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Side-by-side financial comparison of CF Industries (CF) and Solventum (SOLV). Click either name above to swap in a different company.
Solventum is the larger business by last-quarter revenue ($2.0B vs $1.9B, roughly 1.1× CF Industries). CF Industries runs the higher net margin — 26.4% vs 3.2%, a 23.3% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -3.7%). CF Industries produced more free cash flow last quarter ($313.0M vs $32.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -0.4%).
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.
Solventum Corporation is an American health care company that was spun off from 3M on April 1, 2024.
CF vs SOLV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.0B |
| Net Profit | $495.0M | $63.0M |
| Gross Margin | 40.9% | 51.4% |
| Operating Margin | 33.0% | 6.3% |
| Net Margin | 26.4% | 3.2% |
| Revenue YoY | 22.8% | -3.7% |
| Net Profit YoY | 26.3% | 103.2% |
| EPS (diluted) | $2.56 | $0.37 |
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 | $2.0B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.6B | $2.1B | ||
| Q1 24 | $1.5B | $2.0B |
| Q4 25 | $495.0M | $63.0M | ||
| Q3 25 | $460.0M | $1.3B | ||
| Q2 25 | $492.0M | $90.0M | ||
| Q1 25 | $351.0M | $137.0M | ||
| Q4 24 | $392.0M | $31.0M | ||
| Q3 24 | $341.0M | $122.0M | ||
| Q2 24 | $506.0M | $89.0M | ||
| Q1 24 | $238.0M | $237.0M |
| Q4 25 | 40.9% | 51.4% | ||
| Q3 25 | 38.1% | 54.2% | ||
| Q2 25 | 39.9% | 54.4% | ||
| Q1 25 | 34.4% | 53.8% | ||
| Q4 24 | 34.4% | 53.9% | ||
| Q3 24 | 32.4% | 56.0% | ||
| Q2 24 | 43.2% | 54.6% | ||
| Q1 24 | 27.8% | 58.1% |
| Q4 25 | 33.0% | 6.3% | ||
| Q3 25 | 35.0% | 80.6% | ||
| Q2 25 | 34.3% | 9.9% | ||
| Q1 25 | 27.4% | 7.3% | ||
| Q4 24 | 28.9% | 6.6% | ||
| Q3 24 | 26.6% | 13.2% | ||
| Q2 24 | 40.6% | 11.7% | ||
| Q1 24 | 20.6% | 18.9% |
| Q4 25 | 26.4% | 3.2% | ||
| Q3 25 | 27.7% | 60.4% | ||
| Q2 25 | 26.0% | 4.2% | ||
| Q1 25 | 21.1% | 6.6% | ||
| Q4 24 | 25.7% | 1.5% | ||
| Q3 24 | 24.9% | 5.9% | ||
| Q2 24 | 32.2% | 4.3% | ||
| Q1 24 | 16.2% | 11.8% |
| Q4 25 | $2.56 | $0.37 | ||
| Q3 25 | $2.19 | $7.22 | ||
| Q2 25 | $2.37 | $0.51 | ||
| Q1 25 | $1.85 | $0.78 | ||
| Q4 24 | $1.86 | $0.18 | ||
| Q3 24 | $1.55 | $0.70 | ||
| Q2 24 | $2.30 | $0.51 | ||
| Q1 24 | $1.03 | $1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $878.0M |
| Total DebtLower is stronger | $3.2B | $5.0B |
| Stockholders' EquityBook value | $4.8B | $5.0B |
| Total Assets | $14.1B | $14.3B |
| Debt / EquityLower = less leverage | 0.66× | 1.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $878.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $534.0M | ||
