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Side-by-side financial comparison of CF Industries (CF) and Sally Beauty Holdings, Inc. (SBH). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $943.2M, roughly 2.0× Sally Beauty Holdings, Inc.). CF Industries runs the higher net margin — 26.4% vs 4.8%, a 21.6% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 0.6%). CF Industries produced more free cash flow last quarter ($313.0M vs $57.5M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 1.9%).
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.
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
CF vs SBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $943.2M |
| Net Profit | $495.0M | $45.6M |
| Gross Margin | 40.9% | 51.2% |
| Operating Margin | 33.0% | 8.1% |
| Net Margin | 26.4% | 4.8% |
| Revenue YoY | 22.8% | 0.6% |
| Net Profit YoY | 26.3% | -25.3% |
| EPS (diluted) | $2.56 | $0.45 |
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 | $943.2M | ||
| Q3 25 | $1.7B | $947.1M | ||
| Q2 25 | $1.9B | $933.3M | ||
| Q1 25 | $1.7B | $883.1M | ||
| Q4 24 | $1.5B | $937.9M | ||
| Q3 24 | $1.4B | $935.0M | ||
| Q2 24 | $1.6B | $942.3M | ||
| Q1 24 | $1.5B | $908.4M |
| Q4 25 | $495.0M | $45.6M | ||
| Q3 25 | $460.0M | $49.9M | ||
| Q2 25 | $492.0M | $45.7M | ||
| Q1 25 | $351.0M | $39.2M | ||
| Q4 24 | $392.0M | $61.0M | ||
| Q3 24 | $341.0M | $48.1M | ||
| Q2 24 | $506.0M | $37.7M | ||
| Q1 24 | $238.0M | $29.2M |
| Q4 25 | 40.9% | 51.2% | ||
| Q3 25 | 38.1% | 52.2% | ||
| Q2 25 | 39.9% | 51.5% | ||
| Q1 25 | 34.4% | 52.0% | ||
| Q4 24 | 34.4% | 50.8% | ||
| Q3 24 | 32.4% | 51.2% | ||
| Q2 24 | 43.2% | 51.0% | ||
| Q1 24 | 27.8% | 51.0% |
| Q4 25 | 33.0% | 8.1% | ||
| Q3 25 | 35.0% | 8.4% | ||
| Q2 25 | 34.3% | 8.4% | ||
| Q1 25 | 27.4% | 7.9% | ||
| Q4 24 | 28.9% | 10.7% | ||
| Q3 24 | 26.6% | 8.8% | ||
| Q2 24 | 40.6% | 7.6% | ||
| Q1 24 | 20.6% | 6.6% |
| Q4 25 | 26.4% | 4.8% | ||
| Q3 25 | 27.7% | 5.3% | ||
| Q2 25 | 26.0% | 4.9% | ||
| Q1 25 | 21.1% | 4.4% | ||
| Q4 24 | 25.7% | 6.5% | ||
| Q3 24 | 24.9% | 5.1% | ||
| Q2 24 | 32.2% | 4.0% | ||
| Q1 24 | 16.2% | 3.2% |
| Q4 25 | $2.56 | $0.45 | ||
| Q3 25 | $2.19 | $0.49 | ||
| Q2 25 | $2.37 | $0.44 | ||
| Q1 25 | $1.85 | $0.38 | ||
| Q4 24 | $1.86 | $0.58 | ||
| Q3 24 | $1.55 | $0.45 | ||
| Q2 24 | $2.30 | $0.36 | ||
| Q1 24 | $1.03 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $157.2M |
| Total DebtLower is stronger | $3.2B | $842.5M |
| Stockholders' EquityBook value | $4.8B | $823.6M |
| Total Assets | $14.1B | $2.9B |
| Debt / EquityLower = less leverage | 0.66× | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $157.2M | ||
| Q3 25 | — | $149.2M | ||
