vs
CF Industries（CF）与荷美尔食品（HRL）财务数据对比。点击上方公司名可切换其他公司
荷美尔食品的季度营收约是CF Industries的1.7倍（$3.2B vs $1.9B），CF Industries净利率更高（26.4% vs -1.8%，领先28.2%），CF Industries同比增速更快（22.8% vs 1.5%），CF Industries自由现金流更多（$313.0M vs $231.4M），过去两年CF Industries的营收复合增速更高（12.8% vs 3.1%）
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。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
CF vs HRL — 直观对比
营收规模更大
HRL
是对方的1.7倍
$1.9B
营收增速更快
CF
高出21.3%
1.5%
净利率更高
CF
高出28.2%
-1.8%
自由现金流更多
CF
多$81.6M
$231.4M
两年增速更快
CF
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.2B |
| 净利润 | $495.0M | $-56.1M |
| 毛利率 | 40.9% | 14.0% |
| 营业利润率 | 33.0% | 0.1% |
| 净利率 | 26.4% | -1.8% |
| 营收同比 | 22.8% | 1.5% |
| 净利润同比 | 26.3% | -125.5% |
| 每股收益（稀释后） | $2.56 | $-0.10 |
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CFHRL
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.9B | $2.9B | ||
| Q1 25 | $1.7B | $3.0B | ||
| Q4 24 | $1.5B | $3.1B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.6B | $2.9B | ||
| Q1 24 | $1.5B | $3.0B |
净利润CFHRL
| Q4 25 | $495.0M | $-56.1M | ||
| Q3 25 | $460.0M | $183.7M | ||
| Q2 25 | $492.0M | $180.0M | ||
| Q1 25 | $351.0M | $170.6M | ||
| Q4 24 | $392.0M | $220.2M | ||
| Q3 24 | $341.0M | $176.7M | ||
| Q2 24 | $506.0M | $189.3M | ||
| Q1 24 | $238.0M | $218.9M |
毛利率CFHRL
| Q4 25 | 40.9% | 14.0% | ||
| Q3 25 | 38.1% | 16.1% | ||
| Q2 25 | 39.9% | 16.7% | ||
| Q1 25 | 34.4% | 15.9% | ||
| Q4 24 | 34.4% | 16.6% | ||
| Q3 24 | 32.4% | 16.8% | ||
| Q2 24 | 43.2% | 17.4% | ||
| Q1 24 | 27.8% | 17.0% |
营业利润率CFHRL
| Q4 25 | 33.0% | 0.1% | ||
| Q3 25 | 35.0% | 7.9% | ||
| Q2 25 | 34.3% | 8.6% | ||
| Q1 25 | 27.4% | 7.6% | ||
| Q4 24 | 28.9% | 9.4% | ||
| Q3 24 | 26.6% | 8.2% | ||
| Q2 24 | 40.6% | 8.7% | ||
| Q1 24 | 20.6% | 9.5% |
净利率CFHRL
| Q4 25 | 26.4% | -1.8% | ||
| Q3 25 | 27.7% | 6.1% | ||
| Q2 25 | 26.0% | 6.2% | ||
| Q1 25 | 21.1% | 5.7% | ||
| Q4 24 | 25.7% | 7.0% | ||
| Q3 24 | 24.9% | 6.1% | ||
| Q2 24 | 32.2% | 6.6% | ||
| Q1 24 | 16.2% | 7.3% |
每股收益（稀释后）CFHRL
| Q4 25 | $2.56 | $-0.10 | ||
| Q3 25 | $2.19 | $0.33 | ||
| Q2 25 | $2.37 | $0.33 | ||
| Q1 25 | $1.85 | $0.31 | ||
| Q4 24 | $1.86 | $0.41 | ||
| Q3 24 | $1.55 | $0.32 | ||
| Q2 24 | $2.30 | $0.34 | ||
| Q1 24 | $1.03 | $0.40 |
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 | — | $703.6M |
| 总债务越低越好 | $3.2B | $2.9B |
| 股东权益账面价值 | $4.8B | $7.9B |
| 总资产 | $14.1B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资CFHRL
| Q4 25 | — | $703.6M | ||
| Q3 25 | — | $630.7M | ||
| Q2 25 | — | $699.0M | ||
| Q1 25 | — | $866.4M | ||
| Q4 24 | — | $766.6M | ||
| Q3 24 | — | $561.9M | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $981.9M |
