CF Industries Holdings
CF Industries Holdings, Inc. manufactures and distributes nitrogen fertilizers and other nitrogen products worldwide. The last earnings update was 56 days ago. More info.
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CF Share Price and Events
7 Day Returns
1 Year Returns
CF Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| CF Industries Holdings (CF) | 6% | 8.5% | 2.2% | 16.6% | 35.8% | -6.2% |
| US Chemicals | 0.8% | -2.4% | 0.4% | -6.8% | 20.6% | 16.3% |
| US Market | 0.2% | 2.1% | 8.5% | 6.3% | 37.9% | 45.7% |
1 Year Return vs Industry and Market
- CF outperformed the Chemicals industry which returned -6.8% over the past year.
- CF outperformed the Market in United States of America which returned 6.3% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
CF Industries Holdings
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for CF Industries Holdings.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 18 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.8% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Chemicals Unlevered Beta | Simply Wall St/ S&P Global | 0.93 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.927 (1 + (1- 21%) (46.8%)) |
1.181 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.18 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.181 * 5.96%) |
9.77% |
Discounted Cash Flow Calculation for NYSE:CF using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for CF Industries Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 9.77%) |
|
|---|---|---|---|
| 2019 | 1,016.45 | Analyst x8 | 926.02 |
| 2020 | 1,142.29 | Analyst x9 | 948.07 |
| 2021 | 1,092.19 | Analyst x3 | 825.84 |
| 2022 | 1,030.00 | Analyst x1 | 709.52 |
| 2023 | 1,037.82 | Est @ 0.76% | 651.30 |
| 2024 | 1,051.83 | Est @ 1.35% | 601.37 |
| 2025 | 1,070.39 | Est @ 1.76% | 557.53 |
| 2026 | 1,092.38 | Est @ 2.05% | 518.36 |
| 2027 | 1,117.03 | Est @ 2.26% | 482.90 |
| 2028 | 1,143.82 | Est @ 2.4% | 450.49 |
| Present value of next 10 years cash flows | $6,671.41 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $1,143.82 × (1 + 2.73%) ÷ (9.77% – 2.73%) |
$16,700.71 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $16,700.71 ÷ (1 + 9.77%)10 |
$6,577.47 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $6,671.41 + $6,577.47 |
$13,248.88 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $13,248.88 / 222.40 |
$59.57 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $59.57 |
| Current discount | Discount to share price of
$45.14
= -1 x ($45.14 - $59.57) / $59.57 |
24.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- CF Industries Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
- CF Industries Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for CF Industries Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
CF Industries Holdings's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $1.25 |
| NYSE:CF Share Price ** | NYSE (2019-04-18) in USD | $45.14 |
| United States of America Chemicals Industry PE Ratio | Median Figure of 66 Publicly-Listed Chemicals Companies | 19.07x |
| United States of America Market PE Ratio | Median Figure of 3,081 Publicly-Listed Companies | 18.15x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of CF Industries Holdings.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:CF Share Price ÷ EPS (both in USD) = 45.14 ÷ 1.25 |
36.21x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CF Industries Holdings is overvalued based on earnings compared to the US Chemicals industry average.
- CF Industries Holdings is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
CF Industries Holdings's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 36.21x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts |
22.3%per year |
| United States of America Chemicals Industry PEG Ratio | Median Figure of 46 Publicly-Listed Chemicals Companies | 1.56x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.57x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 36.21x ÷ 22.3% |
1.62x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CF Industries Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
CF Industries Holdings's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $13.28 |
| NYSE:CF Share Price * | NYSE (2019-04-18) in USD | $45.14 |
| United States of America Chemicals Industry PB Ratio | Median Figure of 91 Publicly-Listed Chemicals Companies | 2.29x |
| United States of America Market PB Ratio | Median Figure of 5,178 Publicly-Listed Companies | 1.91x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:CF Share Price ÷ Book Value per Share (both in USD) = 45.14 ÷ 13.28 |
3.4x |
* Primary Listing of CF Industries Holdings.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CF Industries Holdings is overvalued based on assets compared to the US Chemicals industry average.
