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CF Industries（CF）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是达美乐的1.7倍（$2.0B vs $1.2B），CF Industries净利率更高（31.0% vs 12.2%，领先18.8%），CF Industries同比增速更快（19.4% vs 3.5%），CF Industries自由现金流更多（$1.7B vs $147.0M），过去两年CF Industries的营收复合增速更高（12.4% vs 2.4%）
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。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
CF vs DPZ — 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16.0%
3.5%
净利率更高
CF
高出18.8%
12.2%
自由现金流更多
CF
多$1.5B
$147.0M
两年增速更快
CF
近两年复合增速
2.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $615.0M | $139.8M |
| 毛利率 | 37.6% | 40.4% |
| 营业利润率 | 43.5% | 20.0% |
| 净利率 | 31.0% | 12.2% |
| 营收同比 | 19.4% | 3.5% |
| 净利润同比 | 97.1% | -6.6% |
| 每股收益（稀释后） | $3.98 | $4.13 |
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CFDPZ
| Q1 26 | $2.0B | $1.2B | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B |
净利润CFDPZ
| Q1 26 | $615.0M | $139.8M | ||
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $139.3M | ||
| Q2 25 | $492.0M | $131.1M | ||
| Q1 25 | $351.0M | $149.7M | ||
| Q4 24 | $392.0M | $169.4M | ||
| Q3 24 | $341.0M | $146.9M | ||
| Q2 24 | $506.0M | $142.0M |
毛利率CFDPZ
| Q1 26 | 37.6% | 40.4% | ||
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | 40.1% | ||
| Q2 25 | 39.9% | 40.3% | ||
| Q1 25 | 34.4% | 39.8% | ||
| Q4 24 | 34.4% | 39.2% | ||
| Q3 24 | 32.4% | 39.2% | ||
| Q2 24 | 43.2% | 39.8% |
营业利润率CFDPZ
| Q1 26 | 43.5% | 20.0% | ||
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | 19.5% | ||
| Q2 25 | 34.3% | 19.7% | ||
| Q1 25 | 27.4% | 18.9% | ||
| Q4 24 | 28.9% | 19.0% | ||
| Q3 24 | 26.6% | 18.4% | ||
| Q2 24 | 40.6% | 17.9% |
净利率CFDPZ
| Q1 26 | 31.0% | 12.2% | ||
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | 12.1% | ||
| Q2 25 | 26.0% | 11.4% | ||
| Q1 25 | 21.1% | 13.5% | ||
| Q4 24 | 25.7% | 11.7% | ||
| Q3 24 | 24.9% | 13.6% | ||
| Q2 24 | 32.2% | 12.9% |
每股收益（稀释后）CFDPZ
| Q1 26 | $3.98 | $4.13 | ||
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | $4.08 | ||
| Q2 25 | $2.37 | $3.81 | ||
| Q1 25 | $1.85 | $4.33 | ||
| Q4 24 | $1.86 | $4.89 | ||
| Q3 24 | $1.55 | $4.19 | ||
| Q2 24 | $2.30 | $4.03 |
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 | — | $232.9M |
| 总债务越低越好 | $3.2B | $4.9B |
| 股东权益账面价值 | $5.3B | — |
| 总资产 | $14.6B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资CFDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $139.7M | ||
| Q2 25 | — | $272.9M | ||
| Q1 25 | — | $304.3M | ||
| Q4 24 | — | $186.1M | ||
| Q3 24 | — | $189.1M | ||
| Q2 24 | — | $283.7M |
总债务CFDPZ
| Q1 26 | $3.2B | $4.9B | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $3.0B | $3.8B | ||
| Q1 25 | $3.0B | $3.8B | ||
| Q4 24 | $3.0B | $3.8B | ||
| Q3 24 | $3.0B | $5.0B | ||
| Q2 24 | $3.0B | $5.0B |
股东权益CFDPZ
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | $-4.0B | ||
| Q2 25 | $5.0B | $-4.0B | ||
| Q1 25 | $4.8B | $-3.9B | ||
| Q4 24 | $5.0B | $-4.0B | ||
| Q3 24 | $5.2B | $-4.0B | ||
| Q2 24 | $5.5B | $-3.9B |
总资产CFDPZ
| Q1 26 | $14.6B | $1.8B | ||
| Q4 25 | $14.1B | — | ||
| Q3 25 | $14.2B | $1.7B | ||
| Q2 25 | $13.8B | $1.8B | ||
| Q1 25 | $13.3B | $1.9B | ||
| Q4 24 | $13.5B | $1.7B | ||
| Q3 24 | $13.8B | $1.8B | ||
| Q2 24 | $13.8B | $1.9B |
负债/权益比CFDPZ
| Q1 26 | 0.60× | — | ||
| 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 | $496.0M | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $147.0M |
| 自由现金流率自由现金流/营收 | 83.2% | 12.8% |
| 资本支出强度资本支出/营收 | 11.2% | 1.3% |
| 现金转化率经营现金流/净利润 | 0.81× | 1.16× |
| 过去12个月自由现金流最近4个季度 | $3.0B | $625.3M |
8季度趋势，按日历期对齐
经营现金流CFDPZ
| Q1 26 | $496.0M | $162.0M | ||
| Q4 25 | $539.0M | — | ||
| Q3 25 | $1.1B | $185.4M | ||
| Q2 25 | $563.0M | $187.8M | ||
| Q1 25 | $586.0M | $179.1M | ||
| Q4 24 | $420.0M | $178.0M | ||
| Q3 24 | $931.0M | $172.7M | ||
| Q2 24 | $475.0M | $150.7M |
自由现金流CFDPZ
| Q1 26 | $1.7B | $147.0M | ||
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | $164.0M | ||
| Q2 25 | $318.0M | $167.3M | ||
| Q1 25 | $454.0M | $164.3M | ||
| Q4 24 | $223.0M | $135.9M | ||
| Q3 24 | $792.0M | $145.6M | ||
| Q2 24 | $391.0M | $127.2M |
自由现金流率CFDPZ
| Q1 26 | 83.2% | 12.8% | ||
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | 14.3% | ||
| Q2 25 | 16.8% | 14.6% | ||
| Q1 25 | 27.3% | 14.8% | ||
| Q4 24 | 14.6% | 9.4% | ||
| Q3 24 | 57.8% | 13.5% | ||
| Q2 24 | 24.9% | 11.6% |
资本支出强度CFDPZ
| Q1 26 | 11.2% | 1.3% | ||
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | 1.9% | ||
| Q2 25 | 13.0% | 1.8% | ||
| Q1 25 | 7.9% | 1.3% | ||
| Q4 24 | 12.9% | 2.9% | ||
| Q3 24 | 10.1% | 2.5% | ||
| Q2 24 | 5.3% | 2.1% |
现金转化率CFDPZ
| Q1 26 | 0.81× | 1.16× | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 1.33× | ||
| Q2 25 | 1.14× | 1.43× | ||
| Q1 25 | 1.67× | 1.20× | ||
| Q4 24 | 1.07× | 1.05× | ||
| Q3 24 | 2.73× | 1.18× | ||
| Q2 24 | 0.94× | 1.06× |
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% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
