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CF Industries（CF）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是雷诺士国际的1.6倍（$1.9B vs $1.2B），CF Industries净利率更高（26.4% vs 13.6%，领先12.9%），CF Industries同比增速更快（22.8% vs -11.2%），雷诺士国际自由现金流更多（$376.7M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 6.8%）
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。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
CF vs LII — 直观对比
营收规模更大
CF
是对方的1.6倍
$1.2B
营收增速更快
CF
高出34.0%
-11.2%
净利率更高
CF
高出12.9%
13.6%
自由现金流更多
LII
多$63.7M
$313.0M
两年增速更快
CF
近两年复合增速
6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $495.0M | $162.1M |
| 毛利率 | 40.9% | 34.7% |
| 营业利润率 | 33.0% | 18.6% |
| 净利率 | 26.4% | 13.6% |
| 营收同比 | 22.8% | -11.2% |
| 净利润同比 | 26.3% | -18.0% |
| 每股收益（稀释后） | $2.56 | $4.62 |
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CFLII
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.5B | $1.0B |
净利润CFLII
| Q4 25 | $495.0M | $162.1M | ||
| Q3 25 | $460.0M | $245.8M | ||
| Q2 25 | $492.0M | $277.6M | ||
| Q1 25 | $351.0M | $120.3M | ||
| Q4 24 | $392.0M | $197.7M | ||
| Q3 24 | $341.0M | $239.0M | ||
| Q2 24 | $506.0M | $245.9M | ||
| Q1 24 | $238.0M | $124.3M |
毛利率CFLII
| Q4 25 | 40.9% | 34.7% | ||
| Q3 25 | 38.1% | 32.8% | ||
| Q2 25 | 39.9% | 34.8% | ||
| Q1 25 | 34.4% | 30.6% | ||
| Q4 24 | 34.4% | 33.9% | ||
| Q3 24 | 32.4% | 32.6% | ||
| Q2 24 | 43.2% | 33.6% | ||
| Q1 24 | 27.8% | 32.5% |
营业利润率CFLII
| Q4 25 | 33.0% | 18.6% | ||
| Q3 25 | 35.0% | 21.7% | ||
| Q2 25 | 34.3% | 23.6% | ||
| Q1 25 | 27.4% | 14.5% | ||
| Q4 24 | 28.9% | 18.2% | ||
| Q3 24 | 26.6% | 20.2% | ||
| Q2 24 | 40.6% | 22.1% | ||
| Q1 24 | 20.6% | 15.9% |
净利率CFLII
| Q4 25 | 26.4% | 13.6% | ||
| Q3 25 | 27.7% | 17.2% | ||
| Q2 25 | 26.0% | 18.5% | ||
| Q1 25 | 21.1% | 11.2% | ||
| Q4 24 | 25.7% | 14.7% | ||
| Q3 24 | 24.9% | 16.0% | ||
| Q2 24 | 32.2% | 16.9% | ||
| Q1 24 | 16.2% | 11.9% |
每股收益（稀释后）CFLII
| Q4 25 | $2.56 | $4.62 | ||
| Q3 25 | $2.19 | $6.98 | ||
| Q2 25 | $2.37 | $7.82 | ||
| Q1 25 | $1.85 | $3.37 | ||
| Q4 24 | $1.86 | $5.52 | ||
| Q3 24 | $1.55 | $6.68 | ||
| Q2 24 | $2.30 | $6.87 | ||
| Q1 24 | $1.03 | $3.47 |
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 | — | $34.7M |
| 总债务越低越好 | $3.2B | $1.1B |
| 股东权益账面价值 | $4.8B | $1.2B |
| 总资产 | $14.1B | $4.1B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资CFLII
| Q4 25 | — | $34.7M | ||
| Q3 25 | — | $59.2M | ||
| Q2 25 | — | $55.1M | ||
| Q1 25 | — | $222.9M | ||
| Q4 24 | — | $422.3M | ||
| Q3 24 | — | $255.7M | ||
| Q2 24 | — | $57.8M | ||
| Q1 24 | — | $57.6M |
总债务CFLII
