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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.4倍（$1.9B vs $1.4B），CF Industries净利率更高（26.4% vs -5.4%，领先31.9%），CF Industries同比增速更快（22.8% vs 0.2%），CF Industries自由现金流更多（$313.0M vs $54.7M），过去两年CF Industries的营收复合增速更高（12.8% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs CF — 直观对比
营收规模更大
CF
是对方的1.4倍
$1.4B
营收增速更快
CF
高出22.6%
0.2%
净利率更高
CF
高出31.9%
-5.4%
自由现金流更多
CF
多$258.3M
$54.7M
两年增速更快
CF
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.9B |
| 净利润 | $-75.3M | $495.0M |
| 毛利率 | 10.2% | 40.9% |
| 营业利润率 | -2.4% | 33.0% |
| 净利率 | -5.4% | 26.4% |
| 营收同比 | 0.2% | 22.8% |
| 净利润同比 | -449.6% | 26.3% |
| 每股收益（稀释后） | $-0.62 | $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AXLCF
| Q4 25 | $1.4B | $1.9B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.6B | $1.5B |
净利润AXLCF
| Q4 25 | $-75.3M | $495.0M | ||
| Q3 25 | $9.2M | $460.0M | ||
| Q2 25 | $39.3M | $492.0M | ||
| Q1 25 | $7.1M | $351.0M | ||
| Q4 24 | $-13.7M | $392.0M | ||
| Q3 24 | $10.0M | $341.0M | ||
| Q2 24 | $18.2M | $506.0M | ||
| Q1 24 | $20.5M | $238.0M |
毛利率AXLCF
| Q4 25 | 10.2% | 40.9% | ||
| Q3 25 | 12.6% | 38.1% | ||
| Q2 25 | 13.1% | 39.9% | ||
| Q1 25 | 12.3% | 34.4% | ||
| Q4 24 | 11.2% | 34.4% | ||
| Q3 24 | 11.4% | 32.4% | ||
| Q2 24 | 13.3% | 43.2% | ||
| Q1 24 | 12.4% | 27.8% |
营业利润率AXLCF
| Q4 25 | -2.4% | 33.0% | ||
| Q3 25 | 3.2% | 35.0% | ||
| Q2 25 | 3.6% | 34.3% | ||
| Q1 25 | 3.0% | 27.4% | ||
| Q4 24 | 2.6% | 28.9% | ||
| Q3 24 | 2.8% | 26.6% | ||
| Q2 24 | 5.3% | 40.6% | ||
| Q1 24 | 4.8% | 20.6% |
净利率AXLCF
| Q4 25 | -5.4% | 26.4% | ||
| Q3 25 | 0.6% | 27.7% | ||
| Q2 25 | 2.6% | 26.0% | ||
| Q1 25 | 0.5% | 21.1% | ||
| Q4 24 | -1.0% | 25.7% | ||
| Q3 24 | 0.7% | 24.9% | ||
| Q2 24 | 1.1% | 32.2% | ||
| Q1 24 | 1.3% | 16.2% |
每股收益（稀释后）AXLCF
| Q4 25 | $-0.62 | $2.56 | ||
| Q3 25 | $0.07 | $2.19 | ||
| Q2 25 | $0.32 | $2.37 | ||
| Q1 25 | $0.06 | $1.85 | ||
| Q4 24 | $-0.11 | $1.86 | ||
| Q3 24 | $0.08 | $1.55 | ||
| Q2 24 | $0.15 | $2.30 | ||
| Q1 24 | $0.17 | $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 | $708.9M | — |
| 总债务越低越好 | $4.0B | $3.2B |
| 股东权益账面价值 | $640.0M | $4.8B |
| 总资产 | $6.7B | $14.1B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资AXLCF
| Q4 25 | $708.9M | — | ||
| Q3 25 | $714.1M | — | ||
| Q2 25 | $586.5M | — | ||
| Q1 25 | $549.2M | — | ||
| Q4 24 | $552.9M | — | ||
| Q3 24 | $542.5M | — | ||
| Q2 24 | $519.9M | — | ||
| Q1 24 | $469.8M | — |
总债务AXLCF
| Q4 25 | $4.0B | $3.2B | ||
| Q3 25 | $2.6B | $3.0B | ||
