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CF Industries（CF）与FirstEnergy（FE）财务数据对比。点击上方公司名可切换其他公司
FirstEnergy的季度营收约是CF Industries的1.9倍（$3.8B vs $2.0B），CF Industries净利率更高（31.0% vs -1.3%，领先32.3%），FirstEnergy同比增速更快（19.6% vs 19.4%），CF Industries自由现金流更多（$1.7B vs $-30.0M），过去两年CF Industries的营收复合增速更高（12.4% vs 7.5%）
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。
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
CF vs FE — 直观对比
营收规模更大
FE
是对方的1.9倍
$2.0B
营收增速更快
FE
高出0.1%
19.4%
净利率更高
CF
高出32.3%
-1.3%
自由现金流更多
CF
多$1.7B
$-30.0M
两年增速更快
CF
近两年复合增速
7.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.8B |
| 净利润 | $615.0M | $-49.0M |
| 毛利率 | 37.6% | — |
| 营业利润率 | 43.5% | -0.6% |
| 净利率 | 31.0% | -1.3% |
| 营收同比 | 19.4% | 19.6% |
| 净利润同比 | 97.1% | -118.8% |
| 每股收益（稀释后） | $3.98 | $-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CFFE
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $3.8B | ||
| Q3 25 | $1.7B | $4.1B | ||
| Q2 25 | $1.9B | $3.4B | ||
| Q1 25 | $1.7B | $3.8B | ||
| Q4 24 | $1.5B | $3.2B | ||
| Q3 24 | $1.4B | $3.7B | ||
| Q2 24 | $1.6B | $3.3B |
净利润CFFE
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $-49.0M | ||
| Q3 25 | $460.0M | $441.0M | ||
| Q2 25 | $492.0M | $268.0M | ||
| Q1 25 | $351.0M | $360.0M | ||
| Q4 24 | $392.0M | $261.0M | ||
| Q3 24 | $341.0M | $419.0M | ||
| Q2 24 | $506.0M | $45.0M |
毛利率CFFE
| Q1 26 | 37.6% | — | ||
| 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% | — |
营业利润率CFFE
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | -0.6% | ||
| Q3 25 | 35.0% | 20.0% | ||
| Q2 25 | 34.3% | 19.1% | ||
| Q1 25 | 27.4% | 20.0% | ||
| Q4 24 | 28.9% | 19.3% | ||
| Q3 24 | 26.6% | 19.5% | ||
| Q2 24 | 40.6% | 12.9% |
净利率CFFE
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | -1.3% | ||
| Q3 25 | 27.7% | 10.6% | ||
| Q2 25 | 26.0% | 7.9% | ||
| Q1 25 | 21.1% | 9.6% | ||
| Q4 24 | 25.7% | 8.2% | ||
| Q3 24 | 24.9% | 11.2% | ||
| Q2 24 | 32.2% | 1.4% |
每股收益（稀释后）CFFE
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $-0.08 | ||
| Q3 25 | $2.19 | $0.76 | ||
| Q2 25 | $2.37 | $0.46 | ||
| Q1 25 | $1.85 | $0.62 | ||
| Q4 24 | $1.86 | $0.45 | ||
| Q3 24 | $1.55 | $0.73 | ||
| Q2 24 | $2.30 | $0.08 |
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 | — | $57.0M |
| 总债务越低越好 | $3.2B | $25.5B |
| 股东权益账面价值 | $5.3B | $12.5B |
| 总资产 | $14.6B | $55.9B |
| 负债/权益比越低杠杆越低 | 0.60× | 2.04× |
8季度趋势，按日历期对齐
现金及短期投资CFFE
| Q1 26 | — | — | ||
| Q4 25 | — | $57.0M | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $569.0M | ||
| Q1 25 | — | $132.0M | ||
| Q4 24 | — | $111.0M | ||
| Q3 24 | — | $439.0M | ||
| Q2 24 | — | $60.0M |
总债务CFFE
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $25.5B | ||
