vs
美国铝业公司（AA）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
美国铝业公司的季度营收约是CF Industries的1.8倍（$3.4B vs $1.9B）。CF Industries净利率更高（26.4% vs 6.2%，领先20.3%）。CF Industries同比增速更快（22.8% vs -1.1%）。CF Industries自由现金流更多（$313.0M vs $294.0M）。过去两年美国铝业公司的营收复合增速更高（15.2% vs 12.8%）
美国铝业公司是美国大型工业企业，为全球规模领先的铝生产商之一，业务布局覆盖10个国家，涵盖铝土矿开采、氧化铝精炼、原铝冶炼、铝制品加工及铝回收利用全产业链，产品广泛应用于全球各工业领域。
CF Industries Holdings Inc.是美国知名农用肥料生产及分销商，1946年成立时名为中央农民肥料公司，总部位于芝加哥郊区的伊利诺伊州诺斯布鲁克。公司主营氨、尿素、硝酸铵等肥料产品，最初为区域农业供应合作社联盟，成立56年后完成股份化改制，转为公开上市企业。
AA vs CF — 直观对比
营收规模更大
AA
是对方的1.8倍
$1.9B
营收增速更快
CF
高出23.9%
-1.1%
净利率更高
CF
高出20.3%
6.2%
自由现金流更多
CF
多$19.0M
$294.0M
两年增速更快
AA
近两年复合增速
12.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $1.9B |
| 净利润 | $213.0M | $495.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 2.0% | 33.0% |
| 净利率 | 6.2% | 26.4% |
| 营收同比 | -1.1% | 22.8% |
| 净利润同比 | 5.4% | 26.3% |
| 每股收益（稀释后） | $0.80 | $2.56 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AACF
| Q4 25 | $3.4B | $1.9B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $3.0B | $1.9B | ||
| Q1 25 | $3.4B | $1.7B | ||
| Q4 24 | $3.5B | $1.5B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.9B | $1.6B | ||
| Q1 24 | $2.6B | $1.5B |
净利润AACF
| Q4 25 | $213.0M | $495.0M | ||
| Q3 25 | $232.0M | $460.0M | ||
| Q2 25 | $164.0M | $492.0M | ||
| Q1 25 | $548.0M | $351.0M | ||
| Q4 24 | $202.0M | $392.0M | ||
| Q3 24 | $90.0M | $341.0M | ||
| Q2 24 | $20.0M | $506.0M | ||
| Q1 24 | $-252.0M | $238.0M |
毛利率AACF
| Q4 25 | — | 40.9% | ||
| Q3 25 | — | 38.1% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 34.4% | ||
| Q4 24 | — | 34.4% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 43.2% | ||
| Q1 24 | — | 27.8% |
营业利润率AACF
| Q4 25 | 2.0% | 33.0% | ||
| Q3 25 | 5.6% | 35.0% | ||
| Q2 25 | 5.3% | 34.3% | ||
| Q1 25 | 19.8% | 27.4% | ||
| Q4 24 | 9.7% | 28.9% | ||
| Q3 24 | 6.3% | 26.6% | ||
| Q2 24 | 3.2% | 40.6% | ||
| Q1 24 | -12.5% | 20.6% |
净利率AACF
| Q4 25 | 6.2% | 26.4% | ||
| Q3 25 | 7.7% | 27.7% | ||
| Q2 25 | 5.4% | 26.0% | ||
| Q1 25 | 16.3% | 21.1% | ||
| Q4 24 | 5.8% | 25.7% | ||
| Q3 24 | 3.1% | 24.9% | ||
| Q2 24 | 0.7% | 32.2% | ||
| Q1 24 | -9.7% | 16.2% |
每股收益（稀释后）AACF
| Q4 25 | $0.80 | $2.56 | ||
| Q3 25 | $0.88 | $2.19 | ||
| Q2 25 | $0.62 | $2.37 | ||
| Q1 25 | $2.07 | $1.85 | ||
| Q4 24 | $1.18 | $1.86 | ||
| Q3 24 | $0.38 | $1.55 | ||
| Q2 24 | $0.11 | $2.30 | ||
| Q1 24 | $-1.41 | $1.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.6B | — |
| 总债务越低越好 | $2.4B | $3.2B |
| 股东权益账面价值 | $6.1B | $4.8B |
| 总资产 | $16.1B | $14.1B |
| 负债/权益比越低杠杆越低 | 0.40× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资AACF
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
总债务AACF
