vs
CF Industries（CF）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是CF Industries的1.6倍（$3.0B vs $1.9B），CF Industries净利率更高（26.4% vs 17.8%，领先8.6%），CF Industries同比增速更快（22.8% vs 15.0%），易贝自由现金流更多（$478.0M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 7.7%）
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。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
CF vs EBAY — 直观对比
营收规模更大
EBAY
是对方的1.6倍
$1.9B
营收增速更快
CF
高出7.9%
15.0%
净利率更高
CF
高出8.6%
17.8%
自由现金流更多
EBAY
多$165.0M
$313.0M
两年增速更快
CF
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.0B |
| 净利润 | $495.0M | $528.0M |
| 毛利率 | 40.9% | 71.4% |
| 营业利润率 | 33.0% | 20.3% |
| 净利率 | 26.4% | 17.8% |
| 营收同比 | 22.8% | 15.0% |
| 净利润同比 | 26.3% | -22.2% |
| 每股收益（稀释后） | $2.56 | $1.14 |
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CFEBAY
| Q4 25 | $1.9B | $3.0B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.9B | $2.7B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $2.6B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.6B | $2.6B | ||
| Q1 24 | $1.5B | $2.6B |
净利润CFEBAY
| Q4 25 | $495.0M | $528.0M | ||
| Q3 25 | $460.0M | $632.0M | ||
| Q2 25 | $492.0M | $368.0M | ||
| Q1 25 | $351.0M | $503.0M | ||
| Q4 24 | $392.0M | $679.0M | ||
| Q3 24 | $341.0M | $634.0M | ||
| Q2 24 | $506.0M | $224.0M | ||
| Q1 24 | $238.0M | $438.0M |
毛利率CFEBAY
| Q4 25 | 40.9% | 71.4% | ||
| Q3 25 | 38.1% | 70.9% | ||
| Q2 25 | 39.9% | 71.6% | ||
| Q1 25 | 34.4% | 72.0% | ||
| Q4 24 | 34.4% | 72.2% | ||
| Q3 24 | 32.4% | 71.8% | ||
| Q2 24 | 43.2% | 71.4% | ||
| Q1 24 | 27.8% | 72.6% |
营业利润率CFEBAY
| Q4 25 | 33.0% | 20.3% | ||
| Q3 25 | 35.0% | 20.4% | ||
| Q2 25 | 34.3% | 17.7% | ||
| Q1 25 | 27.4% | 23.8% | ||
| Q4 24 | 28.9% | 21.1% | ||
| Q3 24 | 26.6% | 23.1% | ||
| Q2 24 | 40.6% | 21.3% | ||
| Q1 24 | 20.6% | 24.7% |
净利率CFEBAY
| Q4 25 | 26.4% | 17.8% | ||
| Q3 25 | 27.7% | 22.4% | ||
| Q2 25 | 26.0% | 13.5% | ||
| Q1 25 | 21.1% | 19.5% | ||
| Q4 24 | 25.7% | 26.3% | ||
| Q3 24 | 24.9% | 24.6% | ||
| Q2 24 | 32.2% | 8.7% | ||
| Q1 24 | 16.2% | 17.1% |
每股收益（稀释后）CFEBAY
| Q4 25 | $2.56 | $1.14 | ||
| Q3 25 | $2.19 | $1.35 | ||
| Q2 25 | $2.37 | $0.79 | ||
| Q1 25 | $1.85 | $1.06 | ||
| Q4 24 | $1.86 | $1.35 | ||
| Q3 24 | $1.55 | $1.29 | ||
| Q2 24 | $2.30 | $0.45 | ||
| Q1 24 | $1.03 | $0.85 |
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 | — | $1.9B |
| 总债务越低越好 | $3.2B | $6.0B |
| 股东权益账面价值 | $4.8B | $4.6B |
| 总资产 | $14.1B | $17.6B |
| 负债/权益比越低杠杆越低 | 0.66× | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资CFEBAY
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.1B |
总债务CFEBAY
