vs
CF Industries（CF）与宜瑞安（INGR）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是宜瑞安的1.1倍（$2.0B vs $1.8B），CF Industries净利率更高（31.0% vs 9.5%，领先21.5%），CF Industries同比增速更快（19.4% vs -2.4%），CF Industries自由现金流更多（$1.7B vs $270.0M），过去两年CF Industries的营收复合增速更高（12.4% vs -3.4%）
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。
宜瑞安（Ingredion Inc.）是总部位于美国伊利诺伊州的食品饮料配料供应商，主打产品包括淀粉、非转基因甜味剂、甜菊糖、豌豆蛋白等，以玉米、木薯、马铃薯、谷物、果蔬等为原料，产品供应食品、饮料、酿造、制药等多个行业，在全球44个站点拥有约1.2万名员工，客户覆盖超120个国家。
CF vs INGR — 直观对比
营收规模更大
CF
是对方的1.1倍
$1.8B
营收增速更快
CF
高出21.8%
-2.4%
净利率更高
CF
高出21.5%
9.5%
自由现金流更多
CF
多$1.4B
$270.0M
两年增速更快
CF
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.8B |
| 净利润 | $615.0M | $167.0M |
| 毛利率 | 37.6% | 24.5% |
| 营业利润率 | 43.5% | 12.5% |
| 净利率 | 31.0% | 9.5% |
| 营收同比 | 19.4% | -2.4% |
| 净利润同比 | 97.1% | 72.2% |
| 每股收益（稀释后） | $3.98 | $2.58 |
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CFINGR
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.6B | $1.9B |
净利润CFINGR
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $167.0M | ||
| Q3 25 | $460.0M | $171.0M | ||
| Q2 25 | $492.0M | $196.0M | ||
| Q1 25 | $351.0M | $197.0M | ||
| Q4 24 | $392.0M | $97.0M | ||
| Q3 24 | $341.0M | $188.0M | ||
| Q2 24 | $506.0M | $148.0M |
毛利率CFINGR
| Q1 26 | 37.6% | — | ||
| Q4 25 | 40.9% | 24.5% | ||
| Q3 25 | 38.1% | 25.1% | ||
| Q2 25 | 39.9% | 26.0% | ||
| Q1 25 | 34.4% | 25.7% | ||
| Q4 24 | 34.4% | 24.9% | ||
| Q3 24 | 32.4% | 25.6% | ||
| Q2 24 | 43.2% | 23.7% |
营业利润率CFINGR
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | 12.5% | ||
| Q3 25 | 35.0% | 13.7% | ||
| Q2 25 | 34.3% | 14.8% | ||
| Q1 25 | 27.4% | 15.2% | ||
| Q4 24 | 28.9% | 9.0% | ||
| Q3 24 | 26.6% | 14.3% | ||
| Q2 24 | 40.6% | 12.8% |
净利率CFINGR
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | 9.5% | ||
| Q3 25 | 27.7% | 9.4% | ||
| Q2 25 | 26.0% | 10.7% | ||
| Q1 25 | 21.1% | 10.9% | ||
| Q4 24 | 25.7% | 5.4% | ||
| Q3 24 | 24.9% | 10.1% | ||
| Q2 24 | 32.2% | 7.9% |
每股收益（稀释后）CFINGR
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $2.58 | ||
| Q3 25 | $2.19 | $2.61 | ||
| Q2 25 | $2.37 | $2.99 | ||
| Q1 25 | $1.85 | $3.00 | ||
| Q4 24 | $1.86 | $1.43 | ||
| Q3 24 | $1.55 | $2.83 | ||
| Q2 24 | $2.30 | $2.22 |
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 | — | $1.0B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $5.3B | $4.3B |
| 总资产 | $14.6B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资CFINGR
| Q1 26 | — | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $915.0M | ||
| Q2 25 | — | $861.0M | ||
| Q1 25 | — | $837.0M | ||
| Q4 24 | — | $997.0M | ||
| Q3 24 | — | $877.0M | ||
| Q2 24 | — | $505.0M |
总债务CFINGR
| 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CFINGR
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $4.3B | ||
| Q3 25 | $4.8B | $4.2B | ||
| Q2 25 | $5.0B | $4.2B | ||
| Q1 25 | $4.8B | $4.0B | ||
| Q4 24 | $5.0B | $3.8B | ||
| Q3 24 | $5.2B | $4.0B | ||
| Q2 24 | $5.5B | $3.7B |
总资产CFINGR
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $7.9B | ||
| Q3 25 | $14.2B | $7.8B | ||
| Q2 25 | $13.8B | $7.8B | ||
| Q1 25 | $13.3B | $7.5B | ||
| Q4 24 | $13.5B | $7.4B | ||
| Q3 24 | $13.8B | $7.5B | ||
| Q2 24 | $13.8B | $7.2B |
负债/权益比CFINGR
| 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 | $405.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $270.0M |
| 自由现金流率自由现金流/营收 | 83.2% | 15.4% |
| 资本支出强度资本支出/营收 | 11.2% | 7.7% |
| 现金转化率经营现金流/净利润 | 0.81× | 2.43× |
| 过去12个月自由现金流最近4个季度 | $3.0B | $511.0M |
8季度趋势，按日历期对齐
经营现金流CFINGR
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $405.0M | ||
| Q3 25 | $1.1B | $277.0M | ||
| Q2 25 | $563.0M | $185.0M | ||
| Q1 25 | $586.0M | $77.0M | ||
| Q4 24 | $420.0M | $436.0M | ||
| Q3 24 | $931.0M | $479.0M | ||
| Q2 24 | $475.0M | $312.0M |
自由现金流CFINGR
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $270.0M | ||
| Q3 25 | $717.0M | $172.0M | ||
| Q2 25 | $318.0M | $84.0M | ||
| Q1 25 | $454.0M | $-15.0M | ||
| Q4 24 | $223.0M | $311.0M | ||
| Q3 24 | $792.0M | $429.0M | ||
| Q2 24 | $391.0M | $257.0M |
自由现金流率CFINGR
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | 15.4% | ||
| Q3 25 | 43.2% | 9.5% | ||
| Q2 25 | 16.8% | 4.6% | ||
| Q1 25 | 27.3% | -0.8% | ||
| Q4 24 | 14.6% | 17.3% | ||
| Q3 24 | 57.8% | 22.9% | ||
| Q2 24 | 24.9% | 13.7% |
资本支出强度CFINGR
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 7.7% | ||
| Q3 25 | 20.9% | 5.8% | ||
| Q2 25 | 13.0% | 5.5% | ||
| Q1 25 | 7.9% | 5.1% | ||
| Q4 24 | 12.9% | 6.9% | ||
| Q3 24 | 10.1% | 2.7% | ||
| Q2 24 | 5.3% | 2.9% |
现金转化率CFINGR
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | 2.43× | ||
| Q3 25 | 2.31× | 1.62× | ||
| Q2 25 | 1.14× | 0.94× | ||
| Q1 25 | 1.67× | 0.39× | ||
| Q4 24 | 1.07× | 4.49× | ||
| Q3 24 | 2.73× | 2.55× | ||
| Q2 24 | 0.94× | 2.11× |
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% |
INGR
| Food And Industrial Ingredients LATAM Segment | $599.0M | 34% |
| Texture And Healthful Solutions Segment | $598.0M | 34% |
| Food And Industrial Ingredients U.S.Canada Segment | $486.0M | 28% |
| Other | $74.0M | 4% |
