vs
CF Industries（CF）与Fastenal（FAST）财务数据对比。点击上方公司名可切换其他公司
Fastenal的季度营收约是CF Industries的1.1倍（$2.0B vs $1.9B），CF Industries净利率更高（26.4% vs 14.5%，领先11.9%），CF Industries同比增速更快（22.8% vs 3.5%），CF Industries自由现金流更多（$313.0M vs $308.2M），过去两年CF Industries的营收复合增速更高（12.8% vs 2.9%）
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。
Fastenal是1967年成立的美国上市企业，总部位于明尼苏达州威诺纳，是北美最大的紧固件分销商，同时也是工业和建筑用品的主流供应商，可提供货柜备货、智能售货柜、库存管理、物流配送等一站式供应链解决方案。
CF vs FAST — 直观对比
营收规模更大
FAST
是对方的1.1倍
$1.9B
营收增速更快
CF
高出19.4%
3.5%
净利率更高
CF
高出11.9%
14.5%
自由现金流更多
CF
多$4.8M
$308.2M
两年增速更快
CF
近两年复合增速
2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.0B |
| 净利润 | $495.0M | $293.9M |
| 毛利率 | 40.9% | 44.3% |
| 营业利润率 | 33.0% | 18.9% |
| 净利率 | 26.4% | 14.5% |
| 营收同比 | 22.8% | 3.5% |
| 净利润同比 | 26.3% | -1.6% |
| 每股收益（稀释后） | $2.56 | $-0.01 |
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CFFAST
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.6B | $1.9B |
净利润CFFAST
| Q1 26 | — | $293.9M | ||
| Q4 25 | $495.0M | $293.9M | ||
| Q3 25 | $460.0M | $335.5M | ||
| Q2 25 | $492.0M | $330.3M | ||
| Q1 25 | $351.0M | $298.7M | ||
| Q4 24 | $392.0M | $262.1M | ||
| Q3 24 | $341.0M | $298.1M | ||
| Q2 24 | $506.0M | $292.7M |
毛利率CFFAST
| Q1 26 | — | 44.3% | ||
| Q4 25 | 40.9% | 44.3% | ||
| Q3 25 | 38.1% | 45.3% | ||
| Q2 25 | 39.9% | 45.3% | ||
| Q1 25 | 34.4% | 45.1% | ||
| Q4 24 | 34.4% | 44.8% | ||
| Q3 24 | 32.4% | 44.9% | ||
| Q2 24 | 43.2% | 45.1% |
营业利润率CFFAST
| Q1 26 | — | 18.9% | ||
| Q4 25 | 33.0% | 18.9% | ||
| Q3 25 | 35.0% | 20.7% | ||
| Q2 25 | 34.3% | 21.0% | ||
| Q1 25 | 27.4% | 20.1% | ||
| Q4 24 | 28.9% | 18.9% | ||
| Q3 24 | 26.6% | 20.3% | ||
| Q2 24 | 40.6% | 20.2% |
净利率CFFAST
| Q1 26 | — | 14.5% | ||
| Q4 25 | 26.4% | 14.5% | ||
| Q3 25 | 27.7% | 15.7% | ||
| Q2 25 | 26.0% | 15.9% | ||
| Q1 25 | 21.1% | 15.2% | ||
| Q4 24 | 25.7% | 14.4% | ||
| Q3 24 | 24.9% | 15.6% | ||
| Q2 24 | 32.2% | 15.3% |
每股收益（稀释后）CFFAST
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $2.56 | $-0.01 | ||
| Q3 25 | $2.19 | $0.29 | ||
| Q2 25 | $2.37 | $0.29 | ||
| Q1 25 | $1.85 | $0.52 | ||
| Q4 24 | $1.86 | $0.45 | ||
| Q3 24 | $1.55 | $0.52 | ||
| Q2 24 | $2.30 | $0.51 |
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 | — | $276.8M |
| 总债务越低越好 | $3.2B | $125.0M |
| 股东权益账面价值 | $4.8B | $3.9B |
| 总资产 | $14.1B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资CFFAST
| Q1 26 | — | $276.8M | ||
| Q4 25 | — | $276.8M | ||
| Q3 25 | — | $288.1M | ||
| Q2 25 | — | $237.8M | ||
| Q1 25 | — | $231.8M | ||
| Q4 24 | — | $255.8M | ||
| Q3 24 | — | $292.2M | ||
| Q2 24 | — | $255.5M |
总债务CFFAST
