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Side-by-side financial comparison of CF Industries (CF) and Pinnacle West Capital (PNW). 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 1.7× Pinnacle West Capital). CF Industries runs the higher net margin — 26.4% vs 1.6%, a 24.9% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 3.0%). CF Industries produced more free cash flow last quarter ($313.0M vs $-192.7M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 8.9%).
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.
Pinnacle West Capital Corporation is an American utility holding company that owns Arizona Public Service (APS). It is publicly traded on the New York Stock exchange and a component of the S&P 500 stock market index. APS is the largest utility company in Arizona and is regulated by the Arizona Corporation Commission (ACC).
CF vs PNW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $495.0M | $17.6M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 10.7% |
| Net Margin | 26.4% | 1.6% |
| Revenue YoY | 22.8% | 3.0% |
| Net Profit YoY | 26.3% | 798.0% |
| EPS (diluted) | $2.56 | $0.12 |
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 | $1.8B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $951.7M |
| Q4 25 | $495.0M | $17.6M | ||
| Q3 25 | $460.0M | $417.5M | ||
| Q2 25 | $492.0M | $196.9M | ||
| Q1 25 | $351.0M | $-338.0K | ||
| Q4 24 | $392.0M | $-2.5M | ||
| Q3 24 | $341.0M | $399.3M | ||
| Q2 24 | $506.0M | $208.1M | ||
| Q1 24 | $238.0M | $21.2M |
| 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% | 10.7% | ||
| Q3 25 | 35.0% | 32.0% | ||
| Q2 25 | 34.3% | 22.6% | ||
| Q1 25 | 27.4% | 5.5% | ||
| Q4 24 | 28.9% | 7.7% | ||
| Q3 24 | 26.6% | 30.9% | ||
| Q2 24 | 40.6% | 24.0% | ||
| Q1 24 | 20.6% | 7.0% |
| Q4 25 | 26.4% | 1.6% | ||
| Q3 25 | 27.7% | 22.9% | ||
| Q2 25 | 26.0% | 14.5% | ||
| Q1 25 | 21.1% | -0.0% | ||
| Q4 24 | 25.7% | -0.2% | ||
| Q3 24 | 24.9% | 22.6% | ||
| Q2 24 | 32.2% | 15.9% | ||
| Q1 24 | 16.2% | 2.2% |
| Q4 25 | $2.56 | $0.12 | ||
| Q3 25 | $2.19 | $3.39 | ||
| Q2 25 | $2.37 | $1.58 | ||
| Q1 25 | $1.85 | $-0.04 | ||
| Q4 24 | $1.86 | $-0.04 | ||
| Q3 24 | $1.55 | $3.37 | ||
| Q2 24 | $2.30 | $1.76 | ||
| Q1 24 | $1.03 | $0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $6.6M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $7.0B |
| Total Assets | $14.1B | $30.0B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.6M | ||
| Q3 25 | — | $30.9M | ||
| Q2 25 | — | $18.8M | ||
| Q1 25 | — | $10.0M | ||
| Q4 24 | — | $3.8M | ||
| Q3 24 | — | $49.2M | ||
| Q2 24 | — | $4.0M | ||
| Q1 24 | — | $9.6M |
| 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 | $7.0B | ||
| Q3 25 | $4.8B | $7.2B | ||
| Q2 25 | $5.0B | $6.7B | ||
| Q1 25 | $4.8B | $6.7B | ||
| Q4 24 | $5.0B | $6.8B | ||
| Q3 24 | $5.2B | $6.6B | ||
| Q2 24 | $5.5B | $6.2B | ||
| Q1 24 | $5.4B | $6.2B |
| Q4 25 | $14.1B | $30.0B | ||
| Q3 25 | $14.2B | $29.9B | ||
| Q2 25 | $13.8B | $29.2B | ||
| Q1 25 | $13.3B | $27.2B | ||
| Q4 24 | $13.5B | $26.1B | ||
| Q3 24 | $13.8B | $26.3B | ||
| Q2 24 | $13.8B | $25.7B | ||
| Q1 24 | $13.9B | $24.8B |
| 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 | $476.8M |
| Free Cash FlowOCF − Capex | $313.0M | $-192.7M |
| FCF MarginFCF / Revenue | 16.7% | -17.1% |
| Capex IntensityCapex / Revenue | 12.1% | 59.3% |
| Cash ConversionOCF / Net Profit | 1.09× | 27.09× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-819.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $476.8M | ||
| Q3 25 | $1.1B | $665.0M | ||
| Q2 25 | $563.0M | $261.4M | ||
| Q1 25 | $586.0M | $401.9M | ||
| Q4 24 | $420.0M | $439.5M | ||
| Q3 24 | $931.0M | $633.2M | ||
| Q2 24 | $475.0M | $189.8M | ||
| Q1 24 | $445.0M | $347.4M |
| Q4 25 | $313.0M | $-192.7M | ||
| Q3 25 | $717.0M | $42.0M | ||
| Q2 25 | $318.0M | $-448.1M | ||
| Q1 25 | $454.0M | $-220.7M | ||
| Q4 24 | $223.0M | $-92.1M | ||
| Q3 24 | $792.0M | $-32.7M | ||
| Q2 24 | $391.0M | $-344.2M | ||
| Q1 24 | $347.0M | $-170.4M |
| Q4 25 | 16.7% | -17.1% | ||
| Q3 25 | 43.2% | 2.3% | ||
| Q2 25 | 16.8% | -33.0% | ||
| Q1 25 | 27.3% | -21.4% | ||
| Q4 24 | 14.6% | -8.4% | ||
| Q3 24 | 57.8% | -1.8% | ||
| Q2 24 | 24.9% | -26.3% | ||
| Q1 24 | 23.6% | -17.9% |
| Q4 25 | 12.1% | 59.3% | ||
| Q3 25 | 20.9% | 34.2% | ||
| Q2 25 | 13.0% | 52.2% | ||
| Q1 25 | 7.9% | 60.3% | ||
| Q4 24 | 12.9% | 48.5% | ||
| Q3 24 | 10.1% | 37.6% | ||
| Q2 24 | 5.3% | 40.8% | ||
| Q1 24 | 6.7% | 54.4% |
| Q4 25 | 1.09× | 27.09× | ||
| Q3 25 | 2.31× | 1.59× | ||
| Q2 25 | 1.14× | 1.33× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.59× | ||
| Q2 24 | 0.94× | 0.91× | ||
| Q1 24 | 1.87× | 16.41× |
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% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