| Q2 25 | — | $112.8M | ||
| Q1 25 | — | $92.2M | ||
| Q4 24 | — | $105.5M | ||
| Q3 24 | — | $108.0M | ||
| Q2 24 | — | $97.4M | ||
| Q1 24 | — | $97.2M |
| Q4 25 | $3.2B | $842.5M | ||
| Q3 25 | $3.0B | $862.0M | ||
| Q2 25 | $3.0B | $882.4M | ||
| Q1 25 | $3.0B | $902.8M | ||
| Q4 24 | $3.0B | $938.1M | ||
| Q3 24 | $3.0B | $978.3M | ||
| Q2 24 | $3.0B | $978.9M | ||
| Q1 24 | $3.0B | $978.4M |
| Q4 25 | $4.8B | $823.6M | ||
| Q3 25 | $4.8B | $794.2M | ||
| Q2 25 | $5.0B | $762.9M | ||
| Q1 25 | $4.8B | $699.8M | ||
| Q4 24 | $5.0B | $656.5M | ||
| Q3 24 | $5.2B | $628.5M | ||
| Q2 24 | $5.5B | $577.7M | ||
| Q1 24 | $5.4B | $550.9M |
| Q4 25 | $14.1B | $2.9B | ||
| Q3 25 | $14.2B | $2.9B | ||
| Q2 25 | $13.8B | $2.7B | ||
| Q1 25 | $13.3B | $2.7B | ||
| Q4 24 | $13.5B | $2.7B | ||
| Q3 24 | $13.8B | $2.8B | ||
| Q2 24 | $13.8B | $2.7B | ||
| Q1 24 | $13.9B | $2.7B |
| Q4 25 | 0.66× | 1.02× | ||
| Q3 25 | 0.61× | 1.09× | ||
| Q2 25 | 0.60× | 1.16× | ||
| Q1 25 | 0.62× | 1.29× | ||
| Q4 24 | 0.60× | 1.43× | ||
| Q3 24 | 0.57× | 1.56× | ||
| Q2 24 | 0.54× | 1.69× | ||
| Q1 24 | 0.55× | 1.78× |
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 | $93.2M |
| Free Cash FlowOCF − Capex | $313.0M | $57.5M |
| FCF MarginFCF / Revenue | 16.7% | 6.1% |
| Capex IntensityCapex / Revenue | 12.1% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.09× | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $216.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $93.2M | ||
| Q3 25 | $1.1B | $120.9M | ||
| Q2 25 | $563.0M | $69.4M | ||
| Q1 25 | $586.0M | $51.1M | ||
| Q4 24 | $420.0M | $33.5M | ||
| Q3 24 | $931.0M | $110.7M | ||
| Q2 24 | $475.0M | $47.9M | ||
| Q1 24 | $445.0M | $36.9M |
| Q4 25 | $313.0M | $57.5M | ||
| Q3 25 | $717.0M | $78.0M | ||
| Q2 25 | $318.0M | $49.1M | ||
| Q1 25 | $454.0M | $32.2M | ||
| Q4 24 | $223.0M | $13.4M | ||
| Q3 24 | $792.0M | $73.3M | ||
| Q2 24 | $391.0M | $28.7M | ||
| Q1 24 | $347.0M | $22.8M |
| Q4 25 | 16.7% | 6.1% | ||
| Q3 25 | 43.2% | 8.2% | ||
| Q2 25 | 16.8% | 5.3% | ||
| Q1 25 | 27.3% | 3.6% | ||
| Q4 24 | 14.6% | 1.4% | ||
| Q3 24 | 57.8% | 7.8% | ||
| Q2 24 | 24.9% | 3.1% | ||
| Q1 24 | 23.6% | 2.5% |
| Q4 25 | 12.1% | 3.8% | ||
| Q3 25 | 20.9% | 4.5% | ||
| Q2 25 | 13.0% | 2.2% | ||
| Q1 25 | 7.9% | 2.1% | ||
| Q4 24 | 12.9% | 2.1% | ||
| Q3 24 | 10.1% | 4.0% | ||
| Q2 24 | 5.3% | 2.0% | ||
| Q1 24 | 6.7% | 1.6% |
| Q4 25 | 1.09× | 2.05× | ||
| Q3 25 | 2.31× | 2.42× | ||
| Q2 25 | 1.14× | 1.52× | ||
| Q1 25 | 1.67× | 1.30× | ||
| Q4 24 | 1.07× | 0.55× | ||
| Q3 24 | 2.73× | 2.30× | ||
| Q2 24 | 0.94× | 1.27× | ||
| Q1 24 | 1.87× | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
