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Side-by-side financial comparison of CF Industries (CF) and M/I HOMES, INC. (MHO). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.1B, roughly 1.6× M/I HOMES, INC.). CF Industries runs the higher net margin — 26.4% vs 5.6%, a 20.9% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -4.8%). CF Industries produced more free cash flow last quarter ($313.0M vs $-13.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 4.7%).
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.
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
CF vs MHO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $495.0M | $64.0M |
| Gross Margin | 40.9% | 17.4% |
| Operating Margin | 33.0% | 6.5% |
| Net Margin | 26.4% | 5.6% |
| Revenue YoY | 22.8% | -4.8% |
| Net Profit YoY | 26.3% | -52.1% |
| EPS (diluted) | $2.56 | $2.42 |
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 | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $976.1M | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.0B |
| Q4 25 | $495.0M | $64.0M | ||
| Q3 25 | $460.0M | $106.5M | ||
| Q2 25 | $492.0M | $121.2M | ||
| Q1 25 | $351.0M | $111.2M | ||
| Q4 24 | $392.0M | $133.5M | ||
| Q3 24 | $341.0M | $145.4M | ||
| Q2 24 | $506.0M | $146.7M | ||
| Q1 24 | $238.0M | $138.1M |
| Q4 25 | 40.9% | 17.4% | ||
| Q3 25 | 38.1% | 24.5% | ||
| Q2 25 | 39.9% | 24.7% | ||
| Q1 25 | 34.4% | 25.9% | ||
| Q4 24 | 34.4% | 24.6% | ||
| Q3 24 | 32.4% | 27.1% | ||
| Q2 24 | 43.2% | 27.9% | ||
| Q1 24 | 27.8% | 27.1% |
| Q4 25 | 33.0% | 6.5% | ||
| Q3 25 | 35.0% | 12.0% | ||
| Q2 25 | 34.3% | 13.4% | ||
| Q1 25 | 27.4% | 14.4% | ||
| Q4 24 | 28.9% | 13.6% | ||
| Q3 24 | 26.6% | 15.9% | ||
| Q2 24 | 40.6% | 16.8% | ||
| Q1 24 | 20.6% | 16.6% |
| Q4 25 | 26.4% | 5.6% | ||
| Q3 25 | 27.7% | 9.4% | ||
| Q2 25 | 26.0% | 10.4% | ||
| Q1 25 | 21.1% | 11.4% | ||
| Q4 24 | 25.7% | 11.1% | ||
| Q3 24 | 24.9% | 12.7% | ||
| Q2 24 | 32.2% | 13.2% | ||
| Q1 24 | 16.2% | 13.2% |
| Q4 25 | $2.56 | $2.42 | ||
| Q3 25 | $2.19 | $3.92 | ||
| Q2 25 | $2.37 | $4.42 | ||
| Q1 25 | $1.85 | $3.98 | ||
| Q4 24 | $1.86 | $4.71 | ||
| Q3 24 | $1.55 | $5.10 | ||
| Q2 24 | $2.30 | $5.12 | ||
| Q1 24 | $1.03 | $4.78 |
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 | — |
| Stockholders' EquityBook value | $4.8B | $3.2B |
| Total Assets | $14.1B | $4.8B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $3.2B | ||
| Q3 25 | $4.8B | $3.1B | ||
| Q2 25 | $5.0B | $3.1B | ||
| Q1 25 | $4.8B | $3.0B | ||
| Q4 24 | $5.0B | $2.9B | ||
| Q3 24 | $5.2B | $2.8B | ||
| Q2 24 | $5.5B | $2.7B | ||
| Q1 24 | $5.4B | $2.6B |
| Q4 25 | $14.1B | $4.8B | ||
| Q3 25 | $14.2B | $4.8B | ||
| Q2 25 | $13.8B | $4.7B | ||
| Q1 25 | $13.3B | $4.6B | ||
| Q4 24 | $13.5B | $4.5B | ||
| Q3 24 | $13.8B | $4.5B | ||
| Q2 24 | $13.8B | $4.3B | ||
| Q1 24 | $13.9B | $4.2B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.55× | — |
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 | $-8.7M |
| Free Cash FlowOCF − Capex | $313.0M | $-13.0M |
| FCF MarginFCF / Revenue | 16.7% | -1.1% |
| Capex IntensityCapex / Revenue | 12.1% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.09× | -0.14× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $127.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $-8.7M | ||
| Q3 25 | $1.1B | $43.4M | ||
| Q2 25 | $563.0M | $37.8M | ||
| Q1 25 | $586.0M | $64.9M | ||
| Q4 24 | $420.0M | $104.4M | ||
| Q3 24 | $931.0M | $-67.9M | ||
| Q2 24 | $475.0M | $27.5M | ||
| Q1 24 | $445.0M | $115.8M |
| Q4 25 | $313.0M | $-13.0M | ||
| Q3 25 | $717.0M | $42.0M | ||
| Q2 25 | $318.0M | $35.1M | ||
| Q1 25 | $454.0M | $63.5M | ||
| Q4 24 | $223.0M | $102.3M | ||
| Q3 24 | $792.0M | $-68.5M | ||
| Q2 24 | $391.0M | $22.0M | ||
| Q1 24 | $347.0M | $115.5M |
| Q4 25 | 16.7% | -1.1% | ||
| Q3 25 | 43.2% | 3.7% | ||
| Q2 25 | 16.8% | 3.0% | ||
| Q1 25 | 27.3% | 6.5% | ||
| Q4 24 | 14.6% | 8.5% | ||
| Q3 24 | 57.8% | -6.0% | ||
| Q2 24 | 24.9% | 2.0% | ||
| Q1 24 | 23.6% | 11.0% |
| Q4 25 | 12.1% | 0.4% | ||
| Q3 25 | 20.9% | 0.1% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 7.9% | 0.1% | ||
| Q4 24 | 12.9% | 0.2% | ||
| Q3 24 | 10.1% | 0.1% | ||
| Q2 24 | 5.3% | 0.5% | ||
| Q1 24 | 6.7% | 0.0% |
| Q4 25 | 1.09× | -0.14× | ||
| Q3 25 | 2.31× | 0.41× | ||
| Q2 25 | 1.14× | 0.31× | ||
| Q1 25 | 1.67× | 0.58× | ||
| Q4 24 | 1.07× | 0.78× | ||
| Q3 24 | 2.73× | -0.47× | ||
| Q2 24 | 0.94× | 0.19× | ||
| Q1 24 | 1.87× | 0.84× |
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% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
