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Side-by-side financial comparison of CF Industries (CF) and Koppers Holdings Inc. (KOP). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $432.7M, roughly 4.3× Koppers Holdings Inc.). CF Industries runs the higher net margin — 26.4% vs 6.9%, a 19.6% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -9.3%). CF Industries produced more free cash flow last quarter ($313.0M vs $28.5M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -6.7%).
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.
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
CF vs KOP — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $432.7M |
| Net Profit | $495.0M | $29.7M |
| Gross Margin | 40.9% | 25.6% |
| Operating Margin | 33.0% | 11.5% |
| Net Margin | 26.4% | 6.9% |
| Revenue YoY | 22.8% | -9.3% |
| Net Profit YoY | 26.3% | 391.2% |
| EPS (diluted) | $2.56 | $1.44 |
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 | $432.7M | ||
| Q3 25 | $1.7B | $485.3M | ||
| Q2 25 | $1.9B | $504.8M | ||
| Q1 25 | $1.7B | $456.5M | ||
| Q4 24 | $1.5B | $477.0M | ||
| Q3 24 | $1.4B | $554.3M | ||
| Q2 24 | $1.6B | $563.2M | ||
| Q1 24 | $1.5B | $497.6M |
| Q4 25 | $495.0M | $29.7M | ||
| Q3 25 | $460.0M | $23.8M | ||
| Q2 25 | $492.0M | $16.4M | ||
| Q1 25 | $351.0M | $-13.9M | ||
| Q4 24 | $392.0M | $-10.2M | ||
| Q3 24 | $341.0M | $22.8M | ||
| Q2 24 | $506.0M | $26.8M | ||
| Q1 24 | $238.0M | $13.0M |
| Q4 25 | 40.9% | 25.6% | ||
| Q3 25 | 38.1% | 24.1% | ||
| Q2 25 | 39.9% | 22.6% | ||
| Q1 25 | 34.4% | 23.2% | ||
| Q4 24 | 34.4% | 17.5% | ||
| Q3 24 | 32.4% | 21.9% | ||
| Q2 24 | 43.2% | 21.6% | ||
| Q1 24 | 27.8% | 19.3% |
| Q4 25 | 33.0% | 11.5% | ||
| Q3 25 | 35.0% | 10.7% | ||
| Q2 25 | 34.3% | 7.7% | ||
| Q1 25 | 27.4% | 5.9% | ||
| Q4 24 | 28.9% | 1.3% | ||
| Q3 24 | 26.6% | 9.0% | ||
| Q2 24 | 40.6% | 10.2% | ||
| Q1 24 | 20.6% | 7.0% |
| Q4 25 | 26.4% | 6.9% | ||
| Q3 25 | 27.7% | 4.9% | ||
| Q2 25 | 26.0% | 3.2% | ||
| Q1 25 | 21.1% | -3.0% | ||
| Q4 24 | 25.7% | -2.1% | ||
| Q3 24 | 24.9% | 4.1% | ||
| Q2 24 | 32.2% | 4.8% | ||
| Q1 24 | 16.2% | 2.6% |
| Q4 25 | $2.56 | $1.44 | ||
| Q3 25 | $2.19 | $1.17 | ||
| Q2 25 | $2.37 | $0.81 | ||
| Q1 25 | $1.85 | $-0.68 | ||
| Q4 24 | $1.86 | $-0.47 | ||
| Q3 24 | $1.55 | $1.09 | ||
| Q2 24 | $2.30 | $1.25 | ||
| Q1 24 | $1.03 | $0.59 |
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 | $928.3M |
| Stockholders' EquityBook value | $4.8B | $574.0M |
| Total Assets | $14.1B | $1.9B |
