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CF Industries（CF）与COHERENT CORP.（COHR）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COHERENT CORP.的1.1倍（$1.9B vs $1.7B），CF Industries净利率更高（26.4% vs 8.7%，领先17.7%），CF Industries同比增速更快（22.8% vs 17.5%），CF Industries自由现金流更多（$313.0M vs $-95.7M），过去两年COHERENT CORP.的营收复合增速更高（18.1% 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。
Coherent Corp.是美国专业光学材料与半导体生产商，2023年全球员工规模达26622人。2022年原II-VI公司收购激光制造商Coherent, Inc.后更名为现名，产品广泛应用于通信、工业、医疗等众多领域。
CF vs COHR — 直观对比
营收规模更大
CF
是对方的1.1倍
$1.7B
营收增速更快
CF
高出5.3%
17.5%
净利率更高
CF
高出17.7%
8.7%
自由现金流更多
CF
多$408.7M
$-95.7M
两年增速更快
COHR
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $495.0M | $146.7M |
| 毛利率 | 40.9% | 36.9% |
| 营业利润率 | 33.0% | 10.0% |
| 净利率 | 26.4% | 8.7% |
| 营收同比 | 22.8% | 17.5% |
| 净利润同比 | 26.3% | 41.9% |
| 每股收益（稀释后） | $2.56 | $0.76 |
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CFCOHR
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $1.2B |
净利润CFCOHR
| Q4 25 | $495.0M | $146.7M | ||
| Q3 25 | $460.0M | $226.3M | ||
| Q2 25 | $492.0M | $-95.6M | ||
| Q1 25 | $351.0M | $15.7M | ||
| Q4 24 | $392.0M | $103.4M | ||
| Q3 24 | $341.0M | $25.9M | ||
| Q2 24 | $506.0M | $-48.4M | ||
| Q1 24 | $238.0M | $-13.2M |
毛利率CFCOHR
| Q4 25 | 40.9% | 36.9% | ||
| Q3 25 | 38.1% | 36.6% | ||
| Q2 25 | 39.9% | 35.7% | ||
| Q1 25 | 34.4% | 35.2% | ||
| Q4 24 | 34.4% | 35.5% | ||
| Q3 24 | 32.4% | 34.1% | ||
| Q2 24 | 43.2% | 32.9% | ||
| Q1 24 | 27.8% | 30.3% |
营业利润率CFCOHR
| Q4 25 | 33.0% | 10.0% | ||
| Q3 25 | 35.0% | 13.7% | ||
| Q2 25 | 34.3% | -4.1% | ||
| Q1 25 | 27.4% | 0.7% | ||
| Q4 24 | 28.9% | 9.0% | ||
| Q3 24 | 26.6% | 1.4% | ||
| Q2 24 | 40.6% | 4.8% | ||
| Q1 24 | 20.6% | 1.8% |
净利率CFCOHR
| Q4 25 | 26.4% | 8.7% | ||
| Q3 25 | 27.7% | 14.3% | ||
| Q2 25 | 26.0% | -6.3% | ||
| Q1 25 | 21.1% | 1.0% | ||
| Q4 24 | 25.7% | 7.2% | ||
| Q3 24 | 24.9% | 1.9% | ||
| Q2 24 | 32.2% | -3.7% | ||
| Q1 24 | 16.2% | -1.1% |
每股收益（稀释后）CFCOHR
| Q4 25 | $2.56 | $0.76 | ||
| Q3 25 | $2.19 | $1.19 | ||
| Q2 25 | $2.37 | $-0.81 | ||
| Q1 25 | $1.85 | $-0.11 | ||
| Q4 24 | $1.86 | $0.44 | ||
| Q3 24 | $1.55 | $-0.04 | ||
| Q2 24 | $2.30 | $-0.52 | ||
| Q1 24 | $1.03 | $-0.29 |
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 | — | $863.7M |
| 总债务越低越好 | $3.2B | $3.4B |
| 股东权益账面价值 | $4.8B | $8.5B |
| 总资产 | $14.1B | $15.1B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CFCOHR
| Q4 25 | — | $863.7M | ||
| Q3 25 | — | $852.8M | ||
| Q2 25 | — | $909.2M | ||
| Q1 25 | — | $890.3M | ||
| Q4 24 | — | $917.8M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $926.0M | ||
| Q1 24 | — | $898.6M |
总债务CFCOHR
| Q4 25 | $3.2B | $3.4B | ||