| Q4 24 | — | $762.0M | ||
| Q3 24 | — | $772.0M | ||
| Q2 24 | — | $897.0M | ||
| Q1 24 | — | $996.0M |
| Q4 25 | $3.2B | $5.0B | ||
| Q3 25 | $3.0B | $5.1B | ||
| Q2 25 | $3.0B | $7.8B | ||
| Q1 25 | $3.0B | $7.9B | ||
| Q4 24 | $3.0B | $8.0B | ||
| Q3 24 | $3.0B | $8.1B | ||
| Q2 24 | $3.0B | $8.3B | ||
| Q1 24 | $3.0B | $8.3B |
| Q4 25 | $4.8B | $5.0B | ||
| Q3 25 | $4.8B | $5.0B | ||
| Q2 25 | $5.0B | $3.6B | ||
| Q1 25 | $4.8B | $3.3B | ||
| Q4 24 | $5.0B | $3.0B | ||
| Q3 24 | $5.2B | $3.2B | ||
| Q2 24 | $5.5B | $2.9B | ||
| Q1 24 | $5.4B | $3.9B |
| Q4 25 | $14.1B | $14.3B | ||
| Q3 25 | $14.2B | $14.0B | ||
| Q2 25 | $13.8B | $15.1B | ||
| Q1 25 | $13.3B | $14.5B | ||
| Q4 24 | $13.5B | $14.5B | ||
| Q3 24 | $13.8B | $14.7B | ||
| Q2 24 | $13.8B | $14.6B | ||
| Q1 24 | $13.9B | $14.7B |
| Q4 25 | 0.66× | 1.00× | ||
| Q3 25 | 0.61× | 1.03× | ||
| Q2 25 | 0.60× | 2.14× | ||
| Q1 25 | 0.62× | 2.43× | ||
| Q4 24 | 0.60× | 2.71× | ||
| Q3 24 | 0.57× | 2.54× | ||
| Q2 24 | 0.54× | 2.90× | ||
| Q1 24 | 0.55× | 2.16× |
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 | $95.0M |
| Free Cash FlowOCF − Capex | $313.0M | $32.0M |
| FCF MarginFCF / Revenue | 16.7% | 1.6% |
| Capex IntensityCapex / Revenue | 12.1% | 3.2% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-10.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $95.0M | ||
| Q3 25 | $1.1B | $76.0M | ||
| Q2 25 | $563.0M | $169.0M | ||
| Q1 25 | $586.0M | $29.0M | ||
| Q4 24 | $420.0M | $219.0M | ||
| Q3 24 | $931.0M | $169.0M | ||
| Q2 24 | $475.0M | $355.0M | ||
| Q1 24 | $445.0M | $442.0M |
| Q4 25 | $313.0M | $32.0M | ||
| Q3 25 | $717.0M | $-21.0M | ||
| Q2 25 | $318.0M | $59.0M | ||
| Q1 25 | $454.0M | $-80.0M | ||
| Q4 24 | $223.0M | $92.0M | ||
| Q3 24 | $792.0M | $76.0M | ||
| Q2 24 | $391.0M | $297.0M | ||
| Q1 24 | $347.0M | $340.0M |
| Q4 25 | 16.7% | 1.6% | ||
| Q3 25 | 43.2% | -1.0% | ||
| Q2 25 | 16.8% | 2.7% | ||
| Q1 25 | 27.3% | -3.9% | ||
| Q4 24 | 14.6% | 4.4% | ||
| Q3 24 | 57.8% | 3.7% | ||
| Q2 24 | 24.9% | 14.3% | ||
| Q1 24 | 23.6% | 16.9% |
| Q4 25 | 12.1% | 3.2% | ||
| Q3 25 | 20.9% | 4.6% | ||
| Q2 25 | 13.0% | 5.1% | ||
| Q1 25 | 7.9% | 5.3% | ||
| Q4 24 | 12.9% | 6.1% | ||
| Q3 24 | 10.1% | 4.5% | ||
| Q2 24 | 5.3% | 2.8% | ||
| Q1 24 | 6.7% | 5.1% |
| Q4 25 | 1.09× | 1.51× | ||
| Q3 25 | 2.31× | 0.06× | ||
| Q2 25 | 1.14× | 1.88× | ||
| Q1 25 | 1.67× | 0.21× | ||
| Q4 24 | 1.07× | 7.06× | ||
| Q3 24 | 2.73× | 1.39× | ||
| Q2 24 | 0.94× | 3.99× | ||
| Q1 24 | 1.87× | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
