{"slug":"cf-industries","name":"CF 인더스트리스","name_en":"CF Industries Holdings, Inc.","ticker":"CF","updated_at":"2026-09-24T12:55:59.194864+00:00","canonical":"https://valuechain.wiki/cf-industries","citable":"밸류체인 그래프 기준 CF 인더스트리스의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, CF Industries Holdings, Inc. is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 8 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-24).","kicker":"북미 질소비료·암모니아","kicker_en":"North American nitrogen and ammonia","lead":"천연가스를 원료로 암모니아와 요소, UAN 등 질소 제품을 생산해 농업 협동조합과 유통사, 산업 고객에게 판매한다. 천연가스와 물류가 핵심 비용이며, 저탄소 암모니아 공급을 위해 산업가스·탄소저장 파트너와 신규 설비를 구축하고 있다.","lead_en":"CF Industries converts natural gas into ammonia, urea, UAN and other nitrogen products sold to agricultural cooperatives, distributors and industrial users. Natural gas and logistics are core costs, while new low-carbon ammonia capacity depends on industrial-gas and carbon-sequestration partners.","categories":[{"key":"general-chemicals","ko":"종합·특수화학","en":"Diversified & Specialty Chemicals","theme":"materials-chemicals","theme_ko":"산업 소재·화학","theme_en":"Industrial Materials & Chemicals","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"암모니아","note":"비료·산업·저탄소 연료용 기초 제품"},{"name":"입상 요소","note":"농업용 고체 질소비료"},{"name":"UAN","note":"요소·질산암모늄 액상비료"},{"name":"질산암모늄","note":"농업 및 산업용 질소 제품"},{"name":"기타","note":"DEF, 요소액, 질산, 암모니아수 등"}],"total":"FY2025 매출 70억8,400만달러 (SEC 10-K)","track":"C"},"segments_en":{"parts":[{"name":"Ammonia"},{"name":"Granular Urea"},{"name":"UAN"},{"name":"Ammonium Nitrate"},{"name":"Other"}],"total":"FY2025 revenue of $7.084 billion (SEC Form 10-K)"},"returns_yearly":{"2021":87.2,"2022":22.3,"2023":-4.7,"2024":10.1,"2025":-7.2,"2026":74.9},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"mitsui","name":"미쓰이물산","name_en":"Mitsui & Co.","tier":1,"returns_yearly":{"2021":52.6,"2022":39.2,"2023":63.5,"2024":5.2,"2025":68.3,"2026":-2.9}}],"benefiting":[{"slug":"union-pacific","name":"유니언 퍼시픽","name_en":"Union Pacific Corporation","tier":1,"returns_yearly":{"2021":23.3,"2022":-15.9,"2023":21.6,"2024":-5.1,"2025":3.9,"2026":22.1}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":1,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":14.6}},{"slug":"exxonmobil","name":"엑슨모빌","name_en":"ExxonMobil","tier":2,"returns_yearly":{"2021":57.6,"2022":87.4,"2023":-6.3,"2024":11.3,"2025":16,"2026":35.2}},{"slug":"wabtec","name":"웹텍","name_en":"Wabtec Corporation","tier":2,"returns_yearly":{"2021":26.5,"2022":9.1,"2023":28,"2024":50.1,"2025":13.2,"2026":34.2}},{"slug":"norfolk-southern","name":"노퍽 서던","name_en":"Norfolk Southern","tier":2,"returns_yearly":{"2021":27.3,"2022":-15.6,"2023":-1.6,"2024":1.6,"2025":25.6,"2026":15.6}},{"slug":"vulcan-materials-company","name":"벌컨 머티리얼스","name_en":"Vulcan Materials Company","tier":2,"returns_yearly":{"2021":41.1,"2022":-14.9,"2023":30.8,"2024":14.1,"2025":11.7,"2026":-7.4}},{"slug":"martin-marietta-materials","name":"마틴 마리에타 머티리얼스","name_en":"Martin Marietta Materials, Inc.","tier":2,"returns_yearly":{"2021":56.1,"2022":-22.7,"2023":48.6,"2024":4.1,"2025":21.3,"2026":-17}},{"slug":"targa-resources","name":"타가 리소시스","name_en":"Targa Resources Corp.","tier":3,"returns_yearly":{"2021":100.1,"2022":43.7,"2023":21,"2024":110.1,"2025":5.7,"2026":59.5}},{"slug":"schlumberger","name":"슐럼버거","name_en":"Schlumberger","tier":3,"returns_yearly":{"2021":39.6,"2022":81.2,"2023":-0.8,"2024":-24.5,"2025":3.3,"2026":52.3}},{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":3,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":40.6}},{"slug":"komatsu","name":"고마쓰","name_en":"Komatsu","tier":3,"returns_yearly":{"2021":0.5,"2022":17.4,"2023":40.1,"2024":16.4,"2025":30.5,"2026":28.3}},{"slug":"texas-pacific-land","name":"텍사스 