CF Industries Holdings
CF Industries Holdings returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 23.35% | — | 39.19% | 17.33% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 20.82% | — | 34.74% | 15.21% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | 17.8% | — | 29.62% | 13.05% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | 16.51% | — | 27.46% | 12.09% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 14.62% | — | 24.98% | 11.45% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 14.86% | — | 26.14% | 11.7% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | 13.32% | — | 22.76% | 10.61% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | 13.6% | — | 21.32% | 10.49% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 12.35% | — | 18.68% | 9.71% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 13.28% | — | 21.28% | 10.46% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | 17.22% | — | 28.32% | 13.28% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | 24.6% | — | 41.53% | 18.6% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 27.9% | — | 45.9% | 20.79% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 37.9% | — | 63.95% | 26.02% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 46.4% | — | 81.05% | 30.65% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | 46.93% | — | 86.45% | 30.24% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 37.72% | — | 65.55% | 24.84% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 27.7% | — | 46.91% | 16.56% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | 15.68% | — | 29.93% | 10.33% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | 6.87% | — | 10.37% | 4.39% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 7.87% | — | 14.9% | 5.13% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 6.48% | — | 13.9% | 4.22% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | 5.51% | — | 10.9% | 3.57% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 5.61% | — | 9.82% | 3.28% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 6.82% | — | 12.73% | 4.17% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 8.45% | — | 16.58% | 4.88% | — |
| FY 2019 Q4 | Dec 31, 2019 | 8.81% | 8.55% | — | 16.84% | 5.2% | 1.1 pp |
| FY 2019 Q3 | Sep 30, 2019 | 8.55% | 8.52% | — | 15.18% | 4.97% | 0.9 pp |
| FY 2019 Q2 | Jun 30, 2019 | 7.78% | 7.98% | — | 13.65% | 4.67% | 0.1 pp |
| FY 2019 Q1 | Mar 31, 2019 | 6.35% | 6.16% | — | 9.68% | 3.46% | -1.3 pp |
| FY 2018 Q4 | Dec 31, 2018 | 5.91% | 6.17% | — | 8.87% | 3.28% | -1.8 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 5.26% | — | 21.38% | 5.97% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 3.85% | — | 17.26% | 4.99% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 2.45% | — | 12.92% | 3.81% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 1.68% | — | 10.34% | 3.15% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | 0.18% | — | -12.15% | -2.24% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | -0.26% | — | -10.2% | -1.78% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 0.66% | — | -8.91% | -1.39% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 1.03% | — | -7.5% | -1.13% | — |
| FY 2016 Q3 | Sep 30, 2016 | 2.96% | 2.83% | -35.89% | 1.74% | 1.16% | -4.7 pp |
| FY 2016 Q2 | Jun 30, 2016 | — | 4.21% | — | 4.7% | 1.97% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 7.54% | — | 12.22% | 4.03% | — |
| FY 2015 Q4 | Dec 31, 2015 | 8.88% | 10.9% | -31.73% | 16.98% | 6.1% | 1.2 pp |
| FY 2015 Q3 | Sep 30, 2015 | 12.07% | 13.28% | -28.49% | 21.18% | 7.74% | 4.4 pp |
| FY 2015 Q2 | Jun 30, 2015 | 14.13% | 15.97% | -62.06% | 22.14% | 8.9% | 6.4 pp |
| FY 2015 Q1 | Mar 31, 2015 | 15.18% | 14.74% | -101.61% | 20.26% | 7.95% | 7.5 pp |
| FY 2014 Q4 | Dec 31, 2014 | 21.87% | 23.42% | -38.6% | 29.94% | 13.05% | 14.2 pp |
| FY 2014 Q3 | Sep 30, 2014 | 24.82% | 24.52% | -7.19% | 30.78% | 13.6% | 17.1 pp |
| FY 2014 Q2 | Jun 30, 2014 | 25.09% | 26.17% | -16.7% | 33.42% | 15.13% | 17.4 pp |
| FY 2014 Q1 | Mar 31, 2014 | 32.13% | 29.4% | -9.53% | 33.09% | 15.99% | 24.4 pp |
| FY 2013 Q4 | Dec 31, 2013 | 26.74% | 25.3% | -23.68% | 26.68% | 14.71% | 19 pp |
| FY 2013 Q3 | Sep 30, 2013 | 28.54% | 26.1% | -48.42% | 30.47% | 14.74% | 20.8 pp |
| FY 2013 Q2 | Jun 30, 2013 | 30.24% | 30.1% | -23.98% | 35.58% | 18.18% | 22.5 pp |
| FY 2013 Q1 | Mar 31, 2013 | 36.97% | 33.48% | 32.72% | 35.39% | 19.25% | 29.3 pp |
| FY 2012 Q4 | Dec 31, 2012 | 35.65% | 34.49% | 51.3% | 35.38% | 20.1% | 27.9 pp |
| FY 2012 Q3 | Sep 30, 2012 | 40.87% | 37.92% | 133.05% | 37.38% | 20.01% | 33.2 pp |
| FY 2012 Q2 | Jun 30, 2012 | 36.05% | 36.56% | 610.98% | 35.29% | 19.6% | 28.3 pp |
| FY 2012 Q1 | Mar 31, 2012 | — | 36.2% | — | 34.98% | 17.29% | — |
| FY 2011 Q4 | Dec 31, 2011 | 33.18% | 35.42% | — | 35.81% | 17.36% | 25.5 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 30.65% | — | 32.01% | 14.56% | — |
| FY 2011 Q2 | Jun 30, 2011 | 21.32% | 23.88% | — | 23.56% | 11.3% | 13.6 pp |
| FY 2011 Q1 | Mar 31, 2011 | — | 29.71% | — | 20.93% | 10.75% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 18.23% | — | 12.08% | 6.21% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 10.72% | — | 7.25% | 3.65% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 9.71% | — | 7.07% | 3.51% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · CF, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.