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Side-by-side financial comparison of CF Industries (CF) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $997.0M, roughly 1.9× Frontier Group Holdings, Inc.). CF Industries runs the higher net margin — 26.4% vs 5.3%, a 21.1% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -0.5%). CF Industries produced more free cash flow last quarter ($313.0M vs $-113.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
CF vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $997.0M |
| Net Profit | $495.0M | $53.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 4.9% |
| Net Margin | 26.4% | 5.3% |
| Revenue YoY | 22.8% | -0.5% |
| Net Profit YoY | 26.3% | -1.9% |
| EPS (diluted) | $2.56 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $1.7B | $886.0M | ||
| Q2 25 | $1.9B | $929.0M | ||
| Q1 25 | $1.7B | $912.0M | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $935.0M | ||
| Q2 24 | $1.6B | $973.0M | ||
| Q1 24 | $1.5B | $865.0M |
| Q4 25 | $495.0M | $53.0M | ||
| Q3 25 | $460.0M | $-77.0M | ||
| Q2 25 | $492.0M | $-70.0M | ||
| Q1 25 | $351.0M | $-43.0M | ||
| Q4 24 | $392.0M | $54.0M | ||
| Q3 24 | $341.0M | $26.0M | ||
| Q2 24 | $506.0M | $31.0M | ||
| Q1 24 | $238.0M | $-26.0M |
| 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% | 4.9% | ||
| Q3 25 | 35.0% | -8.7% | ||
| Q2 25 | 34.3% | -8.1% | ||
| Q1 25 | 27.4% | -5.0% | ||
| Q4 24 | 28.9% | 4.5% | ||
| Q3 24 | 26.6% | 2.0% | ||
| Q2 24 | 40.6% | 2.6% | ||
| Q1 24 | 20.6% | -3.6% |
| Q4 25 | 26.4% | 5.3% | ||
| Q3 25 | 27.7% | -8.7% | ||
| Q2 25 | 26.0% | -7.5% | ||
| Q1 25 | 21.1% | -4.7% | ||
| Q4 24 | 25.7% | 5.4% | ||
| Q3 24 | 24.9% | 2.8% | ||
| Q2 24 | 32.2% | 3.2% | ||
| Q1 24 | 16.2% | -3.0% |
| Q4 25 | $2.56 | $0.24 | ||
| Q3 25 | $2.19 | $-0.34 | ||
| Q2 25 | $2.37 | $-0.31 | ||
| Q1 25 | $1.85 | $-0.19 | ||
| Q4 24 | $1.86 | $0.24 | ||
| Q3 24 | $1.55 | $0.11 | ||
| Q2 24 | $2.30 | $0.14 | ||
| Q1 24 | $1.03 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $671.0M |
| Total DebtLower is stronger | $3.2B | $620.0M |
| Stockholders' EquityBook value | $4.8B | $491.0M |
| Total Assets | $14.1B | $7.2B |
| Debt / EquityLower = less leverage | 0.66× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $671.0M | ||
| Q3 25 | — | $566.0M | ||
| Q2 25 | — | $563.0M | ||
| Q1 25 | — | $686.0M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | — | $576.0M | ||
| Q2 24 | — | $658.0M | ||
| Q1 24 | — | $622.0M |
| Q4 25 | $3.2B | $620.0M | ||
| Q3 25 | $3.0B | $673.0M | ||
| Q2 25 | $3.0B | $565.0M | ||
| Q1 25 | $3.0B | $512.0M | ||
| Q4 24 | $3.0B | $507.0M | ||
| Q3 24 | $3.0B | $474.0M | ||
| Q2 24 | $3.0B | $455.0M | ||
| Q1 24 | $3.0B | $469.0M |
| Q4 25 | $4.8B | $491.0M | ||
| Q3 25 | $4.8B | $434.0M | ||
| Q2 25 | $5.0B | $506.0M | ||
| Q1 25 | $4.8B | $570.0M | ||
| Q4 24 | $5.0B | $604.0M | ||
| Q3 24 | $5.2B | $549.0M | ||
| Q2 24 | $5.5B | $520.0M | ||
| Q1 24 | $5.4B | $484.0M |
| Q4 25 | $14.1B | $7.2B | ||
| Q3 25 | $14.2B | $6.7B | ||
| Q2 25 | $13.8B | $6.5B | ||
| Q1 25 | $13.3B | $6.5B | ||
| Q4 24 | $13.5B | $6.2B | ||
| Q3 24 | $13.8B | $5.8B | ||
| Q2 24 | $13.8B | $5.7B | ||
| Q1 24 | $13.9B | $5.2B |
| Q4 25 | 0.66× | 1.26× | ||
| Q3 25 | 0.61× | 1.55× | ||
| Q2 25 | 0.60× | 1.12× | ||
| Q1 25 | 0.62× | 0.90× | ||
| Q4 24 | 0.60× | 0.84× | ||
| Q3 24 | 0.57× | 0.86× | ||
| Q2 24 | 0.54× | 0.88× | ||
| Q1 24 | 0.55× | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $313.0M | $-113.0M |
| FCF MarginFCF / Revenue | 16.7% | -11.3% |
| Capex IntensityCapex / Revenue | 12.1% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.09× | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $-91.0M | ||
| Q3 25 | $1.1B | $-215.0M | ||
| Q2 25 | $563.0M | $-133.0M | ||
| Q1 25 | $586.0M | $-86.0M | ||
| Q4 24 | $420.0M | $87.0M | ||
| Q3 24 | $931.0M | $-156.0M | ||
| Q2 24 | $475.0M | $9.0M | ||
| Q1 24 | $445.0M | $-22.0M |
| Q4 25 | $313.0M | $-113.0M | ||
| Q3 25 | $717.0M | $-217.0M | ||
| Q2 25 | $318.0M | $-166.0M | ||
| Q1 25 | $454.0M | $-104.0M | ||
| Q4 24 | $223.0M | $73.0M | ||
| Q3 24 | $792.0M | $-170.0M | ||
| Q2 24 | $391.0M | $-22.0M | ||
| Q1 24 | $347.0M | $-39.0M |
| Q4 25 | 16.7% | -11.3% | ||
| Q3 25 | 43.2% | -24.5% | ||
| Q2 25 | 16.8% | -17.9% | ||
| Q1 25 | 27.3% | -11.4% | ||
| Q4 24 | 14.6% | 7.3% | ||
| Q3 24 | 57.8% | -18.2% | ||
| Q2 24 | 24.9% | -2.3% | ||
| Q1 24 | 23.6% | -4.5% |
| Q4 25 | 12.1% | 2.2% | ||
| Q3 25 | 20.9% | 0.2% | ||
| Q2 25 | 13.0% | 3.6% | ||
| Q1 25 | 7.9% | 2.0% | ||
| Q4 24 | 12.9% | 1.4% | ||
| Q3 24 | 10.1% | 1.5% | ||
| Q2 24 | 5.3% | 3.2% | ||
| Q1 24 | 6.7% | 2.0% |
| Q4 25 | 1.09× | -1.72× | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 1.61× | ||
| Q3 24 | 2.73× | -6.00× | ||
| Q2 24 | 0.94× | 0.29× | ||
| Q1 24 | 1.87× | — |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