| Debt / EquityLower = less leverage | 0.66× | 1.62× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2B | $928.3M | ||
| Q3 25 | $3.0B | $932.9M | ||
| Q2 25 | $3.0B | $977.5M | ||
| Q1 25 | $3.0B | $989.0M | ||
| Q4 24 | $3.0B | $939.5M | ||
| Q3 24 | $3.0B | $989.4M | ||
| Q2 24 | $3.0B | $1.0B | ||
| Q1 24 | $3.0B | $877.6M |
| Q4 25 | $4.8B | $574.0M | ||
| Q3 25 | $4.8B | $545.6M | ||
| Q2 25 | $5.0B | $526.8M | ||
| Q1 25 | $4.8B | $498.0M | ||
| Q4 24 | $5.0B | $488.7M | ||
| Q3 24 | $5.2B | $532.3M | ||
| Q2 24 | $5.5B | $509.2M | ||
| Q1 24 | $5.4B | $505.8M |
| Q4 25 | $14.1B | $1.9B | ||
| Q3 25 | $14.2B | $1.9B | ||
| Q2 25 | $13.8B | $1.9B | ||
| Q1 25 | $13.3B | $1.9B | ||
| Q4 24 | $13.5B | $1.9B | ||
| Q3 24 | $13.8B | $2.0B | ||
| Q2 24 | $13.8B | $1.9B | ||
| Q1 24 | $13.9B | $1.8B |
| Q4 25 | 0.66× | 1.62× | ||
| Q3 25 | 0.61× | 1.71× | ||
| Q2 25 | 0.60× | 1.86× | ||
| Q1 25 | 0.62× | 1.99× | ||
| Q4 24 | 0.60× | 1.92× | ||
| Q3 24 | 0.57× | 1.86× | ||
| Q2 24 | 0.54× | 1.97× | ||
| Q1 24 | 0.55× | 1.74× |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $313.0M | $28.5M |
| FCF MarginFCF / Revenue | 16.7% | 6.6% |
| Capex IntensityCapex / Revenue | 12.1% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $67.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $45.1M | ||
| Q3 25 | $1.1B | $49.6M | ||
| Q2 25 | $563.0M | $50.5M | ||
| Q1 25 | $586.0M | $-22.7M | ||
| Q4 24 | $420.0M | $74.7M | ||
| Q3 24 | $931.0M | $29.8M | ||
| Q2 24 | $475.0M | $27.2M | ||
| Q1 24 | $445.0M | $-12.3M |
| Q4 25 | $313.0M | $28.5M | ||
| Q3 25 | $717.0M | $37.6M | ||
| Q2 25 | $318.0M | $38.4M | ||
| Q1 25 | $454.0M | $-37.0M | ||
| Q4 24 | $223.0M | $56.1M | ||
| Q3 24 | $792.0M | $14.4M | ||
| Q2 24 | $391.0M | $10.1M | ||
| Q1 24 | $347.0M | $-38.6M |
| Q4 25 | 16.7% | 6.6% | ||
| Q3 25 | 43.2% | 7.7% | ||
| Q2 25 | 16.8% | 7.6% | ||
| Q1 25 | 27.3% | -8.1% | ||
| Q4 24 | 14.6% | 11.8% | ||
| Q3 24 | 57.8% | 2.6% | ||
| Q2 24 | 24.9% | 1.8% | ||
| Q1 24 | 23.6% | -7.8% |
| Q4 25 | 12.1% | 3.8% | ||
| Q3 25 | 20.9% | 2.5% | ||
| Q2 25 | 13.0% | 2.4% | ||
| Q1 25 | 7.9% | 3.1% | ||
| Q4 24 | 12.9% | 3.9% | ||
| Q3 24 | 10.1% | 2.8% | ||
| Q2 24 | 5.3% | 3.0% | ||
| Q1 24 | 6.7% | 5.3% |
| Q4 25 | 1.09× | 1.52× | ||
| Q3 25 | 2.31× | 2.08× | ||
| Q2 25 | 1.14× | 3.08× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.31× | ||
| Q2 24 | 0.94× | 1.01× | ||
| Q1 24 | 1.87× | -0.95× |
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% |
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
