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Side-by-side financial comparison of CF Industries (CF) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $1.9B, roughly 1.9× CF Industries). CF Industries runs the higher net margin — 26.4% vs 16.1%, a 10.3% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -6.9%). MARKEL GROUP INC. produced more free cash flow last quarter ($599.1M vs $313.0M). 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.
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
CF vs MKL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $3.6B |
| Net Profit | $495.0M | $576.8M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 22.2% |
| Net Margin | 26.4% | 16.1% |
| Revenue YoY | 22.8% | -6.9% |
| Net Profit YoY | 26.3% | 5.0% |
| EPS (diluted) | $2.56 | $48.22 |
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 | $3.6B | ||
| Q3 25 | $1.7B | $3.9B | ||
| Q2 25 | $1.9B | $4.6B | ||
| Q1 25 | $1.7B | $3.4B | ||
| Q4 24 | $1.5B | $3.8B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.6B | $3.7B | ||
| Q1 24 | $1.5B | $4.5B |
| Q4 25 | $495.0M | $576.8M | ||
| Q3 25 | $460.0M | $751.3M | ||
| Q2 25 | $492.0M | $657.1M | ||
| Q1 25 | $351.0M | $121.7M | ||
| Q4 24 | $392.0M | $549.2M | ||
| Q3 24 | $341.0M | $905.0M | ||
| Q2 24 | $506.0M | $267.7M | ||
| Q1 24 | $238.0M | $1.0B |
| 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% | 22.2% | ||
| Q3 25 | 35.0% | 25.7% | ||
| Q2 25 | 34.3% | 24.1% | ||
| Q1 25 | 27.4% | 8.3% | ||
| Q4 24 | 28.9% | 15.5% | ||
| Q3 24 | 26.6% | 29.7% | ||
| Q2 24 | 40.6% | 11.1% | ||
| Q1 24 | 20.6% | 29.9% |
| Q4 25 | 26.4% | 16.1% | ||
| Q3 25 | 27.7% | 19.1% | ||
| Q2 25 | 26.0% | 14.3% | ||
| Q1 25 | 21.1% | 3.6% | ||
| Q4 24 | 25.7% | 14.3% | ||
| Q3 24 | 24.9% | 19.6% | ||
| Q2 24 | 32.2% | 7.2% | ||
| Q1 24 | 16.2% | 23.0% |
| Q4 25 | $2.56 | $48.22 | ||
| Q3 25 | $2.19 | $59.25 | ||
| Q2 25 | $2.37 | $49.67 | ||
| Q1 25 | $1.85 | $12.08 | ||
| Q4 24 | $1.86 | $39.02 | ||
| Q3 24 | $1.55 | $66.25 | ||
| Q2 24 | $2.30 | $18.62 | ||
| Q1 24 | $1.03 | $75.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.0B |
| Total DebtLower is stronger | $3.2B | $4.3B |
| Stockholders' EquityBook value | $4.8B | $18.6B |
| Total Assets | $14.1B | $68.9B |
| Debt / EquityLower = less leverage | 0.66× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.6B |
| Q4 25 | $3.2B | $4.3B | ||
| Q3 25 | $3.0B | $4.3B | ||
| Q2 25 | $3.0B | $4.4B | ||
| Q1 25 | $3.0B | $4.4B | ||
| Q4 24 | $3.0B | $4.3B | ||
| Q3 24 | $3.0B | $4.4B | ||
| Q2 24 | $3.0B | $4.4B | ||
| Q1 24 | $3.0B | $3.9B |
| Q4 25 | $4.8B | $18.6B | ||
| Q3 25 | $4.8B | $18.0B | ||
| Q2 25 | $5.0B | $17.3B | ||
| Q1 25 | $4.8B | $17.1B | ||
| Q4 24 | $5.0B | $16.9B | ||
| Q3 24 | $5.2B | $17.0B | ||
| Q2 24 | $5.5B | $15.9B | ||
| Q1 24 | $5.4B | $15.7B |
| Q4 25 | $14.1B | $68.9B | ||
| Q3 25 | $14.2B | $67.4B | ||
| Q2 25 | $13.8B | $66.8B | ||
| Q1 25 | $13.3B | $64.6B | ||
| Q4 24 | $13.5B | $61.9B | ||
| Q3 24 | $13.8B | $62.3B | ||
| Q2 24 | $13.8B | $59.7B | ||
| Q1 24 | $13.9B | $57.3B |
| Q4 25 | 0.66× | 0.23× | ||
| Q3 25 | 0.61× | 0.24× | ||
| Q2 25 | 0.60× | 0.25× | ||
| Q1 25 | 0.62× | 0.26× | ||
| Q4 24 | 0.60× | 0.26× | ||
| Q3 24 | 0.57× | 0.26× | ||
| Q2 24 | 0.54× | 0.28× | ||
| Q1 24 | 0.55× | 0.25× |
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 | $662.2M |
| Free Cash FlowOCF − Capex | $313.0M | $599.1M |
| FCF MarginFCF / Revenue | 16.7% | 16.7% |
| Capex IntensityCapex / Revenue | 12.1% | 1.8% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $662.2M | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $563.0M | $504.4M | ||
| Q1 25 | $586.0M | $376.2M | ||
| Q4 24 | $420.0M | $493.9M | ||
| Q3 24 | $931.0M | $890.8M | ||
| Q2 24 | $475.0M | $578.6M | ||
| Q1 24 | $445.0M | $630.7M |
| Q4 25 | $313.0M | $599.1M | ||
| Q3 25 | $717.0M | $1.2B | ||
| Q2 25 | $318.0M | $453.8M | ||
| Q1 25 | $454.0M | $335.5M | ||
| Q4 24 | $223.0M | $420.0M | ||
| Q3 24 | $792.0M | $838.9M | ||
| Q2 24 | $391.0M | $521.4M | ||
| Q1 24 | $347.0M | $558.7M |
| Q4 25 | 16.7% | 16.7% | ||
| Q3 25 | 43.2% | 29.6% | ||
| Q2 25 | 16.8% | 9.9% | ||
| Q1 25 | 27.3% | 9.9% | ||
| Q4 24 | 14.6% | 10.9% | ||
| Q3 24 | 57.8% | 18.2% | ||
| Q2 24 | 24.9% | 14.1% | ||
| Q1 24 | 23.6% | 12.5% |
| Q4 25 | 12.1% | 1.8% | ||
| Q3 25 | 20.9% | 1.3% | ||
| Q2 25 | 13.0% | 1.1% | ||
| Q1 25 | 7.9% | 1.2% | ||
| Q4 24 | 12.9% | 1.9% | ||
| Q3 24 | 10.1% | 1.1% | ||
| Q2 24 | 5.3% | 1.5% | ||
| Q1 24 | 6.7% | 1.6% |
| Q4 25 | 1.09× | 1.15× | ||
| Q3 25 | 2.31× | 1.62× | ||
| Q2 25 | 1.14× | 0.77× | ||
| Q1 25 | 1.67× | 3.09× | ||
| Q4 24 | 1.07× | 0.90× | ||
| Q3 24 | 2.73× | 0.98× | ||
| Q2 24 | 0.94× | 2.16× | ||
| Q1 24 | 1.87× | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
