Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 5.9x · ROE 18.9%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.4B | $12.5B | $15.4B | $15.4B | $17.4B | $15.3B | $8.3B | $10.6B | $10.2B | $10.0B | $7.3B |
| Enterprise Value | $19.4B | $14.5B | $17.0B | $16.6B | $18.3B | $17.4B | $11.9B | $14.5B | $14.2B | $13.8B | $12.0B |
| P/E Ratio → | 12.62 | 8.62 | 12.66 | 10.10 | 5.20 | 16.69 | 26.28 | 21.50 | 35.09 | 27.80 | — |
| P/S Ratio | 2.45 | 1.77 | 2.60 | 2.32 | 1.56 | 2.34 | 2.02 | 2.30 | 2.30 | 2.41 | 1.99 |
| P/B Ratio | 2.36 | 1.61 | 2.03 | 1.84 | 2.22 | 2.54 | 1.49 | 1.88 | 1.78 | 1.49 | 1.13 |
| P/FCF | 9.65 | 6.96 | 8.79 | 6.83 | 5.13 | 6.51 | 9.04 | 9.61 | 9.46 | 8.59 | — |
| P/OCF | 6.32 | 4.56 | 6.79 | 5.59 | 4.51 | 5.33 | 6.77 | 7.03 | 6.80 | 6.10 | 11.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.05 | 2.87 | 2.50 | 1.64 | 2.66 | 2.88 | 3.17 | 3.20 | 3.34 | 3.24 |
| EV / EBITDA | 5.93 | 4.45 | 6.38 | 5.15 | 2.84 | 5.76 | 7.85 | 8.04 | 9.06 | 11.63 | 10.37 |
| EV / EBIT | 8.18 | 6.06 | 8.97 | 6.93 | 3.36 | 10.07 | 18.49 | 14.40 | 18.01 | 72.67 | — |
| EV / FCF | — | 8.05 | 9.73 | 7.36 | 5.39 | 7.40 | 12.87 | 13.20 | 13.20 | 11.92 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.5% | 38.5% | 34.6% | 39.9% | 52.7% | 36.1% | 20.2% | 25.8% | 20.5% | 12.6% | 19.3% |
| Operating Margin | 33.4% | 33.4% | 29.4% | 35.5% | 50.1% | 32.7% | 15.2% | 20.6% | 15.7% | 8.0% | 14.6% |
| Net Profit Margin | 20.5% | 20.5% | 20.5% | 23.0% | 29.9% | 14.0% | 7.7% | 10.7% | 6.5% | 8.7% | -7.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 15.3% | 18.8% | 48.2% | 15.8% | 5.6% | 8.7% | 4.7% | 5.4% | -5.1% |
| ROA | 10.6% | 10.6% | 8.7% | 11.0% | 26.1% | 7.5% | 2.6% | 4.0% | 2.2% | 2.5% | -2.0% |
| ROIC | 18.7% | 18.7% | 13.9% | 19.3% | 49.8% | 18.6% | 5.0% | 7.3% | 5.1% | 2.3% | 3.9% |
| ROCE | 18.3% | 18.3% | 13.3% | 18.2% | 48.2% | 19.4% | 5.6% | 8.1% | 5.6% | 2.4% | 4.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.43 | 0.39 | 0.41 | 0.62 | 0.75 | 0.75 | 0.82 | 0.70 | 0.89 |
| Debt / EBITDA | 1.21 | 1.21 | 1.22 | 1.00 | 0.50 | 1.23 | 2.79 | 2.35 | 3.00 | 3.95 | 5.01 |
| Net Debt / Equity | — | 0.25 | 0.21 | 0.14 | 0.11 | 0.35 | 0.63 | 0.70 | 0.70 | 0.58 | 0.71 |
| Net Debt / EBITDA | 0.60 | 0.60 | 0.61 | 0.37 | 0.14 | 0.69 | 2.34 | 2.19 | 2.56 | 3.25 | 4.00 |
| Debt / FCF | — | 1.09 | 0.93 | 0.53 | 0.27 | 0.89 | 3.84 | 3.59 | 3.74 | 3.33 | — |
| Interest Coverage | 15.45 | 15.45 | 15.71 | 15.99 | 15.81 | 9.39 | 3.59 | 4.26 | 3.27 | 0.60 | -0.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.37 | 3.37 | 3.08 | 3.81 | 3.69 | 1.81 | 1.51 | 1.46 | 1.81 | 2.53 | 3.87 |
| Quick Ratio | 2.93 | 2.93 | 2.70 | 3.44 | 3.22 | 1.53 | 1.19 | 0.94 | 1.37 | 2.05 | 3.38 |
| Cash Ratio | 2.23 | 2.23 | 1.97 | 2.54 | 2.33 | 1.14 | 0.75 | 0.43 | 0.97 | 1.44 | 1.70 |
| Asset Turnover | — | 0.50 | 0.44 | 0.46 | 0.84 | 0.53 | 0.34 | 0.38 | 0.35 | 0.31 | 0.24 |
| Inventory Turnover | 11.38 | 11.38 | 12.36 | 13.33 | 11.17 | 10.24 | 11.46 | 9.70 | 11.40 | 13.12 | 8.77 |
| Days Sales Outstanding | — | 25.14 | 24.84 | 27.80 | 18.99 | 27.75 | 23.45 | 19.24 | 19.37 | 27.13 | 23.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 2.6% | 2.4% | 2.0% | 1.8% | 1.7% | 3.1% | 2.5% | 2.8% | 2.8% | 3.8% |
| Payout Ratio | 22.4% | 22.4% | 29.9% | 20.4% | 9.1% | 28.4% | 81.4% | 53.8% | 96.6% | 78.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 11.6% | 7.9% | 9.9% | 19.2% | 6.0% | 3.8% | 4.7% | 2.8% | 3.6% | — |
| FCF Yield | 10.4% | 14.4% | 11.4% | 14.6% | 19.5% | 15.4% | 11.1% | 10.4% | 10.6% | 11.6% | — |
| Buyback Yield | 0.0% | 0.0% | 9.8% | 3.8% | 7.7% | 3.5% | 1.2% | 3.5% | 4.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.8% | 2.6% | 12.1% | 5.8% | 9.5% | 5.2% | 4.3% | 6.0% | 7.3% | 2.8% | 3.8% |
| Shares Outstanding | — | $162M | $181M | $194M | $204M | $216M | $215M | $222M | $234M | $234M | $233M |
Natural gas price volatility
