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CF Industries（CF）与第一太阳能（FSLR）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是第一太阳能的1.9倍（$2.0B vs $1.0B），第一太阳能净利率更高（33.2% vs 31.0%，领先2.2%），第一太阳能同比增速更快（23.6% vs 19.4%），过去两年CF Industries的营收复合增速更高（12.4% vs 1.7%）
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。
第一太阳能是美国上市光伏面板制造商，1990年成立时名为Solar Cells, Inc.，1999年被True North Partners收购后改为现名。公司采用碲化镉（CdTe）半导体技术生产刚性薄膜光伏面板，旗下所有生产基地均提供退役面板回收服务。
CF vs FSLR — 直观对比
营收规模更大
CF
是对方的1.9倍
$1.0B
营收增速更快
FSLR
高出4.2%
19.4%
净利率更高
FSLR
高出2.2%
31.0%
两年增速更快
CF
近两年复合增速
1.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.0B |
| 净利润 | $615.0M | $346.6M |
| 毛利率 | 37.6% | 46.6% |
| 营业利润率 | 43.5% | 33.1% |
| 净利率 | 31.0% | 33.2% |
| 营收同比 | 19.4% | 23.6% |
| 净利润同比 | 97.1% | 65.4% |
| 每股收益（稀释后） | $3.98 | $3.22 |
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CFFSLR
| Q1 26 | $2.0B | $1.0B | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $844.6M | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $887.7M | ||
| Q2 24 | $1.6B | $1.0B |
净利润CFFSLR
| Q1 26 | $615.0M | $346.6M | ||
| Q4 25 | $495.0M | $520.9M | ||
| Q3 25 | $460.0M | $455.9M | ||
| Q2 25 | $492.0M | $341.9M | ||
| Q1 25 | $351.0M | $209.5M | ||
| Q4 24 | $392.0M | $393.1M | ||
| Q3 24 | $341.0M | $313.0M | ||
| Q2 24 | $506.0M | $349.4M |
毛利率CFFSLR
| Q1 26 | 37.6% | 46.6% | ||
| Q4 25 | 40.9% | 39.5% | ||
| Q3 25 | 38.1% | 38.3% | ||
| Q2 25 | 39.9% | 45.6% | ||
| Q1 25 | 34.4% | 40.8% | ||
| Q4 24 | 34.4% | 37.5% | ||
| Q3 24 | 32.4% | 50.2% | ||
| Q2 24 | 43.2% | 49.4% |
营业利润率CFFSLR
| Q1 26 | 43.5% | 33.1% | ||
| Q4 25 | 33.0% | 32.6% | ||
| Q3 25 | 35.0% | 29.2% | ||
| Q2 25 | 34.3% | 33.0% | ||
| Q1 25 | 27.4% | 26.2% | ||
| Q4 24 | 28.9% | 30.2% | ||
| Q3 24 | 26.6% | 36.3% | ||
| Q2 24 | 40.6% | 36.9% |
净利率CFFSLR
| Q1 26 | 31.0% | 33.2% | ||
| Q4 25 | 26.4% | 31.0% | ||
| Q3 25 | 27.7% | 28.6% | ||
| Q2 25 | 26.0% | 31.2% | ||
| Q1 25 | 21.1% | 24.8% | ||
| Q4 24 | 25.7% | 26.0% | ||
| Q3 24 | 24.9% | 35.3% | ||
| Q2 24 | 32.2% | 34.6% |
每股收益（稀释后）CFFSLR
| Q1 26 | $3.98 | $3.22 | ||
| Q4 25 | $2.56 | $4.84 | ||
| Q3 25 | $2.19 | $4.24 | ||
| Q2 25 | $2.37 | $3.18 | ||
| Q1 25 | $1.85 | $1.95 | ||
| Q4 24 | $1.86 | $3.66 | ||
| Q3 24 | $1.55 | $2.91 | ||
| Q2 24 | $2.30 | $3.25 |
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 | — | $2.4B |
| 总债务越低越好 | $3.2B | $425.8M |
| 股东权益账面价值 | $5.3B | $9.9B |
| 总资产 | $14.6B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资CFFSLR
