vs
CF Industries（CF）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是CF Industries的1.6倍（$3.3B vs $2.0B），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 0.8%），CF Industries自由现金流更多（$1.7B vs $359.0M），过去两年CF Industries的营收复合增速更高（12.4% vs -9.0%）
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。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
CF vs K — 直观对比
营收规模更大
K
是对方的1.6倍
$2.0B
营收增速更快
CF
高出18.6%
0.8%
净利率更高
CF
高出21.5%
9.5%
自由现金流更多
CF
多$1.3B
$359.0M
两年增速更快
CF
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.3B |
| 净利润 | $615.0M | $309.0M |
| 毛利率 | 37.6% | 33.3% |
| 营业利润率 | 43.5% | 13.9% |
| 净利率 | 31.0% | 9.5% |
| 营收同比 | 19.4% | 0.8% |
| 净利润同比 | 97.1% | -15.8% |
| 每股收益（稀释后） | $3.98 | $0.88 |
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CFK
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $3.3B | ||
| Q2 25 | $1.9B | $3.2B | ||
| Q1 25 | $1.7B | $3.1B | ||
| Q4 24 | $1.5B | $3.1B | ||
| Q3 24 | $1.4B | $3.2B | ||
| Q2 24 | $1.6B | $3.2B |
净利润CFK
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $309.0M | ||
| Q2 25 | $492.0M | $299.0M | ||
| Q1 25 | $351.0M | $304.0M | ||
| Q4 24 | $392.0M | $365.0M | ||
| Q3 24 | $341.0M | $367.0M | ||
| Q2 24 | $506.0M | $344.0M |
毛利率CFK
| Q1 26 | 37.6% | — | ||
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | 33.3% | ||
| Q2 25 | 39.9% | 34.0% | ||
| Q1 25 | 34.4% | 34.3% | ||
| Q4 24 | 34.4% | 37.7% | ||
| Q3 24 | 32.4% | 36.4% | ||
| Q2 24 | 43.2% | 36.4% |
营业利润率CFK
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | 13.9% | ||
| Q2 25 | 34.3% | 13.7% | ||
| Q1 25 | 27.4% | 13.9% | ||
| Q4 24 | 28.9% | 17.0% | ||
| Q3 24 | 26.6% | 14.1% | ||
| Q2 24 | 40.6% | 15.4% |
净利率CFK
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | 9.5% | ||
| Q2 25 | 26.0% | 9.3% | ||
| Q1 25 | 21.1% | 9.9% | ||
| Q4 24 | 25.7% | 11.7% | ||
| Q3 24 | 24.9% | 11.4% | ||
| Q2 24 | 32.2% | 10.8% |
每股收益（稀释后）CFK
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | $0.88 | ||
| Q2 25 | $2.37 | $0.85 | ||
| Q1 25 | $1.85 | $0.87 | ||
| Q4 24 | $1.86 | $1.05 | ||
| Q3 24 | $1.55 | $1.05 | ||
| Q2 24 | $2.30 | $1.00 |
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 | — | $240.0M |
| 总债务越低越好 | $3.2B | $4.3B |
| 股东权益账面价值 | $5.3B | $4.2B |
| 总资产 | $14.6B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资CFK
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $240.0M | ||
| Q2 25 | — | $354.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $694.0M | ||
| Q3 24 | — | $569.0M | ||
| Q2 24 | — | $272.0M |
总债务CFK
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | $4.3B | ||
| Q2 25 | $3.0B | $4.3B | ||
| Q1 25 | $3.0B | $5.0B | ||
| Q4 24 | $3.0B | $5.0B | ||
| Q3 24 | $3.0B | $5.1B | ||
| Q2 24 | $3.0B | $5.0B |
股东权益CFK
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | $4.2B | ||
| Q2 25 | $5.0B | $4.1B | ||
| Q1 25 | $4.8B | $3.9B | ||
| Q4 24 | $5.0B | $3.8B | ||
| Q3 24 | $5.2B | $3.6B | ||
| Q2 24 | $5.5B | $3.3B |
总资产CFK
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | — | ||
| Q3 25 | $14.2B | $15.6B | ||
| Q2 25 | $13.8B | $15.9B | ||
| Q1 25 | $13.3B | $15.5B | ||
| Q4 24 | $13.5B | $15.6B | ||
| Q3 24 | $13.8B | $15.8B | ||
| Q2 24 | $13.8B | $15.3B |
负债/权益比CFK
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | 1.02× | ||
| Q2 25 | 0.60× | 1.05× | ||
| Q1 25 | 0.62× | 1.28× | ||
| Q4 24 | 0.60× | 1.32× | ||
| Q3 24 | 0.57× | 1.40× | ||
| Q2 24 | 0.54× | 1.51× |
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 | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $359.0M |
| 自由现金流率自由现金流/营收 | 83.2% | 11.0% |
| 资本支出强度资本支出/营收 | 11.2% | 4.4% |
| 现金转化率经营现金流/净利润 | 0.81× | 1.63× |
| 过去12个月自由现金流最近4个季度 | $3.0B | $599.0M |
8季度趋势，按日历期对齐
经营现金流CFK
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | — | ||
| Q3 25 | $1.1B | $503.0M | ||
| Q2 25 | $563.0M | $169.0M | ||
| Q1 25 | $586.0M | $116.0M | ||
| Q4 24 | $420.0M | $467.0M | ||
| Q3 24 | $931.0M | $553.0M | ||
| Q2 24 | $475.0M | $376.0M |
自由现金流CFK
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | $359.0M | ||
| Q2 25 | $318.0M | $21.0M | ||
| Q1 25 | $454.0M | $-60.0M | ||
| Q4 24 | $223.0M | $279.0M | ||
| Q3 24 | $792.0M | $410.0M | ||
| Q2 24 | $391.0M | $234.0M |
自由现金流率CFK
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | 11.0% | ||
| Q2 25 | 16.8% | 0.7% | ||
| Q1 25 | 27.3% | -1.9% | ||
| Q4 24 | 14.6% | 8.9% | ||
| Q3 24 | 57.8% | 12.7% | ||
| Q2 24 | 24.9% | 7.3% |
资本支出强度CFK
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | 4.4% | ||
| Q2 25 | 13.0% | 4.6% | ||
| Q1 25 | 7.9% | 5.7% | ||
| Q4 24 | 12.9% | 6.0% | ||
| Q3 24 | 10.1% | 4.4% | ||
| Q2 24 | 5.3% | 4.4% |
现金转化率CFK
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 1.63× | ||
| Q2 25 | 1.14× | 0.57× | ||
| Q1 25 | 1.67× | 0.38× | ||
| Q4 24 | 1.07× | 1.28× | ||
| Q3 24 | 2.73× | 1.51× | ||
| Q2 24 | 0.94× | 1.09× |
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% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