Value checks
We assess CF Industries Holdings's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check) CF Industries Holdings has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- CF Industries Holdings's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- CF Industries Holdings's earnings growth is expected to exceed the United States of America market average.
- CF Industries Holdings's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:CF Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts | 22.3% |
| NYSE:CF Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts | 3.8% |
| United States of America Chemicals Industry Earnings Growth Rate | Market Cap Weighted Average | 12.2% |
| United States of America Chemicals Industry Revenue Growth Rate | Market Cap Weighted Average | 2.2% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.3% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 5,543 | 1 | ||
| 2022-12-31 | 4,984 | 1,441 | 646 | 3 |
| 2021-12-31 | 5,024 | 1,515 | 728 | 7 |
| 2020-12-31 | 5,032 | 1,662 | 645 | 16 |
| 2019-12-31 | 4,813 | 1,459 | 542 | 18 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 4,429 | 1,497 | 290 |
| 2018-09-30 | 4,396 | 1,473 | 706 |
| 2018-06-30 | 4,226 | 1,042 | 589 |
| 2018-03-31 | 4,050 | 1,557 | 444 |
| 2017-12-31 | 4,130 | 1,631 | 358 |
| 2017-09-30 | 3,898 | 1,427 | -427 |
| 2017-06-30 | 3,708 | 1,358 | -370 |
| 2017-03-31 | 3,718 | 627 | -326 |
| 2016-12-31 | 3,685 | 617 | -277 |
| 2016-09-30 | 3,933 | 724 | 70 |
| 2016-06-30 | 4,181 | 1,154 | 190 |
| 2016-03-31 | 4,358 | 1,022 | 495 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
All data from CF Industries Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | 2.61 | 3.04 | 2.17 | 2.00 |
| 2021-12-31 | 3.57 | 4.79 | 2.00 | 5.00 |
| 2020-12-31 | 3.11 | 3.62 | 2.39 | 10.00 |
| 2019-12-31 | 2.31 | 2.70 | 2.00 | 11.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 1.25 |
| 2018-09-30 | 3.02 |
| 2018-06-30 | 2.52 |
| 2018-03-31 | 1.90 |
| 2017-12-31 | 1.53 |
| 2017-09-30 | -1.83 |
| 2017-06-30 | -1.59 |
| 2017-03-31 | -1.40 |
| 2016-12-31 | -1.19 |
| 2016-09-30 | 0.30 |
| 2016-06-30 | 0.81 |
| 2016-03-31 | 2.12 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- CF Industries Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
Future performance checks
We assess CF Industries Holdings's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
CF Industries Holdings has a total score of 4/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has CF Industries Holdings performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- CF Industries Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- CF Industries Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- CF Industries Holdings's 1-year earnings growth is negative, it can't be compared to the US Chemicals industry average.
Earnings and Revenue History
All data from CF Industries Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 4,429.00 | 290.00 | 212.00 | |
| 2018-09-30 | 4,396.00 | 706.00 | 209.00 | |
| 2018-06-30 | 4,226.00 | 589.00 | 205.00 | |
| 2018-03-31 | 4,050.00 | 444.00 | 201.00 | |
| 2017-12-31 | 4,130.00 | 358.00 | 196.00 | |
| 2017-09-30 | 3,898.00 | -427.00 | 177.00 | |
| 2017-06-30 | 3,708.00 | -370.00 | 172.00 | |
| 2017-03-31 | 3,718.00 | -326.00 | 175.00 | |
| 2016-12-31 | 3,685.00 | -277.00 | 177.00 | |
| 2016-09-30 | 3,933.00 | 70.00 | 191.00 | |
| 2016-06-30 | 4,181.00 | 190.00 | 189.00 | |
| 2016-03-31 | 4,358.00 | 495.00 | 175.00 | |
| 2015-12-31 | 4,308.00 | 700.00 | 170.00 | |
| 2015-09-30 | 4,409.50 | 911.30 | 152.50 | |
| 2015-06-30 | 4,402.90 | 952.20 | 148.70 | |
| 2015-03-31 | 4,564.60 | 912.80 | 150.20 | |
| 2014-12-31 | 4,743.00 | 1,390.00 | 152.00 | |
| 2014-09-30 | 4,853.00 | 1,477.80 | 164.40 | |
| 2014-06-30 | 5,028.60 | 1,581.00 | 158.40 | |
| 2014-03-31 | 5,270.80 | 1,766.60 | 163.40 | |
| 2013-12-31 | 5,474.70 | 1,464.60 | 166.00 | |
| 2013-09-30 | 5,629.80 | 1,609.50 | 161.20 | |
| 2013-06-30 | 5,892.20 | 1,778.70 | 165.50 | |
| 2013-03-31 | 5,912.90 | 1,886.80 | 162.30 | |
| 2012-12-31 | 6,104.00 | 1,848.70 | 151.80 | |
| 2012-09-30 | 6,341.00 | 1,816.90 | 148.40 | |
| 2012-06-30 | 6,385.40 | 1,744.50 | 142.40 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- CF Industries Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- CF Industries Holdings used its assets less efficiently than the US Chemicals industry average last year based on Return on Assets.
