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CF Industries（CF）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是美世的4.2倍（$1.9B vs $449.5M）。CF Industries净利率更高（26.4% vs -68.7%，领先95.1%）。CF Industries同比增速更快（22.8% vs -8.0%）。CF Industries自由现金流更多（$313.0M vs $32.0M）。过去两年CF Industries的营收复合增速更高（12.8% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
CF vs MERC — 直观对比
营收规模更大
CF
是对方的4.2倍
$449.5M
营收增速更快
CF
高出30.8%
-8.0%
净利率更高
CF
高出95.1%
-68.7%
自由现金流更多
CF
多$281.0M
$32.0M
两年增速更快
CF
近两年复合增速
-9.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $449.5M |
| 净利润 | $495.0M | $-308.7M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | -62.0% |
| 净利率 | 26.4% | -68.7% |
| 营收同比 | 22.8% | -8.0% |
| 净利润同比 | 26.3% | -1947.7% |
| 每股收益（稀释后） | $2.56 | $-4.61 |
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CFMERC
| Q4 25 | $1.9B | $449.5M | ||
| Q3 25 | $1.7B | $458.1M | ||
| Q2 25 | $1.9B | $453.5M | ||
| Q1 25 | $1.7B | $507.0M | ||
| Q4 24 | $1.5B | $488.4M | ||
| Q3 24 | $1.4B | $502.1M | ||
| Q2 24 | $1.6B | $499.4M | ||
| Q1 24 | $1.5B | $553.4M |
净利润CFMERC
| Q4 25 | $495.0M | $-308.7M | ||
| Q3 25 | $460.0M | $-80.8M | ||
| Q2 25 | $492.0M | $-86.1M | ||
| Q1 25 | $351.0M | $-22.3M | ||
| Q4 24 | $392.0M | $16.7M | ||
| Q3 24 | $341.0M | $-17.6M | ||
| Q2 24 | $506.0M | $-67.6M | ||
| Q1 24 | $238.0M | $-16.7M |
毛利率CFMERC
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 27.8% | — |
营业利润率CFMERC
| Q4 25 | 33.0% | -62.0% | ||
| Q3 25 | 35.0% | -14.8% | ||
| Q2 25 | 34.3% | -12.9% | ||
| Q1 25 | 27.4% | 1.3% | ||
| Q4 24 | 28.9% | 10.3% | ||
| Q3 24 | 26.6% | 1.8% | ||
| Q2 24 | 40.6% | -8.8% | ||
| Q1 24 | 20.6% | -0.1% |
净利率CFMERC
| Q4 25 | 26.4% | -68.7% | ||
| Q3 25 | 27.7% | -17.6% | ||
| Q2 25 | 26.0% | -19.0% | ||
| Q1 25 | 21.1% | -4.4% | ||
| Q4 24 | 25.7% | 3.4% | ||
| Q3 24 | 24.9% | -3.5% | ||
| Q2 24 | 32.2% | -13.5% | ||
| Q1 24 | 16.2% | -3.0% |
每股收益（稀释后）CFMERC
| Q4 25 | $2.56 | $-4.61 | ||
| Q3 25 | $2.19 | $-1.21 | ||
| Q2 25 | $2.37 | $-1.29 | ||
| Q1 25 | $1.85 | $-0.33 | ||
| Q4 24 | $1.86 | $0.25 | ||
| Q3 24 | $1.55 | $-0.26 | ||
| Q2 24 | $2.30 | $-1.01 | ||
| Q1 24 | $1.03 | $-0.25 |
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 | — | $186.8M |
| 总债务越低越好 | $3.2B | $1.6B |
| 股东权益账面价值 | $4.8B | $68.1M |
| 总资产 | $14.1B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.66× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资CFMERC
| Q4 25 | — | $186.8M | ||
| Q3 25 | — | $98.1M | ||
