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Side-by-side financial comparison of CF Industries (CF) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $1.9B, roughly 1.3× CF Industries). CF Industries runs the higher net margin — 26.4% vs 25.3%, a 1.2% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $313.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 4.4%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
CF vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $495.0M | $603.0M |
| Gross Margin | 40.9% | 70.2% |
| Operating Margin | 33.0% | 31.9% |
| Net Margin | 26.4% | 25.3% |
| Revenue YoY | 22.8% | 3.0% |
| Net Profit YoY | 26.3% | 3.8% |
| EPS (diluted) | $2.56 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $1.5B | $2.2B |
| Q4 25 | $495.0M | $603.0M | ||
| Q3 25 | $460.0M | $721.0M | ||
| Q2 25 | $492.0M | $718.0M | ||
| Q1 25 | $351.0M | $631.0M | ||
| Q4 24 | $392.0M | $581.0M | ||
| Q3 24 | $341.0M | $682.0M | ||
| Q2 24 | $506.0M | $624.0M | ||
| Q1 24 | $238.0M | $599.0M |
| Q4 25 | 40.9% | 70.2% | ||
| Q3 25 | 38.1% | 71.5% | ||
| Q2 25 | 39.9% | 73.6% | ||
| Q1 25 | 34.4% | 72.0% | ||
| Q4 24 | 34.4% | 69.5% | ||
| Q3 24 | 32.4% | 70.6% | ||
| Q2 24 | 43.2% | 71.7% | ||
| Q1 24 | 27.8% | 70.6% |
| Q4 25 | 33.0% | 31.9% | ||
| Q3 25 | 35.0% | 37.0% | ||
| Q2 25 | 34.3% | 36.7% | ||
| Q1 25 | 27.4% | 36.5% | ||
| Q4 24 | 28.9% | 31.6% | ||
| Q3 24 | 26.6% | 36.6% | ||
| Q2 24 | 40.6% | 33.0% | ||
| Q1 24 | 20.6% | 34.1% |
| Q4 25 | 26.4% | 25.3% | ||
| Q3 25 | 27.7% | 30.0% | ||
| Q2 25 | 26.0% | 29.2% | ||
| Q1 25 | 21.1% | 28.4% | ||
| Q4 24 | 25.7% | 25.1% | ||
| Q3 24 | 24.9% | 28.6% | ||
| Q2 24 | 32.2% | 26.4% | ||
| Q1 24 | 16.2% | 27.4% |
| Q4 25 | $2.56 | $1.37 | ||
| Q3 25 | $2.19 | $1.63 | ||
| Q2 25 | $2.37 | $1.61 | ||
| Q1 25 | $1.85 | $1.41 | ||
| Q4 24 | $1.86 | $1.29 | ||
| Q3 24 | $1.55 | $1.50 | ||
| Q2 24 | $2.30 | $1.37 | ||
| Q1 24 | $1.03 | $1.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $3.3B |
| Total Assets | $14.1B | $15.5B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $2.0B |
| 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 | $3.3B | ||
| Q3 25 | $4.8B | $5.4B | ||
| Q2 25 | $5.0B | $5.0B | ||
| Q1 25 | $4.8B | $4.7B | ||
| Q4 24 | $5.0B | $4.8B | ||
| Q3 24 | $5.2B | $5.2B | ||
| Q2 24 | $5.5B | $5.0B | ||
| Q1 24 | $5.4B | $5.1B |
| Q4 25 | $14.1B | $15.5B | ||
| Q3 25 | $14.2B | $15.2B | ||
| Q2 25 | $13.8B | $14.5B | ||
| Q1 25 | $13.3B | $14.1B | ||
| Q4 24 | $13.5B | $14.2B | ||
| Q3 24 | $13.8B | $14.4B | ||
| Q2 24 | $13.8B | $14.2B | ||
| Q1 24 | $13.9B | $14.3B |
| 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 | $893.0M |
| Free Cash FlowOCF − Capex | $313.0M | $732.0M |
| FCF MarginFCF / Revenue | 16.7% | 30.7% |
| Capex IntensityCapex / Revenue | 12.1% | 6.7% |
| Cash ConversionOCF / Net Profit | 1.09× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $893.0M | ||
| Q3 25 | $1.1B | $938.0M | ||
| Q2 25 | $563.0M | $486.0M | ||
| Q1 25 | $586.0M | $587.0M | ||
| Q4 24 | $420.0M | $905.0M | ||
| Q3 24 | $931.0M | $951.0M | ||
| Q2 24 | $475.0M | $502.0M | ||
| Q1 24 | $445.0M | $595.0M |
| Q4 25 | $313.0M | $732.0M | ||
| Q3 25 | $717.0M | $805.0M | ||
| Q2 25 | $318.0M | $308.0M | ||
| Q1 25 | $454.0M | $438.0M | ||
| Q4 24 | $223.0M | $689.0M | ||
| Q3 24 | $792.0M | $784.0M | ||
| Q2 24 | $391.0M | $370.0M | ||
| Q1 24 | $347.0M | $455.0M |
| Q4 25 | 16.7% | 30.7% | ||
| Q3 25 | 43.2% | 33.5% | ||
| Q2 25 | 16.8% | 12.5% | ||
| Q1 25 | 27.3% | 19.7% | ||
| Q4 24 | 14.6% | 29.7% | ||
| Q3 24 | 57.8% | 32.8% | ||
| Q2 24 | 24.9% | 15.7% | ||
| Q1 24 | 23.6% | 20.8% |
| Q4 25 | 12.1% | 6.7% | ||
| Q3 25 | 20.9% | 5.5% | ||
| Q2 25 | 13.0% | 7.2% | ||
| Q1 25 | 7.9% | 6.7% | ||
| Q4 24 | 12.9% | 9.3% | ||
| Q3 24 | 10.1% | 7.0% | ||
| Q2 24 | 5.3% | 5.6% | ||
| Q1 24 | 6.7% | 6.4% |
| Q4 25 | 1.09× | 1.48× | ||
| Q3 25 | 2.31× | 1.30× | ||
| Q2 25 | 1.14× | 0.68× | ||
| Q1 25 | 1.67× | 0.93× | ||
| Q4 24 | 1.07× | 1.56× | ||
| Q3 24 | 2.73× | 1.39× | ||
| Q2 24 | 0.94× | 0.80× | ||
| Q1 24 | 1.87× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
