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AXIS CAPITAL HOLDINGS LTD（AXS）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AXIS CAPITAL HOLDINGS LTD的1.1倍（$1.9B vs $1.7B），CF Industries净利率更高（26.4% vs 16.7%，领先9.7%），CF Industries同比增速更快（22.8% vs 17.8%），过去两年CF Industries的营收复合增速更高（12.8% vs 10.3%）
AXIS资本控股有限公司是AXIS集团的控股主体，通过百慕大、美国、加拿大、欧洲及新加坡的子公司与分支机构网络，提供各类风险转移产品及服务。保险业务覆盖财产、职业责任、恐怖主义、航运、能源、环境等领域，再保险业务包含财产、职业责任、信用债券等品类。
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。
AXS vs CF — 直观对比
营收规模更大
CF
是对方的1.1倍
$1.7B
营收增速更快
CF
高出5.0%
17.8%
净利率更高
CF
高出9.7%
16.7%
两年增速更快
CF
近两年复合增速
10.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.9B |
| 净利润 | $289.6M | $495.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 19.0% | 33.0% |
| 净利率 | 16.7% | 26.4% |
| 营收同比 | 17.8% | 22.8% |
| 净利润同比 | -1.4% | 26.3% |
| 每股收益（稀释后） | $3.63 | $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AXSCF
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.6B | $1.9B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润AXSCF
| Q4 25 | $289.6M | $495.0M | ||
| Q3 25 | $301.9M | $460.0M | ||
| Q2 25 | $223.4M | $492.0M | ||
| Q1 25 | $194.1M | $351.0M | ||
| Q4 24 | $293.6M | $392.0M | ||
| Q3 24 | $180.7M | $341.0M | ||
| Q2 24 | $212.0M | $506.0M | ||
| Q1 24 | $395.5M | $238.0M |
毛利率AXSCF
| 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AXSCF
| Q4 25 | 19.0% | 33.0% | ||
| Q3 25 | 22.1% | 35.0% | ||
| Q2 25 | 17.2% | 34.3% | ||
| Q1 25 | 15.5% | 27.4% | ||
| Q4 24 | 18.6% | 28.9% | ||
| Q3 24 | 14.2% | 26.6% | ||
| Q2 24 | 17.4% | 40.6% | ||
| Q1 24 | 19.0% | 20.6% |
净利率AXSCF
| Q4 25 | 16.7% | 26.4% | ||
| Q3 25 | 18.0% | 27.7% | ||
| Q2 25 | 13.7% | 26.0% | ||
| Q1 25 | 12.8% | 21.1% | ||
| Q4 24 | 20.0% | 25.7% | ||
| Q3 24 | 11.2% | 24.9% | ||
| Q2 24 | 14.6% | 32.2% | ||
| Q1 24 | 27.8% | 16.2% |
每股收益（稀释后）AXSCF
| Q4 25 | $3.63 | $2.56 | ||
| Q3 25 | $3.74 | $2.19 | ||
| Q2 25 | $2.72 | $2.37 | ||
| Q1 25 | $2.26 | $1.85 | ||
| Q4 24 | $3.38 | $1.86 | ||
| Q3 24 | $2.04 | $1.55 | ||
| Q2 24 | $2.40 | $2.30 | ||
| Q1 24 | $4.53 | $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 | $820.3M | — |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $6.4B | $4.8B |
| 总资产 | $34.5B | $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AXSCF
| Q4 25 | $820.3M | — | ||
| Q3 25 | $825.9M | — | ||
| Q2 25 | $852.1M | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $981.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务AXSCF
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益AXSCF
| Q4 25 | $6.4B | $4.8B | ||
| Q3 25 | $6.4B | $4.8B | ||
| Q2 25 | $6.2B | $5.0B | ||
| Q1 25 | $5.9B | $4.8B | ||
| Q4 24 | $6.1B | $5.0B | ||
| Q3 24 | $6.1B | $5.2B | ||
| Q2 24 | $5.7B | $5.5B | ||
| Q1 24 | $5.5B | $5.4B |
总资产AXSCF
| Q4 25 | $34.5B | $14.1B | ||
| Q3 25 | $34.3B | $14.2B | ||
| Q2 25 | $34.2B | $13.8B | ||
| Q1 25 | $33.2B | $13.3B | ||
| Q4 24 | $32.5B | $13.5B | ||
| Q3 24 | $32.7B | $13.8B | ||
| Q2 24 | $32.1B | $13.8B | ||
| Q1 24 | $31.8B | $13.9B |
负债/权益比AXSCF
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.54× | ||
| Q1 24 | — | 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 | $630.4M | $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 | 2.18× | 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AXSCF
| Q4 25 | $630.4M | $539.0M | ||
| Q3 25 | $673.8M | $1.1B | ||
| Q2 25 | $-1.7B | $563.0M | ||
| Q1 25 | $309.1M | $586.0M | ||
| Q4 24 | $355.5M | $420.0M | ||
| Q3 24 | $587.0M | $931.0M | ||
| Q2 24 | $518.1M | $475.0M | ||
| Q1 24 | $384.1M | $445.0M |
自由现金流AXSCF
| 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AXSCF
| 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AXSCF
| 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AXSCF
| Q4 25 | 2.18× | 1.09× | ||
| Q3 25 | 2.23× | 2.31× | ||
| Q2 25 | -7.41× | 1.14× | ||
| Q1 25 | 1.59× | 1.67× | ||
| Q4 24 | 1.21× | 1.07× | ||
| Q3 24 | 3.25× | 2.73× | ||
| Q2 24 | 2.44× | 0.94× | ||
| Q1 24 | 0.97× | 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
AXS
| Reinsurance | $1.4B | 82% |
| Other | $311.3M | 18% |
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% |
