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CF Industries（CF）与Eversource Energy（ES）财务数据对比。点击上方公司名可切换其他公司
Eversource Energy的季度营收约是CF Industries的1.8倍（$3.4B vs $1.9B），CF Industries净利率更高（26.4% vs 12.6%，领先13.9%），CF Industries同比增速更快（22.8% vs 13.4%），CF Industries自由现金流更多（$313.0M vs $-67.3M），过去两年CF Industries的营收复合增速更高（12.8% vs 0.6%）
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。
Eversource Energy是位列财富500强的上市能源企业，总部位于美国马萨诸塞州斯普林菲尔德，在康涅狄格州哈特福德、马萨诸塞州波士顿均设有办公据点，旗下多家受监管子公司为康涅狄格、马萨诸塞、新罕布什尔三州约400万用户提供零售电力、天然气及供水服务。
CF vs ES — 直观对比
营收规模更大
ES
是对方的1.8倍
$1.9B
营收增速更快
CF
高出9.4%
13.4%
净利率更高
CF
高出13.9%
12.6%
自由现金流更多
CF
多$380.3M
$-67.3M
两年增速更快
CF
近两年复合增速
0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.4B |
| 净利润 | $495.0M | $423.2M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 21.1% |
| 净利率 | 26.4% | 12.6% |
| 营收同比 | 22.8% | 13.4% |
| 净利润同比 | 26.3% | 468.8% |
| 每股收益（稀释后） | $2.56 | $1.11 |
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CFES
| Q4 25 | $1.9B | $3.4B | ||
| Q3 25 | $1.7B | $3.2B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.7B | $4.1B | ||
| Q4 24 | $1.5B | $3.0B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.6B | $2.5B | ||
| Q1 24 | $1.5B | $3.3B |
净利润CFES
| Q4 25 | $495.0M | $423.2M | ||
| Q3 25 | $460.0M | $369.4M | ||
| Q2 25 | $492.0M | $354.6M | ||
| Q1 25 | $351.0M | $552.7M | ||
| Q4 24 | $392.0M | $74.4M | ||
| Q3 24 | $341.0M | $-116.2M | ||
| Q2 24 | $506.0M | $337.2M | ||
| Q1 24 | $238.0M | $523.7M |
毛利率CFES
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 27.8% | — |
营业利润率CFES
| Q4 25 | 33.0% | 21.1% | ||
| Q3 25 | 35.0% | 21.4% | ||
| Q2 25 | 34.3% | 23.4% | ||
| Q1 25 | 27.4% | 22.5% | ||
| Q4 24 | 28.9% | 11.7% | ||
| Q3 24 | 26.6% | 20.0% | ||
| Q2 24 | 40.6% | 23.8% | ||
| Q1 24 | 20.6% | 25.4% |
净利率CFES
| Q4 25 | 26.4% | 12.6% | ||
| Q3 25 | 27.7% | 11.5% | ||
| Q2 25 | 26.0% | 12.5% | ||
| Q1 25 | 21.1% | 13.4% | ||
| Q4 24 | 25.7% | 2.5% | ||
| Q3 24 | 24.9% | -3.8% | ||
| Q2 24 | 32.2% | 13.3% | ||
| Q1 24 | 16.2% | 15.7% |
每股收益（稀释后）CFES
| Q4 25 | $2.56 | $1.11 | ||
| Q3 25 | $2.19 | $0.99 | ||
| Q2 25 | $2.37 | $0.96 | ||
| Q1 25 | $1.85 | $1.50 | ||
| Q4 24 | $1.86 | $0.16 | ||
| Q3 24 | $1.55 | $-0.33 | ||
| Q2 24 | $2.30 | $0.95 | ||
| Q1 24 | $1.03 | $1.49 |
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 | — | $135.4M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $16.2B |
| 总资产 | $14.1B | $63.8B |
| 负债/权益比越低杠杆越低 | 0.66× | — |
8季度趋势，按日历期对齐
现金及短期投资CFES
| Q4 25 | — | $135.4M | ||
| Q3 25 | — | $259.3M | ||
| Q2 25 | — | $343.7M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | — | $26.7M | ||
