CF Industries (CF)
The World's Largest Ammonia Producer Stands to Gain Most From a Multi-Year Chokepoint Crisis
Executive Summary
CF Industries is the world’s largest ammonia producer, operating from a structural cost advantage via North American natural gas. The stock has appreciated 73% over the past year, with the most violent leg occurring in March 2026 as the Iran conflict physically removed significant Middle Eastern nitrogen supply from the global market. T…
