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CF Industries（CF）与WARRIOR MET COAL, INC.（HCC）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WARRIOR MET COAL, INC.的4.9倍（$1.9B vs $384.0M）。CF Industries净利率更高（26.4% vs 6.0%，领先20.5%）。WARRIOR MET COAL, INC.同比增速更快（29.1% vs 22.8%）。过去两年CF Industries的营收复合增速更高（12.8% vs -12.7%）
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。
Warrior Met Coal（股票代码HCC）是总部位于美国的矿业企业，主营高品质冶金煤的开采与供应，其产品是钢铁制造的核心原材料，主要服务北美、欧洲、亚洲地区的钢铁生产商及工业客户。
CF vs HCC — 直观对比
营收规模更大
CF
是对方的4.9倍
$384.0M
营收增速更快
HCC
高出6.3%
22.8%
净利率更高
CF
高出20.5%
6.0%
两年增速更快
CF
近两年复合增速
-12.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $384.0M |
| 净利润 | $495.0M | $23.0M |
| 毛利率 | 40.9% | 29.5% |
| 营业利润率 | 33.0% | 9.0% |
| 净利率 | 26.4% | 6.0% |
| 营收同比 | 22.8% | 29.1% |
| 净利润同比 | 26.3% | 1919.5% |
| 每股收益（稀释后） | $2.56 | $0.43 |
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CFHCC
| Q4 25 | $1.9B | $384.0M | ||
| Q3 25 | $1.7B | $328.6M | ||
| Q2 25 | $1.9B | $297.5M | ||
| Q1 25 | $1.7B | $299.9M | ||
| Q4 24 | $1.5B | $297.5M | ||
| Q3 24 | $1.4B | $327.7M | ||
| Q2 24 | $1.6B | $396.5M | ||
| Q1 24 | $1.5B | $503.5M |
净利润CFHCC
| Q4 25 | $495.0M | $23.0M | ||
| Q3 25 | $460.0M | $36.6M | ||
| Q2 25 | $492.0M | $5.6M | ||
| Q1 25 | $351.0M | $-8.2M | ||
| Q4 24 | $392.0M | $1.1M | ||
| Q3 24 | $341.0M | $41.8M | ||
| Q2 24 | $506.0M | $70.7M | ||
| Q1 24 | $238.0M | $137.0M |
毛利率CFHCC
| Q4 25 | 40.9% | 29.5% | ||
| Q3 25 | 38.1% | 27.1% | ||
| Q2 25 | 39.9% | 23.9% | ||
| Q1 25 | 34.4% | 18.1% | ||
| Q4 24 | 34.4% | 23.1% | ||
| Q3 24 | 32.4% | 29.3% | ||
| Q2 24 | 43.2% | 34.1% | ||
| Q1 24 | 27.8% | 43.3% |
营业利润率CFHCC
| Q4 25 | 33.0% | 9.0% | ||
| Q3 25 | 35.0% | 6.3% | ||
| Q2 25 | 34.3% | 2.6% | ||
| Q1 25 | 27.4% | -5.8% | ||
| Q4 24 | 28.9% | -1.4% | ||
| Q3 24 | 26.6% | 11.9% | ||
| Q2 24 | 40.6% | 17.9% | ||
| Q1 24 | 20.6% | 29.6% |
净利率CFHCC
| Q4 25 | 26.4% | 6.0% | ||
| Q3 25 | 27.7% | 11.1% | ||
| Q2 25 | 26.0% | 1.9% | ||
| Q1 25 | 21.1% | -2.7% | ||
| Q4 24 | 25.7% | 0.4% | ||
| Q3 24 | 24.9% | 12.7% | ||
| Q2 24 | 32.2% | 17.8% | ||
| Q1 24 | 16.2% | 27.2% |
每股收益（稀释后）CFHCC
| Q4 25 | $2.56 | $0.43 | ||
| Q3 25 | $2.19 | $0.70 | ||
| Q2 25 | $2.37 | $0.11 | ||
| Q1 25 | $1.85 | $-0.16 | ||
| Q4 24 | $1.86 | $0.02 | ||
| Q3 24 | $1.55 | $0.80 | ||
| Q2 24 | $2.30 | $1.35 | ||
| Q1 24 | $1.03 | $2.62 |