According to current market data, CF trades at a forward P/E of 6.16, which suggests that investors are heavily discounting the company's earnings potential relative to its historical averages and broader industrial peers, likely reflecting skepticism regarding the sustainability of current nitrogen price spreads.
The low forward P/E and PEG ratio of 0.27 indicate that the market is pricing in a significant contraction in profitability, potentially ignoring the structural cost advantage CF maintains via North American natural gas. This valuation gap warrants investigation into whether the market is mispricing the durability of the company's energy-arbitrage model.
Based on reported financial statements, CF's ROIC has fluctuated between 2.6% and 6.0% over the last ten quarters, reflecting the inherent difficulty in compounding capital returns within a highly cyclical, capital-intensive commodity manufacturing environment that is sensitive to global nitrogen supply and demand balances.
The modest ROIC levels suggest that while the company is operationally efficient, the heavy reinvestment required for maintenance and carbon-capture initiatives acts as a drag on overall capital returns. Investors should monitor whether future 'Blue Ammonia' projects can generate returns that exceed the company's weighted average cost of capital.
As reported in recent filings, CF's cash conversion cycle has remained tight, averaging near 15 days over the last ten quarters, which indicates a highly efficient management of inventory and receivables despite the seasonal nature of the agricultural inputs industry and its reliance on complex logistics.
The ability to maintain a low CCC, even during periods of inventory buildup, suggests that CF possesses significant leverage over its supply chain and distribution channels. This efficiency is a critical component of the company's ability to generate free cash flow during the peak planting seasons.
According to quarterly data, CF maintains a debt-to-EBITDA ratio of approximately 4.17 as of 2026Q1, a level that appears conservative for a commodity producer and provides the company with substantial headroom to navigate potential downturns in the nitrogen market without compromising its operational stability.
The company's disciplined approach to debt, combined with a strong interest coverage ratio exceeding 16x, suggests that CF is well-positioned to weather periods of margin compression. This balance sheet strength provides management with the optionality to continue aggressive share repurchases or fund strategic decarbonization projects.
The P/E ratio is frequently misapplied to CF's business model, as it fails to account for the significant non-cash charges and mark-to-market volatility inherent in the company's natural gas derivative hedging program, which can distort reported earnings and obscure the underlying cash-generating capacity of the firm.
Analysts should prioritize EV/EBITDA or P/FCF metrics to better capture the true operational performance of the nitrogen manufacturing assets. Relying solely on P/E may lead to an inaccurate assessment of value, as it ignores the capital-intensive nature of the business and the cyclicality of the nitrogen crack spread.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CF stock.
CF Industries Holdings, Inc.'s current P/E ratio is 12.6x. The historical average is 16.4x. This places it at the 47th percentile of its historical range.
CF Industries Holdings, Inc.'s current EV/EBITDA is 5.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
CF Industries Holdings, Inc.'s return on equity (ROE) is 18.9%. The historical average is 17.5%.
Based on historical data, CF Industries Holdings, Inc. is trading at a P/E of 12.6x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CF Industries Holdings, Inc.'s current dividend yield is 1.78% with a payout ratio of 22.4%.
CF Industries Holdings, Inc. has 38.5% gross margin and 33.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CF Industries Holdings, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.