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Side-by-side financial comparison of CF Industries (CF) and TREX CO INC (TREX). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $161.1M, roughly 11.6× TREX CO INC). CF Industries runs the higher net margin — 26.4% vs 1.4%, a 25.0% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -3.9%). CF Industries produced more free cash flow last quarter ($313.0M vs $22.1M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -34.3%).
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.
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
CF vs TREX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $161.1M |
| Net Profit | $495.0M | $2.3M |
| Gross Margin | 40.9% | 30.2% |
| Operating Margin | 33.0% | 2.2% |
| Net Margin | 26.4% | 1.4% |
| Revenue YoY | 22.8% | -3.9% |
| Net Profit YoY | 26.3% | -76.4% |
| EPS (diluted) | $2.56 | $0.03 |
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 | $161.1M | ||
| Q3 25 | $1.7B | $285.3M | ||
| Q2 25 | $1.9B | $387.8M | ||
| Q1 25 | $1.7B | $340.0M | ||
| Q4 24 | $1.5B | $167.6M | ||
| Q3 24 | $1.4B | $233.7M | ||
| Q2 24 | $1.6B | $376.5M | ||
| Q1 24 | $1.5B | $373.6M |
| Q4 25 | $495.0M | $2.3M | ||
| Q3 25 | $460.0M | $51.8M | ||
| Q2 25 | $492.0M | $75.9M | ||
| Q1 25 | $351.0M | $60.4M | ||
| Q4 24 | $392.0M | $9.8M | ||
| Q3 24 | $341.0M | $40.6M | ||
| Q2 24 | $506.0M | $87.0M | ||
| Q1 24 | $238.0M | $89.1M |
| Q4 25 | 40.9% | 30.2% | ||
| Q3 25 | 38.1% | 40.5% | ||
| Q2 25 | 39.9% | 40.8% | ||
| Q1 25 | 34.4% | 40.5% | ||
| Q4 24 | 34.4% | 32.7% | ||
| Q3 24 | 32.4% | 39.9% | ||
| Q2 24 | 43.2% | 44.7% | ||
| Q1 24 | 27.8% | 45.4% |
| Q4 25 | 33.0% | 2.2% | ||
| Q3 25 | 35.0% | 24.7% | ||
| Q2 25 | 34.3% | 26.4% | ||
| Q1 25 | 27.4% | 24.0% | ||
| Q4 24 | 28.9% | 9.2% | ||
| Q3 24 | 26.6% | 23.2% | ||
| Q2 24 | 40.6% | 31.1% | ||
| Q1 24 | 20.6% | 31.9% |
| Q4 25 | 26.4% | 1.4% | ||
| Q3 25 | 27.7% | 18.1% | ||
| Q2 25 | 26.0% | 19.6% | ||
| Q1 25 | 21.1% | 17.8% | ||
| Q4 24 | 25.7% | 5.8% | ||
| Q3 24 | 24.9% | 17.4% | ||
| Q2 24 | 32.2% | 23.1% | ||
| Q1 24 | 16.2% | 23.8% |
| Q4 25 | $2.56 | $0.03 | ||
| Q3 25 | $2.19 | $0.48 | ||
| Q2 25 | $2.37 | $0.71 | ||
| Q1 25 | $1.85 | $0.56 | ||
| Q4 24 | $1.86 | $0.10 | ||
| Q3 24 | $1.55 | $0.37 | ||
| Q2 24 | $2.30 | $0.80 | ||
| Q1 24 | $1.03 | $0.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.8M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $1.0B |
| Total Assets | $14.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.8M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $5.5M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | — | $1.3M | ||
| Q3 24 | — | $12.8M | ||
| Q2 24 | — | $1.2M | ||
| Q1 24 | — | $3.1M |
| 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 | $1.0B | ||
| Q3 25 | $4.8B | $1.0B | ||
| Q2 25 | $5.0B | $989.3M | ||
| Q1 25 | $4.8B | $910.1M | ||
| Q4 24 | $5.0B | $850.1M | ||
| Q3 24 | $5.2B | $887.9M | ||
| Q2 24 | $5.5B | $894.9M | ||
| Q1 24 | $5.4B | $804.1M |
| Q4 25 | $14.1B | $1.5B | ||
| Q3 25 | $14.2B | $1.5B | ||
| Q2 25 | $13.8B | $1.5B | ||
| Q1 25 | $13.3B | $1.6B | ||
| Q4 24 | $13.5B | $1.3B | ||
| Q3 24 | $13.8B | $1.3B | ||
| Q2 24 | $13.8B | $1.3B | ||
| Q1 24 | $13.9B | $1.3B |
| 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 | $65.5M |
| Free Cash FlowOCF − Capex | $313.0M | $22.1M |
| FCF MarginFCF / Revenue | 16.7% | 13.7% |
| Capex IntensityCapex / Revenue | 12.1% | 26.9% |
| Cash ConversionOCF / Net Profit | 1.09× | 28.45× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $134.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $65.5M | ||
| Q3 25 | $1.1B | $196.9M | ||
| Q2 25 | $563.0M | $249.8M | ||
| Q1 25 | $586.0M | $-154.0M | ||
| Q4 24 | $420.0M | $-8.5M | ||
| Q3 24 | $931.0M | $132.8M | ||
| Q2 24 | $475.0M | $193.7M | ||
| Q1 24 | $445.0M | $-174.0M |
| Q4 25 | $313.0M | $22.1M | ||
| Q3 25 | $717.0M | $142.9M | ||
| Q2 25 | $318.0M | $203.0M | ||
| Q1 25 | $454.0M | $-233.5M | ||
| Q4 24 | $223.0M | $-89.3M | ||
| Q3 24 | $792.0M | $54.5M | ||
| Q2 24 | $391.0M | $158.2M | ||
| Q1 24 | $347.0M | $-211.8M |
| Q4 25 | 16.7% | 13.7% | ||
| Q3 25 | 43.2% | 50.1% | ||
| Q2 25 | 16.8% | 52.3% | ||
| Q1 25 | 27.3% | -68.7% | ||
| Q4 24 | 14.6% | -53.3% | ||
| Q3 24 | 57.8% | 23.3% | ||
| Q2 24 | 24.9% | 42.0% | ||
| Q1 24 | 23.6% | -56.7% |
| Q4 25 | 12.1% | 26.9% | ||
| Q3 25 | 20.9% | 18.9% | ||
| Q2 25 | 13.0% | 12.1% | ||
| Q1 25 | 7.9% | 23.4% | ||
| Q4 24 | 12.9% | 48.2% | ||
| Q3 24 | 10.1% | 33.5% | ||
| Q2 24 | 5.3% | 9.4% | ||
| Q1 24 | 6.7% | 10.1% |
| Q4 25 | 1.09× | 28.45× | ||
| Q3 25 | 2.31× | 3.80× | ||
| Q2 25 | 1.14× | 3.29× | ||
| Q1 25 | 1.67× | -2.55× | ||
| Q4 24 | 1.07× | -0.87× | ||
| Q3 24 | 2.73× | 3.27× | ||
| Q2 24 | 0.94× | 2.23× | ||
| Q1 24 | 1.87× | -1.95× |
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% |
TREX
Segment breakdown not available.
