vs
CF Industries（CF）与达登餐饮（DRI）财务数据对比。点击上方公司名可切换其他公司
达登餐饮的季度营收约是CF Industries的1.7倍（$3.1B vs $1.9B），CF Industries净利率更高（26.4% vs 7.6%，领先18.8%），CF Industries同比增速更快（22.8% vs 7.3%），CF Industries自由现金流更多（$313.0M vs $119.8M），过去两年CF Industries的营收复合增速更高（12.8% vs 2.1%）
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。
达登餐饮是总部位于美国佛罗里达州奥兰多的多品牌全服务餐饮运营商，为全球规模最大的全服务餐饮集团，旗下拥有超1800家门店，员工逾17.5万名。品牌前身由威廉·达登创立，最初获通用磨坊投资，旗下红龙虾品牌于2014年7月售出。
CF vs DRI — 直观对比
营收规模更大
DRI
是对方的1.7倍
$1.9B
营收增速更快
CF
高出15.5%
7.3%
净利率更高
CF
高出18.8%
7.6%
自由现金流更多
CF
多$193.2M
$119.8M
两年增速更快
CF
近两年复合增速
2.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.1B |
| 净利润 | $495.0M | $237.2M |
| 毛利率 | 40.9% | 18.7% |
| 营业利润率 | 33.0% | 10.3% |
| 净利率 | 26.4% | 7.6% |
| 营收同比 | 22.8% | 7.3% |
| 净利润同比 | 26.3% | 10.3% |
| 每股收益（稀释后） | $2.56 | $2.03 |
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CFDRI
| Q4 25 | $1.9B | $3.1B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.9B | $3.3B | ||
| Q1 25 | $1.7B | $3.2B | ||
| Q4 24 | $1.5B | $2.9B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.6B | $3.0B | ||
| Q1 24 | $1.5B | $3.0B |
净利润CFDRI
| Q4 25 | $495.0M | $237.2M | ||
| Q3 25 | $460.0M | $257.8M | ||
| Q2 25 | $492.0M | $303.9M | ||
| Q1 25 | $351.0M | $323.4M | ||
| Q4 24 | $392.0M | $215.1M | ||
| Q3 24 | $341.0M | $207.2M | ||
| Q2 24 | $506.0M | $308.1M | ||
| Q1 24 | $238.0M | $312.9M |
毛利率CFDRI
| Q4 25 | 40.9% | 18.7% | ||
| Q3 25 | 38.1% | 18.9% | ||
| Q2 25 | 39.9% | 22.1% | ||
| Q1 25 | 34.4% | 21.1% | ||
| Q4 24 | 34.4% | 19.5% | ||
| Q3 24 | 32.4% | 18.8% | ||
| Q2 24 | 43.2% | 20.9% | ||
| Q1 24 | 27.8% | 20.6% |
营业利润率CFDRI
| Q4 25 | 33.0% | 10.3% | ||
| Q3 25 | 35.0% | 11.1% | ||
| Q2 25 | 34.3% | 11.7% | ||
| Q1 25 | 27.4% | 13.2% | ||
| Q4 24 | 28.9% | 10.1% | ||
| Q3 24 | 26.6% | 9.8% | ||
| Q2 24 | 40.6% | 13.4% | ||
| Q1 24 | 20.6% | 13.0% |
净利率CFDRI
| Q4 25 | 26.4% | 7.6% | ||
| Q3 25 | 27.7% | 8.5% | ||
| Q2 25 | 26.0% | 9.3% | ||
| Q1 25 | 21.1% | 10.2% | ||
| Q4 24 | 25.7% | 7.4% | ||
| Q3 24 | 24.9% | 7.5% | ||
| Q2 24 | 32.2% | 10.4% | ||
| Q1 24 | 16.2% | 10.5% |
每股收益（稀释后）CFDRI
| Q4 25 | $2.56 | $2.03 | ||
| Q3 25 | $2.19 | $2.19 | ||
| Q2 25 | $2.37 | $2.56 | ||
| Q1 25 | $1.85 | $2.74 | ||
| Q4 24 | $1.86 | $1.82 | ||
| Q3 24 | $1.55 | $1.74 | ||
| Q2 24 | $2.30 | $2.56 | ||
| Q1 24 | $1.03 | $2.60 |
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 | — | $224.1M |
| 总债务越低越好 | $3.2B | $2.1B |
| 股东权益账面价值 | $4.8B | $2.1B |
| 总资产 | $14.1B | $12.9B |
| 负债/权益比越低杠杆越低 | 0.66× | 1.03× |
8季度趋势，按日历期对齐
现金及短期投资CFDRI
| Q4 25 | — | $224.1M | ||
| Q3 25 | — | $211.0M | ||
| Q2 25 | — | $240.0M | ||
| Q1 25 | — | $224.2M | ||
| Q4 24 | — | $217.3M | ||
| Q3 24 | — | $192.5M | ||
| Q2 24 | — | $194.8M | ||
| Q1 24 | — | $243.9M |
