CF vs. STLD: CF Industries vs. Steel Dynamics Stock Comparison

November 11, 2026

How do CF Industries (CF) and Steel Dynamics (STLD) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

CF Industries (CF) and Steel Dynamics (STLD) both fall under the Materials industry group, but CF is classified in Chemicals while STLD is classified in Metals & Mining.

Company profile comparison for CF Industries (CF) and Steel Dynamics (STLD)
Profile Item	CF	STLD
Name	CF Industries Holdings, Inc.	Steel Dynamics, Inc.
Country/Region	United States	United States
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Chemicals	Metals & Mining
GICS Sub-Industry	Fertilizers & Agricultural Chemicals	Steel
Market Capitalization	17.46 billion USD	31.70 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	August 11, 2005	November 22, 1996
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

STLD

GSPC

CF Industries (CF) vs. Steel Dynamics (STLD), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for CF Industries (CF) and Steel Dynamics (STLD). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for CF Industries (CF) and Steel Dynamics (STLD). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
Total Return (1Y)	49.36%	52.02%
Total Return (3Y, Annualized)	17.00%	29.83%
Total Return (5Y, Annualized)	16.09%	30.20%

Risk Profile

Drawdown History

STLD

GSPC

CF Industries (CF) vs. Steel Dynamics (STLD), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for CF Industries (CF) and Steel Dynamics (STLD). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Steel Dynamics (STLD) has an aggressive beta of 1.46, indicating higher sensitivity to broad-market moves, while CF Industries (CF) is defensive at 0.56 and tends to be less market-sensitive — they sit on opposite ends of the beta spectrum.

Risk profile metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
Volatility (1Y, Annualized)	43.66%	36.62%
Beta (5Y)	0.56	1.46
Max Drawdown (5Y)	-48.36%	-32.20%
Avg. Volume (3M)	2.49M	1.06M

Risk-Adjusted Performance

Risk-Return Positioning

CF and STLD are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
Sharpe Ratio (1Y)	1.03	1.30
Sortino Ratio (1Y)	1.59	1.92

Profitability

ROE (TTM)

Both CF Industries (CF) at 30.86% and Steel Dynamics (STLD) at 20.81% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

CF

Materials industry group

30.86%

Max: 52.88%
CF: 30.86%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

STLD

Materials industry group

20.81%

Max: 52.88%
STLD: 20.81%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their ROE against the Materials industry group benchmark.

Net Margin (TTM)

CF Industries (CF) at 27.48% retains a top-quartile share of revenue as profit, ahead of Steel Dynamics (STLD) at 8.82%, which keeps about the industry-typical share.

CF

Materials industry group

27.48%

Max: 38.66%
CF: 27.48%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

STLD

Materials industry group

8.82%

Max: 38.66%
Q3: 15.98%
STLD: 8.82%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their net margin against the Materials industry group benchmark.

Operating Margin (TTM)

CF Industries (CF) at 34.36% operates in the top operating margin quartile, ahead of Steel Dynamics (STLD) at 15.46%, which runs around its industry’s norm.

CF

Materials industry group

34.36%

Max: 66.70%
CF: 34.36%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

STLD

Materials industry group

15.46%

Max: 66.70%
Q3: 28.92%
STLD: 15.46%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their operating margin against the Materials industry group benchmark.

Profitability Metrics

Profitability metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
ROE (TTM)	30.86%	20.81%
ROA (TTM)	12.61%	9.45%
Net Margin (TTM)	27.48%	8.82%
Operating Margin (TTM)	34.36%	15.46%
Gross Margin (TTM)	42.52%	15.90%

Growth

Revenue Growth

Both CF Industries (CF) at 19.34% and Steel Dynamics (STLD) at 3.63% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both CF Industries (CF) at 33.09% and Steel Dynamics (STLD) at -18.80% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
Revenue Growth (YoY)	19.34%	3.63%
Revenue Growth (3Y CAGR)	-14.12%	-6.53%
EPS Growth (YoY)	33.09%	-18.80%
EPS Growth (3Y CAGR)	-18.19%	-27.45%

Financial Strength

Current Ratio (MRQ)

Both CF Industries (CF) at 2.98 and Steel Dynamics (STLD) at 3.15 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

CF

Materials industry group

2.98

Max: 5.96
Q3: 3.30
CF: 2.98
Median: 2.24
Q1: 1.45
Min: 0.16

STLD

Materials industry group

3.15

Max: 5.96
Q3: 3.30
STLD: 3.15
Median: 2.24
Q1: 1.45
Min: 0.16

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their current ratio against the Materials industry group benchmark.