| Q3 24 | — | $97.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务CFES
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益CFES
| Q4 25 | $4.8B | $16.2B | ||
| Q3 25 | $4.8B | $16.0B | ||
| Q2 25 | $5.0B | $15.7B | ||
| Q1 25 | $4.8B | $15.3B | ||
| Q4 24 | $5.0B | $15.0B | ||
| Q3 24 | $5.2B | $15.0B | ||
| Q2 24 | $5.5B | $14.8B | ||
| Q1 24 | $5.4B | $14.5B |
总资产CFES
| Q4 25 | $14.1B | $63.8B | ||
| Q3 25 | $14.2B | $61.7B | ||
| Q2 25 | $13.8B | $61.0B | ||
| Q1 25 | $13.3B | $60.2B | ||
| Q4 24 | $13.5B | $59.6B | ||
| Q3 24 | $13.8B | $58.6B | ||
| Q2 24 | $13.8B | $58.4B | ||
| Q1 24 | $13.9B | $57.3B |
负债/权益比CFES
| 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× | — | ||
| Q1 24 | 0.55× | — |
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 | $916.1M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $-67.3M |
| 自由现金流率自由现金流/营收 | 16.7% | -2.0% |
| 资本支出强度资本支出/营收 | 12.1% | 29.2% |
| 现金转化率经营现金流/净利润 | 1.09× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $-45.1M |
8季度趋势，按日历期对齐
经营现金流CFES
| Q4 25 | $539.0M | $916.1M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $563.0M | $1.1B | ||
| Q1 25 | $586.0M | $1.0B | ||
| Q4 24 | $420.0M | $642.1M | ||
| Q3 24 | $931.0M | $555.6M | ||
| Q2 24 | $475.0M | $670.7M | ||
| Q1 24 | $445.0M | $291.3M |
自由现金流CFES
| Q4 25 | $313.0M | $-67.3M | ||
| Q3 25 | $717.0M | $-26.3M | ||
| Q2 25 | $318.0M | $15.3M | ||
| Q1 25 | $454.0M | $33.2M | ||
| Q4 24 | $223.0M | $-546.5M | ||
| Q3 24 | $792.0M | $-515.4M | ||
| Q2 24 | $391.0M | $-400.8M | ||
| Q1 24 | $347.0M | $-858.1M |
自由现金流率CFES
| Q4 25 | 16.7% | -2.0% | ||
| Q3 25 | 43.2% | -0.8% | ||
| Q2 25 | 16.8% | 0.5% | ||
| Q1 25 | 27.3% | 0.8% | ||
| Q4 24 | 14.6% | -18.4% | ||
| Q3 24 | 57.8% | -16.8% | ||
| Q2 24 | 24.9% | -15.8% | ||
| Q1 24 | 23.6% | -25.7% |
资本支出强度CFES
| Q4 25 | 12.1% | 29.2% | ||
| Q3 25 | 20.9% | 35.0% | ||
| Q2 25 | 13.0% | 36.7% | ||
| Q1 25 | 7.9% | 24.5% | ||
| Q4 24 | 12.9% | 40.0% | ||
| Q3 24 | 10.1% | 35.0% | ||
| Q2 24 | 5.3% | 42.3% | ||
| Q1 24 | 6.7% | 34.5% |
现金转化率CFES
| Q4 25 | 1.09× | 2.16× | ||
| Q3 25 | 2.31× | 2.98× | ||
| Q2 25 | 1.14× | 2.98× | ||
| Q1 25 | 1.67× | 1.88× | ||
| Q4 24 | 1.07× | 8.63× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | 1.99× | ||
| Q1 24 | 1.87× | 0.56× |
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% |
ES
| Residential | $1.2B | 35% |
| Commercial | $789.0M | 23% |
| Eversource Electric Transmission | $573.8M | 17% |
| Wholesale Transmission Revenue | $570.0M | 17% |
| Industrial | $102.6M | 3% |
| Water Distribution Segment | $58.4M | 2% |
| Eversource Water | $56.3M | 2% |
| Other Revenue Adjustmentsfrom Contractswith Customers | $25.9M | 1% |
