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西联汇款（AFG）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
西联汇款的季度营收约是CF Industries的1.1倍（$2.1B vs $1.9B），CF Industries净利率更高（26.4% vs 14.5%，领先11.9%），CF Industries同比增速更快（22.8% vs -4.0%），过去两年CF Industries的营收复合增速更高（12.8% vs 4.0%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
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。
AFG vs CF — 直观对比
营收规模更大
AFG
是对方的1.1倍
$1.9B
营收增速更快
CF
高出26.8%
-4.0%
净利率更高
CF
高出11.9%
14.5%
两年增速更快
CF
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.9B |
| 净利润 | $299.0M | $495.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 18.4% | 33.0% |
| 净利率 | 14.5% | 26.4% |
| 营收同比 | -4.0% | 22.8% |
| 净利润同比 | 17.3% | 26.3% |
| 每股收益（稀释后） | $3.59 | $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AFGCF
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $2.1B | $1.5B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.9B | $1.5B |
净利润AFGCF
| Q4 25 | $299.0M | $495.0M | ||
| Q3 25 | $215.0M | $460.0M | ||
| Q2 25 | $174.0M | $492.0M | ||
| Q1 25 | $154.0M | $351.0M | ||
| Q4 24 | $255.0M | $392.0M | ||
| Q3 24 | $181.0M | $341.0M | ||
| Q2 24 | $209.0M | $506.0M | ||
| Q1 24 | $242.0M | $238.0M |
毛利率AFGCF
| 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AFGCF
| Q4 25 | 18.4% | 33.0% | ||
| Q3 25 | 11.5% | 35.0% | ||
| Q2 25 | 11.9% | 34.3% | ||
| Q1 25 | 10.6% | 27.4% | ||
| Q4 24 | 14.9% | 28.9% | ||
| Q3 24 | 9.7% | 26.6% | ||
| Q2 24 | 14.3% | 40.6% | ||
| Q1 24 | 15.9% | 20.6% |
净利率AFGCF
| Q4 25 | 14.5% | 26.4% | ||
| Q3 25 | 9.2% | 27.7% | ||
| Q2 25 | 9.0% | 26.0% | ||
| Q1 25 | 8.3% | 21.1% | ||
| Q4 24 | 11.9% | 25.7% | ||
| Q3 24 | 7.6% | 24.9% | ||
| Q2 24 | 11.0% | 32.2% | ||
| Q1 24 | 12.7% | 16.2% |
每股收益（稀释后）AFGCF
| Q4 25 | $3.59 | $2.56 | ||
| Q3 25 | $2.58 | $2.19 | ||
| Q2 25 | $2.07 | $2.37 | ||
| Q1 25 | $1.84 | $1.85 | ||
| Q4 24 | $3.03 | $1.86 | ||
| Q3 24 | $2.16 | $1.55 | ||
| Q2 24 | $2.49 | $2.30 | ||
| Q1 24 | $2.89 | $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 | $1.7B | — |
| 总债务越低越好 | $1.8B | $3.2B |
| 股东权益账面价值 | $4.8B | $4.8B |
| 总资产 | $32.6B | $14.1B |
| 负债/权益比越低杠杆越低 | 0.38× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资AFGCF
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务AFGCF
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.8B | $3.0B | ||
| Q2 25 | $1.5B | $3.0B | ||
| Q1 25 | $1.5B | $3.0B | ||
| Q4 24 | $1.5B | $3.0B | ||
| Q3 24 | $1.5B | $3.0B | ||
| Q2 24 | $1.5B | $3.0B | ||
| Q1 24 | $1.5B | $3.0B |
股东权益AFGCF
| Q4 25 | $4.8B | $4.8B | ||
| Q3 25 | $4.7B | $4.8B | ||
| Q2 25 | $4.5B | $5.0B | ||
| Q1 25 | $4.4B | $4.8B | ||
| Q4 24 | $4.5B | $5.0B | ||
| Q3 24 | $4.7B | $5.2B | ||
| Q2 24 | $4.4B | $5.5B | ||
| Q1 24 | $4.2B | $5.4B |
总资产AFGCF
| Q4 25 | $32.6B | $14.1B | ||
| Q3 25 | $33.8B | $14.2B | ||
| Q2 25 | $30.7B | $13.8B | ||
| Q1 25 | $30.3B | $13.3B | ||
| Q4 24 | $30.8B | $13.5B | ||
| Q3 24 | $32.6B | $13.8B | ||
| Q2 24 | $29.9B | $13.8B | ||
| Q1 24 | $30.0B | $13.9B |
负债/权益比AFGCF
| Q4 25 | 0.38× | 0.66× | ||
| Q3 25 | 0.38× | 0.61× | ||
| Q2 25 | 0.33× | 0.60× | ||
| Q1 25 | 0.34× | 0.62× | ||
| Q4 24 | 0.33× | 0.60× | ||
| Q3 24 | 0.31× | 0.57× | ||
| Q2 24 | 0.34× | 0.54× | ||
| Q1 24 | 0.35× | 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 | $784.0M | $539.0M |
| 自由现金流经营现金流 - 资本支出 | — | $313.0M |
| 自由现金流率自由现金流/营收 | — | 16.7% |
| 资本支出强度资本支出/营收 | — | 12.1% |
| 现金转化率经营现金流/净利润 | 2.62× | 1.09× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流AFGCF
| Q4 25 | $784.0M | $539.0M | ||
| Q3 25 | $216.0M | $1.1B | ||
| Q2 25 | $191.0M | $563.0M | ||
| Q1 25 | $342.0M | $586.0M | ||
| Q4 24 | $674.0M | $420.0M | ||
| Q3 24 | $459.0M | $931.0M | ||
| Q2 24 | $-88.0M | $475.0M | ||
| Q1 24 | $107.0M | $445.0M |
自由现金流AFGCF
| Q4 25 | — | $313.0M | ||
| Q3 25 | — | $717.0M | ||
| Q2 25 | — | $318.0M | ||
| Q1 25 | — | $454.0M | ||
| Q4 24 | — | $223.0M | ||
| Q3 24 | — | $792.0M | ||
| Q2 24 | — | $391.0M | ||
| Q1 24 | — | $347.0M |
自由现金流率AFGCF
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | — | 57.8% | ||
| Q2 24 | — | 24.9% | ||
| Q1 24 | — | 23.6% |
资本支出强度AFGCF
| Q4 25 | — | 12.1% | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | 13.0% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | 12.9% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | — | 6.7% |
现金转化率AFGCF
| Q4 25 | 2.62× | 1.09× | ||
| Q3 25 | 1.00× | 2.31× | ||
| Q2 25 | 1.10× | 1.14× | ||
| Q1 25 | 2.22× | 1.67× | ||
| Q4 24 | 2.64× | 1.07× | ||
| Q3 24 | 2.54× | 2.73× | ||
| Q2 24 | -0.42× | 0.94× | ||
| Q1 24 | 0.44× | 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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
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% |