| Q1 26 | — | $125.0M | ||
| Q4 25 | $3.2B | $125.0M | ||
| Q3 25 | $3.0B | $195.0M | ||
| Q2 25 | $3.0B | $230.0M | ||
| Q1 25 | $3.0B | $200.0M | ||
| Q4 24 | $3.0B | $200.0M | ||
| Q3 24 | $3.0B | $240.0M | ||
| Q2 24 | $3.0B | $235.0M |
股东权益CFFAST
| Q1 26 | — | $3.9B | ||
| Q4 25 | $4.8B | $3.9B | ||
| Q3 25 | $4.8B | $3.9B | ||
| Q2 25 | $5.0B | $3.8B | ||
| Q1 25 | $4.8B | $3.7B | ||
| Q4 24 | $5.0B | $3.6B | ||
| Q3 24 | $5.2B | $3.6B | ||
| Q2 24 | $5.5B | $3.5B |
总资产CFFAST
| Q1 26 | — | $5.1B | ||
| Q4 25 | $14.1B | $5.1B | ||
| Q3 25 | $14.2B | $5.1B | ||
| Q2 25 | $13.8B | $5.0B | ||
| Q1 25 | $13.3B | $4.9B | ||
| Q4 24 | $13.5B | $4.7B | ||
| Q3 24 | $13.8B | $4.7B | ||
| Q2 24 | $13.8B | $4.6B |
负债/权益比CFFAST
| Q1 26 | — | 0.03× | ||
| Q4 25 | 0.66× | 0.03× | ||
| Q3 25 | 0.61× | 0.05× | ||
| Q2 25 | 0.60× | 0.06× | ||
| Q1 25 | 0.62× | 0.05× | ||
| Q4 24 | 0.60× | 0.06× | ||
| Q3 24 | 0.57× | 0.07× | ||
| Q2 24 | 0.54× | 0.07× |
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 | $368.2M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $308.2M |
| 自由现金流率自由现金流/营收 | 16.7% | 15.2% |
| 资本支出强度资本支出/营收 | 12.1% | 3.0% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CFFAST
| Q1 26 | — | $368.2M | ||
| Q4 25 | $539.0M | $368.2M | ||
| Q3 25 | $1.1B | $386.9M | ||
| Q2 25 | $563.0M | $278.6M | ||
| Q1 25 | $586.0M | $262.2M | ||
| Q4 24 | $420.0M | $282.8M | ||
| Q3 24 | $931.0M | $296.9M | ||
| Q2 24 | $475.0M | $258.0M |
自由现金流CFFAST
| Q1 26 | — | $308.2M | ||
| Q4 25 | $313.0M | $308.2M | ||
| Q3 25 | $717.0M | $326.6M | ||
| Q2 25 | $318.0M | $209.3M | ||
| Q1 25 | $454.0M | $206.5M | ||
| Q4 24 | $223.0M | $222.6M | ||
| Q3 24 | $792.0M | $237.5M | ||
| Q2 24 | $391.0M | $201.9M |
自由现金流率CFFAST
| Q1 26 | — | 15.2% | ||
| Q4 25 | 16.7% | 15.2% | ||
| Q3 25 | 43.2% | 15.3% | ||
| Q2 25 | 16.8% | 10.1% | ||
| Q1 25 | 27.3% | 10.5% | ||
| Q4 24 | 14.6% | 12.2% | ||
| Q3 24 | 57.8% | 12.4% | ||
| Q2 24 | 24.9% | 10.5% |
资本支出强度CFFAST
| Q1 26 | — | 3.0% | ||
| Q4 25 | 12.1% | 3.0% | ||
| Q3 25 | 20.9% | 2.8% | ||
| Q2 25 | 13.0% | 3.3% | ||
| Q1 25 | 7.9% | 2.8% | ||
| Q4 24 | 12.9% | 3.3% | ||
| Q3 24 | 10.1% | 3.1% | ||
| Q2 24 | 5.3% | 2.9% |
现金转化率CFFAST
| Q1 26 | — | 1.25× | ||
| Q4 25 | 1.09× | 1.25× | ||
| Q3 25 | 2.31× | 1.15× | ||
| Q2 25 | 1.14× | 0.84× | ||
| Q1 25 | 1.67× | 0.88× | ||
| Q4 24 | 1.07× | 1.08× | ||
| Q3 24 | 2.73× | 1.00× | ||
| Q2 24 | 0.94× | 0.88× |
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% |
FAST
| Reportable Segment Aggregation Before Other Operating Segment | $1.8B | 90% |
| Other | $211.2M | 10% |
