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Side-by-side financial comparison of CF Industries (CF) and UGI CORP (UGI). Click either name above to swap in a different company.
UGI CORP is the larger business by last-quarter revenue ($2.1B vs $1.9B, roughly 1.1× CF Industries). CF Industries runs the higher net margin — 26.4% vs 14.4%, a 12.1% 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 $-155.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -7.5%).
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.
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
CF vs UGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.1B |
| Net Profit | $495.0M | $297.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 22.0% |
| Net Margin | 26.4% | 14.4% |
| Revenue YoY | 22.8% | 3.9% |
| Net Profit YoY | 26.3% | -20.8% |
| EPS (diluted) | $2.56 | $1.34 |
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 | $2.1B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.4B | ||
| Q1 24 | $1.5B | $2.4B |
| Q4 25 | $495.0M | $297.0M | ||
| Q3 25 | $460.0M | $-13.0M | ||
| Q2 25 | $492.0M | $-163.0M | ||
| Q1 25 | $351.0M | $479.0M | ||
| Q4 24 | $392.0M | $375.0M | ||
| Q3 24 | $341.0M | $-273.0M | ||
| Q2 24 | $506.0M | $-48.0M | ||
| Q1 24 | $238.0M | $496.0M |
| 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 24 | 27.8% | — |
| Q4 25 | 33.0% | 22.0% | ||
| Q3 25 | 35.0% | 1.1% | ||
| Q2 25 | 34.3% | -6.8% | ||
| Q1 25 | 27.4% | 26.6% | ||
| Q4 24 | 28.9% | 24.5% | ||
| Q3 24 | 26.6% | -20.4% | ||
| Q2 24 | 40.6% | 5.0% | ||
| Q1 24 | 20.6% | 29.7% |
| Q4 25 | 26.4% | 14.4% | ||
| Q3 25 | 27.7% | -1.1% | ||
| Q2 25 | 26.0% | -12.0% | ||
| Q1 25 | 21.1% | 18.2% | ||
| Q4 24 | 25.7% | 18.9% | ||
| Q3 24 | 24.9% | -22.6% | ||
| Q2 24 | 32.2% | -3.6% | ||
| Q1 24 | 16.2% | 20.6% |
| Q4 25 | $2.56 | $1.34 | ||
| Q3 25 | $2.19 | $-0.08 | ||
| Q2 25 | $2.37 | $-0.76 | ||
| Q1 25 | $1.85 | $2.19 | ||
| Q4 24 | $1.86 | $1.74 | ||
| Q3 24 | $1.55 | $-1.26 | ||
| Q2 24 | $2.30 | $-0.23 | ||
| Q1 24 | $1.03 | $2.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $251.0M |
| Total DebtLower is stronger | $3.2B | $6.0B |
| Stockholders' EquityBook value | $4.8B | $5.0B |
| Total Assets | $14.1B | $15.8B |
| Debt / EquityLower = less leverage | 0.66× | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $251.0M | ||
| Q3 25 | — | $335.0M | ||
| Q2 25 | — | $350.0M | ||
| Q1 25 | — | $426.0M | ||
| Q4 24 | — | $240.0M | ||
| Q3 24 | — | $213.0M | ||
| Q2 24 | — | $183.0M | ||
| Q1 24 | — | $263.0M |
| Q4 25 | $3.2B | $6.0B | ||
| Q3 25 | $3.0B | $6.5B | ||
| Q2 25 | $3.0B | $5.7B | ||
| Q1 25 | $3.0B | $6.6B | ||
| Q4 24 | $3.0B | $6.6B | ||
| Q3 24 | $3.0B | $6.4B | ||
| Q2 24 | $3.0B | $6.3B | ||
| Q1 24 | $3.0B | $6.7B |
| Q4 25 | $4.8B | $5.0B | ||
| Q3 25 | $4.8B | $4.8B | ||
| Q2 25 | $5.0B | $4.9B | ||
| Q1 25 | $4.8B | $5.0B | ||
| Q4 24 | $5.0B | $4.6B | ||
| Q3 24 | $5.2B | $4.3B | ||
| Q2 24 | $5.5B | $4.7B | ||
| Q1 24 | $5.4B | $4.8B |
| Q4 25 | $14.1B | $15.8B | ||
| Q3 25 | $14.2B | $15.5B | ||
| Q2 25 | $13.8B | $15.4B | ||
| Q1 25 | $13.3B | $15.7B | ||
| Q4 24 | $13.5B | $15.4B | ||
| Q3 24 | $13.8B | $15.1B | ||
| Q2 24 | $13.8B | $15.1B | ||
| Q1 24 | $13.9B | $15.6B |
| Q4 25 | 0.66× | 1.19× | ||
| Q3 25 | 0.61× | 1.37× | ||
| Q2 25 | 0.60× | 1.17× | ||
| Q1 25 | 0.62× | 1.32× | ||
| Q4 24 | 0.60× | 1.44× | ||
| Q3 24 | 0.57× | 1.48× | ||
| Q2 24 | 0.54× | 1.34× | ||
| Q1 24 | 0.55× | 1.40× |
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 | $66.0M |
| Free Cash FlowOCF − Capex | $313.0M | $-155.0M |
| FCF MarginFCF / Revenue | 16.7% | -7.5% |
| Capex IntensityCapex / Revenue | 12.1% | 10.7% |
| Cash ConversionOCF / Net Profit | 1.09× | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $282.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $66.0M | ||
| Q3 25 | $1.1B | $90.0M | ||
| Q2 25 | $563.0M | $289.0M | ||
| Q1 25 | $586.0M | $684.0M | ||
| Q4 24 | $420.0M | $164.0M | ||
| Q3 24 | $931.0M | $151.0M | ||
| Q2 24 | $475.0M | $390.0M | ||
| Q1 24 | $445.0M | $522.0M |
| Q4 25 | $313.0M | $-155.0M | ||
| Q3 25 | $717.0M | $-168.0M | ||
| Q2 25 | $318.0M | $67.0M | ||
| Q1 25 | $454.0M | $538.0M | ||
| Q4 24 | $223.0M | $-47.0M | ||
| Q3 24 | $792.0M | $-115.0M | ||
| Q2 24 | $391.0M | $185.0M | ||
| Q1 24 | $347.0M | $353.0M |
| Q4 25 | 16.7% | -7.5% | ||
| Q3 25 | 43.2% | -14.4% | ||
| Q2 25 | 16.8% | 4.9% | ||
| Q1 25 | 27.3% | 20.4% | ||
| Q4 24 | 14.6% | -2.4% | ||
| Q3 24 | 57.8% | -9.5% | ||
| Q2 24 | 24.9% | 13.7% | ||
| Q1 24 | 23.6% | 14.6% |
| Q4 25 | 12.1% | 10.7% | ||
| Q3 25 | 20.9% | 22.1% | ||
| Q2 25 | 13.0% | 16.3% | ||
| Q1 25 | 7.9% | 5.5% | ||
| Q4 24 | 12.9% | 10.6% | ||
| Q3 24 | 10.1% | 22.0% | ||
| Q2 24 | 5.3% | 15.2% | ||
| Q1 24 | 6.7% | 7.0% |
| Q4 25 | 1.09× | 0.22× | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | 1.43× | ||
| Q4 24 | 1.07× | 0.44× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | 1.05× |
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% |
UGI
Segment breakdown not available.