- CF Industries Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess CF Industries Holdings's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
CF Industries Holdings has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is CF Industries Holdings's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up CF Industries Holdings's finances.
The net worth of a company is the difference between its assets and liabilities.
- CF Industries Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- CF Industries Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from CF Industries Holdings Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 5,731.00 | 4,698.00 | 682.00 |
| 2018-09-30 | 6,163.00 | 4,697.00 | 1,022.00 |
| 2018-06-30 | 6,322.00 | 4,695.00 | 728.00 |
| 2018-03-31 | 6,665.00 | 4,693.00 | 936.00 |
| 2017-12-31 | 6,684.00 | 4,692.00 | 835.00 |
| 2017-09-30 | 6,240.00 | 5,786.00 | 1,992.00 |
| 2017-06-30 | 6,390.00 | 5,783.00 | 2,001.00 |
| 2017-03-31 | 6,383.00 | 5,780.00 | 1,312.00 |
| 2016-12-31 | 6,492.00 | 5,778.00 | 1,164.00 |
| 2016-09-30 | 6,980.00 | 5,540.00 | 1,554.00 |
| 2016-06-30 | 7,165.00 | 5,540.00 | 2,008.00 |
| 2016-03-31 | 7,194.00 | 5,539.00 | 2,689.00 |
| 2015-12-31 | 4,387.00 | 5,537.00 | 286.00 |
| 2015-09-30 | 4,467.50 | 5,592.60 | 943.20 |
| 2015-06-30 | 4,475.80 | 4,592.60 | 809.90 |
| 2015-03-31 | 4,418.50 | 4,592.50 | 1,778.80 |
| 2014-12-31 | 4,572.50 | 4,592.50 | 1,996.60 |
| 2014-09-30 | 4,855.30 | 4,592.40 | 2,651.20 |
| 2014-06-30 | 4,845.10 | 4,592.40 | 2,194.10 |
| 2014-03-31 | 5,308.30 | 4,592.30 | 3,530.20 |
| 2013-12-31 | 5,438.40 | 3,098.10 | 1,710.80 |
| 2013-09-30 | 5,462.00 | 3,098.00 | 2,286.20 |
| 2013-06-30 | 5,343.40 | 3,098.00 | 1,934.10 |
| 2013-03-31 | 6,117.70 | 1,604.80 | 2,210.30 |
| 2012-12-31 | 6,282.20 | 1,605.00 | 2,274.90 |
| 2012-09-30 | 5,978.10 | 1,645.50 | 2,221.30 |
| 2012-06-30 | 5,500.20 | 1,604.80 | 1,383.00 |
- CF Industries Holdings's level of debt (82%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (57.3% vs 82% today).
- Debt is well covered by operating cash flow (31.9%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
Financial health checks
We assess CF Industries Holdings's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) CF Industries Holdings has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is CF Industries Holdings's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
CF Industries Holdings
shares you are expected to receive
$53
in your first year as a dividend.