| Q2 25 | $2.6B | $3.0B | ||
| Q1 25 | $2.6B | $3.0B | ||
| Q4 24 | $2.6B | $3.0B | ||
| Q3 24 | $2.6B | $3.0B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.7B | $3.0B |
股东权益AXLCF
| Q4 25 | $640.0M | $4.8B | ||
| Q3 25 | $718.4M | $4.8B | ||
| Q2 25 | $673.0M | $5.0B | ||
| Q1 25 | $596.3M | $4.8B | ||
| Q4 24 | $562.8M | $5.0B | ||
| Q3 24 | $616.3M | $5.2B | ||
| Q2 24 | $609.6M | $5.5B | ||
| Q1 24 | $621.4M | $5.4B |
总资产AXLCF
| Q4 25 | $6.7B | $14.1B | ||
| Q3 25 | $5.3B | $14.2B | ||
| Q2 25 | $5.3B | $13.8B | ||
| Q1 25 | $5.1B | $13.3B | ||
| Q4 24 | $5.1B | $13.5B | ||
| Q3 24 | $5.3B | $13.8B | ||
| Q2 24 | $5.3B | $13.8B | ||
| Q1 24 | $5.4B | $13.9B |
负债/权益比AXLCF
| Q4 25 | 6.31× | 0.66× | ||
| Q3 25 | 3.61× | 0.61× | ||
| Q2 25 | 3.86× | 0.60× | ||
| Q1 25 | 4.38× | 0.62× | ||
| Q4 24 | 4.58× | 0.60× | ||
| Q3 24 | 4.28× | 0.57× | ||
| Q2 24 | 4.42× | 0.54× | ||
| Q1 24 | 4.40× | 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 | $120.5M | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $313.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 16.7% |
| 资本支出强度资本支出/营收 | 4.8% | 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 | $155.1M | $1.8B |
8季度趋势，按日历期对齐
经营现金流AXLCF
| Q4 25 | $120.5M | $539.0M | ||
| Q3 25 | $143.3M | $1.1B | ||
| Q2 25 | $91.9M | $563.0M | ||
| Q1 25 | $55.9M | $586.0M | ||
| Q4 24 | $151.2M | $420.0M | ||
| Q3 24 | $143.6M | $931.0M | ||
| Q2 24 | $142.8M | $475.0M | ||
| Q1 24 | $17.8M | $445.0M |
自由现金流AXLCF
| Q4 25 | $54.7M | $313.0M | ||
| Q3 25 | $79.2M | $717.0M | ||
| Q2 25 | $34.6M | $318.0M | ||
| Q1 25 | $-13.4M | $454.0M | ||
| Q4 24 | $73.2M | $223.0M | ||
| Q3 24 | $70.4M | $792.0M | ||
| Q2 24 | $94.0M | $391.0M | ||
| Q1 24 | $-30.2M | $347.0M |
自由现金流率AXLCF
| Q4 25 | 4.0% | 16.7% | ||
| Q3 25 | 5.3% | 43.2% | ||
| Q2 25 | 2.3% | 16.8% | ||
| Q1 25 | -0.9% | 27.3% | ||
| Q4 24 | 5.3% | 14.6% | ||
| Q3 24 | 4.7% | 57.8% | ||
| Q2 24 | 5.8% | 24.9% | ||
| Q1 24 | -1.9% | 23.6% |
资本支出强度AXLCF
| Q4 25 | 4.8% | 12.1% | ||
| Q3 25 | 4.3% | 20.9% | ||
| Q2 25 | 3.7% | 13.0% | ||
| Q1 25 | 4.9% | 7.9% | ||
| Q4 24 | 5.6% | 12.9% | ||
| Q3 24 | 4.9% | 10.1% | ||
| Q2 24 | 3.0% | 5.3% | ||
| Q1 24 | 3.0% | 6.7% |
现金转化率AXLCF
| Q4 25 | — | 1.09× | ||
| Q3 25 | 15.58× | 2.31× | ||
| Q2 25 | 2.34× | 1.14× | ||
| Q1 25 | 7.87× | 1.67× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | 14.36× | 2.73× | ||
| Q2 24 | 7.85× | 0.94× | ||
| Q1 24 | 0.87× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
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% |
