vs
CF Industries（CF）与COMFORT SYSTEMS USA INC（FIX）财务数据对比。点击上方公司名可切换其他公司
COMFORT SYSTEMS USA INC的季度营收约是CF Industries的1.4倍（$2.6B vs $1.9B），CF Industries净利率更高（26.4% vs 12.5%，领先13.9%），COMFORT SYSTEMS USA INC同比增速更快（41.7% vs 22.8%），COMFORT SYSTEMS USA INC自由现金流更多（$402.4M vs $313.0M），过去两年COMFORT SYSTEMS USA INC的营收复合增速更高（31.2% vs 12.8%）
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。
Comfort Systems USA Inc.是一家美国企业，主营机电工程承包服务，核心业务覆盖暖通空调、给排水、管道工程、控制系统、场外预制建造、监测服务、消防系统，以及电气系统的安装与运维，为各类客户提供一体化机电设施解决方案。
CF vs FIX — 直观对比
营收规模更大
FIX
是对方的1.4倍
$1.9B
营收增速更快
FIX
高出18.8%
22.8%
净利率更高
CF
高出13.9%
12.5%
自由现金流更多
FIX
多$89.5M
$313.0M
两年增速更快
FIX
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.6B |
| 净利润 | $495.0M | $330.8M |
| 毛利率 | 40.9% | 25.5% |
| 营业利润率 | 33.0% | 16.1% |
| 净利率 | 26.4% | 12.5% |
| 营收同比 | 22.8% | 41.7% |
| 净利润同比 | 26.3% | 126.8% |
| 每股收益（稀释后） | $2.56 | $9.35 |
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CFFIX
| Q4 25 | $1.9B | $2.6B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $1.5B | $1.5B |
净利润CFFIX
| Q4 25 | $495.0M | $330.8M | ||
| Q3 25 | $460.0M | $291.6M | ||
| Q2 25 | $492.0M | $230.8M | ||
| Q1 25 | $351.0M | $169.3M | ||
| Q4 24 | $392.0M | $145.9M | ||
| Q3 24 | $341.0M | $146.2M | ||
| Q2 24 | $506.0M | $134.0M | ||
| Q1 24 | $238.0M | $96.3M |
毛利率CFFIX
| Q4 25 | 40.9% | 25.5% | ||
| Q3 25 | 38.1% | 24.8% | ||
| Q2 25 | 39.9% | 23.5% | ||
| Q1 25 | 34.4% | 22.0% | ||
| Q4 24 | 34.4% | 23.2% | ||
| Q3 24 | 32.4% | 21.1% | ||
| Q2 24 | 43.2% | 20.1% | ||
| Q1 24 | 27.8% | 19.3% |
营业利润率CFFIX
| Q4 25 | 33.0% | 16.1% | ||
| Q3 25 | 35.0% | 15.5% | ||
| Q2 25 | 34.3% | 13.8% | ||
| Q1 25 | 27.4% | 11.4% | ||
| Q4 24 | 28.9% | 12.1% | ||
| Q3 24 | 26.6% | 11.2% | ||
| Q2 24 | 40.6% | 10.2% | ||
| Q1 24 | 20.6% | 8.8% |
净利率CFFIX
| Q4 25 | 26.4% | 12.5% | ||
| Q3 25 | 27.7% | 11.9% | ||
| Q2 25 | 26.0% | 10.6% | ||
| Q1 25 | 21.1% | 9.2% | ||
| Q4 24 | 25.7% | 7.8% | ||
| Q3 24 | 24.9% | 8.1% | ||
| Q2 24 | 32.2% | 7.4% | ||
| Q1 24 | 16.2% | 6.3% |
每股收益（稀释后）CFFIX
| Q4 25 | $2.56 | $9.35 | ||
| Q3 25 | $2.19 | $8.25 | ||
| Q2 25 | $2.37 | $6.53 | ||
| Q1 25 | $1.85 | $4.75 | ||
| Q4 24 | $1.86 | $4.08 | ||
| Q3 24 | $1.55 | $4.09 | ||
| Q2 24 | $2.30 | $3.74 | ||
| Q1 24 | $1.03 | $2.69 |
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 | — | $981.9M |
| 总债务越低越好 | $3.2B | $145.2M |
| 股东权益账面价值 | $4.8B | $2.4B |
| 总资产 | $14.1B | $6.4B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资CFFIX
| Q4 25 | — | $981.9M | ||
| Q3 25 | — | $860.5M | ||
| Q2 25 | — | $331.7M | ||
| Q1 25 | — | $204.8M | ||
| Q4 24 | — | $549.9M | ||
| Q3 24 | — | $415.6M | ||
| Q2 24 | — | $199.4M | ||
| Q1 24 | — | $100.8M |
