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Side-by-side financial comparison of CF Industries (CF) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $1.9B, roughly 1.5× CF Industries). CF Industries runs the higher net margin — 26.4% vs 8.1%, a 18.4% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 12.9%). CF Industries produced more free cash flow last quarter ($313.0M vs $-81.6M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 7.2%).
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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
CF vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.9B |
| Net Profit | $495.0M | $230.9M |
| Gross Margin | 40.9% | 40.4% |
| Operating Margin | 33.0% | 10.8% |
| Net Margin | 26.4% | 8.1% |
| Revenue YoY | 22.8% | 12.9% |
| Net Profit YoY | 26.3% | -4.7% |
| EPS (diluted) | $2.56 | $5.14 |
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 | $2.9B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $2.5B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.6B | $2.7B | ||
| Q1 24 | $1.5B | $3.6B |
| Q4 25 | $495.0M | $230.9M | ||
| Q3 25 | $460.0M | $260.9M | ||
| Q2 25 | $492.0M | $305.1M | ||
| Q1 25 | $351.0M | — | ||
| Q4 24 | $392.0M | $242.2M | ||
| Q3 24 | $341.0M | $252.6M | ||
| Q2 24 | $506.0M | $313.1M | ||
| Q1 24 | $238.0M | $394.4M |
| Q4 25 | 40.9% | 40.4% | ||
| Q3 25 | 38.1% | 39.2% | ||
| Q2 25 | 39.9% | 39.1% | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | 39.7% | ||
| Q3 24 | 32.4% | 38.3% | ||
| Q2 24 | 43.2% | 39.2% | ||
| Q1 24 | 27.8% | 37.7% |
| Q4 25 | 33.0% | 10.8% | ||
| Q3 25 | 35.0% | 12.4% | ||
| Q2 25 | 34.3% | 14.1% | ||
| Q1 25 | 27.4% | — | ||
| Q4 24 | 28.9% | 12.6% | ||
| Q3 24 | 26.6% | 12.9% | ||
| Q2 24 | 40.6% | 14.7% | ||
| Q1 24 | 20.6% | 14.5% |
| Q4 25 | 26.4% | 8.1% | ||
| Q3 25 | 27.7% | 9.4% | ||
| Q2 25 | 26.0% | 10.7% | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 25.7% | 9.6% | ||
| Q3 24 | 24.9% | 9.9% | ||
| Q2 24 | 32.2% | 11.5% | ||
| Q1 24 | 16.2% | 11.1% |
| Q4 25 | $2.56 | $5.14 | ||
| Q3 25 | $2.19 | $5.78 | ||
| Q2 25 | $2.37 | $6.70 | ||
| Q1 25 | $1.85 | — | ||
| Q4 24 | $1.86 | $5.14 | ||
| Q3 24 | $1.55 | $5.30 | ||
| Q2 24 | $2.30 | $6.47 | ||
| Q1 24 | $1.03 | $8.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $204.9M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $2.6B |
| Total Assets | $14.1B | $7.0B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $204.9M | ||
| Q3 25 | — | $242.7M | ||
| Q2 25 | — | $454.6M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $177.8M | ||
| Q3 24 | — | $414.0M | ||
| Q2 24 | — | $524.6M | ||
| Q1 24 | — | $766.6M |
| 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 | $2.6B | ||
| Q3 25 | $4.8B | $2.6B | ||
| Q2 25 | $5.0B | $2.4B | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.0B | $2.3B | ||
| Q3 24 | $5.2B | $2.3B | ||
| Q2 24 | $5.5B | $2.3B | ||
| Q1 24 | $5.4B | $2.3B |
| Q4 25 | $14.1B | $7.0B | ||
| Q3 25 | $14.2B | $6.6B | ||
| Q2 25 | $13.8B | $6.0B | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $13.5B | $6.0B | ||
| Q3 24 | $13.8B | $5.7B | ||
| Q2 24 | $13.8B | $5.6B | ||
| Q1 24 | $13.9B | $5.7B |
| 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 | $5.6M |
| Free Cash FlowOCF − Capex | $313.0M | $-81.6M |
| FCF MarginFCF / Revenue | 16.7% | -2.9% |
| Capex IntensityCapex / Revenue | 12.1% | 3.1% |
| Cash ConversionOCF / Net Profit | 1.09× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $5.6M | ||
| Q3 25 | $1.1B | $96.5M | ||
| Q2 25 | $563.0M | $220.0M | ||
| Q1 25 | $586.0M | — | ||
| Q4 24 | $420.0M | $-56.8M | ||
| Q3 24 | $931.0M | $199.5M | ||
| Q2 24 | $475.0M | $159.3M | ||
| Q1 24 | $445.0M | $1.1B |
| Q4 25 | $313.0M | $-81.6M | ||
| Q3 25 | $717.0M | $19.6M | ||
| Q2 25 | $318.0M | $141.0M | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | $-171.1M | ||
| Q3 24 | $792.0M | $104.3M | ||
| Q2 24 | $391.0M | $68.3M | ||
| Q1 24 | $347.0M | $994.0M |
| Q4 25 | 16.7% | -2.9% | ||
| Q3 25 | 43.2% | 0.7% | ||
| Q2 25 | 16.8% | 4.9% | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | -6.8% | ||
| Q3 24 | 57.8% | 4.1% | ||
| Q2 24 | 24.9% | 2.5% | ||
| Q1 24 | 23.6% | 28.0% |
| Q4 25 | 12.1% | 3.1% | ||
| Q3 25 | 20.9% | 2.8% | ||
| Q2 25 | 13.0% | 2.8% | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | 4.5% | ||
| Q3 24 | 10.1% | 3.7% | ||
| Q2 24 | 5.3% | 3.3% | ||
| Q1 24 | 6.7% | 3.5% |
| Q4 25 | 1.09× | 0.02× | ||
| Q3 25 | 2.31× | 0.37× | ||
| Q2 25 | 1.14× | 0.72× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | -0.23× | ||
| Q3 24 | 2.73× | 0.79× | ||
| Q2 24 | 0.94× | 0.51× | ||
| Q1 24 | 1.87× | 2.84× |
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% |
ULTA
Segment breakdown not available.
