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Side-by-side financial comparison of CF Industries (CF) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Norwegian Cruise Line Holdings is the larger business by last-quarter revenue ($2.2B vs $1.9B, roughly 1.2× CF Industries). CF Industries runs the higher net margin — 26.4% vs 0.6%, a 25.8% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 6.4%). CF Industries produced more free cash flow last quarter ($313.0M vs $21.5M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 1.2%).
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.
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
CF vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.2B |
| Net Profit | $495.0M | $14.3M |
| Gross Margin | 40.9% | 41.0% |
| Operating Margin | 33.0% | 8.3% |
| Net Margin | 26.4% | 0.6% |
| Revenue YoY | 22.8% | 6.4% |
| Net Profit YoY | 26.3% | -94.4% |
| EPS (diluted) | $2.56 | $0.08 |
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 | $2.2B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $1.5B | $2.2B |
| Q4 25 | $495.0M | $14.3M | ||
| Q3 25 | $460.0M | $419.3M | ||
| Q2 25 | $492.0M | $30.0M | ||
| Q1 25 | $351.0M | $-40.3M | ||
| Q4 24 | $392.0M | $254.5M | ||
| Q3 24 | $341.0M | $474.9M | ||
| Q2 24 | $506.0M | $163.4M | ||
| Q1 24 | $238.0M | $17.4M |
| Q4 25 | 40.9% | 41.0% | ||
| Q3 25 | 38.1% | 47.1% | ||
| Q2 25 | 39.9% | 42.1% | ||
| Q1 25 | 34.4% | 38.7% | ||
| Q4 24 | 34.4% | 38.0% | ||
| Q3 24 | 32.4% | 45.2% | ||
| Q2 24 | 43.2% | 38.7% | ||
| Q1 24 | 27.8% | 36.7% |
| Q4 25 | 33.0% | 8.3% | ||
| Q3 25 | 35.0% | 25.5% | ||
| Q2 25 | 34.3% | 16.8% | ||
| Q1 25 | 27.4% | 9.4% | ||
| Q4 24 | 28.9% | 10.2% | ||
| Q3 24 | 26.6% | 24.6% | ||
| Q2 24 | 40.6% | 14.4% | ||
| Q1 24 | 20.6% | 10.0% |
| Q4 25 | 26.4% | 0.6% | ||
| Q3 25 | 27.7% | 14.3% | ||
| Q2 25 | 26.0% | 1.2% | ||
| Q1 25 | 21.1% | -1.9% | ||
| Q4 24 | 25.7% | 12.1% | ||
| Q3 24 | 24.9% | 16.9% | ||
| Q2 24 | 32.2% | 6.9% | ||
| Q1 24 | 16.2% | 0.8% |
| Q4 25 | $2.56 | $0.08 | ||
| Q3 25 | $2.19 | $0.86 | ||
| Q2 25 | $2.37 | $0.07 | ||
| Q1 25 | $1.85 | $-0.09 | ||
| Q4 24 | $1.86 | $0.55 | ||
| Q3 24 | $1.55 | $0.95 | ||
| Q2 24 | $2.30 | $0.35 | ||
| Q1 24 | $1.03 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $209.9M |
| Total DebtLower is stronger | $3.2B | $13.7B |
| Stockholders' EquityBook value | $4.8B | $2.2B |
| Total Assets | $14.1B | $22.5B |
| Debt / EquityLower = less leverage | 0.66× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $209.9M | ||
| Q3 25 | — | $166.8M | ||
| Q2 25 | — | $184.0M | ||
| Q1 25 | — | $184.4M | ||
| Q4 24 | — | $190.8M | ||