퍼시픽 랜드","name_en":"Texas Pacific Land Corporation","tier":3,"returns_yearly":{"2021":73.3,"2022":91.3,"2023":-32.4,"2024":115.3,"2025":-21.6,"2026":26.2}},{"slug":"baker-hughes","name":"베이커 휴즈","name_en":"Baker Hughes Company","tier":3,"returns_yearly":{"2021":19,"2022":26,"2023":18.6,"2024":23.1,"2025":13.4,"2026":25.9}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":3,"returns_yearly":{"2021":14.3,"2022":8.1,"2023":21.1,"2024":8.7,"2025":-4.6,"2026":20.7}},{"slug":"kinder-morgan","name":"킨더 모건","name_en":"Kinder Morgan, Inc.","tier":3,"returns_yearly":{"2021":23.8,"2022":21.2,"2023":4.1,"2024":64.4,"2025":4.8,"2026":17.5}},{"slug":"honeywell-technologies","name":"하니웰 테크놀로지스","name_en":"Honeywell Technologies","tier":3,"returns_yearly":{"2021":-0.3,"2022":4.9,"2023":0,"2024":10,"2025":-6.4,"2026":3.8}},{"slug":"yokogawa-electric","name":"요코가와전기","name_en":"Yokogawa Electric","tier":3,"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":-8.2}}],"analysis":"북미 질소비료·암모니아 기업. 2026년 +74.9%로 강하게 올랐다. 본주(+74.9%)와 공급단(평균 +20.1%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 유니언 퍼시픽(+27.1%), 가장 처진 곳은 린데(+13.1%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"CF Industries Holdings, Inc. operates across North American nitrogen and ammonia. It is up +74.9% in 2026. The stock (+74.9%) and its supply side (avg +20.1%) are moving in step. Among connected nodes the furthest ahead is Union Pacific Corporation (+27.1%) and the furthest behind is Linde (+13.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Natural gas and logistics are core costs, while new low-carbon ammonia capacity depends on industrial-gas and carbon-sequestration partners.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Blue Point Number One, LLC","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-25","basis":"CF의 Blue Point 합작법인 회계연도 자본 출자액","value":195000000,"period":"FY2025","basis_en":"CF's fiscal-year capital contributions to the Blue Point joint venture","qualifier":null},"note":"CF는 JERA·미쓰이와 Blue Point 저탄소 암모니아 합작법인을 설립하고 지분에 따라 자본을 투입했다. 최신 공시의 회계연도 누적 출자액을 사용했다.","note_en":"CF formed the Blue Point low-carbon ammonia joint venture with JERA and Mitsui and funds it through ownership-based capital calls. The metric uses CF's cumulative contribution disclosed for the latest fiscal year.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1324404/000132440426000007/cf-20251231.htm","title":"CF Industries Holdings, Inc. 10-K (2026-02-25)","title_en":"CF Industries Holdings, Inc. 10-K (2026-02-25)","excerpt":"CF는 합작법인 지분을 보유한다고 공시했다.","excerpt_en":"We hold 40% ownership"},{"stance":"confirms","publisher":"한국수소연합","publisher_en":"Korea Hydrogen Alliance","kind":"research","lang":"ko","published_at":"2025-04-11","url":"https://h2hub.or.kr/main/yard/periodicals.do?articleNo=2512&attachNo=4768&mode=download","title":"한국수소연합 일간 수소 이슈 브리핑 (2025-04-11)","title_en":"Korea Hydrogen Alliance Daily Hydrogen Issue Briefing (2025-04-11)","excerpt":"세 기업은 합작 투자를 통해 연간 140만 톤의 암모니아 생산시설을 건설한다.","excerpt_en":"The three companies will jointly build an ammonia facility with annual capacity of 1.4 million tons."}]},{"direction":"revenue","counterparty":"CHS Inc.","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"short tons/year","as_of":"2026-02-25","basis":"CHS 장기 공급계약의 연간 입상 요소 구매권","value":1100000,"period":"annual contract right","basis_en":"Annual granular urea purchase right under the CHS supply agreement","qualifier":null},"note":"CHS는 CF의 질소비료 자회사 지분을 보유하면서 장기 공급계약에 따라 입상 요소와 UAN을 시장가격으로 구매할 권리가 있다. 