CFCF Industries Holdings, Inc.

Agricultural Chemicals

Revenue: $7.1B; 19% YoY
Operating margin: 32.5%; 10% YoY
EBITDA: $3.2B; 20% YoY
Market cap: $18.9B
Employees: 2,900; $2M revenue each
Net debt / EBITDA: 0.9×; $2.9B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
179% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
61% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 93rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$72M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.5B	$11.2B	$6.6B	$5.9B	$7.1B	19%
Operating income	$1.7B	$5.4B	$2.2B	$1.7B	$2.3B	32%
Operating cash flow	$2.9B	$3.9B	$2.8B	$2.3B	$2.8B	21%
Capex	$514M	$453M	$499M	$518M	$950M	83%
Stock-based comp	$30M	$41M	$37M	$36M	$45M	25%
Buybacks	$539M	$1.3B	$580M	$1.5B	$1.4B	9.5%
Dividends	$260M	$306M	$311M	$364M	$326M	10%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $72M · 36
Net: −$72M

Pay vs performance

No pay-versus-performance disclosure yet.