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Side-by-side financial comparison of CF Industries (CF) and Viatris (VTRS). Click either name above to swap in a different company.
Viatris is the larger business by last-quarter revenue ($3.7B vs $1.9B, roughly 2.0× CF Industries). On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 5.0%). Viatris produced more free cash flow last quarter ($619.3M vs $313.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 0.5%).
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.
Viatris Inc. is an American global pharmaceutical and healthcare corporation headquartered in Canonsburg, Pennsylvania. The corporation was formed through the merger of Mylan and Upjohn, a legacy division of Pfizer, on November 16, 2020.
CF vs VTRS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $3.7B |
| Net Profit | $495.0M | — |
| Gross Margin | 40.9% | 31.1% |
| Operating Margin | 33.0% | -5.2% |
| Net Margin | 26.4% | — |
| Revenue YoY | 22.8% | 5.0% |
| Net Profit YoY | 26.3% | — |
| EPS (diluted) | $2.56 | $-0.34 |
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 | $3.7B | ||
| Q3 25 | $1.7B | $3.7B | ||
| Q2 25 | $1.9B | $3.6B | ||
| Q1 25 | $1.7B | $3.2B | ||
| Q4 24 | $1.5B | $3.5B | ||
| Q3 24 | $1.4B | $3.7B | ||
| Q2 24 | $1.6B | $3.8B | ||
| Q1 24 | $1.5B | $3.7B |
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | — | ||
| Q2 25 | $492.0M | — | ||
| Q1 25 | $351.0M | — | ||
| Q4 24 | $392.0M | — | ||
| Q3 24 | $341.0M | — | ||
| Q2 24 | $506.0M | — | ||
| Q1 24 | $238.0M | — |
| Q4 25 | 40.9% | 31.1% | ||
| Q3 25 | 38.1% | 36.6% | ||
| Q2 25 | 39.9% | 37.3% | ||
| Q1 25 | 34.4% | 35.8% | ||
| Q4 24 | 34.4% | 34.6% | ||
| Q3 24 | 32.4% | 39.0% | ||
| Q2 24 | 43.2% | 38.2% | ||
| Q1 24 | 27.8% | 41.2% |
| Q4 25 | 33.0% | -5.2% | ||
| Q3 25 | 35.0% | 4.8% | ||
| Q2 25 | 34.3% | 6.5% | ||
| Q1 25 | 27.4% | -88.9% | ||
| Q4 24 | 28.9% | -5.1% | ||
| Q3 24 | 26.6% | 6.0% | ||
| Q2 24 | 40.6% | -6.3% | ||
| Q1 24 | 20.6% | 5.6% |
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | — | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 24.9% | — | ||
| Q2 24 | 32.2% | — | ||
| Q1 24 | 16.2% | — |
| Q4 25 | $2.56 | $-0.34 | ||
| Q3 25 | $2.19 | $-0.11 | ||
| Q2 25 | $2.37 | $0.00 | ||
| Q1 25 | $1.85 | $-2.55 | ||
| Q4 24 | $1.86 | $-0.43 | ||
| Q3 24 | $1.55 | $0.08 | ||
| Q2 24 | $2.30 | $-0.27 | ||
| Q1 24 | $1.03 | $0.09 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.3B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $14.7B |
| Total Assets | $14.1B | $37.2B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $975.3M | ||
| Q2 25 | — | $566.4M | ||
| Q1 25 | — | $755.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $917.2M | ||
| Q1 24 | — | $1.0B |
| 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 | $14.7B | ||
| Q3 25 | $4.8B | $15.2B | ||
| Q2 25 | $5.0B | $15.6B | ||
| Q1 25 | $4.8B | $15.7B | ||
| Q4 24 | $5.0B | $18.6B | ||
| Q3 24 | $5.2B | $19.8B | ||
| Q2 24 | $5.5B | $19.5B | ||
| Q1 24 | $5.4B | $20.0B |
| Q4 25 | $14.1B | $37.2B | ||
| Q3 25 | $14.2B | $37.9B | ||
| Q2 25 | $13.8B | $38.4B | ||
| Q1 25 | $13.3B | $38.5B | ||
| Q4 24 | $13.5B | $41.5B | ||
| Q3 24 | $13.8B | $44.8B | ||
| Q2 24 | $13.8B | $45.3B | ||
| Q1 24 | $13.9B | $47.3B |
| 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 | $815.8M |
| Free Cash FlowOCF − Capex | $313.0M | $619.3M |
| FCF MarginFCF / Revenue | 16.7% | 16.8% |
| Capex IntensityCapex / Revenue | 12.1% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $815.8M | ||
| Q3 25 | $1.1B | $744.9M | ||
| Q2 25 | $563.0M | $219.7M | ||
| Q1 25 | $586.0M | $535.5M | ||
| Q4 24 | $420.0M | $482.7M | ||
| Q3 24 | $931.0M | $826.5M | ||
| Q2 24 | $475.0M | $379.1M | ||
| Q1 24 | $445.0M | $614.6M |
| Q4 25 | $313.0M | $619.3M | ||
| Q3 25 | $717.0M | $658.1M | ||
| Q2 25 | $318.0M | $166.8M | ||
| Q1 25 | $454.0M | $492.9M | ||
| Q4 24 | $223.0M | $342.3M | ||
| Q3 24 | $792.0M | $749.5M | ||
| Q2 24 | $391.0M | $320.3M | ||
| Q1 24 | $347.0M | $564.8M |
| Q4 25 | 16.7% | 16.8% | ||
| Q3 25 | 43.2% | 17.6% | ||
| Q2 25 | 16.8% | 4.7% | ||
| Q1 25 | 27.3% | 15.2% | ||
| Q4 24 | 14.6% | 9.7% | ||
| Q3 24 | 57.8% | 20.1% | ||
| Q2 24 | 24.9% | 8.5% | ||
| Q1 24 | 23.6% | 15.5% |
| Q4 25 | 12.1% | 5.3% | ||
| Q3 25 | 20.9% | 2.3% | ||
| Q2 25 | 13.0% | 1.5% | ||
| Q1 25 | 7.9% | 1.3% | ||
| Q4 24 | 12.9% | 4.0% | ||
| Q3 24 | 10.1% | 2.1% | ||
| Q2 24 | 5.3% | 1.6% | ||
| Q1 24 | 6.7% | 1.4% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| 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% |
VTRS
| Brands | $1.2B | 32% |
| Generics | $1.1B | 29% |
| Lipitor | $377.3M | 10% |
| Norvasc | $175.2M | 5% |
| Other | $136.6M | 4% |
| Lyrica | $119.8M | 3% |
| Viagra | $104.2M | 3% |
| Creon | $98.9M | 3% |
| Epi Pen Auto Injectors | $79.0M | 2% |
| Yupelri | $70.6M | 2% |
| Effexor | $68.1M | 2% |
| Zoloft | $66.8M | 2% |
| Celebrex | $66.2M | 2% |
| Xalabrands | $42.0M | 1% |
| Dymista | $38.6M | 1% |