공개된 상대별 매출액 대신 계약상 연간 입상 요소 구매권을 표시했다.","note_en":"CHS holds a minority interest in CF's nitrogen subsidiary and has contractual rights to buy granular urea and UAN at market prices. The metric shows the disclosed annual granular urea purchase right because counterparty revenue is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1324404/000132440426000007/cf-20251231.htm","title":"CF Industries Holdings, Inc. 10-K (2026-02-25)","title_en":"CF Industries Holdings, Inc. 10-K (2026-02-25)","excerpt":"CHS가 공급계약에 따라 제품을 인도받는다고 공시했다.","excerpt_en":"CHS also receives deliveries"}]},{"direction":"revenue","counterparty":"미쓰이물산","counterparty_slug":"mitsui","confidence":"high","metric":{"type":"count","unit":"metric tons/year","as_of":"2025-12-19","basis":"일본 지원사업 인증 기준 미쓰이 주도 Blue Point 저탄소 암모니아 연간 공급량","value":280000,"period":"from January 2031","basis_en":"Certified annual supply volume for the Mitsui-led Blue Point low-carbon ammonia project","qualifier":null},"note":"미쓰이는 Blue Point 합작법인이 생산할 저탄소 암모니아를 인수해야 하는 장기 오프테이크 상대다. 일본 지원사업 인증 물량이 공개돼 향후 판매 경로와 규모를 함께 확인할 수 있다.","note_en":"Mitsui is a long-term offtaker required to purchase low-carbon ammonia from the Blue Point joint venture. Japan's certification discloses the planned annual supply volume, making this a material future revenue channel.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1324404/000132440426000007/cf-20251231.htm","title":"CF Industries Holdings, Inc. 10-K (2026-02-25)","title_en":"CF Industries Holdings, Inc. 10-K (2026-02-25)","excerpt":"미쓰이는 저탄소 암모니아를 구매할 의무가 있다.","excerpt_en":"Mitsui are required to purchase low-carbon ammonia"}]},{"direction":"cost","counterparty":"Linde","counterparty_slug":"linde","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-25","basis":"Blue Point 산소·질소 장기 공급계약 금액","value":null,"period":"long-term agreement","basis_en":"Value of the long-term oxygen and nitrogen supply agreement for Blue Point","qualifier":"confirmed_no_disclosed_value"},"note":"Linde 자회사는 Blue Point의 공기분리설비를 건설·소유·운영하고 암모니아 생산에 필요한 산소와 질소를 장기 공급한다. CF 공시는 계약가를 밝히지 않아 금액은 비웠다.","note_en":"A Linde subsidiary will build, own and operate the Blue Point air-separation unit and supply oxygen and nitrogen under a long-term agreement. CF does not disclose the contract value.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1324404/000132440426000007/cf-20251231.htm","title":"CF Industries Holdings, Inc. 10-K (2026-02-25)","title_en":"CF Industries Holdings, Inc. 10-K (2026-02-25)","excerpt":"공시는 Linde와 장기 공급계약을 체결했다고 확인한다.","excerpt_en":"long-term supply agreement"},{"stance":"confirms","publisher":"Linde","publisher_en":"Linde","kind":"ir","lang":"en","published_at":"2025-06-23","url":"https://www.linde.com/news-and-media/2025/linde-signs-long-term-agreement-to-supply-industrial-gases-to-world-scale-low-carbon-ammonia-facility-in-louisiana","title":"Linde, 루이지애나 대형 저탄소 암모니아 시설에 산업가스 장기 공급계약","title_en":"Linde Signs Long-Term Agreement to Supply Industrial Gases to World-Scale Low-Carbon Ammonia Facility in Louisiana","excerpt":"Linde는 공기분리설비를 건설·소유·운영해 산소와 질소를 공급한다.","excerpt_en":"Linde will build, own and operate a world-scale air separation unit"}]},{"direction":"cost","counterparty":"1PointFive","counterparty_slug":null,"confidence":"mid","metric":{"type":"count","unit":"metric tons CO2/year","as_of":"2025-04-08","basis":"Pelican 허브의 Blue Point 이산화탄소 연간 운송·영구저장 계약 물량","value":2300000,"period":"25-year agreement","basis_en":"Annual contracted Blue Point CO2 transportation and permanent sequestration volume at Pelican Hub","qualifier":null},"note":"Occidental 자회사 1PointFive는 Blue Point에서 포집한 이산화탄소를 Pelican 허브로 운송해 영구 저장하는 장기 서비스 공급사다. 