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CF Industries（CF）与eXp World Holdings, Inc.（EXPI）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eXp World Holdings, Inc.的1.6倍（$1.9B vs $1.2B），CF Industries净利率更高（26.4% vs -1.1%，领先27.5%），CF Industries同比增速更快（22.8% vs 8.5%），CF Industries自由现金流更多（$313.0M vs $11.9M），过去两年CF Industries的营收复合增速更高（12.8% vs 12.4%）
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。
eXp World Holdings是全球云原生房地产服务提供商，运营eXp Realty经纪网络，依托沉浸式3D虚拟园区支持代理人协作与日常运营，业务覆盖全球20余个国家的住宅及商业地产市场，同时提供按揭贷款、产权保险、从业者职业培训等配套服务。
CF vs EXPI — 直观对比
营收规模更大
CF
是对方的1.6倍
$1.2B
营收增速更快
CF
高出14.3%
8.5%
净利率更高
CF
高出27.5%
-1.1%
自由现金流更多
CF
多$301.1M
$11.9M
两年增速更快
CF
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $495.0M | $-12.9M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | -1.1% |
| 净利率 | 26.4% | -1.1% |
| 营收同比 | 22.8% | 8.5% |
| 净利润同比 | 26.3% | -35.7% |
| 每股收益（稀释后） | $2.56 | $-0.08 |
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CFEXPI
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $954.9M | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $943.1M |
净利润CFEXPI
| Q4 25 | $495.0M | $-12.9M | ||
| Q3 25 | $460.0M | $3.5M | ||
| Q2 25 | $492.0M | $-2.3M | ||
| Q1 25 | $351.0M | $-11.0M | ||
| Q4 24 | $392.0M | $-9.5M | ||
| Q3 24 | $341.0M | $-8.5M | ||
| Q2 24 | $506.0M | $12.4M | ||
| Q1 24 | $238.0M | $-15.6M |
毛利率CFEXPI
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | 99.9% | ||
| Q2 24 | 43.2% | 99.9% | ||
| Q1 24 | 27.8% | — |
营业利润率CFEXPI
| Q4 25 | 33.0% | -1.1% | ||
| Q3 25 | 35.0% | 0.3% | ||
| Q2 25 | 34.3% | -0.2% | ||
| Q1 25 | 27.4% | -1.1% | ||
| Q4 24 | 28.9% | -1.0% | ||
| Q3 24 | 26.6% | -0.7% | ||
| Q2 24 | 40.6% | 1.4% | ||
| Q1 24 | 20.6% | -1.9% |
净利率CFEXPI
| Q4 25 | 26.4% | -1.1% | ||
| Q3 25 | 27.7% | 0.3% | ||
| Q2 25 | 26.0% | -0.2% | ||
| Q1 25 | 21.1% | -1.2% | ||
| Q4 24 | 25.7% | -0.9% | ||
| Q3 24 | 24.9% | -0.7% | ||
| Q2 24 | 32.2% | 1.0% | ||
| Q1 24 | 16.2% | -1.7% |
每股收益（稀释后）CFEXPI
| Q4 25 | $2.56 | $-0.08 | ||
| Q3 25 | $2.19 | $0.02 | ||
| Q2 25 | $2.37 | $-0.01 | ||
| Q1 25 | $1.85 | $-0.07 | ||
| Q4 24 | $1.86 | $-0.06 | ||
| Q3 24 | $1.55 | $-0.06 | ||
| Q2 24 | $2.30 | $0.08 | ||
| Q1 24 | $1.03 | $-0.10 |
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 | — | $124.2M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $242.8M |
| 总资产 | $14.1B | $442.5M |
| 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CFEXPI
| Q4 25 | — | $124.2M | ||
| Q3 25 | — | $112.8M | ||
| Q2 25 | — | $94.6M | ||
| Q1 25 | — | $115.7M | ||
| Q4 24 | — | $113.6M | ||
| Q3 24 | — | $130.4M | ||
| Q2 24 | — | $108.4M | ||
| Q1 24 | — | $109.2M |
总债务CFEXPI
| 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CFEXPI
| Q4 25 | $4.8B | $242.8M | ||
| Q3 25 | $4.8B | $235.3M | ||
| Q2 25 | $5.0B | $218.4M | ||
| Q1 25 | $4.8B | $212.0M | ||
| Q4 24 | $5.0B | $204.9M | ||
| Q3 24 | $5.2B | $211.1M | ||
| Q2 24 | $5.5B | $220.3M | ||
| Q1 24 | $5.4B | $222.4M |
总资产CFEXPI
| Q4 25 | $14.1B | $442.5M | ||
| Q3 25 | $14.2B | $458.7M | ||
| Q2 25 | $13.8B | $481.2M | ||
| Q1 25 | $13.3B | $435.8M | ||
| Q4 24 | $13.5B | $390.7M | ||
| Q3 24 | $13.8B | $432.6M | ||
| Q2 24 | $13.8B | $457.4M | ||
| Q1 24 | $13.9B | $426.7M |
负债/权益比CFEXPI
| 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 | $13.8M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $11.9M |
| 自由现金流率自由现金流/营收 | 16.7% | 1.0% |
| 资本支出强度资本支出/营收 | 12.1% | 0.2% |
| 现金转化率经营现金流/净利润 | 1.09× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | $109.0M |
8季度趋势，按日历期对齐
经营现金流CFEXPI
| Q4 25 | $539.0M | $13.8M | ||
| Q3 25 | $1.1B | $28.9M | ||
| Q2 25 | $563.0M | $36.1M | ||
| Q1 25 | $586.0M | $39.8M | ||
| Q4 24 | $420.0M | $13.7M | ||
| Q3 24 | $931.0M | $46.0M | ||
| Q2 24 | $475.0M | $71.1M | ||
| Q1 24 | $445.0M | $60.7M |
自由现金流CFEXPI
| Q4 25 | $313.0M | $11.9M | ||
| Q3 25 | $717.0M | $26.6M | ||
| Q2 25 | $318.0M | $33.3M | ||
| Q1 25 | $454.0M | $37.3M | ||
| Q4 24 | $223.0M | $11.6M | ||
| Q3 24 | $792.0M | $44.4M | ||
| Q2 24 | $391.0M | $69.7M | ||
| Q1 24 | $347.0M | $59.3M |
自由现金流率CFEXPI
| Q4 25 | 16.7% | 1.0% | ||
| Q3 25 | 43.2% | 2.0% | ||
| Q2 25 | 16.8% | 2.5% | ||
| Q1 25 | 27.3% | 3.9% | ||
| Q4 24 | 14.6% | 1.1% | ||
| Q3 24 | 57.8% | 3.6% | ||
| Q2 24 | 24.9% | 5.4% | ||
| Q1 24 | 23.6% | 6.3% |
资本支出强度CFEXPI
| Q4 25 | 12.1% | 0.2% | ||
| Q3 25 | 20.9% | 0.2% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 7.9% | 0.3% | ||
| Q4 24 | 12.9% | 0.2% | ||
| Q3 24 | 10.1% | 0.1% | ||
| Q2 24 | 5.3% | 0.1% | ||
| Q1 24 | 6.7% | 0.1% |
现金转化率CFEXPI
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 8.26× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | 5.75× | ||
| 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% |
EXPI
| North American Realty | $1.1B | 96% |
| International Realty | $42.2M | 4% |
