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CF Industries（CF）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是CF Industries的1.2倍（$2.2B vs $1.9B），CF Industries净利率更高（26.4% vs 1.1%，领先25.3%），CF Industries同比增速更快（22.8% vs 7.0%），CF Industries自由现金流更多（$313.0M vs $62.2M），过去两年CF Industries的营收复合增速更高（12.8% vs 0.2%）
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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CF vs GLP — 直观对比
营收规模更大
GLP
是对方的1.2倍
$1.9B
营收增速更快
CF
高出15.9%
7.0%
净利率更高
CF
高出25.3%
1.1%
自由现金流更多
CF
多$250.8M
$62.2M
两年增速更快
CF
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.2B |
| 净利润 | $495.0M | $25.1M |
| 毛利率 | 40.9% | 11.9% |
| 营业利润率 | 33.0% | 2.6% |
| 净利率 | 26.4% | 1.1% |
| 营收同比 | 22.8% | 7.0% |
| 净利润同比 | 26.3% | 5.0% |
| 每股收益（稀释后） | $2.56 | — |
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CFGLP
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.6B | $2.3B | ||
| Q1 24 | $1.5B | $2.2B |
净利润CFGLP
| Q4 25 | $495.0M | $25.1M | ||
| Q3 25 | $460.0M | $29.0M | ||
| Q2 25 | $492.0M | $25.2M | ||
| Q1 25 | $351.0M | $18.7M | ||
| Q4 24 | $392.0M | $23.9M | ||
| Q3 24 | $341.0M | $45.9M | ||
| Q2 24 | $506.0M | $46.1M | ||
| Q1 24 | $238.0M | $-5.6M |
毛利率CFGLP
| Q4 25 | 40.9% | 11.9% | ||
| Q3 25 | 38.1% | 12.1% | ||
| Q2 25 | 39.9% | 13.1% | ||
| Q1 25 | 34.4% | 11.7% | ||
| Q4 24 | 34.4% | 13.0% | ||
| Q3 24 | 32.4% | 13.4% | ||
| Q2 24 | 43.2% | 12.6% | ||
| Q1 24 | 27.8% | 9.8% |
营业利润率CFGLP
| Q4 25 | 33.0% | 2.6% | ||
| Q3 25 | 35.0% | 2.7% | ||
| Q2 25 | 34.3% | 2.9% | ||
| Q1 25 | 27.4% | 2.6% | ||
| Q4 24 | 28.9% | 2.8% | ||
| Q3 24 | 26.6% | 3.9% | ||
| Q2 24 | 40.6% | 3.7% | ||
| Q1 24 | 20.6% | 1.2% |
净利率CFGLP
| Q4 25 | 26.4% | 1.1% | ||
| Q3 25 | 27.7% | 1.3% | ||
| Q2 25 | 26.0% | 1.2% | ||
| Q1 25 | 21.1% | 0.9% | ||
| Q4 24 | 25.7% | 1.2% | ||
| Q3 24 | 24.9% | 2.1% | ||
| Q2 24 | 32.2% | 2.0% | ||
| Q1 24 | 16.2% | -0.3% |
每股收益（稀释后）CFGLP
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | — | ||
| Q2 25 | $2.37 | — | ||
| Q1 25 | $1.85 | — | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.55 | — | ||
| Q2 24 | $2.30 | — | ||
| Q1 24 | $1.03 | — |
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 | — | — |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | — |
| 总资产 | $14.1B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.66× | — |
8季度趋势，按日历期对齐
总债务CFGLP
| 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CFGLP
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $5.0B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.4B | — |
总资产CFGLP
| Q4 25 | $14.1B | $3.9B | ||
| Q3 25 | $14.2B | $3.7B | ||
| Q2 25 | $13.8B | $3.8B | ||
| Q1 25 | $13.3B | $3.8B | ||
| Q4 24 | $13.5B | $3.8B | ||
| Q3 24 | $13.8B | $3.7B | ||
| Q2 24 | $13.8B | $3.8B | ||
| Q1 24 | $13.9B | $3.5B |
负债/权益比CFGLP
| 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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $62.2M |
| 自由现金流率自由现金流/营收 | 16.7% | 2.8% |
| 资本支出强度资本支出/营收 | 12.1% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.09× | 4.03× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $193.3M |
8季度趋势，按日历期对齐
经营现金流CFGLP
| Q4 25 | $539.0M | $101.0M | ||
| Q3 25 | $1.1B | $19.0M | ||
| Q2 25 | $563.0M | $216.3M | ||
| Q1 25 | $586.0M | $-51.6M | ||
| Q4 24 | $420.0M | $67.2M | ||
| Q3 24 | $931.0M | $122.7M | ||
| Q2 24 | $475.0M | $24.3M | ||
| Q1 24 | $445.0M | $-182.7M |
自由现金流CFGLP
| Q4 25 | $313.0M | $62.2M | ||
| Q3 25 | $717.0M | $-678.0K | ||
| Q2 25 | $318.0M | $201.3M | ||
| Q1 25 | $454.0M | $-69.5M | ||
| Q4 24 | $223.0M | $20.4M | ||
| Q3 24 | $792.0M | $98.4M | ||
| Q2 24 | $391.0M | $8.7M | ||
| Q1 24 | $347.0M | $-199.3M |
自由现金流率CFGLP
| Q4 25 | 16.7% | 2.8% | ||
| Q3 25 | 43.2% | -0.0% | ||
| Q2 25 | 16.8% | 9.7% | ||
| Q1 25 | 27.3% | -3.2% | ||
| Q4 24 | 14.6% | 1.0% | ||
| Q3 24 | 57.8% | 4.6% | ||
| Q2 24 | 24.9% | 0.4% | ||
| Q1 24 | 23.6% | -9.0% |
资本支出强度CFGLP
| Q4 25 | 12.1% | 1.8% | ||
| Q3 25 | 20.9% | 0.9% | ||
| Q2 25 | 13.0% | 0.7% | ||
| Q1 25 | 7.9% | 0.8% | ||
| Q4 24 | 12.9% | 2.3% | ||
| Q3 24 | 10.1% | 1.1% | ||
| Q2 24 | 5.3% | 0.7% | ||
| Q1 24 | 6.7% | 0.8% |
现金转化率CFGLP
| Q4 25 | 1.09× | 4.03× | ||
| Q3 25 | 2.31× | 0.66× | ||
| Q2 25 | 1.14× | 8.58× | ||
| Q1 25 | 1.67× | -2.76× | ||
| Q4 24 | 1.07× | 2.82× | ||
| Q3 24 | 2.73× | 2.67× | ||
| Q2 24 | 0.94× | 0.53× | ||
| Q1 24 | 1.87× | — |
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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