| Q3 25 | $3.0B | $3.3B | ||
| Q2 25 | $3.0B | $3.7B | ||
| Q1 25 | $3.0B | $3.7B | ||
| Q4 24 | $3.0B | $3.9B | ||
| Q3 24 | $3.0B | $4.0B | ||
| Q2 24 | $3.0B | $4.1B | ||
| Q1 24 | $3.0B | $4.2B |
股东权益CFCOHR
| Q4 25 | $4.8B | $8.5B | ||
| Q3 25 | $4.8B | $5.8B | ||
| Q2 25 | $5.0B | $5.6B | ||
| Q1 25 | $4.8B | $5.4B | ||
| Q4 24 | $5.0B | $5.2B | ||
| Q3 24 | $5.2B | $5.5B | ||
| Q2 24 | $5.5B | $5.2B | ||
| Q1 24 | $5.4B | $5.3B |
总资产CFCOHR
| Q4 25 | $14.1B | $15.1B | ||
| Q3 25 | $14.2B | $14.7B | ||
| Q2 25 | $13.8B | $14.9B | ||
| Q1 25 | $13.3B | $14.4B | ||
| Q4 24 | $13.5B | $14.2B | ||
| Q3 24 | $13.8B | $14.7B | ||
| Q2 24 | $13.8B | $14.5B | ||
| Q1 24 | $13.9B | $14.5B |
负债/权益比CFCOHR
| Q4 25 | 0.66× | 0.39× | ||
| Q3 25 | 0.61× | 0.57× | ||
| Q2 25 | 0.60× | 0.65× | ||
| Q1 25 | 0.62× | 0.70× | ||
| Q4 24 | 0.60× | 0.75× | ||
| Q3 24 | 0.57× | 0.73× | ||
| Q2 24 | 0.54× | 0.79× | ||
| Q1 24 | 0.55× | 0.78× |
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 | $57.9M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $-95.7M |
| 自由现金流率自由现金流/营收 | 16.7% | -5.7% |
| 资本支出强度资本支出/营收 | 12.1% | 9.1% |
| 现金转化率经营现金流/净利润 | 1.09× | 0.39× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $-103.6M |
8季度趋势，按日历期对齐
经营现金流CFCOHR
| Q4 25 | $539.0M | $57.9M | ||
| Q3 25 | $1.1B | $46.0M | ||
| Q2 25 | $563.0M | $130.3M | ||
| Q1 25 | $586.0M | $163.0M | ||
| Q4 24 | $420.0M | $187.4M | ||
| Q3 24 | $931.0M | $153.0M | ||
| Q2 24 | $475.0M | $162.3M | ||
| Q1 24 | $445.0M | $117.4M |
自由现金流CFCOHR
| Q4 25 | $313.0M | $-95.7M | ||
| Q3 25 | $717.0M | $-58.0M | ||
| Q2 25 | $318.0M | $-1.1M | ||
| Q1 25 | $454.0M | $51.1M | ||
| Q4 24 | $223.0M | $81.7M | ||
| Q3 24 | $792.0M | $61.0M | ||
| Q2 24 | $391.0M | $62.4M | ||
| Q1 24 | $347.0M | $24.2M |
自由现金流率CFCOHR
| Q4 25 | 16.7% | -5.7% | ||
| Q3 25 | 43.2% | -3.7% | ||
| Q2 25 | 16.8% | -0.1% | ||
| Q1 25 | 27.3% | 3.4% | ||
| Q4 24 | 14.6% | 5.7% | ||
| Q3 24 | 57.8% | 4.5% | ||
| Q2 24 | 24.9% | 4.7% | ||
| Q1 24 | 23.6% | 2.0% |
资本支出强度CFCOHR
| Q4 25 | 12.1% | 9.1% | ||
| Q3 25 | 20.9% | 6.6% | ||
| Q2 25 | 13.0% | 8.6% | ||
| Q1 25 | 7.9% | 7.5% | ||
| Q4 24 | 12.9% | 7.4% | ||
| Q3 24 | 10.1% | 6.8% | ||
| Q2 24 | 5.3% | 7.6% | ||
| Q1 24 | 6.7% | 7.7% |
现金转化率CFCOHR
| Q4 25 | 1.09× | 0.39× | ||
| Q3 25 | 2.31× | 0.20× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | 10.37× | ||
| Q4 24 | 1.07× | 1.81× | ||
| Q3 24 | 2.73× | 5.91× | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 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
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% |
COHR
| Datacenter And Communications Segment | $1.2B | 72% |
| Industrial Segment | $477.7M | 28% |
