vs
CF Industries（CF）与埃培智集团（IPG）财务数据对比。点击上方公司名可切换其他公司
埃培智集团的季度营收约是CF Industries的1.1倍（$2.1B vs $1.9B），CF Industries净利率更高（26.4% vs 5.8%，领先20.6%），CF Industries同比增速更快（22.8% vs -4.8%），CF Industries自由现金流更多（$313.0M vs $153.6M），过去两年CF Industries的营收复合增速更高（12.8% vs -9.1%）
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。
埃培智集团（IPG）是总部位于美国纽约的广告营销传播集团，旗下拥有FCB、IPG盟博、麦肯世界集团、睿狮集团等五大核心业务网络，以及公关、体育营销、艺人经纪、医疗营销等领域的多家专业独立代理商，被宏盟收购前是与WPP、阳狮、宏盟齐名的全球广告行业“四大集团”之一。
CF vs IPG — 直观对比
营收规模更大
IPG
是对方的1.1倍
$1.9B
营收增速更快
CF
高出27.6%
-4.8%
净利率更高
CF
高出20.6%
5.8%
自由现金流更多
CF
多$159.4M
$153.6M
两年增速更快
CF
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.1B |
| 净利润 | $495.0M | $124.2M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 10.3% |
| 净利率 | 26.4% | 5.8% |
| 营收同比 | 22.8% | -4.8% |
| 净利润同比 | 26.3% | 517.9% |
| 每股收益（稀释后） | $2.56 | $0.34 |
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CFIPG
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.6B | $2.3B | ||
| Q1 24 | $1.5B | $2.2B |
净利润CFIPG
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $124.2M | ||
| Q2 25 | $492.0M | $162.5M | ||
| Q1 25 | $351.0M | $-85.4M | ||
| Q4 24 | $392.0M | $344.5M | ||
| Q3 24 | $341.0M | $20.1M | ||
| Q2 24 | $506.0M | $214.5M | ||
| Q1 24 | $238.0M | $110.4M |
毛利率CFIPG
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | -3.2% | ||
| Q4 24 | 34.4% | 10.1% | ||
| Q3 24 | 32.4% | 2.9% | ||
| Q2 24 | 43.2% | 1.2% | ||
| Q1 24 | 27.8% | -1.1% |
营业利润率CFIPG
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | 10.3% | ||
| Q2 25 | 34.3% | 11.2% | ||
| Q1 25 | 27.4% | -2.1% | ||
| Q4 24 | 28.9% | 23.3% | ||
| Q3 24 | 26.6% | 5.9% | ||
| Q2 24 | 40.6% | 13.7% | ||
| Q1 24 | 20.6% | 8.4% |
净利率CFIPG
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | 5.8% | ||
| Q2 25 | 26.0% | 7.5% | ||
| Q1 25 | 21.1% | -4.3% | ||
| Q4 24 | 25.7% | 14.1% | ||
| Q3 24 | 24.9% | 0.9% | ||
| Q2 24 | 32.2% | 9.2% | ||
| Q1 24 | 16.2% | 5.1% |
每股收益（稀释后）CFIPG
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | $0.34 | ||
| Q2 25 | $2.37 | $0.44 | ||
| Q1 25 | $1.85 | $-0.23 | ||
| Q4 24 | $1.86 | $0.92 | ||
| Q3 24 | $1.55 | $0.05 | ||
| Q2 24 | $2.30 | $0.57 | ||
| Q1 24 | $1.03 | $0.29 |
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 | — | $1.5B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $3.7B |
| 总资产 | $14.1B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.66× | — |
8季度趋势，按日历期对齐
现金及短期投资CFIPG
| Q4 25 | — | — | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.9B |
总债务CFIPG
| 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CFIPG
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | $3.7B | ||
| Q2 25 | $5.0B | $3.7B | ||
| Q1 25 | $4.8B | $3.6B | ||
| Q4 24 | $5.0B | $3.8B | ||
| Q3 24 | $5.2B | $3.7B | ||
| Q2 24 | $5.5B | $3.8B | ||
| Q1 24 | $5.4B | $3.8B |
总资产CFIPG
| Q4 25 | $14.1B | — | ||
| Q3 25 | $14.2B | $17.0B | ||
| Q2 25 | $13.8B | $17.0B | ||
| Q1 25 | $13.3B | $17.1B | ||
| Q4 24 | $13.5B | $18.3B | ||
| Q3 24 | $13.8B | $17.1B | ||
| Q2 24 | $13.8B | $17.0B | ||
| Q1 24 | $13.9B | $17.3B |
负债/权益比CFIPG
| 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 | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $153.6M |
| 自由现金流率自由现金流/营收 | 16.7% | 7.2% |
| 资本支出强度资本支出/营收 | 12.1% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $806.8M |
8季度趋势，按日历期对齐
经营现金流CFIPG
| Q4 25 | $539.0M | — | ||
| Q3 25 | $1.1B | $180.1M | ||
| Q2 25 | $563.0M | $-96.0M | ||
| Q1 25 | $586.0M | $-37.0M | ||
| Q4 24 | $420.0M | $868.1M | ||
| Q3 24 | $931.0M | $223.8M | ||
| Q2 24 | $475.0M | $120.7M | ||
| Q1 24 | $445.0M | $-157.4M |
自由现金流CFIPG
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | $153.6M | ||
| Q2 25 | $318.0M | $-121.8M | ||
| Q1 25 | $454.0M | $-58.5M | ||
| Q4 24 | $223.0M | $833.5M | ||
| Q3 24 | $792.0M | $186.5M | ||
| Q2 24 | $391.0M | $85.9M | ||
| Q1 24 | $347.0M | $-192.5M |
自由现金流率CFIPG
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | 7.2% | ||
| Q2 25 | 16.8% | -5.6% | ||
| Q1 25 | 27.3% | -2.9% | ||
| Q4 24 | 14.6% | 34.2% | ||
| Q3 24 | 57.8% | 8.3% | ||
| Q2 24 | 24.9% | 3.7% | ||
| Q1 24 | 23.6% | -8.8% |
资本支出强度CFIPG
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | 1.2% | ||
| Q2 25 | 13.0% | 1.2% | ||
| Q1 25 | 7.9% | 1.1% | ||
| Q4 24 | 12.9% | 1.4% | ||
| Q3 24 | 10.1% | 1.7% | ||
| Q2 24 | 5.3% | 1.5% | ||
| Q1 24 | 6.7% | 1.6% |
现金转化率CFIPG
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 1.45× | ||
| Q2 25 | 1.14× | -0.59× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 2.52× | ||
| Q3 24 | 2.73× | 11.13× | ||
| Q2 24 | 0.94× | 0.56× | ||
| Q1 24 | 1.87× | -1.43× |
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% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
