Financials CF Industries Holdings, Inc.

Stocks

CF

US1252691001

Agricultural Chemicals

Market Closed - NYSE Other stock markets 01:33:20 17/06/2026 am IST			5-day change	1st Jan Change
105.59 ^USD	-1.23%		-2.75%	+36.53%

15/06	BNP Paribas Adjusts Price Target on CF Industries to $120 From $140, Maintains Neutral Rating	MT
03/06	JPMorgan Adjusts Price Target on CF Industries to $115 From $94, Maintains Neutral Rating	MT

Projected Income Statement: CF Industries Holdings, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	6,538	11,186	6,631	5,936	7,084	8,568	7,312	6,740
Change	-	71.09%	-40.72%	-10.48%	19.34%	20.95%	-14.66%	-7.82%
EBITDA ¹	2,743	5,880	2,760	2,284	2,893	4,389	3,088	2,578
Change	-	114.36%	-53.06%	-17.25%	26.66%	51.71%	-29.65%	-16.5%
EBIT ¹	2,300	5,727	2,283	1,699	2,417	3,965	2,649	1,734
Change	-	149%	-60.14%	-25.58%	42.26%	64.07%	-33.21%	-34.55%
Interest Paid ¹	-183	-279	8	-121	-155	-156.7	-149.2	-150.3
Earnings before Tax (EBT) ¹	1,543	5,095	2,248	1,762	2,239	3,996	2,564	1,923
Change	-	230.2%	-55.88%	-21.62%	27.07%	78.46%	-35.84%	-25%
Net income ¹	917	3,346	1,525	1,218	1,455	2,722	1,629	1,235
Change	-	264.89%	-54.42%	-20.13%	19.46%	87.1%	-40.17%	-24.19%
Announcement Date	15/02/22	15/02/23	14/02/24	19/02/25	18/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	1,588	1,362	2,540	2,868	3,389	2,321	2,608	2,012	1,775	1,273	1,571	1,470	1,572	1,370	1,524	1,663	1,890	1,659	1,872	1,986	2,437	2,021	1,887	2,048	2,097	1,628	1,746	2,006
Change	-	-14.23%	86.49%	12.91%	18.17%	-31.51%	12.37%	-22.85%	-11.78%	-28.28%	23.41%	-6.43%	6.94%	-12.85%	11.24%	9.12%	13.65%	-12.22%	12.84%	6.09%	22.69%	-17.06%	-6.64%	8.52%	2.4%	-22.35%	7.23%	14.89%
EBITDA ¹	599	488	1,258	1,648	1,953	983	1,296	866	857	445	592	459	752	511	562	644	761	667	821	983	1,393	1,056	912	808.6	888.4	662.6	659.2	894.8
Change	-	-18.53%	157.79%	31%	18.51%	-49.67%	31.84%	-33.18%	-1.04%	-48.07%	33.03%	-22.47%	63.83%	-32.05%	9.98%	14.59%	18.17%	-12.35%	23.09%	19.73%	41.67%	-24.17%	-13.64%	-11.34%	9.87%	-25.41%	-0.51%	35.72%
EBIT ¹	453	401	1,199	1,631	1,936	907	1,261	768	736	317	462	274	638	366	421	482	652	576	707	838	1,347	916.6	799.9	755.5	-	-	-	-
Change	-	-11.48%	199%	36.03%	18.7%	-53.15%	39.03%	-39.1%	-4.17%	-56.93%	45.74%	-40.69%	132.85%	-42.63%	15.03%	14.49%	35.27%	-11.66%	22.74%	18.53%	60.77%	-31.97%	-12.73%	-5.54%	-	-	-	-
Charge d'intérêts ¹	-46	-46	-43	-205	-74	-34	34	-10	4	6	8	-37	-37	-	-47	-37	-36	-41	-41	-39	-41	-41	-41	-	-	-	-	-
Earnings before Tax (EBT) ¹	402	-137	1,085	1,452	1,696	693	1,254	819	740	253	436	300	629	400	433	437	635	565	602	844	1,364	1,025	860.6	-	-	-	-	-
Change	-	-134.08%	891.97%	33.82%	16.8%	-59.14%	80.95%	-34.69%	-9.65%	-65.81%	72.33%	-31.19%	109.67%	-36.41%	8.25%	0.92%	45.31%	-11.02%	6.55%	40.2%	61.6%	-24.85%	-16.04%	-	-	-	-	-
Net income ¹	246	-185	705	883	1,165	438	860	560	527	164	274	194	420	276	328	312	386	353	404	615	916	703.9	573.8	-	-	-	-	-
