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美国铁塔（AMT）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
美国铁塔的季度营收约是CF Industries的1.5倍（$2.7B vs $1.9B），美国铁塔净利率更高（110.1% vs 26.4%，领先83.7%），CF Industries同比增速更快（22.8% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 3.7%）
美国铁塔是全球规模最大的房地产投资信托基金（REIT）之一，作为领先的独立多租户通信地产持有、运营及开发商，目前在全球范围内拥有约21.9万个通信站点，为全球通信产业提供可靠的基础设施支持。
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。
AMT vs CF — 直观对比
营收规模更大
AMT
是对方的1.5倍
$1.9B
营收增速更快
CF
高出16.0%
6.8%
净利率更高
AMT
高出83.7%
26.4%
自由现金流更多
AMT
多$628.0M
$313.0M
两年增速更快
CF
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.9B |
| 净利润 | $3.0B | $495.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 0.0% | 33.0% |
| 净利率 | 110.1% | 26.4% |
| 营收同比 | 6.8% | 22.8% |
| 净利润同比 | -2.6% | 26.3% |
| 每股收益（稀释后） | — | $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AMTCF
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $1.9B | ||
| Q3 25 | $2.7B | $1.7B | ||
| Q2 25 | $2.6B | $1.9B | ||
| Q1 25 | $2.6B | $1.7B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.5B | $1.6B |
净利润AMTCF
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $495.0M | ||
| Q3 25 | $912.6M | $460.0M | ||
| Q2 25 | $380.5M | $492.0M | ||
| Q1 25 | $498.6M | $351.0M | ||
| Q4 24 | $1.2B | $392.0M | ||
| Q3 24 | $-780.4M | $341.0M | ||
| Q2 24 | $908.4M | $506.0M |
毛利率AMTCF
| Q1 26 | — | — | ||
| 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% |
营业利润率AMTCF
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 33.0% | ||
| Q3 25 | 45.4% | 35.0% | ||
| Q2 25 | 45.6% | 34.3% | ||
| Q1 25 | 48.9% | 27.4% | ||
| Q4 24 | 42.4% | 28.9% | ||
| Q3 24 | 45.2% | 26.6% | ||
| Q2 24 | 45.4% | 40.6% |
净利率AMTCF
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 26.4% | ||
| Q3 25 | 33.6% | 27.7% | ||
| Q2 25 | 14.5% | 26.0% | ||
| Q1 25 | 19.5% | 21.1% | ||
| Q4 24 | 48.3% | 25.7% | ||
| Q3 24 | -30.9% | 24.9% | ||
| Q2 24 | 35.7% | 32.2% |
每股收益（稀释后）AMTCF
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $2.56 | ||
| Q3 25 | $1.82 | $2.19 | ||
| Q2 25 | $0.78 | $2.37 | ||
| Q1 25 | $1.04 | $1.85 | ||
| Q4 24 | $2.63 | $1.86 | ||
| Q3 24 | $-1.69 | $1.55 | ||
| Q2 24 | $1.92 | $2.30 |
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 | — | $3.2B |
| 股东权益账面价值 | $10.2B | $4.8B |
| 总资产 | — | $14.1B |
| 负债/权益比越低杠杆越低 | — | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资AMTCF
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.2B | — |
总债务AMTCF
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $3.2B | ||
| Q3 25 | $34.9B | $3.0B | ||
| Q2 25 | $35.2B | $3.0B | ||
| Q1 25 | $34.0B | $3.0B | ||
| Q4 24 | $32.8B | $3.0B | ||
| Q3 24 | $33.4B | $3.0B | ||
| Q2 24 | $35.6B | $3.0B |
股东权益AMTCF
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $4.8B | ||
| Q3 25 | $4.0B | $4.8B | ||
| Q2 25 | $3.7B | $5.0B | ||
| Q1 25 | $3.5B | $4.8B | ||
| Q4 24 | $3.4B | $5.0B | ||
| Q3 24 | $3.6B | $5.2B | ||
| Q2 24 | $3.9B | $5.5B |
总资产AMTCF
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $14.1B | ||
| Q3 25 | $63.9B | $14.2B | ||
| Q2 25 | $63.8B | $13.8B | ||
| Q1 25 | $62.1B | $13.3B | ||
| Q4 24 | $61.1B | $13.5B | ||
| Q3 24 | $62.8B | $13.8B | ||
| Q2 24 | $65.8B | $13.8B |
负债/权益比AMTCF
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 0.66× | ||
| Q3 25 | 8.82× | 0.61× | ||
| Q2 25 | 9.48× | 0.60× | ||
| Q1 25 | 9.63× | 0.62× | ||
| Q4 24 | 9.70× | 0.60× | ||
| Q3 24 | 9.16× | 0.57× | ||
| Q2 24 | 9.24× | 0.54× |
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 | — | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $313.0M |
| 自由现金流率自由现金流/营收 | 34.4% | 16.7% |
| 资本支出强度资本支出/营收 | 16.8% | 12.1% |
| 现金转化率经营现金流/净利润 | — | 1.09× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $1.8B |
8季度趋势，按日历期对齐
经营现金流AMTCF
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $539.0M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.3B | $563.0M | ||
| Q1 25 | $1.3B | $586.0M | ||
| Q4 24 | $5.3B | $420.0M | ||
| Q3 24 | $1.5B | $931.0M | ||
| Q2 24 | $1.3B | $475.0M |
自由现金流AMTCF
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $313.0M | ||
| Q3 25 | $994.5M | $717.0M | ||
| Q2 25 | $976.9M | $318.0M | ||
| Q1 25 | $963.9M | $454.0M | ||
| Q4 24 | $3.7B | $223.0M | ||
| Q3 24 | $1.0B | $792.0M | ||
| Q2 24 | $1.0B | $391.0M |
自由现金流率AMTCF
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 16.7% | ||
| Q3 25 | 36.6% | 43.2% | ||
| Q2 25 | 37.2% | 16.8% | ||
| Q1 25 | 37.6% | 27.3% | ||
| Q4 24 | 145.3% | 14.6% | ||
| Q3 24 | 41.4% | 57.8% | ||
| Q2 24 | 39.8% | 24.9% |
资本支出强度AMTCF
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 12.1% | ||
| Q3 25 | 17.1% | 20.9% | ||
| Q2 25 | 11.6% | 13.0% | ||
| Q1 25 | 12.9% | 7.9% | ||
| Q4 24 | 62.4% | 12.9% | ||
| Q3 24 | 16.8% | 10.1% | ||
| Q2 24 | 12.8% | 5.3% |
现金转化率AMTCF
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.09× | ||
| Q3 25 | 1.60× | 2.31× | ||
| Q2 25 | 3.37× | 1.14× | ||
| Q1 25 | 2.60× | 1.67× | ||
| Q4 24 | 4.30× | 1.07× | ||
| Q3 24 | — | 2.73× | ||
| Q2 24 | 1.47× | 0.94× |
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
AMT
暂无分部数据
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% |
