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Side-by-side financial comparison of CF Industries (CF) and Under Armour, Inc. (UAA). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.3B, roughly 1.4× Under Armour, Inc.). CF Industries runs the higher net margin — 26.4% vs -32.4%, a 58.9% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -5.2%). CF Industries produced more free cash flow last quarter ($313.0M vs $261.9M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -0.2%).
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.
Under Armour, Inc. is an American sportswear company that manufactures footwear and apparel headquartered in Baltimore, Maryland, United States.
CF vs UAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.3B |
| Net Profit | $495.0M | $-430.8M |
| Gross Margin | 40.9% | 44.4% |
| Operating Margin | 33.0% | -11.3% |
| Net Margin | 26.4% | -32.4% |
| Revenue YoY | 22.8% | -5.2% |
| Net Profit YoY | 26.3% | -35013.0% |
| EPS (diluted) | $2.56 | $-1.01 |
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 | $1.3B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | $495.0M | $-430.8M | ||
| Q3 25 | $460.0M | $-18.8M | ||
| Q2 25 | $492.0M | $-2.6M | ||
| Q1 25 | $351.0M | $-67.5M | ||
| Q4 24 | $392.0M | $1.2M | ||
| Q3 24 | $341.0M | $170.4M | ||
| Q2 24 | $506.0M | $-305.4M | ||
| Q1 24 | $238.0M | $6.6M |
| Q4 25 | 40.9% | 44.4% | ||
| Q3 25 | 38.1% | 47.3% | ||
| Q2 25 | 39.9% | 48.2% | ||
| Q1 25 | 34.4% | 46.7% | ||
| Q4 24 | 34.4% | 47.5% | ||
| Q3 24 | 32.4% | 49.8% | ||
| Q2 24 | 43.2% | 47.5% | ||
| Q1 24 | 27.8% | 45.0% |
| Q4 25 | 33.0% | -11.3% | ||
| Q3 25 | 35.0% | 1.3% | ||
| Q2 25 | 34.3% | 0.3% | ||
| Q1 25 | 27.4% | -6.1% | ||
| Q4 24 | 28.9% | 1.0% | ||
| Q3 24 | 26.6% | 12.4% | ||
| Q2 24 | 40.6% | -25.3% | ||
| Q1 24 | 20.6% | -0.3% |
| Q4 25 | 26.4% | -32.4% | ||
| Q3 25 | 27.7% | -1.4% | ||
| Q2 25 | 26.0% | -0.2% | ||
| Q1 25 | 21.1% | -5.7% | ||
| Q4 24 | 25.7% | 0.1% | ||
| Q3 24 | 24.9% | 12.2% | ||
| Q2 24 | 32.2% | -25.8% | ||
| Q1 24 | 16.2% | 0.5% |
| Q4 25 | $2.56 | $-1.01 | ||
| Q3 25 | $2.19 | $-0.04 | ||
| Q2 25 | $2.37 | $-0.01 | ||
| Q1 25 | $1.85 | $-0.16 | ||
| Q4 24 | $1.86 | $0.00 | ||
| Q3 24 | $1.55 | $0.39 | ||
| Q2 24 | $2.30 | $-0.70 | ||
| Q1 24 | $1.03 | $0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $464.6M |
| Total DebtLower is stronger | $3.2B | $989.7M |
| Stockholders' EquityBook value | $4.8B | $1.4B |
| Total Assets | $14.1B | $4.6B |
| Debt / EquityLower = less leverage | 0.66× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $464.6M | ||
| Q3 25 | — | $396.0M | ||
| Q2 25 | — | $911.0M | ||
| Q1 25 | — | $501.4M | ||
