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Side-by-side financial comparison of CF Industries (CF) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.9B, roughly 1.0× Primoris Services Corp). CF Industries runs the higher net margin — 26.4% vs 2.8%, a 23.7% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 6.7%). CF Industries produced more free cash flow last quarter ($313.0M vs $121.1M). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% 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.
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
CF vs PRIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.9B |
| Net Profit | $495.0M | $51.7M |
| Gross Margin | 40.9% | 9.4% |
| Operating Margin | 33.0% | 4.2% |
| Net Margin | 26.4% | 2.8% |
| Revenue YoY | 22.8% | 6.7% |
| Net Profit YoY | 26.3% | -4.2% |
| EPS (diluted) | $2.56 | $0.94 |
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 | $1.9B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | $495.0M | $51.7M | ||
| Q3 25 | $460.0M | $94.6M | ||
| Q2 25 | $492.0M | $84.3M | ||
| Q1 25 | $351.0M | $44.2M | ||
| Q4 24 | $392.0M | $54.0M | ||
| Q3 24 | $341.0M | $58.4M | ||
| Q2 24 | $506.0M | $49.5M | ||
| Q1 24 | $238.0M | $18.9M |
| Q4 25 | 40.9% | 9.4% | ||
| Q3 25 | 38.1% | 10.8% | ||
| Q2 25 | 39.9% | 12.3% | ||
| Q1 25 | 34.4% | 10.4% | ||
| Q4 24 | 34.4% | 10.6% | ||
| Q3 24 | 32.4% | 12.0% | ||
| Q2 24 | 43.2% | 11.9% | ||
| Q1 24 | 27.8% | 9.4% |
| Q4 25 | 33.0% | 4.2% | ||
| Q3 25 | 35.0% | 6.3% | ||
| Q2 25 | 34.3% | 6.7% | ||
| Q1 25 | 27.4% | 4.3% | ||
| Q4 24 | 28.9% | 5.0% | ||
| Q3 24 | 26.6% | 6.0% | ||
| Q2 24 | 40.6% | 5.5% | ||
| Q1 24 | 20.6% | 3.1% |
| Q4 25 | 26.4% | 2.8% | ||
| Q3 25 | 27.7% | 4.3% | ||
| Q2 25 | 26.0% | 4.5% | ||
| Q1 25 | 21.1% | 2.7% | ||
| Q4 24 | 25.7% | 3.1% | ||
| Q3 24 | 24.9% | 3.5% | ||
| Q2 24 | 32.2% | 3.2% | ||
| Q1 24 | 16.2% | 1.3% |
| Q4 25 | $2.56 | $0.94 | ||
| Q3 25 | $2.19 | $1.73 | ||
| Q2 25 | $2.37 | $1.54 | ||
| Q1 25 | $1.85 | $0.81 | ||
| Q4 24 | $1.86 | $0.98 | ||
| Q3 24 | $1.55 | $1.07 | ||
| Q2 24 | $2.30 | $0.91 | ||
| Q1 24 | $1.03 | $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 | — | $535.5M |
| Total DebtLower is stronger | $3.2B | $469.9M |
| Stockholders' EquityBook value | $4.8B | $1.7B |
| Total Assets | $14.1B | $4.4B |
| Debt / EquityLower = less leverage | 0.66× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $535.5M | ||
| Q3 25 | — | $431.4M | ||
| Q2 25 | — | $390.3M | ||
| Q1 25 | — | $351.6M | ||
| Q4 24 | — | $455.8M | ||
