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CF Industries（CF）与Delek US Holdings, Inc.（DK）财务数据对比。点击上方公司名可切换其他公司
Delek US Holdings, Inc.的季度营收约是CF Industries的1.3倍（$2.4B vs $1.9B），CF Industries净利率更高（26.4% vs 3.2%，领先23.2%），CF Industries同比增速更快（22.8% vs 2.3%），Delek US Holdings, Inc.自由现金流更多（$382.8M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs -11.9%）
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。
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
CF vs DK — 直观对比
营收规模更大
DK
是对方的1.3倍
$1.9B
营收增速更快
CF
高出20.5%
2.3%
净利率更高
CF
高出23.2%
3.2%
自由现金流更多
DK
多$69.8M
$313.0M
两年增速更快
CF
近两年复合增速
-11.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.4B |
| 净利润 | $495.0M | $78.3M |
| 毛利率 | 40.9% | 9.3% |
| 营业利润率 | 33.0% | 6.8% |
| 净利率 | 26.4% | 3.2% |
| 营收同比 | 22.8% | 2.3% |
| 净利润同比 | 26.3% | 118.9% |
| 每股收益（稀释后） | $2.56 | $1.23 |
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CFDK
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $3.0B | ||
| Q2 24 | $1.6B | $3.3B | ||
| Q1 24 | $1.5B | $3.1B |
净利润CFDK
| Q4 25 | $495.0M | $78.3M | ||
| Q3 25 | $460.0M | $178.0M | ||
| Q2 25 | $492.0M | $-106.4M | ||
| Q1 25 | $351.0M | $-172.7M | ||
| Q4 24 | $392.0M | $-413.8M | ||
| Q3 24 | $341.0M | $-76.8M | ||
| Q2 24 | $506.0M | $-37.2M | ||
| Q1 24 | $238.0M | $-32.6M |
毛利率CFDK
| Q4 25 | 40.9% | 9.3% | ||
| Q3 25 | 38.1% | 13.8% | ||
| Q2 25 | 39.9% | 1.9% | ||
| Q1 25 | 34.4% | -2.4% | ||
| Q4 24 | 34.4% | -5.7% | ||
| Q3 24 | 32.4% | -0.7% | ||
| Q2 24 | 43.2% | 0.5% | ||
| Q1 24 | 27.8% | 3.0% |
营业利润率CFDK
| Q4 25 | 33.0% | 6.8% | ||
| Q3 25 | 35.0% | 10.2% | ||
| Q2 25 | 34.3% | -1.2% | ||
| Q1 25 | 27.4% | -4.8% | ||
| Q4 24 | 28.9% | -17.0% | ||
| Q3 24 | 26.6% | -4.0% | ||
| Q2 24 | 40.6% | 0.1% | ||
| Q1 24 | 20.6% | 0.9% |
净利率CFDK
| Q4 25 | 26.4% | 3.2% | ||
| Q3 25 | 27.7% | 6.2% | ||
| Q2 25 | 26.0% | -3.8% | ||
| Q1 25 | 21.1% | -6.5% | ||
| Q4 24 | 25.7% | -17.4% | ||
| Q3 24 | 24.9% | -2.5% | ||
| Q2 24 | 32.2% | -1.1% | ||
| Q1 24 | 16.2% | -1.0% |
每股收益（稀释后）CFDK
| Q4 25 | $2.56 | $1.23 | ||
| Q3 25 | $2.19 | $2.93 | ||
| Q2 25 | $2.37 | $-1.76 | ||
| Q1 25 | $1.85 | $-2.78 | ||
| Q4 24 | $1.86 | $-6.48 | ||
| Q3 24 | $1.55 | $-1.20 | ||
| Q2 24 | $2.30 | $-0.58 | ||
| Q1 24 | $1.03 | $-0.51 |
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 | — | $625.8M |
| 总债务越低越好 | $3.2B | $3.2B |
| 股东权益账面价值 | $4.8B | $547.3M |
| 总资产 | $14.1B | $6.8B |
| 负债/权益比越低杠杆越低 | 0.66× | 5.91× |
8季度趋势，按日历期对齐
现金及短期投资CFDK
| Q4 25 | — | $625.8M | ||
| Q3 25 | — | $630.9M | ||
| Q2 25 | — | $615.5M | ||
| Q1 25 | — | $623.8M | ||