总债务CFDRI
| Q4 25 | $3.2B | $2.1B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $3.0B | $2.1B | ||
| Q1 25 | $3.0B | $2.1B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $3.0B | $1.4B | ||
| Q1 24 | $3.0B | $1.4B |
股东权益CFDRI
| Q4 25 | $4.8B | $2.1B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $5.0B | $2.3B | ||
| Q1 25 | $4.8B | $2.2B | ||
| Q4 24 | $5.0B | $2.1B | ||
| Q3 24 | $5.2B | $2.1B | ||
| Q2 24 | $5.5B | $2.2B | ||
| Q1 24 | $5.4B | $2.2B |
总资产CFDRI
| Q4 25 | $14.1B | $12.9B | ||
| Q3 25 | $14.2B | $12.8B | ||
| Q2 25 | $13.8B | $12.6B | ||
| Q1 25 | $13.3B | $12.6B | ||
| Q4 24 | $13.5B | $12.5B | ||
| Q3 24 | $13.8B | $11.4B | ||
| Q2 24 | $13.8B | $11.3B | ||
| Q1 24 | $13.9B | $11.4B |
负债/权益比CFDRI
| Q4 25 | 0.66× | 1.03× | ||
| Q3 25 | 0.61× | 0.96× | ||
| Q2 25 | 0.60× | 0.92× | ||
| Q1 25 | 0.62× | 0.96× | ||
| Q4 24 | 0.60× | 1.02× | ||
| Q3 24 | 0.57× | 0.65× | ||
| Q2 24 | 0.54× | 0.61× | ||
| Q1 24 | 0.55× | 0.63× |
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 | $320.7M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $119.8M |
| 自由现金流率自由现金流/营收 | 16.7% | 3.9% |
| 资本支出强度资本支出/营收 | 12.1% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.35× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.0B |
8季度趋势，按日历期对齐
经营现金流CFDRI
| Q4 25 | $539.0M | $320.7M | ||
| Q3 25 | $1.1B | $342.5M | ||
| Q2 25 | $563.0M | $457.0M | ||
| Q1 25 | $586.0M | $588.2M | ||
| Q4 24 | $420.0M | $388.6M | ||
| Q3 24 | $931.0M | $273.2M | ||
| Q2 24 | $475.0M | $426.0M | ||
| Q1 24 | $445.0M | $585.8M |
自由现金流CFDRI
| Q4 25 | $313.0M | $119.8M | ||
| Q3 25 | $717.0M | $168.4M | ||
| Q2 25 | $318.0M | $285.0M | ||
| Q1 25 | $454.0M | $430.1M | ||
| Q4 24 | $223.0M | $219.3M | ||
| Q3 24 | $792.0M | $128.0M | ||
| Q2 24 | $391.0M | $285.6M | ||
| Q1 24 | $347.0M | $437.4M |
自由现金流率CFDRI
| Q4 25 | 16.7% | 3.9% | ||
| Q3 25 | 43.2% | 5.5% | ||
| Q2 25 | 16.8% | 8.7% | ||
| Q1 25 | 27.3% | 13.6% | ||
| Q4 24 | 14.6% | 7.6% | ||
| Q3 24 | 57.8% | 4.6% | ||
| Q2 24 | 24.9% | 9.7% | ||
| Q1 24 | 23.6% | 14.7% |
资本支出强度CFDRI
| Q4 25 | 12.1% | 6.5% | ||
| Q3 25 | 20.9% | 5.7% | ||
| Q2 25 | 13.0% | 5.3% | ||
| Q1 25 | 7.9% | 5.0% | ||
| Q4 24 | 12.9% | 5.9% | ||
| Q3 24 | 10.1% | 5.3% | ||
| Q2 24 | 5.3% | 4.7% | ||
| Q1 24 | 6.7% | 5.0% |
现金转化率CFDRI
| Q4 25 | 1.09× | 1.35× | ||
| Q3 25 | 2.31× | 1.33× | ||
| Q2 25 | 1.14× | 1.50× | ||
| Q1 25 | 1.67× | 1.82× | ||
| Q4 24 | 1.07× | 1.81× | ||
| Q3 24 | 2.73× | 1.32× | ||
| Q2 24 | 0.94× | 1.38× | ||
| Q1 24 | 1.87× | 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% |
DRI
| Olive Garden Segment | $1.4B | 44% |
| Long Horn Steakhouse Segment | $775.9M | 25% |
| Other | $647.3M | 21% |
| Fine Dining Segment | $316.2M | 10% |
