CF Industries

Revenue declined +40.7% YoY to $6.63B. Net margin at 0.00% (contracting ▼). Return on equity 0.00%, ROA 0.00%, ROIC 28.03%.

• Revenue declined +40.7% YoY to $6.63B.
• Net margin at 0.00% (contracting ▼).
• Return on equity 0.00%, ROA 0.00%, ROIC 28.03%.
• Gross margin 38.38%, operating margin 33.63%.
• Free cash flow margin 34.05% ($2.26B).
• Debt/equity 0.60, current ratio 3.54, net debt $2.93B.
• Asset turnover 0.45 — capital efficiency.

Latest annual report (10-K) filed Feb 25, 2026. Latest quarterly report (10-Q) filed May 7, 2026. 13 recent 8-K material-event filings in the index.

• Latest annual report (10-K) filed Feb 25, 2026.
• Latest quarterly report (10-Q) filed May 7, 2026.
• 13 recent 8-K material-event filings in the index.
• Recent insider Form 4s: 0 buy vs 0 sell transactions.
• ~10,000+ recent 13F-HR filings reference CF Industries; broad institutional reporting.
• Recent filers include WINNOW WEALTH LLC, CTC Fund Management LLC, CTC Fund Management LLC.

6 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.

• Inventory buildup exceeds sales growth: Inventory grew +5.0% vs revenue -40.7%. Excess inventory may signal weakening demand, potential write-downs, or supply chain overcommitment. Watch gross margin for discounting impact.
• Gross margin compression: Gross margin contracted +14.0%pp (from 52.4% to 38.4%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
• Free cash flow deteriorating: FCF declined +33.6% YoY (from $3.40B to $2.26B). With OCF at $2.76B and capex at $499.0M, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
• NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
• Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
• NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
• Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
• Endogenous analysis: Inventory accumulation alongside margin compression is a classic demand-softening signal: excess inventory typically leads to discounting, which compresses margins further. Monitor for clearance events, write-downs, or guidance revisions.
• Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
• 5 new XBRL disclosure(s) in latest filing — expanding reporting scope.
• 20 disclosure(s) dropped from prior year — reduced reporting granularity.
• 3 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements, Off-balance sheet arrangements.
• Ongoing high-severity risk language: Material weakness in internal controls.