Dividend Amount
- CF Industries Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
- CF Industries Holdings's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| United States of America Chemicals Industry Average Dividend Yield | Market Cap Weighted Average of 55 Stocks | 2.5% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2009 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | 1.20 | 2.00 |
| 2021-12-31 | 1.21 | 8.00 |
| 2020-12-31 | 1.22 | 15.00 |
| 2019-12-31 | 1.21 | 15.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-05 | 1.200 | 2.843 |
| 2018-10-11 | 1.200 | 2.683 |
| 2018-07-11 | 1.200 | 2.442 |
| 2018-04-30 | 1.200 | 2.861 |
| 2018-02-07 | 1.200 | 3.048 |
| 2017-10-10 | 1.200 | 3.079 |
| 2017-07-25 | 1.200 | 3.802 |
| 2017-04-27 | 1.200 | 4.306 |
| 2017-02-08 | 1.200 | 3.994 |
| 2016-10-11 | 1.200 | 4.155 |
| 2016-07-22 | 1.200 | 4.999 |
| 2016-04-25 | 1.200 | 4.284 |
| 2016-01-28 | 1.200 | 3.726 |
| 2015-10-14 | 1.200 | 2.874 |
| 2015-07-23 | 1.200 | 2.184 |
| 2015-04-29 | 1.200 | 1.918 |
| 2015-02-05 | 1.200 | 2.040 |
| 2014-10-17 | 1.200 | 2.202 |
| 2014-08-06 | 1.200 | 2.318 |
| 2014-05-01 | 0.800 | 1.632 |
| 2014-01-31 | 0.800 | 1.626 |
| 2013-10-17 | 0.800 | 1.776 |
| 2013-07-24 | 0.320 | 0.808 |
| 2013-04-30 | 0.320 | 0.863 |
| 2013-02-07 | 0.320 | 0.816 |
| 2012-10-19 | 0.320 | 0.761 |
| 2012-07-20 | 0.320 | 0.760 |
| 2012-04-27 | 0.320 | 0.894 |
| 2012-02-03 | 0.320 | 0.868 |
| 2011-10-21 | 0.320 | 1.023 |
| 2011-08-04 | 0.320 | 1.015 |
| 2011-04-29 | 0.080 | 0.274 |
| 2011-02-02 | 0.080 | 0.295 |
| 2010-10-21 | 0.080 | 0.314 |
| 2010-07-22 | 0.080 | 0.428 |
| 2010-05-03 | 0.080 | 0.581 |
| 2010-02-16 | 0.080 | 0.425 |
| 2009-10-22 | 0.080 | 0.447 |
| 2009-07-22 | 0.080 | 0.473 |
| 2009-04-21 | 0.080 | 0.532 |
| 2009-04-20 | 0.080 | 0.595 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
CF Industries Holdings's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are not well covered by earnings (1x coverage).
- Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
Income/ dividend checks
We assess CF Industries Holdings's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can CF Industries Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) CF Industries Holdings has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $7,758,005 |
| AGE | 52 |
| TENURE AS CEO | 5.3 years |
CEO Bio
Mr. W. Anthony Will, also known as Tony, has been the Chief Executive Officer and President of CF Industries Holdings, Inc. since January 2, 2014. Mr. Will has been the Chief Executive Officer and President of Terra Nitrogen GP Inc., a wholly owned subsidiary of CF Industries Holdings, Inc. and the sole general partner of Terra Nitrogen Company, L.P. since January 1, 2014. He served as Senior Vice President of Manufacturing & Distribution at CF Industries Holdings, Inc. and Terra Nitrogen GP Inc. since January 2012 until January 2014. He served as Vice President of Manufacturing and Distribution of Terra Nitrogen GP Inc. from April 2010 to January 2012 and CF Industries Holdings, Inc. from March 2009 to December 2011. He served as Vice President of Corporate Development of CF Industries Holdings Inc. from April 2007 to March 2009. He joined CF Industries in 2007. Prior to that, Mr. Will was a Partner of Accenture Ltd. from April 2005 to December 2006. From January 2002 to August 2004, he served positions as Vice President of Business Development of Sears, Roebuck and Company. He served as Vice President of Strategy and Corporate Development of Fort James Corporation from October 1998 to January 2001. From January 2001 to January 2002, Mr. Will served as a Consultant of Egon Zehnder International, a global consulting firm. He served as a Manager of Boston Consulting Group. He served as Director at Terra Nitrogen Company from 2010 to January 2017. Mr. Will has been a Director of CF Industries Holdings, Inc. since January 2, 2014. He served as the Chairman and Director at Terra Nitrogen GP Inc. from June 2010 to February 5, 2016. He served as Director at Terra Industries Inc. from April 5, 2010 to April 15, 2010. Mr. Will holds a B.S. in Electrical Engineering from Iowa State University and he later earned his Master of Management Degree (MBA) at the J.L. Kellogg Graduate School of Management at Northwestern University.