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 | — | $300.0M |
| 总债务越低越好 | $3.2B | $154.3M |
| 股东权益账面价值 | $4.8B | $2.1B |
| 总资产 | $14.1B | $2.8B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资CFHCC
| Q4 25 | — | $300.0M | ||
| Q3 25 | — | $336.3M | ||
| Q2 25 | — | $383.3M | ||
| Q1 25 | — | $454.9M | ||
| Q4 24 | — | $491.5M | ||
| Q3 24 | — | $583.2M | ||
| Q2 24 | — | $709.0M | ||
| Q1 24 | — | $693.9M |
总债务CFHCC
| Q4 25 | $3.2B | $154.3M | ||
| Q3 25 | $3.0B | $154.1M | ||
| Q2 25 | $3.0B | $153.9M | ||
| Q1 25 | $3.0B | $153.8M | ||
| Q4 24 | $3.0B | $153.6M | ||
| Q3 24 | $3.0B | $153.5M | ||
| Q2 24 | $3.0B | $153.3M | ||
| Q1 24 | $3.0B | $153.2M |
股东权益CFHCC
| Q4 25 | $4.8B | $2.1B | ||
| Q3 25 | $4.8B | $2.1B | ||
| Q2 25 | $5.0B | $2.1B | ||
| Q1 25 | $4.8B | $2.1B | ||
| Q4 24 | $5.0B | $2.1B | ||
| Q3 24 | $5.2B | $2.1B | ||
| Q2 24 | $5.5B | $2.0B | ||
| Q1 24 | $5.4B | $2.0B |
总资产CFHCC
| Q4 25 | $14.1B | $2.8B | ||
| Q3 25 | $14.2B | $2.7B | ||
| Q2 25 | $13.8B | $2.6B | ||
| Q1 25 | $13.3B | $2.6B | ||
| Q4 24 | $13.5B | $2.6B | ||
| Q3 24 | $13.8B | $2.6B | ||
| Q2 24 | $13.8B | $2.6B | ||
| Q1 24 | $13.9B | $2.5B |
负债/权益比CFHCC
| Q4 25 | 0.66× | 0.07× | ||
| Q3 25 | 0.61× | 0.07× | ||
| Q2 25 | 0.60× | 0.07× | ||
| Q1 25 | 0.62× | 0.07× | ||
| Q4 24 | 0.60× | 0.07× | ||
| Q3 24 | 0.57× | 0.07× | ||
| Q2 24 | 0.54× | 0.07× | ||
| Q1 24 | 0.55× | 0.08× |
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 | $76.1M |
| 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× | 3.31× |
| 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CFHCC
| Q4 25 | $539.0M | $76.1M | ||
| Q3 25 | $1.1B | $104.7M | ||
| Q2 25 | $563.0M | $37.5M | ||
| Q1 25 | $586.0M | $10.9M | ||
| Q4 24 | $420.0M | $54.2M | ||
| Q3 24 | $931.0M | $62.2M | ||
| Q2 24 | $475.0M | $147.0M | ||
| Q1 24 | $445.0M | $104.1M |
自由现金流CFHCC
| 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CFHCC
| 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CFHCC
| 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CFHCC
| Q4 25 | 1.09× | 3.31× | ||
| Q3 25 | 2.31× | 2.86× | ||
| Q2 25 | 1.14× | 6.70× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 47.68× | ||
| Q3 24 | 2.73× | 1.49× | ||
| Q2 24 | 0.94× | 2.08× | ||
| Q1 24 | 1.87× | 0.76× |
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% |
HCC
| Mining Segment | $373.6M | 97% |
| Other | $10.4M | 3% |
