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Side-by-side financial comparison of CF Industries (CF) and Nucor (NUE), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Nucor is the larger business by last-quarter revenue ($8.5B vs $1.9B, roughly 4.6× CF Industries). CF Industries runs the higher net margin — 26.4% vs 7.1%, a 19.3% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 20.4%). Nucor produced more free cash flow last quarter ($532.0M vs $313.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -5.4%).
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.
Nucor Corporation is an American company based in Charlotte, North Carolina, that produces steel and related products. It is the largest steel producer in the United States and the largest recycler of scrap in North America. Nucor is the 16th-largest steel producer in the world. Along with Commercial Metals Company, it is one of two primary suppliers of rebar used to reinforce concrete in buildings, bridges, roads, and infrastructure in the U.S.
CF vs NUE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $8.5B |
| Net Profit | $495.0M | $607.0M |
| Gross Margin | 40.9% | 13.9% |
| Operating Margin | 33.0% | 10.4% |
| Net Margin | 26.4% | 7.1% |
| Revenue YoY | 22.8% | 20.4% |
| Net Profit YoY | 26.3% | 111.5% |
| EPS (diluted) | $2.56 | $2.63 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.9B | $8.5B | ||
| Q3 25 | $1.7B | $8.5B | ||
| Q2 25 | $1.9B | $7.8B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $7.1B | ||
| Q3 24 | $1.4B | $7.4B | ||
| Q2 24 | $1.6B | $8.1B | ||
| Q1 24 | $1.5B | $8.1B |
| Q4 25 | $495.0M | $607.0M | ||
| Q3 25 | $460.0M | $603.0M | ||
| Q2 25 | $492.0M | $156.0M | ||
| Q1 25 | $351.0M | — | ||
| Q4 24 | $392.0M | $287.0M | ||
| Q3 24 | $341.0M | $249.9M | ||
| Q2 24 | $506.0M | $645.2M | ||
| Q1 24 | $238.0M | $844.8M |
| Q4 25 | 40.9% | 13.9% | ||
| Q3 25 | 38.1% | 14.5% | ||
| Q2 25 | 39.9% | 7.7% | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | 8.9% | ||
| Q3 24 | 32.4% | 10.2% | ||
| Q2 24 | 43.2% | 14.8% | ||
| Q1 24 | 27.8% | 18.7% |
| Q4 25 | 33.0% | 10.4% | ||
| Q3 25 | 35.0% | 10.6% | ||
| Q2 25 | 34.3% | 3.6% | ||
| Q1 25 | 27.4% | — | ||
| Q4 24 | 28.9% | 5.5% | ||
| Q3 24 | 26.6% | 5.2% | ||
| Q2 24 | 40.6% | 11.1% | ||
| Q1 24 | 20.6% | 15.1% |
| Q4 25 | 26.4% | 7.1% | ||
| Q3 25 | 27.7% | 7.1% | ||
| Q2 25 | 26.0% | 2.0% | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 25.7% | 4.1% | ||
| Q3 24 | 24.9% | 3.4% | ||
| Q2 24 | 32.2% | 8.0% | ||
| Q1 24 | 16.2% | 10.4% |
| Q4 25 | $2.56 | $2.63 | ||
| Q3 25 | $2.19 | $2.60 | ||
| Q2 25 | $2.37 | $0.67 | ||
| Q1 25 | $1.85 | — | ||
| Q4 24 | $1.86 | $1.27 | ||
| Q3 24 | $1.55 | $1.05 | ||
| Q2 24 | $2.30 | $2.68 | ||
| Q1 24 | $1.03 | $3.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.7B |
| Total DebtLower is stronger | $3.2B | $6.7B |
| Stockholders' EquityBook value | $4.8B | $20.8B |
| Total Assets | $14.1B | $34.8B |
