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CF Industries（CF）与罗技（LOGI）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是罗技的1.3倍（$1.9B vs $1.4B），CF Industries净利率更高（26.4% vs 17.7%，领先8.8%），CF Industries同比增速更快（22.8% vs 6.1%），罗技自由现金流更多（$465.6M vs $313.0M），过去两年罗技的营收复合增速更高（18.5% vs 12.8%）
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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
CF vs LOGI — 直观对比
营收规模更大
CF
是对方的1.3倍
$1.4B
营收增速更快
CF
高出16.8%
6.1%
净利率更高
CF
高出8.8%
17.7%
自由现金流更多
LOGI
多$152.6M
$313.0M
两年增速更快
LOGI
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.4B |
| 净利润 | $495.0M | $251.0M |
| 毛利率 | 40.9% | 43.2% |
| 营业利润率 | 33.0% | 20.1% |
| 净利率 | 26.4% | 17.7% |
| 营收同比 | 22.8% | 6.1% |
| 净利润同比 | 26.3% | 25.4% |
| 每股收益（稀释后） | $2.56 | $1.69 |
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CFLOGI
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.0B |
净利润CFLOGI
| Q4 25 | $495.0M | $251.0M | ||
| Q3 25 | $460.0M | $170.7M | ||
| Q2 25 | $492.0M | $146.0M | ||
| Q1 25 | $351.0M | $144.1M | ||
| Q4 24 | $392.0M | $200.1M | ||
| Q3 24 | $341.0M | $145.5M | ||
| Q2 24 | $506.0M | $141.8M | ||
| Q1 24 | $238.0M | $167.6M |
毛利率CFLOGI
| Q4 25 | 40.9% | 43.2% | ||
| Q3 25 | 38.1% | 43.4% | ||
| Q2 25 | 39.9% | 41.7% | ||
| Q1 25 | 34.4% | 43.1% | ||
| Q4 24 | 34.4% | 42.9% | ||
| Q3 24 | 32.4% | 43.6% | ||
| Q2 24 | 43.2% | 42.8% | ||
| Q1 24 | 27.8% | 43.2% |
营业利润率CFLOGI
| Q4 25 | 33.0% | 20.1% | ||
| Q3 25 | 35.0% | 16.1% | ||
| Q2 25 | 34.3% | 14.1% | ||
| Q1 25 | 27.4% | 10.5% | ||
| Q4 24 | 28.9% | 17.5% | ||
| Q3 24 | 26.6% | 14.4% | ||
| Q2 24 | 40.6% | 14.1% | ||
| Q1 24 | 20.6% | 12.9% |
净利率CFLOGI
| Q4 25 | 26.4% | 17.7% | ||
| Q3 25 | 27.7% | 14.4% | ||
| Q2 25 | 26.0% | 12.7% | ||
| Q1 25 | 21.1% | 14.3% | ||
| Q4 24 | 25.7% | 14.9% | ||
| Q3 24 | 24.9% | 13.0% | ||
| Q2 24 | 32.2% | 13.0% | ||
| Q1 24 | 16.2% | 16.6% |
每股收益（稀释后）CFLOGI
| Q4 25 | $2.56 | $1.69 | ||
| Q3 25 | $2.19 | $1.15 | ||
| Q2 25 | $2.37 | $0.98 | ||
| Q1 25 | $1.85 | $0.94 | ||
| Q4 24 | $1.86 | $1.32 | ||
| Q3 24 | $1.55 | $0.95 | ||
| Q2 24 | $2.30 | $0.92 | ||
| Q1 24 | $1.03 | $1.07 |
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 | — | $1.8B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $2.3B |
| 总资产 | $14.1B | $4.1B |
| 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CFLOGI
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
总债务CFLOGI
| 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CFLOGI
| Q4 25 | $4.8B | $2.3B | ||
| Q3 25 | $4.8B | $2.1B | ||
| Q2 25 | $5.0B | $2.2B | ||
| Q1 25 | $4.8B | $2.1B | ||
| Q4 24 | $5.0B | $2.1B | ||
| Q3 24 | $5.2B | $2.1B | ||
| Q2 24 | $5.5B | $2.2B | ||
| Q1 24 | $5.4B | $2.2B |
总资产CFLOGI
| Q4 25 | $14.1B | $4.1B | ||
| Q3 25 | $14.2B | $3.7B | ||
| Q2 25 | $13.8B | $3.7B | ||
| Q1 25 | $13.3B | $3.5B | ||
| Q4 24 | $13.5B | $3.7B | ||
| Q3 24 | $13.8B | $3.6B | ||
| Q2 24 | $13.8B | $3.7B | ||
| Q1 24 | $13.9B | $3.6B |
负债/权益比CFLOGI
| 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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $465.6M |
| 自由现金流率自由现金流/营收 | 16.7% | 32.8% |
| 资本支出强度资本支出/营收 | 12.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $903.6M |
8季度趋势，按日历期对齐
经营现金流CFLOGI
| Q4 25 | $539.0M | $480.5M | ||
| Q3 25 | $1.1B | $228.8M | ||
| Q2 25 | $563.0M | $125.0M | ||
| Q1 25 | $586.0M | $129.7M | ||
| Q4 24 | $420.0M | $370.9M | ||
| Q3 24 | $931.0M | $166.0M | ||
| Q2 24 | $475.0M | $176.0M | ||
| Q1 24 | $445.0M | $239.1M |
自由现金流CFLOGI
| Q4 25 | $313.0M | $465.6M | ||
| Q3 25 | $717.0M | $212.3M | ||
| Q2 25 | $318.0M | $108.8M | ||
| Q1 25 | $454.0M | $116.9M | ||
| Q4 24 | $223.0M | $356.6M | ||
| Q3 24 | $792.0M | $151.5M | ||
| Q2 24 | $391.0M | $161.4M | ||
| Q1 24 | $347.0M | $228.8M |
自由现金流率CFLOGI
| Q4 25 | 16.7% | 32.8% | ||
| Q3 25 | 43.2% | 17.9% | ||
| Q2 25 | 16.8% | 9.5% | ||
| Q1 25 | 27.3% | 11.6% | ||
| Q4 24 | 14.6% | 26.6% | ||
| Q3 24 | 57.8% | 13.6% | ||
| Q2 24 | 24.9% | 14.8% | ||
| Q1 24 | 23.6% | 22.6% |
资本支出强度CFLOGI
| Q4 25 | 12.1% | 1.0% | ||
| Q3 25 | 20.9% | 1.4% | ||
| Q2 25 | 13.0% | 1.4% | ||
| Q1 25 | 7.9% | 1.3% | ||
| Q4 24 | 12.9% | 1.1% | ||
| Q3 24 | 10.1% | 1.3% | ||
| Q2 24 | 5.3% | 1.3% | ||
| Q1 24 | 6.7% | 1.0% |
现金转化率CFLOGI
| Q4 25 | 1.09× | 1.91× | ||
| Q3 25 | 2.31× | 1.34× | ||
| Q2 25 | 1.14× | 0.86× | ||
| Q1 25 | 1.67× | 0.90× | ||
| Q4 24 | 1.07× | 1.85× | ||
| Q3 24 | 2.73× | 1.14× | ||
| Q2 24 | 0.94× | 1.24× | ||
| 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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