| Q2 25 | — | $146.5M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | — | $184.9M | ||
| Q3 24 | — | $239.0M | ||
| Q2 24 | — | $263.2M | ||
| Q1 24 | — | $274.3M |
总债务CFMERC
| Q4 25 | $3.2B | $1.6B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $3.0B | $1.6B | ||
| Q1 24 | $3.0B | $1.6B |
股东权益CFMERC
| Q4 25 | $4.8B | $68.1M | ||
| Q3 25 | $4.8B | $359.5M | ||
| Q2 25 | $5.0B | $446.5M | ||
| Q1 25 | $4.8B | $437.4M | ||
| Q4 24 | $5.0B | $429.8M | ||
| Q3 24 | $5.2B | $516.8M | ||
| Q2 24 | $5.5B | $487.7M | ||
| Q1 24 | $5.4B | $573.6M |
总资产CFMERC
| Q4 25 | $14.1B | $2.0B | ||
| Q3 25 | $14.2B | $2.3B | ||
| Q2 25 | $13.8B | $2.4B | ||
| Q1 25 | $13.3B | $2.3B | ||
| Q4 24 | $13.5B | $2.3B | ||
| Q3 24 | $13.8B | $2.5B | ||
| Q2 24 | $13.8B | $2.5B | ||
| Q1 24 | $13.9B | $2.6B |
负债/权益比CFMERC
| Q4 25 | 0.66× | 23.58× | ||
| Q3 25 | 0.61× | 4.30× | ||
| Q2 25 | 0.60× | 3.42× | ||
| Q1 25 | 0.62× | 3.44× | ||
| Q4 24 | 0.60× | 3.43× | ||
| Q3 24 | 0.57× | 3.09× | ||
| Q2 24 | 0.54× | 3.22× | ||
| Q1 24 | 0.55× | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 7.1% |
| 资本支出强度资本支出/营收 | 12.1% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.09× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | $-80.0M |
8季度趋势，按日历期对齐
经营现金流CFMERC
| Q4 25 | $539.0M | $46.2M | ||
| Q3 25 | $1.1B | $-30.1M | ||
| Q2 25 | $563.0M | $-4.5M | ||
| Q1 25 | $586.0M | $-3.0M | ||
| Q4 24 | $420.0M | $71.2M | ||
| Q3 24 | $931.0M | $-13.9M | ||
| Q2 24 | $475.0M | $62.2M | ||
| Q1 24 | $445.0M | $-29.2M |
自由现金流CFMERC
| Q4 25 | $313.0M | $32.0M | ||
| Q3 25 | $717.0M | $-60.1M | ||
| Q2 25 | $318.0M | $-28.9M | ||
| Q1 25 | $454.0M | $-23.1M | ||
| Q4 24 | $223.0M | $50.4M | ||
| Q3 24 | $792.0M | $-41.2M | ||
| Q2 24 | $391.0M | $44.3M | ||
| Q1 24 | $347.0M | $-47.7M |
自由现金流率CFMERC
| Q4 25 | 16.7% | 7.1% | ||
| Q3 25 | 43.2% | -13.1% | ||
| Q2 25 | 16.8% | -6.4% | ||
| Q1 25 | 27.3% | -4.6% | ||
| Q4 24 | 14.6% | 10.3% | ||
| Q3 24 | 57.8% | -8.2% | ||
| Q2 24 | 24.9% | 8.9% | ||
| Q1 24 | 23.6% | -8.6% |
资本支出强度CFMERC
| Q4 25 | 12.1% | 3.1% | ||
| Q3 25 | 20.9% | 6.6% | ||
| Q2 25 | 13.0% | 5.4% | ||
| Q1 25 | 7.9% | 4.0% | ||
| Q4 24 | 12.9% | 4.2% | ||
| Q3 24 | 10.1% | 5.4% | ||
| Q2 24 | 5.3% | 3.6% | ||
| Q1 24 | 6.7% | 3.3% |
现金转化率CFMERC
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 4.26× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | — |
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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
