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Side-by-side financial comparison of CF Industries (CF) and Public Storage (PSA). 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 1.5× Public Storage). Public Storage runs the higher net margin — 41.7% vs 26.4%, a 15.3% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 3.3%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 2.5%).
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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
CF vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $495.0M | $507.1M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 40.7% |
| Net Margin | 26.4% | 41.7% |
| Revenue YoY | 22.8% | 3.3% |
| Net Profit YoY | 26.3% | -17.5% |
| EPS (diluted) | $2.56 | $2.59 |
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 | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.2B |
| Q4 25 | $495.0M | $507.1M | ||
| Q3 25 | $460.0M | $511.1M | ||
| Q2 25 | $492.0M | $358.4M | ||
| Q1 25 | $351.0M | $407.8M | ||
| Q4 24 | $392.0M | $614.6M | ||
| Q3 24 | $341.0M | $430.3M | ||
| Q2 24 | $506.0M | $518.1M | ||
| Q1 24 | $238.0M | $508.9M |
| 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% | 40.7% | ||
| Q3 25 | 35.0% | 42.3% | ||
| Q2 25 | 34.3% | 30.4% | ||
| Q1 25 | 27.4% | 34.8% | ||
| Q4 24 | 28.9% | 52.4% | ||
| Q3 24 | 26.6% | 36.7% | ||
| Q2 24 | 40.6% | 44.6% | ||
| Q1 24 | 20.6% | 44.3% |
| Q4 25 | 26.4% | 41.7% | ||
| Q3 25 | 27.7% | 41.8% | ||
| Q2 25 | 26.0% | 29.8% | ||
| Q1 25 | 21.1% | 34.5% | ||
| Q4 24 | 25.7% | 52.2% | ||
| Q3 24 | 24.9% | 36.2% | ||
| Q2 24 | 32.2% | 44.2% | ||
| Q1 24 | 16.2% | 44.0% |
| Q4 25 | $2.56 | $2.59 | ||
| Q3 25 | $2.19 | $2.62 | ||
| Q2 25 | $2.37 | $1.76 | ||
| Q1 25 | $1.85 | $2.04 | ||
| Q4 24 | $1.86 | $3.22 | ||
| Q3 24 | $1.55 | $2.16 | ||
| Q2 24 | $2.30 | $2.66 | ||
| Q1 24 | $1.03 | $2.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $318.1M |
| Total DebtLower is stronger | $3.2B | $10.3B |
| Stockholders' EquityBook value | $4.8B | $9.2B |
| Total Assets | $14.1B | $20.2B |
| Debt / EquityLower = less leverage | 0.66× | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $318.1M | ||
| Q3 25 | — | $296.5M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $287.2M | ||
| Q4 24 | — | $447.4M | ||
| Q3 24 | — | $599.0M | ||
| Q2 24 | — | $542.3M | ||
| Q1 24 | — | $271.6M |
| Q4 25 | $3.2B | $10.3B | ||
| Q3 25 | $3.0B | $10.0B | ||
| Q2 25 | $3.0B | $10.4B | ||
| Q1 25 | $3.0B | $9.4B | ||
| Q4 24 | $3.0B | $9.4B | ||
| Q3 24 | $3.0B | $9.5B | ||
| Q2 24 | $3.0B | $9.4B | ||
| Q1 24 | $3.0B | $9.1B |
| Q4 25 | $4.8B | $9.2B | ||
| Q3 25 | $4.8B | $9.3B | ||
| Q2 25 | $5.0B | $9.4B | ||
| Q1 25 | $4.8B | $9.6B | ||
| Q4 24 | $5.0B | $9.7B | ||
| Q3 24 | $5.2B | $9.6B | ||
| Q2 24 | $5.5B | $9.7B | ||
| Q1 24 | $5.4B | $9.9B |
| Q4 25 | $14.1B | $20.2B | ||
| Q3 25 | $14.2B | $20.1B | ||
| Q2 25 | $13.8B | $20.5B | ||
| Q1 25 | $13.3B | $19.6B | ||
| Q4 24 | $13.5B | $19.8B | ||
| Q3 24 | $13.8B | $19.8B | ||
| Q2 24 | $13.8B | $19.8B | ||
| Q1 24 | $13.9B | $19.6B |
| Q4 25 | 0.66× | 1.11× | ||
| Q3 25 | 0.61× | 1.08× | ||
| Q2 25 | 0.60× | 1.11× | ||
| Q1 25 | 0.62× | 0.99× | ||
| Q4 24 | 0.60× | 0.96× | ||
| Q3 24 | 0.57× | 0.99× | ||
| Q2 24 | 0.54× | 0.97× | ||
| Q1 24 | 0.55× | 0.91× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $733.6M | ||
| Q3 25 | $1.1B | $875.1M | ||
| Q2 25 | $563.0M | $872.7M | ||
| Q1 25 | $586.0M | $705.1M | ||
| Q4 24 | $420.0M | $768.6M | ||
| Q3 24 | $931.0M | $798.8M | ||
| Q2 24 | $475.0M | $895.3M | ||
| Q1 24 | $445.0M | $665.6M |
| 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 24 | $347.0M | — |
| 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 24 | 23.6% | — |
| 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 24 | 6.7% | — |
| Q4 25 | 1.09× | 1.45× | ||
| Q3 25 | 2.31× | 1.71× | ||
| Q2 25 | 1.14× | 2.43× | ||
| Q1 25 | 1.67× | 1.73× | ||
| Q4 24 | 1.07× | 1.25× | ||
| Q3 24 | 2.73× | 1.86× | ||
| Q2 24 | 0.94× | 1.73× | ||
| Q1 24 | 1.87× | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
