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Side-by-side financial comparison of CF Industries (CF) and NCR Atleos Corp (NATL). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.6× NCR Atleos Corp). CF Industries runs the higher net margin — 26.4% vs 7.2%, a 19.2% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 4.0%). CF Industries produced more free cash flow last quarter ($313.0M vs $194.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 4.9%).
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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
CF vs NATL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $495.0M | $83.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 13.5% |
| Net Margin | 26.4% | 7.2% |
| Revenue YoY | 22.8% | 4.0% |
| Net Profit YoY | 26.3% | 102.4% |
| EPS (diluted) | $2.56 | $1.09 |
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 | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $979.0M | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.0B |
| Q4 25 | $495.0M | $83.0M | ||
| Q3 25 | $460.0M | $26.0M | ||
| Q2 25 | $492.0M | $39.0M | ||
| Q1 25 | $351.0M | $14.0M | ||
| Q4 24 | $392.0M | $41.0M | ||
| Q3 24 | $341.0M | $21.0M | ||
| Q2 24 | $506.0M | $27.0M | ||
| Q1 24 | $238.0M | $-9.0M |
| 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% | 13.5% | ||
| Q3 25 | 35.0% | 9.8% | ||
| Q2 25 | 34.3% | 10.8% | ||
| Q1 25 | 27.4% | 9.5% | ||
| Q4 24 | 28.9% | 13.4% | ||
| Q3 24 | 26.6% | 10.6% | ||
| Q2 24 | 40.6% | 9.8% | ||
| Q1 24 | 20.6% | 6.5% |
| Q4 25 | 26.4% | 7.2% | ||
| Q3 25 | 27.7% | 2.3% | ||
| Q2 25 | 26.0% | 3.5% | ||
| Q1 25 | 21.1% | 1.4% | ||
| Q4 24 | 25.7% | 3.7% | ||
| Q3 24 | 24.9% | 2.0% | ||
| Q2 24 | 32.2% | 2.5% | ||
| Q1 24 | 16.2% | -0.9% |
| Q4 25 | $2.56 | $1.09 | ||
| Q3 25 | $2.19 | $0.34 | ||
| Q2 25 | $2.37 | $0.52 | ||
| Q1 25 | $1.85 | $0.19 | ||
| Q4 24 | $1.86 | $0.56 | ||
| Q3 24 | $1.55 | $0.28 | ||
| Q2 24 | $2.30 | $0.37 | ||
| Q1 24 | $1.03 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $456.0M |
| Total DebtLower is stronger | $3.2B | $2.7B |
| Stockholders' EquityBook value | $4.8B | $403.0M |
| Total Assets | $14.1B | $5.7B |
| Debt / EquityLower = less leverage | 0.66× | 6.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $456.0M | ||
| Q3 25 | — | $412.0M | ||
| Q2 25 | — | $357.0M | ||
| Q1 25 | — | $352.0M | ||
| Q4 24 | — | $419.0M | ||
| Q3 24 | — | $395.0M | ||
| Q2 24 | — | $374.0M | ||
| Q1 24 | — | $343.0M |
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $3.0B | $2.8B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $2.9B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $403.0M | ||
| Q3 25 | $4.8B | $330.0M | ||
| Q2 25 | $5.0B | $350.0M | ||
| Q1 25 | $4.8B | $275.0M | ||
| Q4 24 | $5.0B | $219.0M | ||
| Q3 24 | $5.2B | $264.0M | ||
| Q2 24 | $5.5B | $250.0M | ||
| Q1 24 | $5.4B | $283.0M |
| Q4 25 | $14.1B | $5.7B | ||
| Q3 25 | $14.2B | $5.7B | ||
| Q2 25 | $13.8B | $5.8B | ||
| Q1 25 | $13.3B | $5.7B | ||
| Q4 24 | $13.5B | $5.5B | ||
| Q3 24 | $13.8B | $5.7B | ||
| Q2 24 | $13.8B | $5.8B | ||
| Q1 24 | $13.9B | $5.8B |
| Q4 25 | 0.66× | 6.63× | ||
| Q3 25 | 0.61× | 8.45× | ||
| Q2 25 | 0.60× | 8.05× | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 13.05× | ||
| 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 | $231.0M |
| Free Cash FlowOCF − Capex | $313.0M | $194.0M |
| FCF MarginFCF / Revenue | 16.7% | 16.8% |
| Capex IntensityCapex / Revenue | 12.1% | 3.2% |
| Cash ConversionOCF / Net Profit | 1.09× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $231.0M | ||
| Q3 25 | $1.1B | $25.0M | ||
| Q2 25 | $563.0M | $-23.0M | ||
| Q1 25 | $586.0M | $123.0M | ||
| Q4 24 | $420.0M | $80.0M | ||
| Q3 24 | $931.0M | $107.0M | ||
| Q2 24 | $475.0M | $9.0M | ||
| Q1 24 | $445.0M | $148.0M |
| Q4 25 | $313.0M | $194.0M | ||
| Q3 25 | $717.0M | $-5.0M | ||
| Q2 25 | $318.0M | $-44.0M | ||
| Q1 25 | $454.0M | $94.0M | ||
| Q4 24 | $223.0M | $62.0M | ||
| Q3 24 | $792.0M | $85.0M | ||
| Q2 24 | $391.0M | $-14.0M | ||
| Q1 24 | $347.0M | $124.0M |
| Q4 25 | 16.7% | 16.8% | ||
| Q3 25 | 43.2% | -0.4% | ||
| Q2 25 | 16.8% | -4.0% | ||
| Q1 25 | 27.3% | 9.6% | ||
| Q4 24 | 14.6% | 5.6% | ||
| Q3 24 | 57.8% | 7.9% | ||
| Q2 24 | 24.9% | -1.3% | ||
| Q1 24 | 23.6% | 11.9% |
| Q4 25 | 12.1% | 3.2% | ||
| Q3 25 | 20.9% | 2.7% | ||
| Q2 25 | 13.0% | 1.9% | ||
| Q1 25 | 7.9% | 3.0% | ||
| Q4 24 | 12.9% | 1.6% | ||
| Q3 24 | 10.1% | 2.1% | ||
| Q2 24 | 5.3% | 2.1% | ||
| Q1 24 | 6.7% | 2.3% |
| Q4 25 | 1.09× | 2.78× | ||
| Q3 25 | 2.31× | 0.96× | ||
| Q2 25 | 1.14× | -0.59× | ||
| Q1 25 | 1.67× | 8.79× | ||
| Q4 24 | 1.07× | 1.95× | ||
| Q3 24 | 2.73× | 5.10× | ||
| Q2 24 | 0.94× | 0.33× | ||
| Q1 24 | 1.87× | — |
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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
