $2.56 | $1.35 |
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 | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | $495.0M | $233.0M | ||
| Q3 25 | $460.0M | $191.0M | ||
| Q2 25 | $492.0M | $257.0M | ||
| Q1 25 | $351.0M | $169.0M | ||
| Q4 24 | $392.0M | $-73.0M | ||
| Q3 24 | $341.0M | $389.0M | ||
| Q2 24 | $506.0M | $126.0M | ||
| Q1 24 | $238.0M | $172.0M |
| Q4 25 | 40.9% | 61.2% | ||
| Q3 25 | 38.1% | 61.7% | ||
| Q2 25 | 39.9% | 62.3% | ||
| Q1 25 | 34.4% | 63.2% | ||
| Q4 24 | 34.4% | 62.3% | ||
| Q3 24 | 32.4% | 62.0% | ||
| Q2 24 | 43.2% | 62.7% | ||
| Q1 24 | 27.8% | 64.6% |
| Q4 25 | 33.0% | 15.3% | ||
| Q3 25 | 35.0% | 17.3% | ||
| Q2 25 | 34.3% | 15.8% | ||
| Q1 25 | 27.4% | 16.8% | ||
| Q4 24 | 28.9% | 17.9% | ||
| Q3 24 | 26.6% | 16.8% | ||
| Q2 24 | 40.6% | 14.6% | ||
| Q1 24 | 20.6% | 17.6% |
| Q4 25 | 26.4% | 16.4% | ||
| Q3 25 | 27.7% | 14.1% | ||
| Q2 25 | 26.0% | 19.7% | ||
| Q1 25 | 21.1% | 13.0% | ||
| Q4 24 | 25.7% | -5.7% | ||
| Q3 24 | 24.9% | 32.0% | ||
| Q2 24 | 32.2% | 10.4% | ||
| Q1 24 | 16.2% | 13.7% |
| Q4 25 | $2.56 | $1.35 | ||
| Q3 25 | $2.19 | $1.10 | ||
| Q2 25 | $2.37 | $1.49 | ||
| Q1 25 | $1.85 | $0.97 | ||
| Q4 24 | $1.86 | $-0.41 | ||
| Q3 24 | $1.55 | $2.22 | ||
| Q2 24 | $2.30 | $0.72 | ||
| Q1 24 | $1.03 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.9B |
| Total DebtLower is stronger | $3.2B | $2.5B |
| Stockholders' EquityBook value | $4.8B | $5.9B |
| Total Assets | $14.1B | $11.3B |
| Debt / EquityLower = less leverage | 0.66× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $3.2B | $2.5B | ||
| Q3 25 | $3.0B | $2.5B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $3.0B | $1.8B | ||
| Q4 24 | $3.0B | $1.8B | ||
| Q3 24 | $3.0B | $1.8B | ||
| Q2 24 | $3.0B | $1.8B | ||
| Q1 24 | $3.0B | $1.8B |
| Q4 25 | $4.8B | $5.9B | ||
| Q3 25 | $4.8B | $5.7B | ||
| Q2 25 | $5.0B | $5.5B | ||
| Q1 25 | $4.8B | $5.2B | ||
| Q4 24 | $5.0B | $5.1B | ||
| Q3 24 | $5.2B | $5.2B | ||
| Q2 24 | $5.5B | $4.9B | ||
| Q1 24 | $5.4B | $4.8B |
| Q4 25 | $14.1B | $11.3B | ||
| Q3 25 | $14.2B | $10.7B | ||
| Q2 25 | $13.8B | $10.5B | ||
| Q1 25 | $13.3B | $9.4B | ||
| Q4 24 | $13.5B | $9.3B | ||
| Q3 24 | $13.8B | $9.3B | ||
| Q2 24 | $13.8B | $9.0B | ||
| Q1 24 | $13.9B | $9.1B |
| Q4 25 | 0.66× | 0.43× | ||
| Q3 25 | 0.61× | 0.45× | ||
| Q2 25 | 0.60× | 0.46× | ||
| Q1 25 | 0.62× | 0.35× | ||
| Q4 24 | 0.60× | 0.35× | ||
| Q3 24 | 0.57× | 0.34× | ||
| Q2 24 | 0.54× | 0.37× | ||
| Q1 24 | 0.55× | 0.38× |
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 | $225.0M |
| Free Cash FlowOCF − Capex | $313.0M | $187.0M |
| FCF MarginFCF / Revenue | 16.7% | 13.2% |
| Capex IntensityCapex / Revenue | 12.1% | 2.7% |
| Cash ConversionOCF / Net Profit | 1.09× | 0.97× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $225.0M | ||
| Q3 25 | $1.1B | $322.0M | ||
| Q2 25 | $563.0M | $484.0M | ||
| Q1 25 | $586.0M | $378.0M | ||
| Q4 24 | $420.0M | $359.0M | ||
| Q3 24 | $931.0M | $255.0M | ||
| Q2 24 | $475.0M | $110.0M | ||
| Q1 24 | $445.0M | $328.0M |
| Q4 25 | $313.0M | $187.0M | ||
| Q3 25 | $717.0M | $291.0M | ||
| Q2 25 | $318.0M | $457.0M | ||
| Q1 25 | $454.0M | $346.0M | ||
| Q4 24 | $223.0M | $321.0M | ||
| Q3 24 | $792.0M | $222.0M | ||
| Q2 24 | $391.0M | $74.0M | ||
| Q1 24 | $347.0M | $281.0M |
| Q4 25 | 16.7% | 13.2% | ||
| Q3 25 | 43.2% | 21.5% | ||
| Q2 25 | 16.8% | 35.0% | ||
| Q1 25 | 27.3% | 26.7% | ||
| Q4 24 | 14.6% | 24.9% | ||
| Q3 24 | 57.8% | 18.2% | ||
| Q2 24 | 24.9% | 6.1% | ||
| Q1 24 | 23.6% | 22.3% |
| Q4 25 | 12.1% | 2.7% | ||
| Q3 25 | 20.9% | 2.3% | ||
| Q2 25 | 13.0% | 2.1% | ||
| Q1 25 | 7.9% | 2.5% | ||
| Q4 24 | 12.9% | 3.0% | ||
| Q3 24 | 10.1% | 2.7% | ||
| Q2 24 | 5.3% | 3.0% | ||
| Q1 24 | 6.7% | 3.7% |
| Q4 25 | 1.09× | 0.97× | ||
| Q3 25 | 2.31× | 1.69× | ||
| Q2 25 | 1.14× | 1.88× | ||
| Q1 25 | 1.67× | 2.24× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 0.66× | ||
| Q2 24 | 0.94× | 0.87× | ||
| Q1 24 | 1.87× | 1.91× |
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% |
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
