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CF Industries（CF）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是孩之宝的1.4倍（$2.0B vs $1.4B），CF Industries净利率更高（31.0% vs 13.9%，领先17.0%），孩之宝同比增速更快（31.3% vs 19.4%），CF Industries自由现金流更多（$1.7B vs $389.5M），过去两年孩之宝的营收复合增速更高（38.2% vs 12.4%）
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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
CF vs HAS — 直观对比
营收规模更大
CF
是对方的1.4倍
$1.4B
营收增速更快
HAS
高出11.8%
19.4%
净利率更高
CF
高出17.0%
13.9%
自由现金流更多
CF
多$1.3B
$389.5M
两年增速更快
HAS
近两年复合增速
12.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.4B |
| 净利润 | $615.0M | $201.6M |
| 毛利率 | 37.6% | 68.7% |
| 营业利润率 | 43.5% | 20.6% |
| 净利率 | 31.0% | 13.9% |
| 营收同比 | 19.4% | 31.3% |
| 净利润同比 | 97.1% | 687.8% |
| 每股收益（稀释后） | $3.98 | $1.46 |
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CFHAS
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $980.8M | ||
| Q1 25 | $1.7B | $887.1M | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.6B | $995.3M |
净利润CFHAS
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $201.6M | ||
| Q3 25 | $460.0M | $233.2M | ||
| Q2 25 | $492.0M | $-855.8M | ||
| Q1 25 | $351.0M | $98.6M | ||
| Q4 24 | $392.0M | $-34.3M | ||
| Q3 24 | $341.0M | $223.2M | ||
| Q2 24 | $506.0M | $138.5M |
毛利率CFHAS
| Q1 26 | 37.6% | — | ||
| Q4 25 | 40.9% | 68.7% | ||
| Q3 25 | 38.1% | 70.1% | ||
| Q2 25 | 39.9% | 77.0% | ||
| Q1 25 | 34.4% | 76.9% | ||
| Q4 24 | 34.4% | 67.4% | ||
| Q3 24 | 32.4% | 70.4% | ||
| Q2 24 | 43.2% | 76.1% |
营业利润率CFHAS
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | 20.6% | ||
| Q3 25 | 35.0% | 24.6% | ||
| Q2 25 | 34.3% | -81.4% | ||
| Q1 25 | 27.4% | 19.2% | ||
| Q4 24 | 28.9% | 5.4% | ||
| Q3 24 | 26.6% | 23.6% | ||
| Q2 24 | 40.6% | 21.3% |
净利率CFHAS
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | 13.9% | ||
| Q3 25 | 27.7% | 16.8% | ||
| Q2 25 | 26.0% | -87.3% | ||
| Q1 25 | 21.1% | 11.1% | ||
| Q4 24 | 25.7% | -3.1% | ||
| Q3 24 | 24.9% | 17.4% | ||
| Q2 24 | 32.2% | 13.9% |
每股收益（稀释后）CFHAS
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $1.46 | ||
| Q3 25 | $2.19 | $1.64 | ||
| Q2 25 | $2.37 | $-6.10 | ||
| Q1 25 | $1.85 | $0.70 | ||
| Q4 24 | $1.86 | $-0.25 | ||
| Q3 24 | $1.55 | $1.59 | ||
| Q2 24 | $2.30 | $0.99 |
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 | $5.3B | $565.5M |
| 总资产 | $14.6B | $5.6B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
总债务CFHAS
| Q1 26 | $3.2B | — | ||
| 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CFHAS
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $565.5M | ||
| Q3 25 | $4.8B | $433.8M | ||
| Q2 25 | $5.0B | $269.7M | ||
| Q1 25 | $4.8B | $1.2B | ||
| Q4 24 | $5.0B | $1.2B | ||
| Q3 24 | $5.2B | $1.3B | ||
| Q2 24 | $5.5B | $1.2B |
总资产CFHAS
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $5.6B | ||
| Q3 25 | $14.2B | $5.5B | ||
| Q2 25 | $13.8B | $5.2B | ||
| Q1 25 | $13.3B | $6.0B | ||
| Q4 24 | $13.5B | $6.3B | ||
| Q3 24 | $13.8B | $7.2B | ||
| Q2 24 | $13.8B | $6.9B |
负债/权益比CFHAS
| Q1 26 | 0.60× | — | ||
| 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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $389.5M |
| 自由现金流率自由现金流/营收 | 83.2% | 26.9% |
| 资本支出强度资本支出/营收 | 11.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 0.81× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $3.0B | $829.9M |
8季度趋势，按日历期对齐
经营现金流CFHAS
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $403.2M | ||
| Q3 25 | $1.1B | $280.6M | ||
| Q2 25 | $563.0M | $71.3M | ||
| Q1 25 | $586.0M | $138.1M | ||
| Q4 24 | $420.0M | $259.8M | ||
| Q3 24 | $931.0M | $222.5M | ||
| Q2 24 | $475.0M | $187.3M |
自由现金流CFHAS
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $389.5M | ||
| Q3 25 | $717.0M | $260.9M | ||
| Q2 25 | $318.0M | $55.2M | ||
| Q1 25 | $454.0M | $124.3M | ||
| Q4 24 | $223.0M | $200.8M | ||
| Q3 24 | $792.0M | $174.0M | ||
| Q2 24 | $391.0M | $135.4M |
自由现金流率CFHAS
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | 26.9% | ||
| Q3 25 | 43.2% | 18.8% | ||
| Q2 25 | 16.8% | 5.6% | ||
| Q1 25 | 27.3% | 14.0% | ||
| Q4 24 | 14.6% | 18.2% | ||
| Q3 24 | 57.8% | 13.6% | ||
| Q2 24 | 24.9% | 13.6% |
资本支出强度CFHAS
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 0.9% | ||
| Q3 25 | 20.9% | 1.4% | ||
| Q2 25 | 13.0% | 1.6% | ||
| Q1 25 | 7.9% | 1.6% | ||
| Q4 24 | 12.9% | 5.4% | ||
| Q3 24 | 10.1% | 3.8% | ||
| Q2 24 | 5.3% | 5.2% |
现金转化率CFHAS
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | 2.00× | ||
| Q3 25 | 2.31× | 1.20× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | 1.40× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.00× | ||
| Q2 24 | 0.94× | 1.35× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
