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CF Industries（CF）与格罗方德（GFS）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是格罗方德的1.1倍（$1.9B vs $1.7B），CF Industries净利率更高（26.4% vs 14.8%，领先11.7%），CF Industries同比增速更快（22.8% vs -2.9%），过去两年CF Industries的营收复合增速更高（12.8% vs -4.3%）
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。
格罗方德是跨国半导体代工及设计企业，注册地为开曼群岛，总部位于美国纽约州马耳他。公司2009年3月由AMD制造业务分拆成立，2021年10月完成首次公开募股，阿联酋主权财富基金穆巴达拉投资公司目前仍持有其82%的多数股权。
CF vs GFS — 直观对比
营收规模更大
CF
是对方的1.1倍
$1.7B
营收增速更快
CF
高出25.8%
-2.9%
净利率更高
CF
高出11.7%
14.8%
两年增速更快
CF
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $495.0M | $249.0M |
| 毛利率 | 40.9% | 24.8% |
| 营业利润率 | 33.0% | 11.6% |
| 净利率 | 26.4% | 14.8% |
| 营收同比 | 22.8% | -2.9% |
| 净利润同比 | 26.3% | 39.9% |
| 每股收益（稀释后） | $2.56 | $0.44 |
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CFGFS
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.5B | $1.5B |
净利润CFGFS
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $249.0M | ||
| Q2 25 | $492.0M | $228.0M | ||
| Q1 25 | $351.0M | $211.0M | ||
| Q4 24 | $392.0M | — | ||
| Q3 24 | $341.0M | $178.0M | ||
| Q2 24 | $506.0M | $155.0M | ||
| Q1 24 | $238.0M | $134.0M |
毛利率CFGFS
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | 24.8% | ||
| Q2 25 | 39.9% | 24.2% | ||
| Q1 25 | 34.4% | 22.4% | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | 23.8% | ||
| Q2 24 | 43.2% | 24.2% | ||
| Q1 24 | 27.8% | 25.4% |
营业利润率CFGFS
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | 11.6% | ||
| Q2 25 | 34.3% | 11.6% | ||
| Q1 25 | 27.4% | 9.5% | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 26.6% | 10.6% | ||
| Q2 24 | 40.6% | 9.5% | ||
| Q1 24 | 20.6% | 9.5% |
净利率CFGFS
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | 14.8% | ||
| Q2 25 | 26.0% | 13.5% | ||
| Q1 25 | 21.1% | 13.3% | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 24.9% | 10.2% | ||
| Q2 24 | 32.2% | 9.5% | ||
| Q1 24 | 16.2% | 8.7% |
每股收益（稀释后）CFGFS
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | $0.44 | ||
| Q2 25 | $2.37 | $0.41 | ||
| Q1 25 | $1.85 | $0.38 | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.55 | $0.32 | ||
| Q2 24 | $2.30 | $0.28 | ||
| Q1 24 | $1.03 | $0.24 |
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 | — | $2.0B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $11.8B |
| 总资产 | $14.1B | $16.7B |
| 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CFGFS
| Q4 25 | — | — | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.2B |
总债务CFGFS
| 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CFGFS
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | $11.8B | ||
| Q2 25 | $5.0B | $11.5B | ||
| Q1 25 | $4.8B | $11.1B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | $11.6B | ||
| Q2 24 | $5.5B | $11.3B | ||
| Q1 24 | $5.4B | $11.3B |
总资产CFGFS
| Q4 25 | $14.1B | — | ||
| Q3 25 | $14.2B | $16.7B | ||
| Q2 25 | $13.8B | $16.8B | ||
| Q1 25 | $13.3B | $16.5B | ||
| Q4 24 | $13.5B | — | ||
| Q3 24 | $13.8B | $18.1B | ||
| Q2 24 | $13.8B | — | ||
| Q1 24 | $13.9B | — |
负债/权益比CFGFS
| 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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | — |
| 自由现金流率自由现金流/营收 | 16.7% | — |
| 资本支出强度资本支出/营收 | 12.1% | — |
| 现金转化率经营现金流/净利润 | 1.09× | 2.39× |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流CFGFS
| Q4 25 | $539.0M | — | ||
| Q3 25 | $1.1B | $595.0M | ||
| Q2 25 | $563.0M | $431.0M | ||
| Q1 25 | $586.0M | $331.0M | ||
| Q4 24 | $420.0M | — | ||
| Q3 24 | $931.0M | $375.0M | ||
| Q2 24 | $475.0M | $402.0M | ||
| Q1 24 | $445.0M | $488.0M |
自由现金流CFGFS
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | — | ||
| Q2 25 | $318.0M | — | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | — | ||
| Q2 24 | $391.0M | — | ||
| Q1 24 | $347.0M | — |
自由现金流率CFGFS
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 23.6% | — |
资本支出强度CFGFS
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 6.7% | — |
现金转化率CFGFS
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 2.39× | ||
| Q2 25 | 1.14× | 1.89× | ||
| Q1 25 | 1.67× | 1.57× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 2.11× | ||
| Q2 24 | 0.94× | 2.59× | ||
| Q1 24 | 1.87× | 3.64× |
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% |
GFS
| Smart Mobile Devices | $752.0M | 45% |
| Automotive | $306.0M | 18% |
| Home And Industrial Io T | $258.0M | 15% |
| Goods Or Services Transferred Over Time | $198.0M | 12% |
| Communications Infrastructure Datacenter | $175.0M | 10% |