| Q3 24 | — | $332.5M | ||
| Q2 24 | — | $594.1M | ||
| Q1 24 | — | $559.8M |
| Q4 25 | $3.2B | $13.7B | ||
| Q3 25 | $3.0B | $13.6B | ||
| Q2 25 | $3.0B | $12.6B | ||
| Q1 25 | $3.0B | $12.9B | ||
| Q4 24 | $3.0B | $11.8B | ||
| Q3 24 | $3.0B | $11.8B | ||
| Q2 24 | $3.0B | $11.9B | ||
| Q1 24 | $3.0B | $12.0B |
| Q4 25 | $4.8B | $2.2B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $5.0B | $1.6B | ||
| Q1 25 | $4.8B | $1.4B | ||
| Q4 24 | $5.0B | $1.4B | ||
| Q3 24 | $5.2B | $1.1B | ||
| Q2 24 | $5.5B | $693.1M | ||
| Q1 24 | $5.4B | $362.1M |
| Q4 25 | $14.1B | $22.5B | ||
| Q3 25 | $14.2B | $22.2B | ||
| Q2 25 | $13.8B | $21.6B | ||
| Q1 25 | $13.3B | $21.4B | ||
| Q4 24 | $13.5B | $20.0B | ||
| Q3 24 | $13.8B | $19.8B | ||
| Q2 24 | $13.8B | $20.1B | ||
| Q1 24 | $13.9B | $19.8B |
| Q4 25 | 0.66× | 6.21× | ||
| Q3 25 | 0.61× | 6.22× | ||
| Q2 25 | 0.60× | 8.05× | ||
| Q1 25 | 0.62× | 9.09× | ||
| Q4 24 | 0.60× | 8.26× | ||
| Q3 24 | 0.57× | 10.35× | ||
| Q2 24 | 0.54× | 17.19× | ||
| Q1 24 | 0.55× | 33.16× |
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 | $459.1M |
| Free Cash FlowOCF − Capex | $313.0M | $21.5M |
| FCF MarginFCF / Revenue | 16.7% | 1.0% |
| Capex IntensityCapex / Revenue | 12.1% | 19.5% |
| Cash ConversionOCF / Net Profit | 1.09× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $459.1M | ||
| Q3 25 | $1.1B | $236.6M | ||
| Q2 25 | $563.0M | $714.9M | ||
| Q1 25 | $586.0M | $679.2M | ||
| Q4 24 | $420.0M | $399.3M | ||
| Q3 24 | $931.0M | $172.5M | ||
| Q2 24 | $475.0M | $670.9M | ||
| Q1 24 | $445.0M | $807.2M |
| Q4 25 | $313.0M | $21.5M | ||
| Q3 25 | $717.0M | $-726.5M | ||
| Q2 25 | $318.0M | $381.2M | ||
| Q1 25 | $454.0M | $-846.0M | ||
| Q4 24 | $223.0M | $155.8M | ||
| Q3 24 | $792.0M | $-195.5M | ||
| Q2 24 | $391.0M | $330.2M | ||
| Q1 24 | $347.0M | $548.3M |
| Q4 25 | 16.7% | 1.0% | ||
| Q3 25 | 43.2% | -24.7% | ||
| Q2 25 | 16.8% | 15.1% | ||
| Q1 25 | 27.3% | -39.8% | ||
| Q4 24 | 14.6% | 7.4% | ||
| Q3 24 | 57.8% | -7.0% | ||
| Q2 24 | 24.9% | 13.9% | ||
| Q1 24 | 23.6% | 25.0% |
| Q4 25 | 12.1% | 19.5% | ||
| Q3 25 | 20.9% | 32.8% | ||
| Q2 25 | 13.0% | 13.3% | ||
| Q1 25 | 7.9% | 71.7% | ||
| Q4 24 | 12.9% | 11.5% | ||
| Q3 24 | 10.1% | 13.1% | ||
| Q2 24 | 5.3% | 14.4% | ||
| Q1 24 | 6.7% | 11.8% |
| Q4 25 | 1.09× | 32.21× | ||
| Q3 25 | 2.31× | 0.56× | ||
| Q2 25 | 1.14× | 23.83× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 1.57× | ||
| Q3 24 | 2.73× | 0.36× | ||
| Q2 24 | 0.94× | 4.10× | ||
| Q1 24 | 1.87× | 46.51× |
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% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