| Q4 25 | $2.4B | $3.2B | ||
| Q3 25 | $2.6B | $3.0B | ||
| Q2 25 | $2.6B | $3.0B | ||
| Q1 25 | $2.6B | $3.0B | ||
| Q4 24 | $2.5B | $3.0B | ||
| Q3 24 | $2.5B | $3.0B | ||
| Q2 24 | $2.5B | $3.0B | ||
| Q1 24 | $2.5B | $3.0B |
股东权益AACF
| Q4 25 | $6.1B | $4.8B | ||
| Q3 25 | $6.3B | $4.8B | ||
| Q2 25 | $6.1B | $5.0B | ||
| Q1 25 | $5.8B | $4.8B | ||
| Q4 24 | $5.2B | $5.0B | ||
| Q3 24 | $5.3B | $5.2B | ||
| Q2 24 | $3.9B | $5.5B | ||
| Q1 24 | $4.0B | $5.4B |
总资产AACF
| Q4 25 | $16.1B | $14.1B | ||
| Q3 25 | $16.0B | $14.2B | ||
| Q2 25 | $15.0B | $13.8B | ||
| Q1 25 | $14.6B | $13.3B | ||
| Q4 24 | $14.1B | $13.5B | ||
| Q3 24 | $14.5B | $13.8B | ||
| Q2 24 | $14.3B | $13.8B | ||
| Q1 24 | $14.3B | $13.9B |
负债/权益比AACF
| Q4 25 | 0.40× | 0.66× | ||
| Q3 25 | 0.41× | 0.61× | ||
| Q2 25 | 0.42× | 0.60× | ||
| Q1 25 | 0.44× | 0.62× | ||
| Q4 24 | 0.48× | 0.60× | ||
| Q3 24 | 0.47× | 0.57× | ||
| Q2 24 | 0.63× | 0.54× | ||
| Q1 24 | 0.62× | 0.55× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $537.0M | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $294.0M | $313.0M |
| 自由现金流率自由现金流/营收 | 8.5% | 16.7% |
| 资本支出强度资本支出/营收 | 7.0% | 12.1% |
| 现金转化率经营现金流/净利润 | 2.52× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $567.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流AACF
| Q4 25 | $537.0M | $539.0M | ||
| Q3 25 | $85.0M | $1.1B | ||
| Q2 25 | $488.0M | $563.0M | ||
| Q1 25 | $75.0M | $586.0M | ||
| Q4 24 | $415.0M | $420.0M | ||
| Q3 24 | $143.0M | $931.0M | ||
| Q2 24 | $287.0M | $475.0M | ||
| Q1 24 | $-223.0M | $445.0M |
自由现金流AACF
| Q4 25 | $294.0M | $313.0M | ||
| Q3 25 | $-66.0M | $717.0M | ||
| Q2 25 | $357.0M | $318.0M | ||
| Q1 25 | $-18.0M | $454.0M | ||
| Q4 24 | $246.0M | $223.0M | ||
| Q3 24 | $-3.0M | $792.0M | ||
| Q2 24 | $123.0M | $391.0M | ||
| Q1 24 | $-324.0M | $347.0M |
自由现金流率AACF
| Q4 25 | 8.5% | 16.7% | ||
| Q3 25 | -2.2% | 43.2% | ||
| Q2 25 | 11.8% | 16.8% | ||
| Q1 25 | -0.5% | 27.3% | ||
| Q4 24 | 7.1% | 14.6% | ||
| Q3 24 | -0.1% | 57.8% | ||
| Q2 24 | 4.2% | 24.9% | ||
| Q1 24 | -12.5% | 23.6% |
资本支出强度AACF
| Q4 25 | 7.0% | 12.1% | ||
| Q3 25 | 5.0% | 20.9% | ||
| Q2 25 | 4.3% | 13.0% | ||
| Q1 25 | 2.8% | 7.9% | ||
| Q4 24 | 4.8% | 12.9% | ||
| Q3 24 | 5.0% | 10.1% | ||
| Q2 24 | 5.6% | 5.3% | ||
| Q1 24 | 3.9% | 6.7% |
现金转化率AACF
| Q4 25 | 2.52× | 1.09× | ||
| Q3 25 | 0.37× | 2.31× | ||
| Q2 25 | 2.98× | 1.14× | ||
| Q1 25 | 0.14× | 1.67× | ||
| Q4 24 | 2.05× | 1.07× | ||
| Q3 24 | 1.59× | 2.73× | ||
| Q2 24 | 14.35× | 0.94× | ||
| Q1 24 | — | 1.87× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AA
| Aluminum | $2.5B | 72% |
| Third Party Sales | $979.0M | 28% |
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
