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CF Industries HoldingsMEX:CF 69 Owner Earnings per Share (TTM) is 190.88 as of Mar. 2026, which is 1615% above its 10-year median of 11.13. GuruFocus rates MEX:CF with a GF Score™ of 69/100 and a GF Value™ of MXN2,065.46. The stock has 1 warning sign investors should review. Among 108 Agriculture companies, CF Industries Holdings ranks better than 70.37% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
CF Industries Holdings's Owner Earnings per Share (TTM) ended in Mar. 2026 was MXN190.88. It's Price-to-Owner-Earnings ratio for today is 10.55.
The historical rank and industry rank for CF Industries Holdings's Owner Earnings per Share (TTM) or its related term are showing as below:
MEX:CF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 4.91 Med: 11.13 Max: 69.03
Current: 10.55
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
CF Industries Holdings Owner Earnings per Share (TTM) Related Terms
CF Industries Holdings Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for CF Industries Holdings's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CF Industries Holdings Owner Earnings per Share (TTM) Chart
MEX:CF vs MOS, SMG, FMC: Owner Earnings per Share (TTM) Comparison
For the Agricultural Inputs subindustry, CF Industries Holdings's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CF Industries Holdings Price-to-Owner-Earnings vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, CF Industries Holdings's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where CF Industries Holdings's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
CF Industries Holdings's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was MXN367 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = MXN12,835 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
CF Industries Holdings's 5-Year Average Maintenance Capital Expenditure = MXN12,835 Mil
5. "Change In Working Capital" is from cashflow statement. CF Industries Holdings's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was MXN-4,321 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 190.88 mean?
CF Industries Holdings (MEX:CF) has a Owner Earnings per Share (TTM) of 190.88 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on CF Industries Holdings. This is 1615% above median its historical median of 11.13. Over the past decade, CF Industries Holdings' Owner Earnings per Share (TTM) has ranged from 4.91 to 69.03. According to the industry distribution chart, CF Industries Holdings ranks #32 out of 108 companies in the Agriculture industry, placing it in the top 29.6%.
Is CF Industries Holdings' Owner Earnings per Share (TTM) too high?
CF Industries Holdings' current Owner Earnings per Share (TTM) of 190.88 is 1615% above median its 10-year median of 11.13. Over the past 10 years, this metric has ranged from a low of 4.91 to a high of 69.03. The Agriculture industry median Owner Earnings per Share (TTM) is 17.61. CF Industries Holdings' value of 190.88 is 984.2% above this industry median. Based on the distribution chart, CF Industries Holdings ranks #32 out of 108 companies in the Agriculture industry, which is above the industry midpoint. Overall, CF Industries Holdings has a GF Score™ of 69/100, reflecting its overall financial health beyond just this single metric.
How does CF Industries Holdings' Owner Earnings per Share (TTM) compare to MOS and SMG?
According to the Agriculture industry distribution chart, CF Industries Holdings ranks #32 out of 108 companies for Owner Earnings per Share (TTM). This puts CF Industries Holdings in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 17.61. CF Industries Holdings' value of 190.88 is 984.2% above this benchmark. Historically, CF Industries Holdings' own Owner Earnings per Share (TTM) has ranged from 4.91 to 69.03 over the past decade. While the company's 10-year median is 11.13 vs. the industry median of 17.61, CF Industries Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for an Agriculture company?
The median Owner Earnings per Share (TTM) among Agriculture companies is 17.61, based on 108 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. CF Industries Holdings's current Owner Earnings per Share (TTM) of 190.88 is 984.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on CF Industries Holdings. For the Agriculture industry, the median Owner Earnings per Share (TTM) is 17.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CF Industries Holdings's current Owner Earnings per Share (TTM) is 190.88, which is 1615% above median its own 10-year median of 11.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CF Industries Holdings stock overvalued right now?
CF Industries Holdings (MEX:CF) has a current Owner Earnings per Share (TTM) of 190.88. The stock's GF Value™ is MXN2,065.46, compared to a current price of MXN2,013.90 — trading 2.5% below its estimated fair value. The current Owner Earnings per Share (TTM) is 190.88, which is 1615% above median its 10-year median of 11.13 and 984.2% above the Agriculture industry median of 17.61. CF Industries Holdings' overall GF Score™ is 69/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For CF Industries Holdings (MEX:CF), the current Owner Earnings per Share (TTM) is 190.88 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CF Industries Holdings (MEX:CF) Overvalued in 2026?
Based on GuruFocus' analysis, CF Industries Holdings stock appears to be undervalued.
The current stock price of MXN2,013.90 is trading 2.5% below its estimated GF Value™ of MXN2,065.46.
Key valuation signals for MEX:CF:
Owner Earnings per Share (TTM): 190.88 (1615% above median its 10-year median of 11.13)
GF Value™: MXN2,065.46 vs. price of MXN2,013.90 (2.5% below fair value)
Industry Position: 984.2% above the Agriculture median (#32 of 108)
No single metric tells the full story. See the MEX:CF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers. The company operates nitrogen manufacturing plants primarily in North America. CF also produces nitrogen in the United Kingdom and holds a joint venture interest in a nitrogen production facility in Trinidad and Tobago. CF makes nitrogen primarily using low-cost US natural gas as its feedstock, making the company one of the lowest-cost nitrogen producers globally. It is also investing in carbon-free blue and green ammonia, which can be used as an alternative fuel to hydrogen or as a means to transport hydrogen.
69GF Score
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