공개 수치는 계약금액이 아니라 연간 처리 물량이다.","note_en":"Occidental subsidiary 1PointFive will transport and permanently store carbon dioxide captured at Blue Point through its Pelican hub. The disclosed metric is contracted annual service volume, not contract value.","sources":[{"stance":"confirms","publisher":"1PointFive","publisher_en":"1PointFive","kind":"ir","lang":"en","published_at":"2025-04-08","url":"https://www.1pointfive.com/news/1pointfive-signs-25-year-sequestration-agreement-with-cf-industries","title":"1PointFive, CF Industries와 25년 탄소저장 계약 체결","title_en":"1PointFive Signs 25-Year Sequestration Agreement with CF Industries","excerpt":"계약은 매년 약 230만 메트릭톤의 이산화탄소를 저장한다.","excerpt_en":"approximately 2.3 million metric tons of carbon dioxide per year"}]},{"direction":"cost","counterparty":"유니언 퍼시픽","counterparty_slug":"union-pacific","confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2022-04-14","basis":"유니언 퍼시픽 철도 운송 관계의 공개 계약금액","value":null,"period":"relationship confirmed 2022","basis_en":"Disclosed contract value for Union Pacific rail transportation","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 CF의 Donaldsonville·Port Neal 생산기지에서 질소비료를 주요 농업 지역으로 운송하는 철도사다. 운송비나 계약금액은 공개되지 않았다.","note_en":"Union Pacific carries CF nitrogen fertilizer from the Donaldsonville and Port Neal complexes into major agricultural regions. Freight charges and contract value are not disclosed.","sources":[{"stance":"confirms","publisher":"CF 인더스트리스","publisher_en":"CF Industries","kind":"ir","lang":"en","published_at":"2022-04-14","url":"https://www.cfindustries.com/newsroom/2022/union-pacific-shipping-restrictions","title":"유니언 퍼시픽의 비료 운송 제한으로 배송 지연과 신규 철도 주문 중단","title_en":"CF Industries: Union Pacific Curtails Fertilizer Shipments, Delaying Deliveries and Preventing New Rail Orders from Being Taken","excerpt":"CF는 유니언 퍼시픽 철도로 고객에게 제품을 운송한다고 밝혔다.","excerpt_en":"CF Industries ships to customers via Union Pacific rail lines"}]},{"direction":"cost","counterparty":"엑슨모빌","counterparty_slug":"exxonmobil","confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2022-10-12","basis":"CF 인더스트리스 루이지애나 제조단지에서 포집한 이산화탄소의 운송 및 영구 저장 계약 금액","value":null,"period":"commercial_agreement_announced_2022","basis_en":"Value of the agreement to transport and permanently store carbon dioxide captured at CF Industries' Louisiana manufacturing complex","qualifier":"confirmed_no_disclosed_value"},"note":"CF 인더스트리스는 루이지애나 제조단지에서 포집한 이산화탄소를 엑슨모빌이 운송하고 영구 저장하는 상업 계약을 맺었으며, 상대별 서비스 매출액은 공개되지 않았다.","note_en":"CF Industries entered into a commercial agreement under which ExxonMobil transports and permanently stores carbon dioxide captured at its Louisiana manufacturing complex, while counterparty-specific service revenue is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/34088/000003408826000045/xom-20251231.htm","title":"Exxon Mobil Corporation 2025 회계연도 Form 10-K","title_en":"Exxon Mobil Corporation 2025 Form 10-K","excerpt":"매출 및 기타 영업수익은 백만 달러 단위로 323,905였다.","excerpt_en":"Sales and other operating revenue | 323,905"},{"stance":"mentions","publisher":"엑슨모빌","publisher_en":"ExxonMobil","kind":"ir","lang":"en","published_at":"2022-10-12","url":"https://corporate.exxonmobil.com/news/news-releases/2022/1012_landmark-emissions-reduction-project-in-louisiana-announced","title":"루이지애나의 대형 배출 저감 프로젝트 발표","title_en":"Landmark emissions-reduction project in Louisiana announced; CF Industries, ExxonMobil, EnLink Midstream to collaborate","excerpt":"CF 인더스트리스는 엑슨모빌과 대형 상업 계약을 체결했다.","excerpt_en":"CF Industries, a leading global manufacturer of hydrogen and nitrogen products, has entered into the largest-of-its-kind commercial agreement with ExxonMobil"}]}]}