| Q4 25 | $3.2B | $1.1B | ||
| Q3 25 | $3.0B | $838.2M | ||
| Q2 25 | $3.0B | $835.7M | ||
| Q1 25 | $3.0B | $834.2M | ||
| Q4 24 | $3.0B | $833.1M | ||
| Q3 24 | $3.0B | $827.6M | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $3.0B | $1.2B |
股东权益CFLII
| Q4 25 | $4.8B | $1.2B | ||
| Q3 25 | $4.8B | $1.1B | ||
| Q2 25 | $5.0B | $900.5M | ||
| Q1 25 | $4.8B | $852.5M | ||
| Q4 24 | $5.0B | $850.2M | ||
| Q3 24 | $5.2B | $754.0M | ||
| Q2 24 | $5.5B | $577.4M | ||
| Q1 24 | $5.4B | $368.8M |
总资产CFLII
| Q4 25 | $14.1B | $4.1B | ||
| Q3 25 | $14.2B | $3.5B | ||
| Q2 25 | $13.8B | $3.7B | ||
| Q1 25 | $13.3B | $3.5B | ||
| Q4 24 | $13.5B | $3.5B | ||
| Q3 24 | $13.8B | $3.3B | ||
| Q2 24 | $13.8B | $3.2B | ||
| Q1 24 | $13.9B | $3.0B |
负债/权益比CFLII
| Q4 25 | 0.66× | 0.98× | ||
| Q3 25 | 0.61× | 0.78× | ||
| Q2 25 | 0.60× | 0.93× | ||
| Q1 25 | 0.62× | 0.98× | ||
| Q4 24 | 0.60× | 0.98× | ||
| Q3 24 | 0.57× | 1.10× | ||
| Q2 24 | 0.54× | 1.95× | ||
| Q1 24 | 0.55× | 3.13× |
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 | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $376.7M |
| 自由现金流率自由现金流/营收 | 16.7% | 31.5% |
| 资本支出强度资本支出/营收 | 12.1% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.09× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $638.8M |
8季度趋势，按日历期对齐
经营现金流CFLII
| Q4 25 | $539.0M | $405.9M | ||
| Q3 25 | $1.1B | $300.7M | ||
| Q2 25 | $563.0M | $86.8M | ||
| Q1 25 | $586.0M | $-35.8M | ||
| Q4 24 | $420.0M | $332.4M | ||
| Q3 24 | $931.0M | $452.1M | ||
| Q2 24 | $475.0M | $184.0M | ||
| Q1 24 | $445.0M | $-22.8M |
自由现金流CFLII
| Q4 25 | $313.0M | $376.7M | ||
| Q3 25 | $717.0M | $265.1M | ||
| Q2 25 | $318.0M | $58.3M | ||
| Q1 25 | $454.0M | $-61.3M | ||
| Q4 24 | $223.0M | $272.2M | ||
| Q3 24 | $792.0M | $410.9M | ||
| Q2 24 | $391.0M | $151.3M | ||
| Q1 24 | $347.0M | $-52.3M |
自由现金流率CFLII
| Q4 25 | 16.7% | 31.5% | ||
| Q3 25 | 43.2% | 18.6% | ||
| Q2 25 | 16.8% | 3.9% | ||
| Q1 25 | 27.3% | -5.7% | ||
| Q4 24 | 14.6% | 20.2% | ||
| Q3 24 | 57.8% | 27.4% | ||
| Q2 24 | 24.9% | 10.4% | ||
| Q1 24 | 23.6% | -5.0% |
资本支出强度CFLII
| Q4 25 | 12.1% | 2.4% | ||
| Q3 25 | 20.9% | 2.5% | ||
| Q2 25 | 13.0% | 1.9% | ||
| Q1 25 | 7.9% | 2.4% | ||
| Q4 24 | 12.9% | 4.5% | ||
| Q3 24 | 10.1% | 2.8% | ||
| Q2 24 | 5.3% | 2.3% | ||
| Q1 24 | 6.7% | 2.8% |
现金转化率CFLII
| Q4 25 | 1.09× | 2.50× | ||
| Q3 25 | 2.31× | 1.22× | ||
| Q2 25 | 1.14× | 0.31× | ||
| Q1 25 | 1.67× | -0.30× | ||
| Q4 24 | 1.07× | 1.68× | ||
| Q3 24 | 2.73× | 1.89× | ||
| Q2 24 | 0.94× | 0.75× | ||
| Q1 24 | 1.87× | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