| Q1 26 | — | $2.4B | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $837.6M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.7B |
总债务CFFSLR
| Q1 26 | $3.2B | $425.8M | ||
| 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 | — |
股东权益CFFSLR
| Q1 26 | $5.3B | $9.9B | ||
| Q4 25 | $4.8B | $9.5B | ||
| Q3 25 | $4.8B | $9.0B | ||
| Q2 25 | $5.0B | $8.5B | ||
| Q1 25 | $4.8B | $8.2B | ||
| Q4 24 | $5.0B | $8.0B | ||
| Q3 24 | $5.2B | $7.6B | ||
| Q2 24 | $5.5B | $7.3B |
总资产CFFSLR
| Q1 26 | $14.6B | $13.4B | ||
| Q4 25 | $14.1B | $13.3B | ||
| Q3 25 | $14.2B | $13.5B | ||
| Q2 25 | $13.8B | $12.9B | ||
| Q1 25 | $13.3B | $12.1B | ||
| Q4 24 | $13.5B | $12.1B | ||
| Q3 24 | $13.8B | $11.4B | ||
| Q2 24 | $13.8B | $11.0B |
负债/权益比CFFSLR
| Q1 26 | 0.60× | 0.04× | ||
| 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× | — |
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 | $-214.9M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | — |
| 自由现金流率自由现金流/营收 | 83.2% | — |
| 资本支出强度资本支出/营收 | 11.2% | — |
| 现金转化率经营现金流/净利润 | 0.81× | -0.62× |
| 过去12个月自由现金流最近4个季度 | $3.0B | — |
8季度趋势，按日历期对齐
经营现金流CFFSLR
| Q1 26 | $496.0M | $-214.9M | ||
| Q4 25 | $539.0M | $1.2B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $563.0M | $149.6M | ||
| Q1 25 | $586.0M | $-608.0M | ||
| Q4 24 | $420.0M | $811.0M | ||
| Q3 24 | $931.0M | $-53.7M | ||
| Q2 24 | $475.0M | $193.0M |
自由现金流CFFSLR
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $1.1B | ||
| Q3 25 | $717.0M | $1.1B | ||
| Q2 25 | $318.0M | $-138.6M | ||
| Q1 25 | $454.0M | $-813.9M | ||
| Q4 24 | $223.0M | $497.5M | ||
| Q3 24 | $792.0M | $-487.7M | ||
| Q2 24 | $391.0M | $-172.1M |
自由现金流率CFFSLR
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | 63.6% | ||
| Q3 25 | 43.2% | 67.1% | ||
| Q2 25 | 16.8% | -12.6% | ||
| Q1 25 | 27.3% | -96.4% | ||
| Q4 24 | 14.6% | 32.9% | ||
| Q3 24 | 57.8% | -54.9% | ||
| Q2 24 | 24.9% | -17.0% |
资本支出强度CFFSLR
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 10.2% | ||
| Q3 25 | 20.9% | 12.8% | ||
| Q2 25 | 13.0% | 26.3% | ||
| Q1 25 | 7.9% | 24.4% | ||
| Q4 24 | 12.9% | 20.7% | ||
| Q3 24 | 10.1% | 48.9% | ||
| Q2 24 | 5.3% | 36.1% |
现金转化率CFFSLR
| Q1 26 | 0.81× | -0.62× | ||
| Q4 25 | 1.09× | 2.38× | ||
| Q3 25 | 2.31× | 2.79× | ||
| Q2 25 | 1.14× | 0.44× | ||
| Q1 25 | 1.67× | -2.90× | ||
| Q4 24 | 1.07× | 2.06× | ||
| Q3 24 | 2.73× | -0.17× | ||
| Q2 24 | 0.94× | 0.55× |
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% |
FSLR
暂无分部数据