Debt / Equity (MRQ)

Both CF Industries (CF) at 0.41 and Steel Dynamics (STLD) at 0.45 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

CF

Materials industry group

0.41

Max: 1.98
Q3: 0.89
Median: 0.47
CF: 0.41
Q1: 0.13
Min: 0.00

STLD

Materials industry group

0.45

Max: 1.98
Q3: 0.89
Median: 0.47
STLD: 0.45
Q1: 0.13
Min: 0.00

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their debt-to-equity ratio against the Materials industry group benchmark.

Financial Strength Metrics

Financial strength metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
Current Ratio (MRQ)	2.98	3.15
Debt / Equity (MRQ)	0.41	0.45
Net Debt / EBITDA	0.21	1.09

Dividends

Dividend Yield (TTM)

Both CF Industries (CF) at 1.77% and Steel Dynamics (STLD) at 0.94% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

CF

Materials industry group

1.77%

Max: 4.52%
Q3: 1.85%
CF: 1.77%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

STLD

Materials industry group

0.94%

Max: 4.52%
Q3: 1.85%
STLD: 0.94%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their dividend yield against the Materials industry group benchmark.

Dividend Payout Ratio (TTM)

Both CF Industries (CF) at 14.81% and Steel Dynamics (STLD) at 15.44% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

CF

Materials industry group

14.81%

Max: 83.62%
Q3: 41.37%
CF: 14.81%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

STLD

Materials industry group

15.44%

Max: 83.62%
Q3: 41.37%
STLD: 15.44%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their payout ratio against the Materials industry group benchmark.

Dividend Metrics

Dividend metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
Dividend Yield (TTM)	1.77%	0.94%
Dividend Payout Ratio (TTM)	14.81%	15.44%

Valuation

P/E Ratio (TTM)

CF Industries (CF) at 8.42 sits in the cheaper P/E ratio quartile, while Steel Dynamics (STLD) at 16.46 is closer to its industry’s usual earnings multiple — a discount for CF, though growth and earnings durability still matter.

CF

Materials industry group

8.42

Max: 59.00
Q3: 32.93
Median: 18.82
Q1: 11.96
CF: 8.42
Min: 3.93

STLD

Materials industry group

16.46

Max: 59.00
Q3: 32.93
Median: 18.82
STLD: 16.46
Q1: 11.96
Min: 3.93

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their P/E ratio against the Materials industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both CF Industries (CF) at 2.20 and Steel Dynamics (STLD) at 1.43 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

CF

Materials industry group

2.20

Max: 9.62
Q3: 4.34
CF: 2.20
Median: 1.87
Q1: 0.73
Min: 0.00

STLD

Materials industry group

1.43

Max: 9.62
Q3: 4.34
Median: 1.87
STLD: 1.43
Q1: 0.73
Min: 0.00

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their P/S ratio against the Materials industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both CF Industries (CF) at 3.10 and Steel Dynamics (STLD) at 3.23 are valued close to their industries’ norm against book — neither stands out from peers.

CF

Materials industry group

3.10

Max: 6.59
Q3: 3.55
CF: 3.10
Median: 2.08
Q1: 1.26
Min: -0.17

STLD

Materials industry group

3.23

Max: 6.59
Q3: 3.55
STLD: 3.23
Median: 2.08
Q1: 1.26
Min: -0.17

CF Industries (CF) vs. Steel Dynamics (STLD): A comparison of their P/B ratio against the Materials industry group benchmark.

Valuation Metrics

Valuation metrics for CF Industries (CF) and Steel Dynamics (STLD)
Metric	CF	STLD
P/E Ratio (TTM)	8.42	16.46
P/S Ratio (TTM)	2.20	1.43
P/B Ratio (MRQ)	3.10	3.23
Free Cash Flow Yield (TTM)	9.10%	1.36%