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Side-by-side financial comparison of CF Industries (CF) and Teradyne (TER). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.1B, roughly 1.7× Teradyne). CF Industries runs the higher net margin — 26.4% vs 23.7%, a 2.7% gap on every dollar of revenue. On growth, Teradyne posted the faster year-over-year revenue change (43.9% vs 22.8%). CF Industries produced more free cash flow last quarter ($313.0M vs $218.8M). Over the past eight quarters, Teradyne's revenue compounded faster (34.4% 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.
Teradyne, Inc. is an American automatic test equipment (ATE) designer and manufacturer based in North Reading, Massachusetts. Its high-profile customers include Samsung, Qualcomm, Intel, Analog Devices, Texas Instruments and IBM.
CF vs TER — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $495.0M | $257.2M |
| Gross Margin | 40.9% | 57.2% |
| Operating Margin | 33.0% | 27.1% |
| Net Margin | 26.4% | 23.7% |
| Revenue YoY | 22.8% | 43.9% |
| Net Profit YoY | 26.3% | 75.9% |
| EPS (diluted) | $2.56 | $1.62 |
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 | $1.1B | ||
| Q3 25 | $1.7B | $769.2M | ||
| Q2 25 | $1.9B | $651.8M | ||
| Q1 25 | $1.7B | $685.7M | ||
| Q4 24 | $1.5B | $752.9M | ||
| Q3 24 | $1.4B | $737.3M | ||
| Q2 24 | $1.6B | $729.9M | ||
| Q1 24 | $1.5B | $599.8M |
| Q4 25 | $495.0M | $257.2M | ||
| Q3 25 | $460.0M | $119.6M | ||
| Q2 25 | $492.0M | $78.4M | ||
| Q1 25 | $351.0M | $98.9M | ||
| Q4 24 | $392.0M | $146.3M | ||
| Q3 24 | $341.0M | $145.6M | ||
| Q2 24 | $506.0M | $186.3M | ||
| Q1 24 | $238.0M | $64.2M |
| Q4 25 | 40.9% | 57.2% | ||
| Q3 25 | 38.1% | 58.4% | ||
| Q2 25 | 39.9% | 57.2% | ||
| Q1 25 | 34.4% | 60.6% | ||
| Q4 24 | 34.4% | 59.4% | ||
| Q3 24 | 32.4% | 59.2% | ||
| Q2 24 | 43.2% | 58.3% | ||
| Q1 24 | 27.8% | 56.6% |
| Q4 25 | 33.0% | 27.1% | ||
| Q3 25 | 35.0% | 18.9% | ||
| Q2 25 | 34.3% | 13.9% | ||
| Q1 25 | 27.4% | 17.6% | ||
| Q4 24 | 28.9% | 20.4% | ||
| Q3 24 | 26.6% | 20.6% | ||
| Q2 24 | 40.6% | 28.8% | ||
| Q1 24 | 20.6% | 13.0% |
| Q4 25 | 26.4% | 23.7% | ||
| Q3 25 | 27.7% | 15.5% | ||
| Q2 25 | 26.0% | 12.0% | ||
| Q1 25 | 21.1% | 14.4% | ||
| Q4 24 | 25.7% | 19.4% | ||
| Q3 24 | 24.9% | 19.8% | ||
| Q2 24 | 32.2% | 25.5% | ||
| Q1 24 | 16.2% | 10.7% |
| Q4 25 | $2.56 | $1.62 | ||
| Q3 25 | $2.19 | $0.75 | ||
| Q2 25 | $2.37 | $0.49 | ||
| Q1 25 | $1.85 | $0.61 | ||
| Q4 24 | $1.86 | $0.89 | ||
| Q3 24 | $1.55 | $0.89 | ||
| Q2 24 | $2.30 | $1.14 | ||
| Q1 24 | $1.03 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $293.8M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $2.8B |
| Total Assets | $14.1B | $4.2B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $293.8M | ||
| Q3 25 | — | $272.7M | ||
| Q2 25 | — | $339.3M | ||
| Q1 25 | — | $475.6M | ||
| Q4 24 | — | $553.4M | ||
| Q3 24 | — | $510.0M | ||
| Q2 24 | — | $421.9M | ||
| Q1 24 | — | $707.4M |
| 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 | $2.8B | ||
| Q3 25 | $4.8B | $2.7B | ||
| Q2 25 | $5.0B | $2.8B | ||
| Q1 25 | $4.8B | $2.8B | ||
| Q4 24 | $5.0B | $2.8B | ||
| Q3 24 | $5.2B | $2.9B | ||
| Q2 24 | $5.5B | $2.7B | ||
| Q1 24 | $5.4B | $2.6B |
| Q4 25 | $14.1B | $4.2B | ||
| Q3 25 | $14.2B | $4.0B | ||
| Q2 25 | $13.8B | $3.8B | ||
| Q1 25 | $13.3B | $3.7B | ||
| Q4 24 | $13.5B | $3.7B | ||
| Q3 24 | $13.8B | $3.8B | ||
| Q2 24 | $13.8B | $3.6B | ||
| Q1 24 | $13.9B | $3.4B |
| 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 | $281.6M |
| Free Cash FlowOCF − Capex | $313.0M | $218.8M |
| FCF MarginFCF / Revenue | 16.7% | 20.2% |
| Capex IntensityCapex / Revenue | 12.1% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.09× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $450.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $281.6M | ||
| Q3 25 | $1.1B | $49.0M | ||
| Q2 25 | $563.0M | $182.1M | ||
| Q1 25 | $586.0M | $161.6M | ||
| Q4 24 | $420.0M | $282.6M | ||
| Q3 24 | $931.0M | $166.3M | ||
| Q2 24 | $475.0M | $216.1M | ||
| Q1 24 | $445.0M | $7.3M |
| Q4 25 | $313.0M | $218.8M | ||
| Q3 25 | $717.0M | $2.4M | ||
| Q2 25 | $318.0M | $131.7M | ||
| Q1 25 | $454.0M | $97.6M | ||
| Q4 24 | $223.0M | $225.2M | ||
| Q3 24 | $792.0M | $114.4M | ||
| Q2 24 | $391.0M | $171.2M | ||
| Q1 24 | $347.0M | $-36.7M |
| Q4 25 | 16.7% | 20.2% | ||
| Q3 25 | 43.2% | 0.3% | ||
| Q2 25 | 16.8% | 20.2% | ||
| Q1 25 | 27.3% | 14.2% | ||
| Q4 24 | 14.6% | 29.9% | ||
| Q3 24 | 57.8% | 15.5% | ||
| Q2 24 | 24.9% | 23.5% | ||
| Q1 24 | 23.6% | -6.1% |
| Q4 25 | 12.1% | 5.8% | ||
| Q3 25 | 20.9% | 6.1% | ||
| Q2 25 | 13.0% | 7.7% | ||
| Q1 25 | 7.9% | 9.3% | ||
| Q4 24 | 12.9% | 7.6% | ||
| Q3 24 | 10.1% | 7.0% | ||
| Q2 24 | 5.3% | 6.1% | ||
| Q1 24 | 6.7% | 7.3% |
| Q4 25 | 1.09× | 1.09× | ||
| Q3 25 | 2.31× | 0.41× | ||
| Q2 25 | 1.14× | 2.32× | ||
| Q1 25 | 1.67× | 1.63× | ||
| Q4 24 | 1.07× | 1.93× | ||
| Q3 24 | 2.73× | 1.14× | ||
| Q2 24 | 0.94× | 1.16× | ||
| Q1 24 | 1.87× | 0.11× |
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% |
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