总债务CFFIX
| Q4 25 | $3.2B | $145.2M | ||
| Q3 25 | $3.0B | $136.0M | ||
| Q2 25 | $3.0B | $73.0M | ||
| Q1 25 | $3.0B | $67.8M | ||
| Q4 24 | $3.0B | $68.3M | ||
| Q3 24 | $3.0B | $62.3M | ||
| Q2 24 | $3.0B | $73.4M | ||
| Q1 24 | $3.0B | $77.0M |
股东权益CFFIX
| Q4 25 | $4.8B | $2.4B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $5.0B | $2.0B | ||
| Q1 25 | $4.8B | $1.8B | ||
| Q4 24 | $5.0B | $1.7B | ||
| Q3 24 | $5.2B | $1.6B | ||
| Q2 24 | $5.5B | $1.5B | ||
| Q1 24 | $5.4B | $1.4B |
总资产CFFIX
| Q4 25 | $14.1B | $6.4B | ||
| Q3 25 | $14.2B | $5.8B | ||
| Q2 25 | $13.8B | $5.1B | ||
| Q1 25 | $13.3B | $4.6B | ||
| Q4 24 | $13.5B | $4.7B | ||
| Q3 24 | $13.8B | $4.4B | ||
| Q2 24 | $13.8B | $4.2B | ||
| Q1 24 | $13.9B | $3.9B |
负债/权益比CFFIX
| Q4 25 | 0.66× | 0.06× | ||
| Q3 25 | 0.61× | 0.06× | ||
| Q2 25 | 0.60× | 0.04× | ||
| Q1 25 | 0.62× | 0.04× | ||
| Q4 24 | 0.60× | 0.04× | ||
| Q3 24 | 0.57× | 0.04× | ||
| Q2 24 | 0.54× | 0.05× | ||
| Q1 24 | 0.55× | 0.06× |
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 | $468.5M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $402.4M |
| 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% | 2.5% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.42× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.0B |
8季度趋势，按日历期对齐
经营现金流CFFIX
| Q4 25 | $539.0M | $468.5M | ||
| Q3 25 | $1.1B | $553.3M | ||
| Q2 25 | $563.0M | $252.5M | ||
| Q1 25 | $586.0M | $-88.0M | ||
| Q4 24 | $420.0M | $210.5M | ||
| Q3 24 | $931.0M | $302.2M | ||
| Q2 24 | $475.0M | $189.9M | ||
| Q1 24 | $445.0M | $146.6M |
自由现金流CFFIX
| Q4 25 | $313.0M | $402.4M | ||
| Q3 25 | $717.0M | $517.9M | ||
| Q2 25 | $318.0M | $221.2M | ||
| Q1 25 | $454.0M | $-110.2M | ||
| Q4 24 | $223.0M | $169.8M | ||
| Q3 24 | $792.0M | $280.1M | ||
| Q2 24 | $391.0M | $166.5M | ||
| Q1 24 | $347.0M | $121.6M |
自由现金流率CFFIX
| Q4 25 | 16.7% | 15.2% | ||
| Q3 25 | 43.2% | 21.1% | ||
| Q2 25 | 16.8% | 10.2% | ||
| Q1 25 | 27.3% | -6.0% | ||
| Q4 24 | 14.6% | 9.1% | ||
| Q3 24 | 57.8% | 15.5% | ||
| Q2 24 | 24.9% | 9.2% | ||
| Q1 24 | 23.6% | 7.9% |
资本支出强度CFFIX
| Q4 25 | 12.1% | 2.5% | ||
| Q3 25 | 20.9% | 1.4% | ||
| Q2 25 | 13.0% | 1.4% | ||
| Q1 25 | 7.9% | 1.2% | ||
| Q4 24 | 12.9% | 2.2% | ||
| Q3 24 | 10.1% | 1.2% | ||
| Q2 24 | 5.3% | 1.3% | ||
| Q1 24 | 6.7% | 1.6% |
现金转化率CFFIX
| Q4 25 | 1.09× | 1.42× | ||
| Q3 25 | 2.31× | 1.90× | ||
| Q2 25 | 1.14× | 1.09× | ||
| Q1 25 | 1.67× | -0.52× | ||
| Q4 24 | 1.07× | 1.44× | ||
| Q3 24 | 2.73× | 2.07× | ||
| Q2 24 | 0.94× | 1.42× | ||
| Q1 24 | 1.87× | 1.52× |
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% |
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
