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布鲁克菲尔德资产管理（BAM）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的季度营收约是布鲁克菲尔德资产管理的1.7倍（$1.9B vs $1.1B），布鲁克菲尔德资产管理净利率更高（56.7% vs 26.4%，领先30.2%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
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。
BAM vs CF — 直观对比
营收规模更大
CF
是对方的1.7倍
$1.1B
净利率更高
BAM
高出30.2%
26.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.9B |
| 净利润 | $615.0M | $495.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 84.2% | 33.0% |
| 净利率 | 56.7% | 26.4% |
| 营收同比 | — | 22.8% |
| 净利润同比 | — | 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BAMCF
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $974.0M | $1.7B | ||
| Q2 25 | $931.0M | $1.9B | ||
| Q1 25 | $954.0M | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $873.0M | $1.4B | ||
| Q2 24 | $821.0M | $1.6B | ||
| Q1 24 | $786.0M | $1.5B |
净利润BAMCF
| Q4 25 | $615.0M | $495.0M | ||
| Q3 25 | $692.0M | $460.0M | ||
| Q2 25 | $584.0M | $492.0M | ||
| Q1 25 | $507.0M | $351.0M | ||
| Q4 24 | — | $392.0M | ||
| Q3 24 | $537.0M | $341.0M | ||
| Q2 24 | $124.0M | $506.0M | ||
| Q1 24 | $373.0M | $238.0M |
毛利率BAMCF
| 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BAMCF
| Q4 25 | 84.2% | 33.0% | ||
| Q3 25 | 79.1% | 35.0% | ||
| Q2 25 | 70.8% | 34.3% | ||
| Q1 25 | 61.0% | 27.4% | ||
| Q4 24 | — | 28.9% | ||
| Q3 24 | 72.5% | 26.6% | ||
| Q2 24 | 80.4% | 40.6% | ||
| Q1 24 | 56.5% | 20.6% |
净利率BAMCF
| Q4 25 | 56.7% | 26.4% | ||
| Q3 25 | 71.0% | 27.7% | ||
| Q2 25 | 62.7% | 26.0% | ||
| Q1 25 | 53.1% | 21.1% | ||
| Q4 24 | — | 25.7% | ||
| Q3 24 | 61.5% | 24.9% | ||
| Q2 24 | 15.1% | 32.2% | ||
| Q1 24 | 47.5% | 16.2% |
每股收益（稀释后）BAMCF
| Q4 25 | — | $2.56 | ||
| Q3 25 | — | $2.19 | ||
| Q2 25 | — | $2.37 | ||
| Q1 25 | — | $1.85 | ||
| Q4 24 | — | $1.86 | ||
| Q3 24 | — | $1.55 | ||
| Q2 24 | — | $2.30 | ||
| Q1 24 | — | $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 | $1.6B | — |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $8.9B | $4.8B |
| 总资产 | $17.0B | $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BAMCF
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $480.0M | — | ||
| Q1 25 | $332.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | — | — |
总债务BAMCF
| 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BAMCF
| Q4 25 | $8.9B | $4.8B | ||
| Q3 25 | $8.5B | $4.8B | ||
| Q2 25 | $8.5B | $5.0B | ||
| Q1 25 | $8.5B | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $9.0B | $5.2B | ||
| Q2 24 | $3.2B | $5.5B | ||
| Q1 24 | $2.2B | $5.4B |
总资产BAMCF
| Q4 25 | $17.0B | $14.1B | ||
| Q3 25 | $16.5B | $14.2B | ||
| Q2 25 | $16.1B | $13.8B | ||
| Q1 25 | $15.0B | $13.3B | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | $13.8B | ||
| Q2 24 | $4.2B | $13.8B | ||
| Q1 24 | — | $13.9B |
负债/权益比BAMCF
| 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 | $562.0M | $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 | 0.91× | 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BAMCF
| Q4 25 | $562.0M | $539.0M | ||
| Q3 25 | $745.0M | $1.1B | ||
| Q2 25 | $529.0M | $563.0M | ||
| Q1 25 | $265.0M | $586.0M | ||
| Q4 24 | — | $420.0M | ||
| Q3 24 | $567.0M | $931.0M | ||
| Q2 24 | $159.0M | $475.0M | ||
| Q1 24 | $516.0M | $445.0M |
自由现金流BAMCF
| 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BAMCF
| 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BAMCF
| 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BAMCF
| Q4 25 | 0.91× | 1.09× | ||
| Q3 25 | 1.08× | 2.31× | ||
| Q2 25 | 0.91× | 1.14× | ||
| Q1 25 | 0.52× | 1.67× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | 1.06× | 2.73× | ||
| Q2 24 | 1.28× | 0.94× | ||
| Q1 24 | 1.38× | 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
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
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% |