CEO Compensation
- Tony's compensation has been consistent with company performance over the past year.
- Tony's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the CF Industries Holdings management team in years:
- The tenure for the CF Industries Holdings management team is about average.
Management Team
Tony Will
President
$8M
52
5.3 yrs
Dennis Kelleher
Senior VP & CFO
$3M
54
7.7 yrs
Douglas Barnard
Senior VP
$2M
59
15.3 yrs
Bert Frost
Senior Vice President of Sales
$2M
53
2.9 yrs
Christopher Bohn
Senior Vice President of Manufacturing & Distribution
$2M
50
3.3 yrs
Tom Grooms
Chief Information Officer & VP
3.2 yrs
Martin Jarosick
Vice President of Investor Relations
2.3 yrs
Mike McGrane
Chief Compliance Officer
3.3 yrs
Rosemary O'Brien
Vice President of Public Affairs
66
35.3 yrs
Sue Menzel
Senior Vice President of Human Resources
53
1.5 yrs
Board of Directors Tenure
Average tenure and age of the CF Industries Holdings board of directors in years:
- The tenure for the CF Industries Holdings board of directors is about average.
Board of Directors
Steve Furbacher
Chairman & Lead Independent Director
$412K
71
4.9 yrs
Tony Will
President
$8M
52
5.3 yrs
Bob Arzbaecher
Independent Director
$248K
58
13.7 yrs
Stephen Hagge
Independent Director
$248K
66
8.8 yrs
Theresa Wagler
Independent Director
$253K
48
4.5 yrs
John Johnson
Independent Director
$234K
69
13.7 yrs
William Davisson
Independent Director
$234K
70
13.7 yrs
Anne Noonan
Independent Director
$234K
55
3.8 yrs
John Eaves
Independent Director
$234K
60
1.8 yrs
Michael Toelle
Independent Director
$234K
55
1.8 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13. Nov 18 | Sell | Stephen Furbacher | Individual | 09. Nov 18 | 09. Nov 18 | -3,500 | $52.45 | $-183,561 | ||
| 31. Aug 18 | Sell | Stephen Furbacher | Individual | 29. Aug 18 | 29. Aug 18 | -1,000 | $51.43 | $-51,431 | ||
| 08. Aug 18 | Sell | Stephen Furbacher | Individual | 06. Aug 18 | 06. Aug 18 | -2,000 | $49.52 | $-99,042 | ||
| 15. May 18 | Sell | Adam Hall | Individual | 14. May 18 | 14. May 18 | -2,970 | $40.48 | $-120,235 | ||
Management checks
We assess CF Industries Holdings's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) CF Industries Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
CF Industries Holdings, Inc. (NYSE:CF): Time For A Financial Health Check
Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like CF Industries Holdings, Inc. … Today we will look at CF’s financial liquidity and debt levels, which are strong indicators for whether the company can weather economic downturns or fund strategic acquisitions for future growth. … Don’t forget that this is a general and concentrated examination of CF Industries Holdings’s financial health, so you should conduct further analysis.
Simply Wall St - – Full articleShould CF Industries Holdings, Inc. (NYSE:CF) Focus On Improving This Fundamental Metric?
CF Industries Holdings has a ROE of 7.5%, based on the last twelve months. … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.075. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDon't Sell CF Industries Holdings, Inc. (NYSE:CF) Before You Read This
We'll look at CF Industries Holdings, Inc.'s (NYSE:CF) P/E ratio and reflect on what it tells us about the company's share price. … CF Industries Holdings has a P/E ratio of 31.29, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleHow Much Are CF Industries Holdings, Inc. (NYSE:CF) Insiders Taking Off The Table?