| Q4 24 | — | $726.9M | ||
| Q3 24 | — | $530.7M | ||
| Q2 24 | — | $884.6M | ||
| Q1 24 | — | $858.7M |
| Q4 25 | $3.2B | $989.7M | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.0B | $989.2M | ||
| Q1 25 | $3.0B | $595.1M | ||
| Q4 24 | $3.0B | $595.2M | ||
| Q3 24 | $3.0B | $594.6M | ||
| Q2 24 | $3.0B | $595.4M | ||
| Q1 24 | $3.0B | $675.8M |
| Q4 25 | $4.8B | $1.4B | ||
| Q3 25 | $4.8B | $1.9B | ||
| Q2 25 | $5.0B | $1.9B | ||
| Q1 25 | $4.8B | $1.9B | ||
| Q4 24 | $5.0B | $2.0B | ||
| Q3 24 | $5.2B | $2.0B | ||
| Q2 24 | $5.5B | $1.8B | ||
| Q1 24 | $5.4B | $2.2B |
| Q4 25 | $14.1B | $4.6B | ||
| Q3 25 | $14.2B | $4.9B | ||
| Q2 25 | $13.8B | $4.9B | ||
| Q1 25 | $13.3B | $4.3B | ||
| Q4 24 | $13.5B | $4.6B | ||
| Q3 24 | $13.8B | $4.5B | ||
| Q2 24 | $13.8B | $4.9B | ||
| Q1 24 | $13.9B | $4.8B |
| Q4 25 | 0.66× | 0.69× | ||
| Q3 25 | 0.61× | 0.64× | ||
| Q2 25 | 0.60× | 0.53× | ||
| Q1 25 | 0.62× | 0.31× | ||
| Q4 24 | 0.60× | 0.30× | ||
| Q3 24 | 0.57× | 0.30× | ||
| Q2 24 | 0.54× | 0.33× | ||
| Q1 24 | 0.55× | 0.31× |
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 | $278.1M |
| Free Cash FlowOCF − Capex | $313.0M | $261.9M |
| FCF MarginFCF / Revenue | 16.7% | 19.7% |
| Capex IntensityCapex / Revenue | 12.1% | 1.2% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-45.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $278.1M | ||
| Q3 25 | $1.1B | $-69.8M | ||
| Q2 25 | $563.0M | $48.9M | ||
| Q1 25 | $586.0M | $-202.2M | ||
| Q4 24 | $420.0M | $311.3M | ||
| Q3 24 | $931.0M | $-321.4M | ||
| Q2 24 | $475.0M | $153.0M | ||
| Q1 24 | $445.0M | $-122.9M |
| Q4 25 | $313.0M | $261.9M | ||
| Q3 25 | $717.0M | $-90.3M | ||
| Q2 25 | $318.0M | $13.5M | ||
| Q1 25 | $454.0M | $-231.0M | ||
| Q4 24 | $223.0M | $262.9M | ||
| Q3 24 | $792.0M | $-367.2M | ||
| Q2 24 | $391.0M | $107.3M | ||
| Q1 24 | $347.0M | $-156.7M |
| Q4 25 | 16.7% | 19.7% | ||
| Q3 25 | 43.2% | -6.8% | ||
| Q2 25 | 16.8% | 1.2% | ||
| Q1 25 | 27.3% | -19.6% | ||
| Q4 24 | 14.6% | 18.8% | ||
| Q3 24 | 57.8% | -26.2% | ||
| Q2 24 | 24.9% | 9.1% | ||
| Q1 24 | 23.6% | -11.8% |
| Q4 25 | 12.1% | 1.2% | ||
| Q3 25 | 20.9% | 1.5% | ||
| Q2 25 | 13.0% | 3.1% | ||
| Q1 25 | 7.9% | 2.4% | ||
| Q4 24 | 12.9% | 3.5% | ||
| Q3 24 | 10.1% | 3.3% | ||
| Q2 24 | 5.3% | 3.9% | ||
| Q1 24 | 6.7% | 2.5% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 252.26× | ||
| Q3 24 | 2.73× | -1.89× | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | -18.71× |
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% |
UAA
| Apparel | $934.0M | 70% |
| Footwear | $265.1M | 20% |
| Accessories | $107.7M | 8% |
| License | $27.2M | 2% |
