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Side-by-side financial comparison of CF Industries (CF) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.5× MARRIOTT VACATIONS WORLDWIDE Corp). CF Industries runs the higher net margin — 26.4% vs -35.0%, a 61.5% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -0.7%). CF Industries produced more free cash flow last quarter ($313.0M vs $-6.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 5.2%).
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.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
CF vs VAC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $495.0M | $-431.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | — |
| Net Margin | 26.4% | -35.0% |
| Revenue YoY | 22.8% | -0.7% |
| Net Profit YoY | 26.3% | -962.0% |
| EPS (diluted) | $2.56 | $-12.00 |
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 | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.1B |
| Q4 25 | $495.0M | $-431.0M | ||
| Q3 25 | $460.0M | $-2.0M | ||
| Q2 25 | $492.0M | $69.0M | ||
| Q1 25 | $351.0M | $56.0M | ||
| Q4 24 | $392.0M | $50.0M | ||
| Q3 24 | $341.0M | $84.0M | ||
| Q2 24 | $506.0M | $37.0M | ||
| Q1 24 | $238.0M | $47.0M |
| 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% | — | ||
| Q3 25 | 35.0% | — | ||
| Q2 25 | 34.3% | — | ||
| Q1 25 | 27.4% | — | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 26.6% | — | ||
| Q2 24 | 40.6% | — | ||
| Q1 24 | 20.6% | — |
| Q4 25 | 26.4% | -35.0% | ||
| Q3 25 | 27.7% | -0.2% | ||
| Q2 25 | 26.0% | 6.0% | ||
| Q1 25 | 21.1% | 5.0% | ||
| Q4 24 | 25.7% | 4.0% | ||
| Q3 24 | 24.9% | 6.9% | ||
| Q2 24 | 32.2% | 3.5% | ||
| Q1 24 | 16.2% | 4.2% |
| Q4 25 | $2.56 | $-12.00 | ||
| Q3 25 | $2.19 | $-0.07 | ||
| Q2 25 | $2.37 | $1.77 | ||
| Q1 25 | $1.85 | $1.46 | ||
| Q4 24 | $1.86 | $1.29 | ||
| Q3 24 | $1.55 | $2.12 | ||
| Q2 24 | $2.30 | $0.98 | ||
| Q1 24 | $1.03 | $1.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $406.0M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $2.0B |
| Total Assets | $14.1B | $9.8B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
| 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 | $2.0B | ||
| Q3 25 | $4.8B | $2.5B | ||
| Q2 25 | $5.0B | $2.5B | ||
| Q1 25 | $4.8B | $2.4B | ||
| Q4 24 | $5.0B | $2.4B | ||
| Q3 24 | $5.2B | $2.4B | ||
| Q2 24 | $5.5B | $2.4B | ||
| Q1 24 | $5.4B | $2.4B |
| Q4 25 | $14.1B | $9.8B | ||
| Q3 25 | $14.2B | $10.1B | ||
| Q2 25 | $13.8B | $9.9B | ||
| Q1 25 | $13.3B | $9.9B | ||
| Q4 24 | $13.5B | $9.8B | ||
| Q3 24 | $13.8B | $9.7B | ||
| Q2 24 | $13.8B | $9.6B | ||
| Q1 24 | $13.9B | $9.9B |
| 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 | $6.0M |
| Free Cash FlowOCF − Capex | $313.0M | $-6.0M |
| FCF MarginFCF / Revenue | 16.7% | -0.5% |
| Capex IntensityCapex / Revenue | 12.1% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $6.0M | ||
| Q3 25 | $1.1B | $62.0M | ||
| Q2 25 | $563.0M | $-48.0M | ||
| Q1 25 | $586.0M | $8.0M | ||
| Q4 24 | $420.0M | $100.0M | ||
| Q3 24 | $931.0M | $72.0M | ||
| Q2 24 | $475.0M | $30.0M | ||
| Q1 24 | $445.0M | $3.0M |
| Q4 25 | $313.0M | $-6.0M | ||
| Q3 25 | $717.0M | $51.0M | ||
| Q2 25 | $318.0M | $-68.0M | ||
| Q1 25 | $454.0M | $-6.0M | ||
| Q4 24 | $223.0M | $86.0M | ||
| Q3 24 | $792.0M | $58.0M | ||
| Q2 24 | $391.0M | $17.0M | ||
| Q1 24 | $347.0M | $-13.0M |
| Q4 25 | 16.7% | -0.5% | ||
| Q3 25 | 43.2% | 4.3% | ||
| Q2 25 | 16.8% | -5.9% | ||
| Q1 25 | 27.3% | -0.5% | ||
| Q4 24 | 14.6% | 6.9% | ||
| Q3 24 | 57.8% | 4.8% | ||
| Q2 24 | 24.9% | 1.6% | ||
| Q1 24 | 23.6% | -1.2% |
| Q4 25 | 12.1% | 1.0% | ||
| Q3 25 | 20.9% | 0.9% | ||
| Q2 25 | 13.0% | 1.7% | ||
| Q1 25 | 7.9% | 1.3% | ||
| Q4 24 | 12.9% | 1.1% | ||
| Q3 24 | 10.1% | 1.1% | ||
| Q2 24 | 5.3% | 1.2% | ||
| Q1 24 | 6.7% | 1.4% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | -0.70× | ||
| Q1 25 | 1.67× | 0.14× | ||
| Q4 24 | 1.07× | 2.00× | ||
| Q3 24 | 2.73× | 0.86× | ||
| Q2 24 | 0.94× | 0.81× | ||
| Q1 24 | 1.87× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