| Q4 24 | — | $735.6M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $657.9M | ||
| Q1 24 | — | $753.4M |
总债务CFDK
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.0B | $3.2B | ||
| Q2 25 | $3.0B | $3.1B | ||
| Q1 25 | $3.0B | $3.0B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $3.0B | $2.5B | ||
| Q1 24 | $3.0B | $2.5B |
股东权益CFDK
| Q4 25 | $4.8B | $547.3M | ||
| Q3 25 | $4.8B | $444.8M | ||
| Q2 25 | $5.0B | $294.9M | ||
| Q1 25 | $4.8B | $429.4M | ||
| Q4 24 | $5.0B | $575.2M | ||
| Q3 24 | $5.2B | $875.4M | ||
| Q2 24 | $5.5B | $982.8M | ||
| Q1 24 | $5.4B | $1.0B |
总资产CFDK
| Q4 25 | $14.1B | $6.8B | ||
| Q3 25 | $14.2B | $7.1B | ||
| Q2 25 | $13.8B | $7.1B | ||
| Q1 25 | $13.3B | $6.9B | ||
| Q4 24 | $13.5B | $6.7B | ||
| Q3 24 | $13.8B | $7.0B | ||
| Q2 24 | $13.8B | $6.9B | ||
| Q1 24 | $13.9B | $7.2B |
负债/权益比CFDK
| Q4 25 | 0.66× | 5.91× | ||
| Q3 25 | 0.61× | 7.14× | ||
| Q2 25 | 0.60× | 10.51× | ||
| Q1 25 | 0.62× | 7.07× | ||
| Q4 24 | 0.60× | 4.81× | ||
| Q3 24 | 0.57× | 3.19× | ||
| Q2 24 | 0.54× | 2.50× | ||
| Q1 24 | 0.55× | 2.41× |
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 | $502.8M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $382.8M |
| 自由现金流率自由现金流/营收 | 16.7% | 15.8% |
| 资本支出强度资本支出/营收 | 12.1% | 4.9% |
| 现金转化率经营现金流/净利润 | 1.09× | 6.42× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $6.3M |
8季度趋势，按日历期对齐
经营现金流CFDK
| Q4 25 | $539.0M | $502.8M | ||
| Q3 25 | $1.1B | $44.0M | ||
| Q2 25 | $563.0M | $51.4M | ||
| Q1 25 | $586.0M | $-62.4M | ||
| Q4 24 | $420.0M | $-163.5M | ||
| Q3 24 | $931.0M | $-21.6M | ||
| Q2 24 | $475.0M | $-48.4M | ||
| Q1 24 | $445.0M | $166.7M |
自由现金流CFDK
| Q4 25 | $313.0M | $382.8M | ||
| Q3 25 | $717.0M | $-64.0M | ||
| Q2 25 | $318.0M | $-114.4M | ||
| Q1 25 | $454.0M | $-198.1M | ||
| Q4 24 | $223.0M | $-354.0M | ||
| Q3 24 | $792.0M | $-140.6M | ||
| Q2 24 | $391.0M | $-128.3M | ||
| Q1 24 | $347.0M | $128.4M |
自由现金流率CFDK
| Q4 25 | 16.7% | 15.8% | ||
| Q3 25 | 43.2% | -2.2% | ||
| Q2 25 | 16.8% | -4.1% | ||
| Q1 25 | 27.3% | -7.5% | ||
| Q4 24 | 14.6% | -14.9% | ||
| Q3 24 | 57.8% | -4.6% | ||
| Q2 24 | 24.9% | -3.9% | ||
| Q1 24 | 23.6% | 4.1% |
资本支出强度CFDK
| Q4 25 | 12.1% | 4.9% | ||
| Q3 25 | 20.9% | 3.7% | ||
| Q2 25 | 13.0% | 6.0% | ||
| Q1 25 | 7.9% | 5.1% | ||
| Q4 24 | 12.9% | 8.0% | ||
| Q3 24 | 10.1% | 3.9% | ||
| Q2 24 | 5.3% | 2.4% | ||
| Q1 24 | 6.7% | 1.2% |
现金转化率CFDK
| Q4 25 | 1.09× | 6.42× | ||
| Q3 25 | 2.31× | 0.25× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| 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% |
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
