vs
CF Industries（CF）与Core Natural Resources, Inc.（CNR）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Core Natural Resources, Inc.的1.8倍（$1.9B vs $1.0B）。CF Industries净利率更高（26.4% vs -7.6%，领先34.0%）。Core Natural Resources, Inc.同比增速更快（81.8% vs 22.8%）。CF Industries自由现金流更多（$313.0M vs $26.0M）。过去两年Core Natural Resources, Inc.的营收复合增速更高（38.1% vs 12.8%）
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。
Arch Resources（原阿奇煤炭）曾是美国煤炭开采加工企业，为美国第二大煤炭供应商，仅次于皮博迪能源，2011年占据美国国内15%的市场份额，主营低硫烟煤、次烟煤的开采、加工与销售，客户以发电企业为主。
CF vs CNR — 直观对比
营收规模更大
CF
是对方的1.8倍
$1.0B
营收增速更快
CNR
高出58.9%
22.8%
净利率更高
CF
高出34.0%
-7.6%
自由现金流更多
CF
多$287.0M
$26.0M
两年增速更快
CNR
近两年复合增速
12.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.0B |
| 净利润 | $495.0M | $-79.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | -9.3% |
| 净利率 | 26.4% | -7.6% |
| 营收同比 | 22.8% | 81.8% |
| 净利润同比 | 26.3% | -356.3% |
| 每股收益（稀释后） | $2.56 | $-1.51 |
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CFCNR
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | $573.6M | ||
| Q3 24 | $1.4B | $553.4M | ||
| Q2 24 | $1.6B | $490.7M | ||
| Q1 24 | $1.5B | $546.7M |
净利润CFCNR
| Q4 25 | $495.0M | $-79.0M | ||
| Q3 25 | $460.0M | $31.6M | ||
| Q2 25 | $492.0M | $-36.6M | ||
| Q1 25 | $351.0M | $-69.3M | ||
| Q4 24 | $392.0M | $30.8M | ||
| Q3 24 | $341.0M | $95.6M | ||
| Q2 24 | $506.0M | $58.1M | ||
| Q1 24 | $238.0M | $101.9M |
毛利率CFCNR
| 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CFCNR
| Q4 25 | 33.0% | -9.3% | ||
| Q3 25 | 35.0% | -1.2% | ||
| Q2 25 | 34.3% | -1.7% | ||
| Q1 25 | 27.4% | -5.3% | ||
| Q4 24 | 28.9% | 6.6% | ||
| Q3 24 | 26.6% | 21.2% | ||
| Q2 24 | 40.6% | 14.6% | ||
| Q1 24 | 20.6% | 22.7% |
净利率CFCNR
| Q4 25 | 26.4% | -7.6% | ||
| Q3 25 | 27.7% | 3.2% | ||
| Q2 25 | 26.0% | -3.3% | ||
| Q1 25 | 21.1% | -6.8% | ||
| Q4 24 | 25.7% | 5.4% | ||
| Q3 24 | 24.9% | 17.3% | ||
| Q2 24 | 32.2% | 11.8% | ||
| Q1 24 | 16.2% | 18.6% |
每股收益（稀释后）CFCNR
| Q4 25 | $2.56 | $-1.51 | ||
| Q3 25 | $2.19 | $0.61 | ||
| Q2 25 | $2.37 | $-0.70 | ||
| Q1 25 | $1.85 | $-1.38 | ||
| Q4 24 | $1.86 | $1.04 | ||
| Q3 24 | $1.55 | $3.22 | ||
| Q2 24 | $2.30 | $1.96 | ||
| Q1 24 | $1.03 | $3.39 |
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 | — | $432.2M |
| 总债务越低越好 | $3.2B | $354.2M |
| 股东权益账面价值 | $4.8B | $3.7B |
| 总资产 | $14.1B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资CFCNR
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $444.7M | ||
| Q2 25 | — | $413.2M | ||
| Q1 25 | — | $388.5M | ||
| Q4 24 | — | $460.2M | ||
| Q3 24 | — | $331.7M | ||
| Q2 24 | — | $216.1M | ||
| Q1 24 | — | $172.6M |
总债务CFCNR
| Q4 25 | $3.2B | $354.2M | ||
| Q3 25 | $3.0B | $334.5M | ||
| Q2 25 | $3.0B | $334.0M | ||
