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艾仕得（AXTA）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的季度营收约是艾仕得的1.5倍（$1.9B vs $1.3B）。CF Industries净利率更高（26.4% vs 4.8%，领先21.7%）。CF Industries同比增速更快（22.8% vs -3.7%）。CF Industries自由现金流更多（$313.0M vs $286.0M）。过去两年CF Industries的营收复合增速更高（12.8% vs -1.2%）
艾仕得是源自美国的专业涂料供应商，总部位于宾夕法尼亚州费城，注册地为百慕大。公司主营乘用车、商用车、工业场景及修补用途涂料的研发与生产，业务覆盖全球130个国家，拥有近1.3万名员工，服务超10万家客户。
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。
AXTA vs CF — 直观对比
营收规模更大
CF
是对方的1.5倍
$1.3B
营收增速更快
CF
高出26.6%
-3.7%
净利率更高
CF
高出21.7%
4.8%
自由现金流更多
CF
多$27.0M
$286.0M
两年增速更快
CF
近两年复合增速
-1.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.9B |
| 净利润 | $60.0M | $495.0M |
| 毛利率 | 33.4% | 40.9% |
| 营业利润率 | 12.8% | 33.0% |
| 净利率 | 4.8% | 26.4% |
| 营收同比 | -3.7% | 22.8% |
| 净利润同比 | -56.2% | 26.3% |
| 每股收益（稀释后） | $0.28 | $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AXTACF
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
净利润AXTACF
| Q4 25 | $60.0M | $495.0M | ||
| Q3 25 | $110.0M | $460.0M | ||
| Q2 25 | $109.0M | $492.0M | ||
| Q1 25 | $99.0M | $351.0M | ||
| Q4 24 | $137.0M | $392.0M | ||
| Q3 24 | $101.0M | $341.0M | ||
| Q2 24 | $112.0M | $506.0M | ||
| Q1 24 | $41.0M | $238.0M |
毛利率AXTACF
| Q4 25 | 33.4% | 40.9% | ||
| Q3 25 | 34.9% | 38.1% | ||
| Q2 25 | 35.0% | 39.9% | ||
| Q1 25 | 34.3% | 34.4% | ||
| Q4 24 | 34.1% | 34.4% | ||
| Q3 24 | 35.0% | 32.4% | ||
| Q2 24 | 34.0% | 43.2% | ||
| Q1 24 | 33.2% | 27.8% |
营业利润率AXTACF
| Q4 25 | 12.8% | 33.0% | ||
| Q3 25 | 15.8% | 35.0% | ||
| Q2 25 | 14.8% | 34.3% | ||
| Q1 25 | 13.9% | 27.4% | ||
| Q4 24 | 14.3% | 28.9% | ||
| Q3 24 | 14.6% | 26.6% | ||
| Q2 24 | 15.2% | 40.6% | ||
| Q1 24 | 9.4% | 20.6% |
净利率AXTACF
| Q4 25 | 4.8% | 26.4% | ||
| Q3 25 | 8.5% | 27.7% | ||
| Q2 25 | 8.4% | 26.0% | ||
| Q1 25 | 7.8% | 21.1% | ||
| Q4 24 | 10.5% | 25.7% | ||
| Q3 24 | 7.7% | 24.9% | ||
| Q2 24 | 8.3% | 32.2% | ||
| Q1 24 | 3.2% | 16.2% |
每股收益（稀释后）AXTACF
| Q4 25 | $0.28 | $2.56 | ||
| Q3 25 | $0.51 | $2.19 | ||
| Q2 25 | $0.50 | $2.37 | ||
| Q1 25 | $0.45 | $1.85 | ||
| Q4 24 | $0.63 | $1.86 | ||
| Q3 24 | $0.46 | $1.55 | ||
| Q2 24 | $0.51 | $2.30 | ||
| Q1 24 | $0.18 | $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 | $657.0M | — |
| 总债务越低越好 | $3.2B | $3.2B |
| 股东权益账面价值 | $2.3B | $4.8B |
| 总资产 | $7.6B | $14.1B |
| 负债/权益比越低杠杆越低 | 1.36× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资AXTACF
| Q4 25 | $657.0M | — | ||
| Q3 25 | $606.0M | — | ||
| Q2 25 | $625.0M | — | ||
| Q1 25 | $575.0M | — | ||
| Q4 24 | $593.0M | — | ||
| Q3 24 | $567.0M | — | ||
| Q2 24 | $840.0M | — | ||
| Q1 24 | $624.0M | — |
总债务AXTACF
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.4B | $3.0B | ||
