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Side-by-side financial comparison of CF Industries (CF) and OLD REPUBLIC INTERNATIONAL CORP (ORI). Click either name above to swap in a different company.
OLD REPUBLIC INTERNATIONAL CORP is the larger business by last-quarter revenue ($2.4B vs $1.9B, roughly 1.3× CF Industries). CF Industries runs the higher net margin — 26.4% vs 13.8%, a 12.7% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 6.7%). Over the past eight quarters, OLD REPUBLIC INTERNATIONAL CORP's revenue compounded faster (13.2% CAGR vs 12.8%).
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.
Old Republic International Corporation is an American property insurance and title insurance company. The company is headquartered in Chicago, Illinois.
CF vs ORI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $495.0M | $330.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | — |
| Net Margin | 26.4% | 13.8% |
| Revenue YoY | 22.8% | 6.7% |
| Net Profit YoY | 26.3% | 34.7% |
| EPS (diluted) | $2.56 | — |
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.
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.6B | $1.9B |
| Q1 26 | — | $330.0M | ||
| Q4 25 | $495.0M | $206.5M | ||
| Q3 25 | $460.0M | $279.5M | ||
| Q2 25 | $492.0M | $204.4M | ||
| Q1 25 | $351.0M | $245.0M | ||
| Q4 24 | $392.0M | $105.3M | ||
| Q3 24 | $341.0M | $338.9M | ||
| Q2 24 | $506.0M | $91.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | 14.6% | ||
| Q2 25 | 34.3% | 11.8% | ||
| Q1 25 | 27.4% | 14.6% | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 26.6% | 18.2% | ||
| Q2 24 | 40.6% | 6.1% |
| Q1 26 | — | 13.8% | ||
| Q4 25 | 26.4% | 8.6% | ||
| Q3 25 | 27.7% | 11.5% | ||
| Q2 25 | 26.0% | 9.3% | ||
| Q1 25 | 21.1% | 11.6% | ||
| Q4 24 | 25.7% | 5.3% | ||
| Q3 24 | 24.9% | 14.5% | ||
| Q2 24 | 32.2% | 4.9% |
| Q1 26 | — | — | ||
| Q4 25 | $2.56 | $0.82 | ||
| Q3 25 | $2.19 | $1.11 | ||
| Q2 25 | $2.37 | $0.81 | ||
| Q1 25 | $1.85 | $0.98 | ||
| Q4 24 | $1.86 | $0.42 | ||
| Q3 24 | $1.55 | $1.32 | ||
| Q2 24 | $2.30 | $0.35 |
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 | $5.9M |
| Total Assets | $14.1B | $29.6M |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| 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 26 | — | $5.9M | ||
| Q4 25 | $4.8B | $5.9B | ||
| Q3 25 | $4.8B | $6.4B | ||
| Q2 25 | $5.0B | $6.2B | ||
| Q1 25 | $4.8B | $5.9B | ||
| Q4 24 | $5.0B | $5.6B | ||
| Q3 24 | $5.2B | $6.4B | ||
| Q2 24 | $5.5B | $6.0B |
| Q1 26 | — | $29.6M | ||
| Q4 25 | $14.1B | $29.9B | ||
| Q3 25 | $14.2B | $30.3B | ||
| Q2 25 | $13.8B | $29.3B | ||
| Q1 25 | $13.3B | $28.0B | ||
| Q4 24 | $13.5B | $27.8B | ||
| Q3 24 | $13.8B | $28.8B | ||
| Q2 24 | $13.8B | $27.5B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $234.9M | ||
| Q3 25 | $1.1B | $563.9M | ||
| Q2 25 | $563.0M | $133.8M | ||
| Q1 25 | $586.0M | $231.7M | ||
| Q4 24 | $420.0M | $361.7M | ||
| Q3 24 | $931.0M | $474.8M | ||
| Q2 24 | $475.0M | $236.5M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | — | ||
| Q2 25 | $318.0M | — | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | — | ||
| Q2 24 | $391.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 24.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 5.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 1.14× | ||
| Q3 25 | 2.31× | 2.02× | ||
| Q2 25 | 1.14× | 0.65× | ||
| Q1 25 | 1.67× | 0.95× | ||
| Q4 24 | 1.07× | 3.43× | ||
| Q3 24 | 2.73× | 1.40× | ||
| Q2 24 | 0.94× | 2.58× |
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% |
ORI
| operating | $2.2B | 92% |
| Other | $201.8M | 8% |