总债务CFHRL
| Q4 25 | $3.2B | $2.9B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.0B | $2.9B | ||
| Q1 25 | $3.0B | $2.9B | ||
| Q4 24 | $3.0B | $2.9B | ||
| Q3 24 | $3.0B | $2.9B | ||
| Q2 24 | $3.0B | $2.9B | ||
| Q1 24 | $3.0B | $2.4B |
股东权益CFHRL
| Q4 25 | $4.8B | $7.9B | ||
| Q3 25 | $4.8B | $8.1B | ||
| Q2 25 | $5.0B | $8.0B | ||
| Q1 25 | $4.8B | $8.0B | ||
| Q4 24 | $5.0B | $8.0B | ||
| Q3 24 | $5.2B | $7.9B | ||
| Q2 24 | $5.5B | $7.9B | ||
| Q1 24 | $5.4B | $7.8B |
总资产CFHRL
| Q4 25 | $14.1B | $13.4B | ||
| Q3 25 | $14.2B | $13.5B | ||
| Q2 25 | $13.8B | $13.4B | ||
| Q1 25 | $13.3B | $13.4B | ||
| Q4 24 | $13.5B | $13.4B | ||
| Q3 24 | $13.8B | $13.1B | ||
| Q2 24 | $13.8B | $14.1B | ||
| Q1 24 | $13.9B | $13.5B |
负债/权益比CFHRL
| Q4 25 | 0.66× | 0.36× | ||
| Q3 25 | 0.61× | 0.35× | ||
| Q2 25 | 0.60× | 0.35× | ||
| Q1 25 | 0.62× | 0.36× | ||
| Q4 24 | 0.60× | 0.36× | ||
| Q3 24 | 0.57× | 0.36× | ||
| Q2 24 | 0.54× | 0.36× | ||
| Q1 24 | 0.55× | 0.30× |
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 | $322.9M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $231.4M |
| 自由现金流率自由现金流/营收 | 16.7% | 7.3% |
| 资本支出强度资本支出/营收 | 12.1% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.09× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | $534.3M |
8季度趋势，按日历期对齐
经营现金流CFHRL
| Q4 25 | $539.0M | $322.9M | ||
| Q3 25 | $1.1B | $156.7M | ||
| Q2 25 | $563.0M | $56.4M | ||
| Q1 25 | $586.0M | $309.2M | ||
| Q4 24 | $420.0M | $408.6M | ||
| Q3 24 | $931.0M | $218.0M | ||
| Q2 24 | $475.0M | $236.1M | ||
| Q1 24 | $445.0M | $404.0M |
自由现金流CFHRL
| Q4 25 | $313.0M | $231.4M | ||
| Q3 25 | $717.0M | $84.5M | ||
| Q2 25 | $318.0M | $-18.6M | ||
| Q1 25 | $454.0M | $237.0M | ||
| Q4 24 | $223.0M | $324.8M | ||
| Q3 24 | $792.0M | $152.5M | ||
| Q2 24 | $391.0M | $176.2M | ||
| Q1 24 | $347.0M | $356.8M |
自由现金流率CFHRL
| Q4 25 | 16.7% | 7.3% | ||
| Q3 25 | 43.2% | 2.8% | ||
| Q2 25 | 16.8% | -0.6% | ||
| Q1 25 | 27.3% | 7.9% | ||
| Q4 24 | 14.6% | 10.4% | ||
| Q3 24 | 57.8% | 5.3% | ||
| Q2 24 | 24.9% | 6.1% | ||
| Q1 24 | 23.6% | 11.9% |
资本支出强度CFHRL
| Q4 25 | 12.1% | 2.9% | ||
| Q3 25 | 20.9% | 2.4% | ||
| Q2 25 | 13.0% | 2.6% | ||
| Q1 25 | 7.9% | 2.4% | ||
| Q4 24 | 12.9% | 2.7% | ||
| Q3 24 | 10.1% | 2.3% | ||
| Q2 24 | 5.3% | 2.1% | ||
| Q1 24 | 6.7% | 1.6% |
现金转化率CFHRL
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 0.85× | ||
| Q2 25 | 1.14× | 0.31× | ||
| Q1 25 | 1.67× | 1.81× | ||
| Q4 24 | 1.07× | 1.86× | ||
| Q3 24 | 2.73× | 1.23× | ||
| Q2 24 | 0.94× | 1.25× | ||
| Q1 24 | 1.87× | 1.85× |
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% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