| Q2 25 | $3.4B | $3.0B | ||
| Q1 25 | $3.4B | $3.0B | ||
| Q4 24 | $3.4B | $3.0B | ||
| Q3 24 | $3.5B | $3.0B | ||
| Q2 24 | $3.6B | $3.0B | ||
| Q1 24 | $3.4B | $3.0B |
股东权益AXTACF
| Q4 25 | $2.3B | $4.8B | ||
| Q3 25 | $2.3B | $4.8B | ||
| Q2 25 | $2.3B | $5.0B | ||
| Q1 25 | $2.1B | $4.8B | ||
| Q4 24 | $1.9B | $5.0B | ||
| Q3 24 | $1.9B | $5.2B | ||
| Q2 24 | $1.8B | $5.5B | ||
| Q1 24 | $1.7B | $5.4B |
总资产AXTACF
| Q4 25 | $7.6B | $14.1B | ||
| Q3 25 | $7.8B | $14.2B | ||
| Q2 25 | $7.8B | $13.8B | ||
| Q1 25 | $7.4B | $13.3B | ||
| Q4 24 | $7.2B | $13.5B | ||
| Q3 24 | $7.5B | $13.8B | ||
| Q2 24 | $7.3B | $13.8B | ||
| Q1 24 | $7.1B | $13.9B |
负债/权益比AXTACF
| Q4 25 | 1.36× | 0.66× | ||
| Q3 25 | 1.48× | 0.61× | ||
| Q2 25 | 1.50× | 0.60× | ||
| Q1 25 | 1.64× | 0.62× | ||
| Q4 24 | 1.78× | 0.60× | ||
| Q3 24 | 1.84× | 0.57× | ||
| Q2 24 | 2.02× | 0.54× | ||
| Q1 24 | 1.97× | 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 | $344.0M | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $286.0M | $313.0M |
| 自由现金流率自由现金流/营收 | 22.7% | 16.7% |
| 资本支出强度资本支出/营收 | 4.6% | 12.1% |
| 现金转化率经营现金流/净利润 | 5.73× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $453.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流AXTACF
| Q4 25 | $344.0M | $539.0M | ||
| Q3 25 | $137.0M | $1.1B | ||
| Q2 25 | $142.0M | $563.0M | ||
| Q1 25 | $26.0M | $586.0M | ||
| Q4 24 | $234.0M | $420.0M | ||
| Q3 24 | $194.0M | $931.0M | ||
| Q2 24 | $114.0M | $475.0M | ||
| Q1 24 | $34.0M | $445.0M |
自由现金流AXTACF
| Q4 25 | $286.0M | $313.0M | ||
| Q3 25 | $87.0M | $717.0M | ||
| Q2 25 | $97.0M | $318.0M | ||
| Q1 25 | $-17.0M | $454.0M | ||
| Q4 24 | $172.0M | $223.0M | ||
| Q3 24 | $161.0M | $792.0M | ||
| Q2 24 | $91.0M | $391.0M | ||
| Q1 24 | $12.0M | $347.0M |
自由现金流率AXTACF
| Q4 25 | 22.7% | 16.7% | ||
| Q3 25 | 6.8% | 43.2% | ||
| Q2 25 | 7.4% | 16.8% | ||
| Q1 25 | -1.3% | 27.3% | ||
| Q4 24 | 13.1% | 14.6% | ||
| Q3 24 | 12.2% | 57.8% | ||
| Q2 24 | 6.7% | 24.9% | ||
| Q1 24 | 0.9% | 23.6% |
资本支出强度AXTACF
| Q4 25 | 4.6% | 12.1% | ||
| Q3 25 | 3.9% | 20.9% | ||
| Q2 25 | 3.4% | 13.0% | ||
| Q1 25 | 3.4% | 7.9% | ||
| Q4 24 | 4.7% | 12.9% | ||
| Q3 24 | 2.5% | 10.1% | ||
| Q2 24 | 1.7% | 5.3% | ||
| Q1 24 | 1.7% | 6.7% |
现金转化率AXTACF
| Q4 25 | 5.73× | 1.09× | ||
| Q3 25 | 1.25× | 2.31× | ||
| Q2 25 | 1.30× | 1.14× | ||
| Q1 25 | 0.26× | 1.67× | ||
| Q4 24 | 1.71× | 1.07× | ||
| Q3 24 | 1.92× | 2.73× | ||
| Q2 24 | 1.02× | 0.94× | ||
| Q1 24 | 0.83× | 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
AXTA
| Refinish | $509.0M | 40% |
| Light Vehicle | $372.0M | 29% |
| Industrial | $282.0M | 22% |
| Commercial Vehicle | $99.0M | 8% |
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% |