| Q3 24 | — | $352.7M | ||
| Q2 24 | — | $207.4M | ||
| Q1 24 | — | $177.6M |
| Q4 25 | $3.2B | $469.9M | ||
| Q3 25 | $3.0B | $486.0M | ||
| Q2 25 | $3.0B | $603.1M | ||
| Q1 25 | $3.0B | $612.0M | ||
| Q4 24 | $3.0B | $734.8M | ||
| Q3 24 | $3.0B | $903.7M | ||
| Q2 24 | $3.0B | $933.0M | ||
| Q1 24 | $3.0B | $951.7M |
| Q4 25 | $4.8B | $1.7B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $5.0B | $1.5B | ||
| Q1 25 | $4.8B | $1.4B | ||
| Q4 24 | $5.0B | $1.4B | ||
| Q3 24 | $5.2B | $1.4B | ||
| Q2 24 | $5.5B | $1.3B | ||
| Q1 24 | $5.4B | $1.2B |
| Q4 25 | $14.1B | $4.4B | ||
| Q3 25 | $14.2B | $4.6B | ||
| Q2 25 | $13.8B | $4.5B | ||
| Q1 25 | $13.3B | $4.2B | ||
| Q4 24 | $13.5B | $4.2B | ||
| Q3 24 | $13.8B | $4.2B | ||
| Q2 24 | $13.8B | $4.0B | ||
| Q1 24 | $13.9B | $4.0B |
| Q4 25 | 0.66× | 0.28× | ||
| Q3 25 | 0.61× | 0.30× | ||
| Q2 25 | 0.60× | 0.39× | ||
| Q1 25 | 0.62× | 0.42× | ||
| Q4 24 | 0.60× | 0.52× | ||
| Q3 24 | 0.57× | 0.67× | ||
| Q2 24 | 0.54× | 0.72× | ||
| Q1 24 | 0.55× | 0.76× |
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 | $142.9M |
| Free Cash FlowOCF − Capex | $313.0M | $121.1M |
| FCF MarginFCF / Revenue | 16.7% | 6.5% |
| Capex IntensityCapex / Revenue | 12.1% | 1.2% |
| Cash ConversionOCF / Net Profit | 1.09× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $142.9M | ||
| Q3 25 | $1.1B | $182.9M | ||
| Q2 25 | $563.0M | $78.5M | ||
| Q1 25 | $586.0M | $66.2M | ||
| Q4 24 | $420.0M | $298.3M | ||
| Q3 24 | $931.0M | $222.5M | ||
| Q2 24 | $475.0M | $16.1M | ||
| Q1 24 | $445.0M | $-28.5M |
| Q4 25 | $313.0M | $121.1M | ||
| Q3 25 | $717.0M | $148.4M | ||
| Q2 25 | $318.0M | $45.3M | ||
| Q1 25 | $454.0M | $25.6M | ||
| Q4 24 | $223.0M | $270.0M | ||
| Q3 24 | $792.0M | $158.8M | ||
| Q2 24 | $391.0M | $-8.1M | ||
| Q1 24 | $347.0M | $-38.9M |
| Q4 25 | 16.7% | 6.5% | ||
| Q3 25 | 43.2% | 6.8% | ||
| Q2 25 | 16.8% | 2.4% | ||
| Q1 25 | 27.3% | 1.6% | ||
| Q4 24 | 14.6% | 15.5% | ||
| Q3 24 | 57.8% | 9.6% | ||
| Q2 24 | 24.9% | -0.5% | ||
| Q1 24 | 23.6% | -2.8% |
| Q4 25 | 12.1% | 1.2% | ||
| Q3 25 | 20.9% | 1.6% | ||
| Q2 25 | 13.0% | 1.8% | ||
| Q1 25 | 7.9% | 2.5% | ||
| Q4 24 | 12.9% | 1.6% | ||
| Q3 24 | 10.1% | 3.9% | ||
| Q2 24 | 5.3% | 1.5% | ||
| Q1 24 | 6.7% | 0.7% |
| Q4 25 | 1.09× | 2.76× | ||
| Q3 25 | 2.31× | 1.93× | ||
| Q2 25 | 1.14× | 0.93× | ||
| Q1 25 | 1.67× | 1.50× | ||
| Q4 24 | 1.07× | 5.53× | ||
| Q3 24 | 2.73× | 3.81× | ||
| Q2 24 | 0.94× | 0.32× | ||
| Q1 24 | 1.87× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
