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CF Industries（CF）与Camping World Holdings, Inc.（CWH）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Camping World Holdings, Inc.的1.7倍（$2.0B vs $1.2B），CF Industries净利率更高（31.0% vs -9.3%，领先40.3%），CF Industries同比增速更快（19.4% vs -2.6%），过去两年CF Industries的营收复合增速更高（12.4% vs -7.2%）
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。
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
CF vs CWH — 直观对比
营收规模更大
CF
是对方的1.7倍
$1.2B
营收增速更快
CF
高出22.0%
-2.6%
净利率更高
CF
高出40.3%
-9.3%
两年增速更快
CF
近两年复合增速
-7.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $615.0M | $-109.1M |
| 毛利率 | 37.6% | 28.8% |
| 营业利润率 | 43.5% | -4.3% |
| 净利率 | 31.0% | -9.3% |
| 营收同比 | 19.4% | -2.6% |
| 净利润同比 | 97.1% | -83.3% |
| 每股收益（稀释后） | $3.98 | — |
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CFCWH
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.6B | $1.8B |
净利润CFCWH
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $-109.1M | ||
| Q3 25 | $460.0M | $-40.4M | ||
| Q2 25 | $492.0M | $30.2M | ||
| Q1 25 | $351.0M | $-12.3M | ||
| Q4 24 | $392.0M | $-59.5M | ||
| Q3 24 | $341.0M | $5.5M | ||
| Q2 24 | $506.0M | $9.8M |
毛利率CFCWH
| Q1 26 | 37.6% | — | ||
| Q4 25 | 40.9% | 28.8% | ||
| Q3 25 | 38.1% | 28.6% | ||
| Q2 25 | 39.9% | 30.0% | ||
| Q1 25 | 34.4% | 30.4% | ||
| Q4 24 | 34.4% | 31.3% | ||
| Q3 24 | 32.4% | 28.9% | ||
| Q2 24 | 43.2% | 30.3% |
营业利润率CFCWH
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | -4.3% | ||
| Q3 25 | 35.0% | 4.4% | ||
| Q2 25 | 34.3% | 6.6% | ||
| Q1 25 | 27.4% | 1.5% | ||
| Q4 24 | 28.9% | -1.3% | ||
| Q3 24 | 26.6% | 3.7% | ||
| Q2 24 | 40.6% | 5.3% |
净利率CFCWH
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | -9.3% | ||
| Q3 25 | 27.7% | -2.2% | ||
| Q2 25 | 26.0% | 1.5% | ||
| Q1 25 | 21.1% | -0.9% | ||
| Q4 24 | 25.7% | -4.9% | ||
| Q3 24 | 24.9% | 0.3% | ||
| Q2 24 | 32.2% | 0.5% |
每股收益（稀释后）CFCWH
| Q1 26 | $3.98 | — | ||
| 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 | — |
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 | — | $215.0M |
| 总债务越低越好 | $3.2B | $1.5B |
| 股东权益账面价值 | $5.3B | $228.6M |
| 总资产 | $14.6B | $5.0B |
| 负债/权益比越低杠杆越低 | 0.60× | 6.44× |
8季度趋势，按日历期对齐
现金及短期投资CFCWH
| Q1 26 | — | — | ||
| Q4 25 | — | $215.0M | ||
| Q3 25 | — | $230.5M | ||
| Q2 25 | — | $118.1M | ||
| Q1 25 | — | $20.9M | ||
| Q4 24 | — | $208.4M | ||
| Q3 24 | — | $28.4M | ||
| Q2 24 | — | $23.7M |
总债务CFCWH
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $3.0B | $1.5B | ||
| Q2 24 | $3.0B | $1.5B |
股东权益CFCWH
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $228.6M | ||
| Q3 25 | $4.8B | $296.2M | ||
| Q2 25 | $5.0B | $340.5M | ||
| Q1 25 | $4.8B | $310.5M | ||
| Q4 24 | $5.0B | $326.6M | ||
| Q3 24 | $5.2B | $151.6M | ||
| Q2 24 | $5.5B | $149.7M |
总资产CFCWH
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $5.0B | ||
| Q3 25 | $14.2B | $5.0B | ||
| Q2 25 | $13.8B | $5.2B | ||
| Q1 25 | $13.3B | $5.1B | ||
| Q4 24 | $13.5B | $4.9B | ||
| Q3 24 | $13.8B | $4.7B | ||
| Q2 24 | $13.8B | $5.0B |
负债/权益比CFCWH
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.66× | 6.44× | ||
| Q3 25 | 0.61× | 5.00× | ||
| Q2 25 | 0.60× | 4.42× | ||
| Q1 25 | 0.62× | 4.87× | ||
| Q4 24 | 0.60× | 4.64× | ||
| Q3 24 | 0.57× | 10.09× | ||
| Q2 24 | 0.54× | 10.28× |
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 | $496.0M | $-227.2M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | — |
| 自由现金流率自由现金流/营收 | 83.2% | — |
| 资本支出强度资本支出/营收 | 11.2% | — |
| 现金转化率经营现金流/净利润 | 0.81× | — |
| 过去12个月自由现金流最近4个季度 | $3.0B | — |
8季度趋势，按日历期对齐
经营现金流CFCWH
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $-227.2M | ||
| Q3 25 | $1.1B | $139.8M | ||
| Q2 25 | $563.0M | $187.9M | ||
| Q1 25 | $586.0M | $-232.5M | ||
| Q4 24 | $420.0M | $-163.4M | ||
| Q3 24 | $931.0M | $324.2M | ||
| Q2 24 | $475.0M | $152.3M |
自由现金流CFCWH
| Q1 26 | $1.7B | — | ||
| 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 | — |
自由现金流率CFCWH
| Q1 26 | 83.2% | — | ||
| 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% | — |
资本支出强度CFCWH
| Q1 26 | 11.2% | — | ||
| 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% | — |
现金转化率CFCWH
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | 6.22× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 58.93× | ||
| Q2 24 | 0.94× | 15.59× |
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
| EBITDA | $1.0B | 51% |
| Other | $975.0M | 49% |
| Loss on foreign currency transactions | $3.0M | 0% |
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