| Q1 25 | $3.0B | $329.8M | ||
| Q4 24 | $3.0B | $94.8M | ||
| Q3 24 | $3.0B | $83.7M | ||
| Q2 24 | $3.0B | $184.9M | ||
| Q1 24 | $3.0B | $185.5M |
股东权益CFCNR
| Q4 25 | $4.8B | $3.7B | ||
| Q3 25 | $4.8B | $3.8B | ||
| Q2 25 | $5.0B | $3.8B | ||
| Q1 25 | $4.8B | $3.9B | ||
| Q4 24 | $5.0B | $1.6B | ||
| Q3 24 | $5.2B | $1.5B | ||
| Q2 24 | $5.5B | $1.4B | ||
| Q1 24 | $5.4B | $1.4B |
总资产CFCNR
| Q4 25 | $14.1B | $6.1B | ||
| Q3 25 | $14.2B | $6.2B | ||
| Q2 25 | $13.8B | $6.2B | ||
| Q1 25 | $13.3B | $6.3B | ||
| Q4 24 | $13.5B | $2.9B | ||
| Q3 24 | $13.8B | $2.8B | ||
| Q2 24 | $13.8B | $2.7B | ||
| Q1 24 | $13.9B | $2.7B |
负债/权益比CFCNR
| Q4 25 | 0.66× | 0.10× | ||
| Q3 25 | 0.61× | 0.09× | ||
| Q2 25 | 0.60× | 0.09× | ||
| Q1 25 | 0.62× | 0.08× | ||
| Q4 24 | 0.60× | 0.06× | ||
| Q3 24 | 0.57× | 0.05× | ||
| Q2 24 | 0.54× | 0.13× | ||
| Q1 24 | 0.55× | 0.13× |
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 | $107.3M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $26.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 2.5% |
| 资本支出强度资本支出/营收 | 12.1% | 7.8% |
| 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 | $21.2M |
8季度趋势，按日历期对齐
经营现金流CFCNR
| Q4 25 | $539.0M | $107.3M | ||
| Q3 25 | $1.1B | $87.9M | ||
| Q2 25 | $563.0M | $220.2M | ||
| Q1 25 | $586.0M | $-109.6M | ||
| Q4 24 | $420.0M | $121.3M | ||
| Q3 24 | $931.0M | $161.3M | ||
| Q2 24 | $475.0M | $116.3M | ||
| Q1 24 | $445.0M | $77.5M |
自由现金流CFCNR
| Q4 25 | $313.0M | $26.0M | ||
| Q3 25 | $717.0M | $38.6M | ||
| Q2 25 | $318.0M | $131.0M | ||
| Q1 25 | $454.0M | $-174.5M | ||
| Q4 24 | $223.0M | $80.5M | ||
| Q3 24 | $792.0M | $121.9M | ||
| Q2 24 | $391.0M | $60.9M | ||
| Q1 24 | $347.0M | $35.1M |
自由现金流率CFCNR
| Q4 25 | 16.7% | 2.5% | ||
| Q3 25 | 43.2% | 3.9% | ||
| Q2 25 | 16.8% | 11.9% | ||
| Q1 25 | 27.3% | -17.1% | ||
| Q4 24 | 14.6% | 14.0% | ||
| Q3 24 | 57.8% | 22.0% | ||
| Q2 24 | 24.9% | 12.4% | ||
| Q1 24 | 23.6% | 6.4% |
资本支出强度CFCNR
| Q4 25 | 12.1% | 7.8% | ||
| Q3 25 | 20.9% | 4.9% | ||
| Q2 25 | 13.0% | 8.1% | ||
| Q1 25 | 7.9% | 6.4% | ||
| Q4 24 | 12.9% | 7.1% | ||
| Q3 24 | 10.1% | 7.1% | ||
| Q2 24 | 5.3% | 11.3% | ||
| Q1 24 | 6.7% | 7.7% |
现金转化率CFCNR
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 2.78× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 3.94× | ||
| Q3 24 | 2.73× | 1.69× | ||
| Q2 24 | 0.94× | 2.00× | ||
| Q1 24 | 1.87× | 0.76× |
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% |
CNR
| Other | $397.4M | 38% |
| Power Generation | $376.5M | 36% |
| PRB | $183.0M | 18% |
| Metallurgical | $42.0M | 4% |
| Industrial | $34.1M | 3% |
| Terminal Revenue | $6.4M | 1% |
| Other Revenue | $3.0M | 0% |
