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Side-by-side financial comparison of CF Industries (CF) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.7B, roughly 1.1× HANOVER INSURANCE GROUP, INC.). CF Industries runs the higher net margin — 26.4% vs 11.0%, a 15.5% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 6.1%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 5.2%).
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.
The Hanover Insurance Group, Inc. is an insurance company based in Worcester, Massachusetts. It was the original name of a property-liability insurance firm established in 1852, and it remained a publicly traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.
CF vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.7B |
| Net Profit | $495.0M | $186.8M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 11.1% |
| Net Margin | 26.4% | 11.0% |
| Revenue YoY | 22.8% | 6.1% |
| Net Profit YoY | 26.3% | 45.7% |
| EPS (diluted) | $2.56 | — |
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.
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $495.0M | $198.5M | ||
| Q3 25 | $460.0M | $178.7M | ||
| Q2 25 | $492.0M | $157.1M | ||
| Q1 25 | $351.0M | $128.2M | ||
| Q4 24 | $392.0M | $167.9M | ||
| Q3 24 | $341.0M | $102.1M | ||
| Q2 24 | $506.0M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 33.0% | 17.3% | ||
| Q3 25 | 35.0% | 14.9% | ||
| Q2 25 | 34.3% | 12.7% | ||
| Q1 25 | 27.4% | 11.6% | ||
| Q4 24 | 28.9% | 16.1% | ||
| Q3 24 | 26.6% | 9.6% | ||
| Q2 24 | 40.6% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 26.4% | 11.9% | ||
| Q3 25 | 27.7% | 10.7% | ||
| Q2 25 | 26.0% | 9.5% | ||
| Q1 25 | 21.1% | 8.0% | ||
| Q4 24 | 25.7% | 10.6% | ||
| Q3 24 | 24.9% | 6.5% | ||
| Q2 24 | 32.2% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $2.56 | $5.46 | ||
| Q3 25 | $2.19 | $4.90 | ||
| Q2 25 | $2.37 | $4.30 | ||
| Q1 25 | $1.85 | $3.50 | ||
| Q4 24 | $1.86 | $4.60 | ||
| Q3 24 | $1.55 | $2.80 | ||
| Q2 24 | $2.30 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $243.5M |
| Total DebtLower is stronger | $3.2B | $843.8M |
| Stockholders' EquityBook value | $4.8B | $3.0B |
| Total Assets | $14.1B | $16.5B |
| Debt / EquityLower = less leverage | 0.66× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $915.7M | ||
| Q2 25 | — | $244.1M | ||
| Q1 25 | — | $315.1M | ||
| Q4 24 | — | $435.5M | ||
| Q3 24 | — | $427.1M | ||
| Q2 24 | — | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | $3.2B | $843.3M | ||
| Q3 25 | $3.0B | $843.0M | ||
| Q2 25 | $3.0B | $347.8M | ||
| Q1 25 | $3.0B | $722.5M | ||
| Q4 24 | $3.0B | $722.3M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $4.8B | $3.6B | ||
| Q3 25 | $4.8B | $3.4B | ||
| Q2 25 | $5.0B | $3.2B | ||
| Q1 25 | $4.8B | $3.0B | ||
| Q4 24 | $5.0B | $2.8B | ||
| Q3 24 | $5.2B | $2.9B | ||
| Q2 24 | $5.5B | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $14.1B | $16.9B | ||
| Q3 25 | $14.2B | $16.8B | ||
| Q2 25 | $13.8B | $15.7B | ||
| Q1 25 | $13.3B | $15.5B | ||
| Q4 24 | $13.5B | $15.3B | ||
| Q3 24 | $13.8B | $15.4B | ||
| Q2 24 | $13.8B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | 0.66× | 0.24× | ||
| Q3 25 | 0.61× | 0.25× | ||
| Q2 25 | 0.60× | 0.11× | ||
| Q1 25 | 0.62× | 0.24× | ||
| Q4 24 | 0.60× | 0.25× | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — |
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 | — |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $378.2M | ||
| Q3 25 | $1.1B | $554.4M | ||
| Q2 25 | $563.0M | $206.6M | ||
| Q1 25 | $586.0M | $38.9M | ||
| Q4 24 | $420.0M | $213.5M | ||
| Q3 24 | $931.0M | $394.7M | ||
| Q2 24 | $475.0M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $377.0M | ||
| Q3 25 | $717.0M | $551.4M | ||
| Q2 25 | $318.0M | $204.9M | ||
| Q1 25 | $454.0M | $37.1M | ||
| Q4 24 | $223.0M | $210.5M | ||
| Q3 24 | $792.0M | $392.3M | ||
| Q2 24 | $391.0M | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 22.6% | ||
| Q3 25 | 43.2% | 33.1% | ||
| Q2 25 | 16.8% | 12.4% | ||
| Q1 25 | 27.3% | 2.3% | ||
| Q4 24 | 14.6% | 13.3% | ||
| Q3 24 | 57.8% | 25.1% | ||
| Q2 24 | 24.9% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 0.1% | ||
| Q3 25 | 20.9% | 0.2% | ||
| Q2 25 | 13.0% | 0.1% | ||
| Q1 25 | 7.9% | 0.1% | ||
| Q4 24 | 12.9% | 0.2% | ||
| Q3 24 | 10.1% | 0.2% | ||
| Q2 24 | 5.3% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 1.91× | ||
| Q3 25 | 2.31× | 3.10× | ||
| Q2 25 | 1.14× | 1.32× | ||
| Q1 25 | 1.67× | 0.30× | ||
| Q4 24 | 1.07× | 1.27× | ||
| Q3 24 | 2.73× | 3.87× | ||
| Q2 24 | 0.94× | 3.44× |
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% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