| Debt / EquityLower = less leverage | 0.66× | 0.32× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.5B |
| Q4 25 | $3.2B | $6.7B | ||
| Q3 25 | $3.0B | $6.7B | ||
| Q2 25 | $3.0B | $6.7B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $5.7B | ||
| Q3 24 | $3.0B | $5.7B | ||
| Q2 24 | $3.0B | $5.6B | ||
| Q1 24 | $3.0B | $6.6B |
| Q4 25 | $4.8B | $20.8B | ||
| Q3 25 | $4.8B | $20.4B | ||
| Q2 25 | $5.0B | $20.1B | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.0B | $20.3B | ||
| Q3 24 | $5.2B | $20.5B | ||
| Q2 24 | $5.5B | $20.7B | ||
| Q1 24 | $5.4B | $20.7B |
| Q4 25 | $14.1B | $34.8B | ||
| Q3 25 | $14.2B | $34.2B | ||
| Q2 25 | $13.8B | $34.7B | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $13.5B | $33.9B | ||
| Q3 24 | $13.8B | $34.3B | ||
| Q2 24 | $13.8B | $34.2B | ||
| Q1 24 | $13.9B | $33.9B |
| Q4 25 | 0.66× | 0.32× | ||
| Q3 25 | 0.61× | 0.33× | ||
| Q2 25 | 0.60× | 0.33× | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 0.28× | ||
| Q3 24 | 0.57× | 0.28× | ||
| Q2 24 | 0.54× | 0.27× | ||
| Q1 24 | 0.55× | 0.32× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $539.0M | $1.3B |
| Free Cash FlowOCF − Capex | $313.0M | $532.0M |
| FCF MarginFCF / Revenue | 16.7% | 6.2% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 12.1% | 9.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.09× | 2.21× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-330.8M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $539.0M | $1.3B | ||
| Q3 25 | $1.1B | $732.0M | ||
| Q2 25 | $563.0M | $364.0M | ||
| Q1 25 | $586.0M | — | ||
| Q4 24 | $420.0M | $733.4M | ||
| Q3 24 | $931.0M | $1.3B | ||
| Q2 24 | $475.0M | $1.5B | ||
| Q1 24 | $445.0M | $459.7M |
| Q4 25 | $313.0M | $532.0M | ||
| Q3 25 | $717.0M | $-222.0M | ||
| Q2 25 | $318.0M | $-495.0M | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | $-145.8M | ||
| Q3 24 | $792.0M | $478.1M | ||
| Q2 24 | $391.0M | $684.4M | ||
| Q1 24 | $347.0M | $-210.7M |
| Q4 25 | 16.7% | 6.2% | ||
| Q3 25 | 43.2% | -2.6% | ||
| Q2 25 | 16.8% | -6.3% | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | -2.1% | ||
| Q3 24 | 57.8% | 6.4% | ||
| Q2 24 | 24.9% | 8.5% | ||
| Q1 24 | 23.6% | -2.6% |
| Q4 25 | 12.1% | 9.5% | ||
| Q3 25 | 20.9% | 11.3% | ||
| Q2 25 | 13.0% | 11.0% | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | 12.4% | ||
| Q3 24 | 10.1% | 11.1% | ||
| Q2 24 | 5.3% | 9.9% | ||
| Q1 24 | 6.7% | 8.2% |
| Q4 25 | 1.09× | 2.21× | ||
| Q3 25 | 2.31× | 1.21× | ||
| Q2 25 | 1.14× | 2.33× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 2.56× | ||
| Q3 24 | 2.73× | 5.20× | ||
| Q2 24 | 0.94× | 2.30× | ||
| Q1 24 | 1.87× | 0.54× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
NUE
| Sheet | $2.4B | 28% |
| Bar | $1.5B | 17% |
| Other Steel Products | $940.0M | 11% |
| Structural | $658.0M | 8% |
| Plate | $649.0M | 8% |
| Joist And Deck | $620.0M | 7% |
| Raw Materials | $578.0M | 7% |
| Rebar Fabrication Products | $567.0M | 7% |
| Tubular Products | $333.0M | 4% |
| Building Systems | $331.0M | 4% |