| Q4 25 | $3.2B | $6.0B | ||
| Q3 25 | $3.0B | $5.0B | ||
| Q2 25 | $3.0B | $5.0B | ||
| Q1 25 | $3.0B | $5.8B | ||
| Q4 24 | $3.0B | $5.8B | ||
| Q3 24 | $3.0B | $6.2B | ||
| Q2 24 | $3.0B | $6.2B | ||
| Q1 24 | $3.0B | $6.2B |
股东权益CFEBAY
| Q4 25 | $4.8B | $4.6B | ||
| Q3 25 | $4.8B | $4.7B | ||
| Q2 25 | $5.0B | $4.7B | ||
| Q1 25 | $4.8B | $5.0B | ||
| Q4 24 | $5.0B | $5.2B | ||
| Q3 24 | $5.2B | $5.4B | ||
| Q2 24 | $5.5B | $5.5B | ||
| Q1 24 | $5.4B | $6.3B |
总资产CFEBAY
| Q4 25 | $14.1B | $17.6B | ||
| Q3 25 | $14.2B | $17.8B | ||
| Q2 25 | $13.8B | $18.0B | ||
| Q1 25 | $13.3B | $19.0B | ||
| Q4 24 | $13.5B | $19.4B | ||
| Q3 24 | $13.8B | $19.9B | ||
| Q2 24 | $13.8B | $20.4B | ||
| Q1 24 | $13.9B | $21.4B |
负债/权益比CFEBAY
| Q4 25 | 0.66× | 1.30× | ||
| Q3 25 | 0.61× | 1.06× | ||
| Q2 25 | 0.60× | 1.05× | ||
| Q1 25 | 0.62× | 1.16× | ||
| Q4 24 | 0.60× | 1.12× | ||
| Q3 24 | 0.57× | 1.14× | ||
| Q2 24 | 0.54× | 1.12× | ||
| Q1 24 | 0.55× | 0.98× |
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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $478.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 16.1% |
| 资本支出强度资本支出/营收 | 12.1% | 3.9% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.5B |
8季度趋势，按日历期对齐
经营现金流CFEBAY
| Q4 25 | $539.0M | $595.0M | ||
| Q3 25 | $1.1B | $934.0M | ||
| Q2 25 | $563.0M | $-307.0M | ||
| Q1 25 | $586.0M | $787.0M | ||
| Q4 24 | $420.0M | $677.0M | ||
| Q3 24 | $931.0M | $755.0M | ||
| Q2 24 | $475.0M | $367.0M | ||
| Q1 24 | $445.0M | $615.0M |
自由现金流CFEBAY
| Q4 25 | $313.0M | $478.0M | ||
| Q3 25 | $717.0M | $803.0M | ||
| Q2 25 | $318.0M | $-441.0M | ||
| Q1 25 | $454.0M | $644.0M | ||
| Q4 24 | $223.0M | $560.0M | ||
| Q3 24 | $792.0M | $646.0M | ||
| Q2 24 | $391.0M | $278.0M | ||
| Q1 24 | $347.0M | $472.0M |
自由现金流率CFEBAY
| Q4 25 | 16.7% | 16.1% | ||
| Q3 25 | 43.2% | 28.5% | ||
| Q2 25 | 16.8% | -16.2% | ||
| Q1 25 | 27.3% | 24.9% | ||
| Q4 24 | 14.6% | 21.7% | ||
| Q3 24 | 57.8% | 25.1% | ||
| Q2 24 | 24.9% | 10.8% | ||
| Q1 24 | 23.6% | 18.5% |
资本支出强度CFEBAY
| Q4 25 | 12.1% | 3.9% | ||
| Q3 25 | 20.9% | 4.6% | ||
| Q2 25 | 13.0% | 4.9% | ||
| Q1 25 | 7.9% | 5.5% | ||
| Q4 24 | 12.9% | 4.5% | ||
| Q3 24 | 10.1% | 4.2% | ||
| Q2 24 | 5.3% | 3.5% | ||
| Q1 24 | 6.7% | 5.6% |
现金转化率CFEBAY
| Q4 25 | 1.09× | 1.13× | ||
| Q3 25 | 2.31× | 1.48× | ||
| Q2 25 | 1.14× | -0.83× | ||
| Q1 25 | 1.67× | 1.56× | ||
| Q4 24 | 1.07× | 1.00× | ||
| Q3 24 | 2.73× | 1.19× | ||
| Q2 24 | 0.94× | 1.64× | ||
| Q1 24 | 1.87× | 1.40× |
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% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
