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CF Industries（CF）与芝商所（CME）财务数据对比。点击上方公司名可切换其他公司
芝商所的季度营收约是CF Industries的1.0倍（$1.9B vs $1.9B），CF Industries净利率更高（26.4% vs 0.1%，领先26.4%），CF Industries同比增速更快（22.8% vs 14.5%），过去两年CF Industries的营收复合增速更高（12.8% vs 10.8%）
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。
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
CF vs CME — 直观对比
营收规模更大
CME
是对方的1.0倍
$1.9B
营收增速更快
CF
高出8.4%
14.5%
净利率更高
CF
高出26.4%
0.1%
两年增速更快
CF
近两年复合增速
10.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.9B |
| 净利润 | $495.0M | $1.2M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 0.1% |
| 净利率 | 26.4% | 0.1% |
| 营收同比 | 22.8% | 14.5% |
| 净利润同比 | 26.3% | 20.7% |
| 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CFCME
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B |
净利润CFCME
| Q1 26 | — | $1.2M | ||
| Q4 25 | $495.0M | $1.2B | ||
| Q3 25 | $460.0M | $908.0M | ||
| Q2 25 | $492.0M | $1.0B | ||
| Q1 25 | $351.0M | $956.2M | ||
| Q4 24 | $392.0M | $874.6M | ||
| Q3 24 | $341.0M | $912.8M | ||
| Q2 24 | $506.0M | $883.2M |
毛利率CFCME
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CFCME
| Q1 26 | — | 0.1% | ||
| Q4 25 | 33.0% | 61.8% | ||
| Q3 25 | 35.0% | 63.3% | ||
| Q2 25 | 34.3% | 66.7% | ||
| Q1 25 | 27.4% | 67.5% | ||
| Q4 24 | 28.9% | 62.1% | ||
| Q3 24 | 26.6% | 64.6% | ||
| Q2 24 | 40.6% | 65.3% |
净利率CFCME
| Q1 26 | — | 0.1% | ||
| Q4 25 | 26.4% | 71.7% | ||
| Q3 25 | 27.7% | 59.1% | ||
| Q2 25 | 26.0% | 60.6% | ||
| Q1 25 | 21.1% | 58.2% | ||
| Q4 24 | 25.7% | 57.3% | ||
| Q3 24 | 24.9% | 57.6% | ||
| Q2 24 | 32.2% | 57.6% |
每股收益（稀释后）CFCME
| Q1 26 | — | — | ||
| Q4 25 | $2.56 | $3.24 | ||
| Q3 25 | $2.19 | $2.49 | ||
| Q2 25 | $2.37 | $2.81 | ||
| Q1 25 | $1.85 | $2.62 | ||
| Q4 24 | $1.86 | $2.40 | ||
| Q3 24 | $1.55 | $2.50 | ||
| Q2 24 | $2.30 | $2.42 |
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 | — | $2.4B |
| 总债务越低越好 | $3.2B | $3.4B |
| 股东权益账面价值 | $4.8B | — |
| 总资产 | $14.1B | $202.0B |
| 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CFCME
| Q1 26 | — | $2.4B | ||
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $1.9B |
总债务CFCME
| Q1 26 | — | $3.4B | ||
| 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 | — |
股东权益CFCME
| Q1 26 | — | — | ||
| Q4 25 | $4.8B | $28.7B | ||
| Q3 25 | $4.8B | $28.2B | ||
| Q2 25 | $5.0B | $27.7B | ||
| Q1 25 | $4.8B | $27.0B | ||
| Q4 24 | $5.0B | $26.5B | ||
| Q3 24 | $5.2B | $28.2B | ||
| Q2 24 | $5.5B | $27.6B |
总资产CFCME
| Q1 26 | — | $202.0B | ||
| Q4 25 | $14.1B | $198.4B | ||
| Q3 25 | $14.2B | $187.1B | ||
| Q2 25 | $13.8B | $179.9B | ||
| Q1 25 | $13.3B | $157.8B | ||
| Q4 24 | $13.5B | $137.4B | ||
| Q3 24 | $13.8B | $137.8B | ||
| Q2 24 | $13.8B | $123.4B |
负债/权益比CFCME
| Q1 26 | — | — | ||
| 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× | — |
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 | $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 | 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CFCME
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $1.1B | ||
| Q3 25 | $1.1B | $968.1M | ||
| Q2 25 | $563.0M | $1.1B | ||
| Q1 25 | $586.0M | $1.1B | ||
| Q4 24 | $420.0M | $1.0B | ||
| Q3 24 | $931.0M | $1.0B | ||
| Q2 24 | $475.0M | $776.9M |
自由现金流CFCME
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $1.1B | ||
| Q3 25 | $717.0M | $949.7M | ||
| Q2 25 | $318.0M | $1.0B | ||
| Q1 25 | $454.0M | $1.1B | ||
| Q4 24 | $223.0M | $991.7M | ||
| Q3 24 | $792.0M | $973.2M | ||
| Q2 24 | $391.0M | $758.7M |
自由现金流率CFCME
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 66.8% | ||
| Q3 25 | 43.2% | 61.8% | ||
| Q2 25 | 16.8% | 61.5% | ||
| Q1 25 | 27.3% | 67.1% | ||
| Q4 24 | 14.6% | 65.0% | ||
| Q3 24 | 57.8% | 61.4% | ||
| Q2 24 | 24.9% | 49.5% |
资本支出强度CFCME
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 2.0% | ||
| Q3 25 | 20.9% | 1.2% | ||
| Q2 25 | 13.0% | 1.1% | ||
| Q1 25 | 7.9% | 0.9% | ||
| Q4 24 | 12.9% | 1.7% | ||
| Q3 24 | 10.1% | 1.9% | ||
| Q2 24 | 5.3% | 1.2% |
现金转化率CFCME
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 0.96× | ||
| Q3 25 | 2.31× | 1.07× | ||
| Q2 25 | 1.14× | 1.03× | ||
| Q1 25 | 1.67× | 1.17× | ||
| Q4 24 | 1.07× | 1.16× | ||
| Q3 24 | 2.73× | 1.10× | ||
| Q2 24 | 0.94× | 0.88× |
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
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% |
CME
暂无分部数据
