vs
Side-by-side financial comparison of CF Industries (CF) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $1.9B, roughly 2.0× CF Industries). CF Industries runs the higher net margin — 26.4% vs 20.2%, a 6.2% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 22.8%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $313.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
CF vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $3.7B |
| Net Profit | $495.0M | $743.0M |
| Gross Margin | 40.9% | 46.1% |
| Operating Margin | 33.0% | 17.2% |
| Net Margin | 26.4% | 20.2% |
| Revenue YoY | 22.8% | 30.6% |
| Net Profit YoY | 26.3% | -42.5% |
| EPS (diluted) | $2.56 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.9B | $2.7B | ||
| Q1 25 | $1.7B | $2.4B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
| Q4 25 | $495.0M | $743.0M | ||
| Q3 25 | $460.0M | $264.0M | ||
| Q2 25 | $492.0M | $906.0M | ||
| Q1 25 | $351.0M | $-682.0M | ||
| Q4 24 | $392.0M | $1.3B | ||
| Q3 24 | $341.0M | $828.0M | ||
| Q2 24 | $506.0M | $171.0M | ||
| Q1 24 | $238.0M | $-273.0M |
| Q4 25 | 40.9% | 46.1% | ||
| Q3 25 | 38.1% | 48.9% | ||
| Q2 25 | 39.9% | 48.6% | ||
| Q1 25 | 34.4% | 49.5% | ||
| Q4 24 | 34.4% | 48.1% | ||
| Q3 24 | 32.4% | 51.7% | ||
| Q2 24 | 43.2% | 51.1% | ||
| Q1 24 | 27.8% | 51.4% |
| Q4 25 | 33.0% | 17.2% | ||
| Q3 25 | 35.0% | 12.1% | ||
| Q2 25 | 34.3% | 10.9% | ||
| Q1 25 | 27.4% | 8.6% | ||
| Q4 24 | 28.9% | 16.5% | ||
| Q3 24 | 26.6% | 13.1% | ||
| Q2 24 | 40.6% | 11.8% | ||
| Q1 24 | 20.6% | 4.6% |
| Q4 25 | 26.4% | 20.2% | ||
| Q3 25 | 27.7% | 9.3% | ||
| Q2 25 | 26.0% | 33.8% | ||
| Q1 25 | 21.1% | -28.9% | ||
| Q4 24 | 25.7% | 46.0% | ||
| Q3 24 | 24.9% | 38.3% | ||
| Q2 24 | 32.2% | 8.4% | ||
| Q1 24 | 16.2% | -14.7% |
| Q4 25 | $2.56 | $0.58 | ||
| Q3 25 | $2.19 | $0.20 | ||
| Q2 25 | $2.37 | $0.69 | ||
| Q1 25 | $1.85 | $-0.53 | ||
| Q4 24 | $1.86 | $0.99 | ||
| Q3 24 | $1.55 | $0.64 | ||
| Q2 24 | $2.30 | $0.13 | ||
| Q1 24 | $1.03 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $5.8B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $13.5B |
| Total Assets | $14.1B | $15.2B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| 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 | $13.5B | ||
| Q3 25 | $4.8B | $12.5B | ||
| Q2 25 | $5.0B | $12.1B | ||
| Q1 25 | $4.8B | $11.1B | ||
| Q4 24 | $5.0B | $11.6B | ||
| Q3 24 | $5.2B | $10.1B | ||
| Q2 24 | $5.5B | $9.2B | ||
| Q1 24 | $5.4B | $8.9B |
| Q4 25 | $14.1B | $15.2B | ||
| Q3 25 | $14.2B | $15.0B | ||
| Q2 25 | $13.8B | $14.6B | ||
| Q1 25 | $13.3B | $13.4B | ||
| Q4 24 | $13.5B | $13.9B | ||
| Q3 24 | $13.8B | — | ||
| Q2 24 | $13.8B | — | ||
| Q1 24 | $13.9B | — |
| 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 | $725.0M |
| Free Cash FlowOCF − Capex | $313.0M | $715.0M |
| FCF MarginFCF / Revenue | 16.7% | 19.5% |
| Capex IntensityCapex / Revenue | 12.1% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.09× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $725.0M | ||
| Q3 25 | $1.1B | $513.0M | ||
| Q2 25 | $563.0M | $428.0M | ||
| Q1 25 | $586.0M | $367.0M | ||
| Q4 24 | $420.0M | $615.0M | ||
| Q3 24 | $931.0M | $423.0M | ||
| Q2 24 | $475.0M | $340.0M | ||
| Q1 24 | $445.0M | $238.0M |
| Q4 25 | $313.0M | $715.0M | ||
| Q3 25 | $717.0M | $507.0M | ||
| Q2 25 | $318.0M | $422.0M | ||
| Q1 25 | $454.0M | $363.0M | ||
| Q4 24 | $223.0M | $611.0M | ||
| Q3 24 | $792.0M | $421.0M | ||
| Q2 24 | $391.0M | $333.0M | ||
| Q1 24 | $347.0M | $232.0M |
| Q4 25 | 16.7% | 19.5% | ||
| Q3 25 | 43.2% | 17.8% | ||
| Q2 25 | 16.8% | 15.7% | ||
| Q1 25 | 27.3% | 15.4% | ||
| Q4 24 | 14.6% | 21.7% | ||
| Q3 24 | 57.8% | 19.5% | ||
| Q2 24 | 24.9% | 16.3% | ||
| Q1 24 | 23.6% | 12.5% |
| Q4 25 | 12.1% | 0.3% | ||
| Q3 25 | 20.9% | 0.2% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 7.9% | 0.2% | ||
| Q4 24 | 12.9% | 0.1% | ||
| Q3 24 | 10.1% | 0.1% | ||
| Q2 24 | 5.3% | 0.3% | ||
| Q1 24 | 6.7% | 0.3% |
| Q4 25 | 1.09× | 0.98× | ||
| Q3 25 | 2.31× | 1.94× | ||
| Q2 25 | 1.14× | 0.47× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 0.48× | ||
| Q3 24 | 2.73× | 0.51× | ||
| Q2 24 | 0.94× | 1.99× | ||
| Q1 24 | 1.87× | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
