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塞拉尼斯（CE）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
塞拉尼斯的季度营收约是CF Industries的1.2倍（$2.2B vs $1.9B）。CF Industries净利率更高（26.4% vs 0.6%，领先25.8%）。CF Industries同比增速更快（22.8% vs -7.0%）。CF Industries自由现金流更多（$313.0M vs $168.0M）。过去两年CF Industries的营收复合增速更高（12.8% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs CF — 直观对比
营收规模更大
CE
是对方的1.2倍
$1.9B
营收增速更快
CF
高出29.8%
-7.0%
净利率更高
CF
高出25.8%
0.6%
自由现金流更多
CF
多$145.0M
$168.0M
两年增速更快
CF
近两年复合增速
-8.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.9B |
| 净利润 | $14.0M | $495.0M |
| 毛利率 | 19.1% | 40.9% |
| 营业利润率 | 4.0% | 33.0% |
| 净利率 | 0.6% | 26.4% |
| 营收同比 | -7.0% | 22.8% |
| 净利润同比 | 100.7% | 26.3% |
| 每股收益（稀释后） | $0.13 | $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CECF
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.5B | $1.9B | ||
| Q1 25 | $2.4B | $1.7B | ||
| Q4 24 | $2.4B | $1.5B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.5B |
净利润CECF
| Q4 25 | $14.0M | $495.0M | ||
| Q3 25 | $-1.4B | $460.0M | ||
| Q2 25 | $199.0M | $492.0M | ||
| Q1 25 | $-21.0M | $351.0M | ||
| Q4 24 | $-1.9B | $392.0M | ||
| Q3 24 | $116.0M | $341.0M | ||
| Q2 24 | $155.0M | $506.0M | ||
| Q1 24 | $121.0M | $238.0M |
毛利率CECF
| Q4 25 | 19.1% | 40.9% | ||
| Q3 25 | 21.5% | 38.1% | ||
| Q2 25 | 21.1% | 39.9% | ||
| Q1 25 | 19.9% | 34.4% | ||
| Q4 24 | 22.7% | 34.4% | ||
| Q3 24 | 23.5% | 32.4% | ||
| Q2 24 | 24.2% | 43.2% | ||
| Q1 24 | 21.2% | 27.8% |
营业利润率CECF
| Q4 25 | 4.0% | 33.0% | ||
| Q3 25 | -52.7% | 35.0% | ||
| Q2 25 | 9.2% | 34.3% | ||
| Q1 25 | 7.0% | 27.4% | ||
| Q4 24 | -59.3% | 28.9% | ||
| Q3 24 | 9.4% | 26.6% | ||
| Q2 24 | 9.4% | 40.6% | ||
| Q1 24 | 8.0% | 20.6% |
净利率CECF
| Q4 25 | 0.6% | 26.4% | ||
| Q3 25 | -56.1% | 27.7% | ||
| Q2 25 | 7.9% | 26.0% | ||
| Q1 25 | -0.9% | 21.1% | ||
| Q4 24 | -80.8% | 25.7% | ||
| Q3 24 | 4.4% | 24.9% | ||
| Q2 24 | 5.8% | 32.2% | ||
| Q1 24 | 4.6% | 16.2% |
每股收益（稀释后）CECF
| Q4 25 | $0.13 | $2.56 | ||
| Q3 25 | $-12.39 | $2.19 | ||
| Q2 25 | $1.81 | $2.37 | ||
| Q1 25 | $-0.19 | $1.85 | ||
| Q4 24 | $-17.50 | $1.86 | ||
| Q3 24 | $1.06 | $1.55 | ||
| Q2 24 | $1.41 | $2.30 | ||
| Q1 24 | $1.10 | $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 | — | — |
| 总债务越低越好 | $11.4B | $3.2B |
| 股东权益账面价值 | $4.0B | $4.8B |
| 总资产 | $21.7B | $14.1B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.66× |
8季度趋势，按日历期对齐
总债务CECF
| Q4 25 | $11.4B | $3.2B | ||
| Q3 25 | $11.7B | $3.0B | ||