Change	-	-175.2%	481.08%	25.25%	31.94%	-62.4%	96.35%	-34.88%	-5.89%	-68.88%	67.07%	-29.2%	116.49%	-34.29%	18.84%	-4.88%	23.72%	-8.55%	14.45%	52.23%	48.94%	-23.16%	-18.48%	-	-	-	-	-
Announcement Date	09/08/21	03/11/21	15/02/22	04/05/22	01/08/22	02/11/22	15/02/23	01/05/23	02/08/23	01/11/23	14/02/24	01/05/24	07/08/24	30/10/24	19/02/25	07/05/25	06/08/25	05/11/25	18/02/26	06/05/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: CF Industries Holdings, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,837	642	936	1,357	1,233	422	-442	-616
Change	-	-65.05%	45.79%	44.98%	-9.14%	-65.77%	-204.74%	-39.37%
Announcement Date	15/02/22	15/02/23	14/02/24	19/02/25	18/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: CF Industries Holdings, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	514	453	499	518	950	1,062	1,499	1,426
Change	-	-11.87%	10.15%	3.81%	83.4%	11.76%	41.22%	-4.93%
Free Cash Flow (FCF) ¹	2,359	3,402	2,258	1,753	1,802	2,849	1,911	1,675
Change	-	44.21%	-33.63%	-22.36%	2.8%	58.12%	-32.95%	-12.35%
Announcement Date	15/02/22	15/02/23	14/02/24	19/02/25	18/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: CF Industries Holdings, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	41.95%	52.57%	41.62%	38.48%	40.84%	51.22%	42.23%	38.25%
EBIT Margin (%)	35.18%	51.2%	34.43%	28.62%	34.12%	46.28%	36.22%	25.72%
EBT Margin (%)	23.6%	45.55%	33.9%	29.68%	31.61%	46.63%	35.06%	28.52%
Net margin (%)	14.03%	29.91%	23%	20.52%	20.54%	31.77%	22.27%	18.32%
FCF margin (%)	36.08%	30.41%	34.05%	29.53%	25.44%	33.25%	26.13%	24.85%
FCF / Net Income (%)	257.25%	101.67%	148.07%	143.92%	123.85%	104.67%	117.31%	135.63%
Profitability
ROA	7.52%	26.05%	11.3%	8.58%	10.56%	18.84%	11.17%	7.36%
ROE	29.93%	81.05%	29.05%	22.31%	29.62%	43.21%	23.16%	14.16%
Financial Health
Leverage (Debt/EBITDA)	0.67x	0.11x	0.34x	0.59x	0.43x	0.1x	-	-
Debt / Free cash flow	0.78x	0.19x	0.41x	0.77x	0.68x	0.15x	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.86%	4.05%	7.53%	8.73%	13.41%	12.39%	20.51%	21.15%
CAPEX / EBITDA (%)	18.74%	7.7%	18.08%	22.68%	32.84%	24.19%	48.56%	55.29%
CAPEX / FCF (%)	21.79%	13.32%	22.1%	29.55%	52.72%	37.26%	78.48%	85.12%
Items per share
Cash flow per share ¹	13.29	18.88	14.23	12.57	16.97	24.97	18.69	16.52
Change	-	42.07%	-24.64%	-11.66%	35%	47.16%	-25.14%	-11.6%
Dividend per Share ¹	1.2	1.5	1.6	2	-	2.036	2.073	2.069
Change	-	25%	6.67%	25%	-	-	1.82%	-0.2%
Book Value Per Share ¹	14.91	25.82	29.58	27.63	-	44.6	51.21	54.29
Change	-	73.17%	14.53%	-6.57%	-	-	14.84%	6.01%
EPS ¹	4.24	16.38	7.87	6.74	8.97	18.23	11.16	9.218
Change	-	286.32%	-51.95%	-14.36%	33.09%	103.2%	-38.79%	-17.38%
Nbr of stocks (in thousands)	2,14,475	1,96,189	1,91,057	1,74,020	1,55,975	1,53,629	1,53,629	1,53,629
Announcement Date	15/02/22	15/02/23	14/02/24	19/02/25	18/02/26	-	-	-