| Q3 25 | $3.0B | $25.5B | ||
| Q2 25 | $3.0B | $23.7B | ||
| Q1 25 | $3.0B | $21.2B | ||
| Q4 24 | $3.0B | $22.5B | ||
| Q3 24 | $3.0B | $21.6B | ||
| Q2 24 | $3.0B | $20.8B |
股东权益CFFE
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $12.5B | ||
| Q3 25 | $4.8B | $12.8B | ||
| Q2 25 | $5.0B | $12.9B | ||
| Q1 25 | $4.8B | $12.6B | ||
| Q4 24 | $5.0B | $12.5B | ||
| Q3 24 | $5.2B | $12.4B | ||
| Q2 24 | $5.5B | $12.5B |
总资产CFFE
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $55.9B | ||
| Q3 25 | $14.2B | $55.9B | ||
| Q2 25 | $13.8B | $54.2B | ||
| Q1 25 | $13.3B | $52.8B | ||
| Q4 24 | $13.5B | $52.0B | ||
| Q3 24 | $13.8B | $50.8B | ||
| Q2 24 | $13.8B | $51.0B |
负债/权益比CFFE
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.66× | 2.04× | ||
| Q3 25 | 0.61× | 1.99× | ||
| Q2 25 | 0.60× | 1.85× | ||
| Q1 25 | 0.62× | 1.69× | ||
| Q4 24 | 0.60× | 1.81× | ||
| Q3 24 | 0.57× | 1.74× | ||
| Q2 24 | 0.54× | 1.67× |
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 | $496.0M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-30.0M |
| 自由现金流率自由现金流/营收 | 83.2% | -0.8% |
| 资本支出强度资本支出/营收 | 11.2% | 30.7% |
| 现金转化率经营现金流/净利润 | 0.81× | — |
| 过去12个月自由现金流最近4个季度 | $3.0B | $-1.0B |
8季度趋势，按日历期对齐
经营现金流CFFE
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $1.1B | ||
| Q3 25 | $1.1B | $845.0M | ||
| Q2 25 | $563.0M | $1.1B | ||
| Q1 25 | $586.0M | $637.0M | ||
| Q4 24 | $420.0M | $1.0B | ||
| Q3 24 | $931.0M | $775.0M | ||
| Q2 24 | $475.0M | $1.1B |
自由现金流CFFE
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $-30.0M | ||
| Q3 25 | $717.0M | $-471.0M | ||
| Q2 25 | $318.0M | $-136.0M | ||
| Q1 25 | $454.0M | $-368.0M | ||
| Q4 24 | $223.0M | $-250.0M | ||
| Q3 24 | $792.0M | $-229.0M | ||
| Q2 24 | $391.0M | $170.0M |
自由现金流率CFFE
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | -0.8% | ||
| Q3 25 | 43.2% | -11.4% | ||
| Q2 25 | 16.8% | -4.0% | ||
| Q1 25 | 27.3% | -9.8% | ||
| Q4 24 | 14.6% | -7.9% | ||
| Q3 24 | 57.8% | -6.1% | ||
| Q2 24 | 24.9% | 5.2% |
资本支出强度CFFE
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 30.7% | ||
| Q3 25 | 20.9% | 31.7% | ||
| Q2 25 | 13.0% | 36.0% | ||
| Q1 25 | 7.9% | 26.7% | ||
| Q4 24 | 12.9% | 40.7% | ||
| Q3 24 | 10.1% | 26.9% | ||
| Q2 24 | 5.3% | 28.7% |
现金转化率CFFE
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 1.92× | ||
| Q2 25 | 1.14× | 4.04× | ||
| Q1 25 | 1.67× | 1.77× | ||
| Q4 24 | 1.07× | 4.00× | ||
| Q3 24 | 2.73× | 1.85× | ||
| Q2 24 | 0.94× | 24.71× |
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
| EBITDA | $1.0B | 51% |
| Other | $975.0M | 49% |
| Loss on foreign currency transactions | $3.0M | 0% |
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