| Q2 25 | $12.7B | $3.0B | ||
| Q1 25 | $12.4B | $3.0B | ||
| Q4 24 | $11.1B | $3.0B | ||
| Q3 24 | $11.3B | $3.0B | ||
| Q2 24 | $11.1B | $3.0B | ||
| Q1 24 | $11.0B | $3.0B |
股东权益CECF
| Q4 25 | $4.0B | $4.8B | ||
| Q3 25 | $4.0B | $4.8B | ||
| Q2 25 | $5.3B | $5.0B | ||
| Q1 25 | $5.2B | $4.8B | ||
| Q4 24 | $5.2B | $5.0B | ||
| Q3 24 | $7.3B | $5.2B | ||
| Q2 24 | $7.2B | $5.5B | ||
| Q1 24 | $7.1B | $5.4B |
总资产CECF
| Q4 25 | $21.7B | $14.1B | ||
| Q3 25 | $22.2B | $14.2B | ||
| Q2 25 | $23.7B | $13.8B | ||
| Q1 25 | $23.2B | $13.3B | ||
| Q4 24 | $22.9B | $13.5B | ||
| Q3 24 | $25.9B | $13.8B | ||
| Q2 24 | $25.8B | $13.8B | ||
| Q1 24 | $26.0B | $13.9B |
负债/权益比CECF
| Q4 25 | 2.81× | 0.66× | ||
| Q3 25 | 2.95× | 0.61× | ||
| Q2 25 | 2.41× | 0.60× | ||
| Q1 25 | 2.39× | 0.62× | ||
| Q4 24 | 2.14× | 0.60× | ||
| Q3 24 | 1.56× | 0.57× | ||
| Q2 24 | 1.54× | 0.54× | ||
| Q1 24 | 1.56× | 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 | $252.0M | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $313.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 16.7% |
| 资本支出强度资本支出/营收 | 3.8% | 12.1% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流CECF
| Q4 25 | $252.0M | $539.0M | ||
| Q3 25 | $447.0M | $1.1B | ||
| Q2 25 | $410.0M | $563.0M | ||
| Q1 25 | $37.0M | $586.0M | ||
| Q4 24 | $494.0M | $420.0M | ||
| Q3 24 | $79.0M | $931.0M | ||
| Q2 24 | $292.0M | $475.0M | ||
| Q1 24 | $101.0M | $445.0M |
自由现金流CECF
| Q4 25 | $168.0M | $313.0M | ||
| Q3 25 | $383.0M | $717.0M | ||
| Q2 25 | $317.0M | $318.0M | ||
| Q1 25 | $-65.0M | $454.0M | ||
| Q4 24 | $389.0M | $223.0M | ||
| Q3 24 | $-9.0M | $792.0M | ||
| Q2 24 | $187.0M | $391.0M | ||
| Q1 24 | $-36.0M | $347.0M |
自由现金流率CECF
| Q4 25 | 7.6% | 16.7% | ||
| Q3 25 | 15.8% | 43.2% | ||
| Q2 25 | 12.5% | 16.8% | ||
| Q1 25 | -2.7% | 27.3% | ||
| Q4 24 | 16.4% | 14.6% | ||
| Q3 24 | -0.3% | 57.8% | ||
| Q2 24 | 7.1% | 24.9% | ||
| Q1 24 | -1.4% | 23.6% |
资本支出强度CECF
| Q4 25 | 3.8% | 12.1% | ||
| Q3 25 | 2.6% | 20.9% | ||
| Q2 25 | 3.7% | 13.0% | ||
| Q1 25 | 4.3% | 7.9% | ||
| Q4 24 | 4.4% | 12.9% | ||
| Q3 24 | 3.3% | 10.1% | ||
| Q2 24 | 4.0% | 5.3% | ||
| Q1 24 | 5.2% | 6.7% |
现金转化率CECF
| Q4 25 | 18.00× | 1.09× | ||
| Q3 25 | — | 2.31× | ||
| Q2 25 | 2.06× | 1.14× | ||
| Q1 25 | — | 1.67× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | 0.68× | 2.73× | ||
| Q2 24 | 1.88× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
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% |