So we'll take a look at whether insiders have been buying or selling shares in CF Industries Holdings, Inc. … The Last 12 Months Of Insider Transactions At CF Industries Holdings. … All up, insiders sold more shares in CF Industries Holdings than they bought, over the last year
Simply Wall St - – Full articleIs CF Industries Holdings, Inc.’s (NYSE:CF) Cash Outlook Optimistic?
I will take you through CF Industries Holdings’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … CF Industries Holdings’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … The two ways to assess whether CF Industries Holdings’s FCF is sufficient, is to compare the FCF yield to the market index yield, as well as determine whether the top-line operating cash flows will continue to grow
Simply Wall St - – Full articleIs CF Industries Holdings, Inc. (NYSE:CF) An Attractive Dividend Stock?
A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Historically, CF Industries Holdings, Inc. … Let's dig deeper into whether CF Industries Holdings should have a place in your portfolio.
Simply Wall St - – Full articleCF Industries Holdings, Inc. (NYSE:CF) Might Not Be A Great Investment
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … What is Return On Capital Employed (ROCE)? … Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
Simply Wall St - – Full articleWhat Is CF Industries Holdings, Inc.'s (NYSE:CF) Share Price Doing?
received a lot of attention from a substantial price movement on the NYSE over the last few months, increasing to $56.06 at one point, and dropping to the lows of $40.11. … Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … A question to answer is whether CF Industries Holdings's current trading price of $43.96 reflective of the actual value of the?
Simply Wall St - – Full articleIs CF Industries Holdings, Inc.'s (NYSE:CF) Stock Available For A Good Price After Accounting For Growth?
CF Industries Holdings, Inc. … (NYSE:CF) closed yesterday at $41.03, which left some investors asking whether the high earnings potential can still be justified at this price. … CF Industries Holdings's extremely high growth potential in the near future is attracting investors
Simply Wall St - – Full articleWhat does CF Industries Holdings, Inc.'s (NYSE:CF) Balance Sheet Tell Us About Its Future?
Small-caps and large-caps are wildly popular among investors, however, mid-cap stocks, such as CF Industries Holdings, Inc. … Don’t forget that this is a general and concentrated examination of CF Industries Holdings’s financial health, so you should conduct further analysis. … Check out our latest analysis for CF Industries Holdings
Simply Wall St - – Full articleCompany Info
Description
CF Industries Holdings, Inc. manufactures and distributes nitrogen fertilizers and other nitrogen products worldwide. Its principal nitrogen fertilizer products include ammonia, granular urea, urea ammonium nitrate solution, and ammonium nitrate. The company also offers diesel exhaust fluid, urea liquor, nitric acid, and aqua ammonia products, as well as compound fertilizer products with nitrogen, phosphorus, and potassium. It primarily serves cooperatives, independent fertilizer distributors, traders, wholesalers, farmers, and industrial users. The company was founded in 1946 and is headquartered in Deerfield, Illinois.
Details
| Name: | CF Industries Holdings, Inc. |
| CF | |
| Exchange: | NYSE |
| Founded: | 1946 |
| $10,039,004,507 | |
| 222,397,087 | |
| Website: | http://www.cfindustries.com |
| Address: |
CF Industries Holdings, Inc. 4 Parkway North, Suite 400, Deerfield, Illinois, 60015, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | CF | Common Stock | New York Stock Exchange | US | USD | 11. Aug 2005 | |
| DB | C4F | Common Stock | Deutsche Boerse AG | DE | EUR | 11. Aug 2005 | |
| LSE | 0HQU | Common Stock | London Stock Exchange | GB | USD | 11. Aug 2005 |
Number of employees
Current staff
Industry
| Fertilizers and Agricultural Chemicals | |
| Materials |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/19 23:54 |
| End of day share price update: | 2019/04/18 00:00 |
| Last estimates confirmation: | 2019/04/17 |
| Last earnings filing: | 2019/02/22 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
