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Side-by-side financial comparison of CF Industries (CF) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.4B, roughly 1.3× SEALED AIR CORP). CF Industries runs the higher net margin — 26.4% vs 3.1%, a 23.3% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 2.6%). CF Industries produced more free cash flow last quarter ($313.0M vs $257.7M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 2.7%).
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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
CF vs SEE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.4B |
| Net Profit | $495.0M | $43.8M |
| Gross Margin | 40.9% | 28.6% |
| Operating Margin | 33.0% | 11.4% |
| Net Margin | 26.4% | 3.1% |
| Revenue YoY | 22.8% | 2.6% |
| Net Profit YoY | 26.3% | 700.0% |
| EPS (diluted) | $2.56 | $0.30 |
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 | $1.4B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | $495.0M | $43.8M | ||
| Q3 25 | $460.0M | $255.1M | ||
| Q2 25 | $492.0M | $93.1M | ||
| Q1 25 | $351.0M | $113.5M | ||
| Q4 24 | $392.0M | $-7.3M | ||
| Q3 24 | $341.0M | $91.7M | ||
| Q2 24 | $506.0M | $98.3M | ||
| Q1 24 | $238.0M | $82.0M |
| Q4 25 | 40.9% | 28.6% | ||
| Q3 25 | 38.1% | 29.8% | ||
| Q2 25 | 39.9% | 30.7% | ||
| Q1 25 | 34.4% | 30.9% | ||
| Q4 24 | 34.4% | 30.0% | ||
| Q3 24 | 32.4% | 30.1% | ||
| Q2 24 | 43.2% | 31.2% | ||
| Q1 24 | 27.8% | 30.3% |
| Q4 25 | 33.0% | 11.4% | ||
| Q3 25 | 35.0% | 13.8% | ||
| Q2 25 | 34.3% | 15.0% | ||
| Q1 25 | 27.4% | 14.5% | ||
| Q4 24 | 28.9% | 11.7% | ||
| Q3 24 | 26.6% | 13.9% | ||
| Q2 24 | 40.6% | 15.4% | ||
| Q1 24 | 20.6% | 14.0% |
| Q4 25 | 26.4% | 3.1% | ||
| Q3 25 | 27.7% | 19.0% | ||
| Q2 25 | 26.0% | 7.0% | ||
| Q1 25 | 21.1% | 9.0% | ||
| Q4 24 | 25.7% | -0.5% | ||
| Q3 24 | 24.9% | 6.9% | ||
| Q2 24 | 32.2% | 7.4% | ||
| Q1 24 | 16.2% | 6.2% |
| Q4 25 | $2.56 | $0.30 | ||
| Q3 25 | $2.19 | $1.73 | ||
| Q2 25 | $2.37 | $0.63 | ||
| Q1 25 | $1.85 | $0.77 | ||
| Q4 24 | $1.86 | $-0.05 | ||
| Q3 24 | $1.55 | $0.63 | ||
| Q2 24 | $2.30 | $0.67 | ||
| Q1 24 | $1.03 | $0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $344.0M |
| Total DebtLower is stronger | $3.2B | $3.3B |
| Stockholders' EquityBook value | $4.8B | $1.2B |
| Total Assets | $14.1B | $7.0B |
| Debt / EquityLower = less leverage | 0.66× | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | — | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $3.0B | $4.0B | ||
| Q1 25 | $3.0B | $4.2B | ||
| Q4 24 | $3.0B | $4.2B | ||
| Q3 24 | $3.0B | $4.3B | ||
| Q2 24 | $3.0B | $4.4B | ||
| Q1 24 | $3.0B | $4.5B |
| Q4 25 | $4.8B | $1.2B | ||
| Q3 25 | $4.8B | $1.2B | ||
| Q2 25 | $5.0B | $953.1M | ||
| Q1 25 | $4.8B | $797.9M | ||
| Q4 24 | $5.0B | $624.5M | ||
| Q3 24 | $5.2B | $771.2M | ||
| Q2 24 | $5.5B | $650.1M | ||
| Q1 24 | $5.4B | $598.3M |
| Q4 25 | $14.1B | $7.0B | ||
| Q3 25 | $14.2B | $7.1B | ||
| Q2 25 | $13.8B | $7.2B | ||
| Q1 25 | $13.3B | $7.0B | ||
| Q4 24 | $13.5B | $7.0B | ||
| Q3 24 | $13.8B | $7.3B | ||
| Q2 24 | $13.8B | $7.3B | ||
| Q1 24 | $13.9B | $7.2B |
| Q4 25 | 0.66× | 2.65× | ||
| Q3 25 | 0.61× | 3.34× | ||
| Q2 25 | 0.60× | 4.18× | ||
| Q1 25 | 0.62× | 5.26× | ||
| Q4 24 | 0.60× | 6.72× | ||
| Q3 24 | 0.57× | 5.62× | ||
| Q2 24 | 0.54× | 6.81× | ||
| Q1 24 | 0.55× | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | $313.0M | $257.7M |
| FCF MarginFCF / Revenue | 16.7% | 18.5% |
| Capex IntensityCapex / Revenue | 12.1% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.09× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $293.6M | ||
| Q3 25 | $1.1B | $165.9M | ||
| Q2 25 | $563.0M | $136.6M | ||
| Q1 25 | $586.0M | $31.9M | ||
| Q4 24 | $420.0M | $244.2M | ||
| Q3 24 | $931.0M | $170.5M | ||
| Q2 24 | $475.0M | $188.2M | ||
| Q1 24 | $445.0M | $125.1M |
| Q4 25 | $313.0M | $257.7M | ||
| Q3 25 | $717.0M | $119.6M | ||
| Q2 25 | $318.0M | $93.2M | ||
| Q1 25 | $454.0M | $-12.0M | ||
| Q4 24 | $223.0M | $185.1M | ||
| Q3 24 | $792.0M | $115.2M | ||
| Q2 24 | $391.0M | $129.5M | ||
| Q1 24 | $347.0M | $78.0M |
| Q4 25 | 16.7% | 18.5% | ||
| Q3 25 | 43.2% | 8.9% | ||
| Q2 25 | 16.8% | 7.0% | ||
| Q1 25 | 27.3% | -0.9% | ||
| Q4 24 | 14.6% | 13.6% | ||
| Q3 24 | 57.8% | 8.6% | ||
| Q2 24 | 24.9% | 9.7% | ||
| Q1 24 | 23.6% | 5.9% |
| Q4 25 | 12.1% | 2.6% | ||
| Q3 25 | 20.9% | 3.4% | ||
| Q2 25 | 13.0% | 3.3% | ||
| Q1 25 | 7.9% | 3.5% | ||
| Q4 24 | 12.9% | 4.4% | ||
| Q3 24 | 10.1% | 4.1% | ||
| Q2 24 | 5.3% | 4.4% | ||
| Q1 24 | 6.7% | 3.6% |
| Q4 25 | 1.09× | 6.70× | ||
| Q3 25 | 2.31× | 0.65× | ||
| Q2 25 | 1.14× | 1.47× | ||
| Q1 25 | 1.67× | 0.28× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.86× | ||
| Q2 24 | 0.94× | 1.91× | ||
| Q1 24 | 1.87× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
