Forensic Analysis · Materials / Mining & Chemicals · as of Aug 9, 2026

Cf Industries Holdings, Inc. (CF)

A forensic read on Cf Industries Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

5.0

Distress distance

Clean

Earnings quality

Forensic signals

9.8

P / E (ttm)

30.1%

ROE

$17.6B

Market cap

2.06%

Dividend yield

19.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cf Industries Holdings, Inc. earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 5.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

94% of FCF

FY2025

Shareholder returns. Returned $1.7B to shareholders (buybacks + dividends) in FY2025 — 94% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 49% of free cash flow a few years back — not just sitting there. Counting the $45M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 96%.

$285M

FY2021–FY2021

Goodwill impairments. Took $285M of goodwill writedowns across 1 year (FY2021 ($285M)) — about 31% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

-10%

FY2024→FY2025

Dividend — cut. The payout was CUT ~10% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2013, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.

Key fundamentals

Latest Revenue$7.08B

Revenue Growth YoY+19.3%

Revenue CAGR (3yr)-14.1%

Net Margin20.5%

Free Cash Flow$1.80B

Return on Equity30.1%

Debt / Equity0.66x

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.