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CF Industries（CF）与M/I HOMES, INC.（MHO）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M/I HOMES, INC.的1.7倍（$2.0B vs $1.1B），CF Industries净利率更高（31.0% vs 5.6%，领先25.4%），CF Industries同比增速更快（19.4% vs -4.8%），CF Industries自由现金流更多（$1.7B vs $-13.0M），过去两年CF Industries的营收复合增速更高（12.4% vs 4.7%）
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。
M/I Homes是美国领先的住宅建筑企业，主要设计、建造及销售独栋住宅、联排住宅与复式公寓，业务覆盖美国多州，面向首次置业、改善型及高端置业群体，提供节能住宅产品与个性化定制服务。
CF vs MHO — 直观对比
营收规模更大
CF
是对方的1.7倍
$1.1B
营收增速更快
CF
高出24.2%
-4.8%
净利率更高
CF
高出25.4%
5.6%
自由现金流更多
CF
多$1.7B
$-13.0M
两年增速更快
CF
近两年复合增速
4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.1B |
| 净利润 | $615.0M | $64.0M |
| 毛利率 | 37.6% | 17.4% |
| 营业利润率 | 43.5% | 6.5% |
| 净利率 | 31.0% | 5.6% |
| 营收同比 | 19.4% | -4.8% |
| 净利润同比 | 97.1% | -52.1% |
| 每股收益（稀释后） | $3.98 | $2.42 |
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CFMHO
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $976.1M | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B |
净利润CFMHO
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $64.0M | ||
| Q3 25 | $460.0M | $106.5M | ||
| Q2 25 | $492.0M | $121.2M | ||
| Q1 25 | $351.0M | $111.2M | ||
| Q4 24 | $392.0M | $133.5M | ||
| Q3 24 | $341.0M | $145.4M | ||
| Q2 24 | $506.0M | $146.7M |
毛利率CFMHO
| Q1 26 | 37.6% | — | ||
| Q4 25 | 40.9% | 17.4% | ||
| Q3 25 | 38.1% | 24.5% | ||
| Q2 25 | 39.9% | 24.7% | ||
| Q1 25 | 34.4% | 25.9% | ||
| Q4 24 | 34.4% | 24.6% | ||
| Q3 24 | 32.4% | 27.1% | ||
| Q2 24 | 43.2% | 27.9% |
营业利润率CFMHO
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | 6.5% | ||
| Q3 25 | 35.0% | 12.0% | ||
| Q2 25 | 34.3% | 13.4% | ||
| Q1 25 | 27.4% | 14.4% | ||
| Q4 24 | 28.9% | 13.6% | ||
| Q3 24 | 26.6% | 15.9% | ||
| Q2 24 | 40.6% | 16.8% |
净利率CFMHO
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | 5.6% | ||
| Q3 25 | 27.7% | 9.4% | ||
| Q2 25 | 26.0% | 10.4% | ||
| Q1 25 | 21.1% | 11.4% | ||
| Q4 24 | 25.7% | 11.1% | ||
| Q3 24 | 24.9% | 12.7% | ||
| Q2 24 | 32.2% | 13.2% |
每股收益（稀释后）CFMHO
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $2.42 | ||
| Q3 25 | $2.19 | $3.92 | ||
| Q2 25 | $2.37 | $4.42 | ||
| Q1 25 | $1.85 | $3.98 | ||
| Q4 24 | $1.86 | $4.71 | ||
| Q3 24 | $1.55 | $5.10 | ||
| Q2 24 | $2.30 | $5.12 |
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 | — | — |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $5.3B | $3.2B |
| 总资产 | $14.6B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
总债务CFMHO
| Q1 26 | $3.2B | — | ||
| 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 | — |
股东权益CFMHO
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $3.2B | ||
| Q3 25 | $4.8B | $3.1B | ||
| Q2 25 | $5.0B | $3.1B | ||
| Q1 25 | $4.8B | $3.0B | ||
| Q4 24 | $5.0B | $2.9B | ||
| Q3 24 | $5.2B | $2.8B | ||
| Q2 24 | $5.5B | $2.7B |
总资产CFMHO
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $4.8B | ||
| Q3 25 | $14.2B | $4.8B | ||
| Q2 25 | $13.8B | $4.7B | ||
| Q1 25 | $13.3B | $4.6B | ||
| Q4 24 | $13.5B | $4.5B | ||
| Q3 24 | $13.8B | $4.5B | ||
| Q2 24 | $13.8B | $4.3B |
负债/权益比CFMHO
| Q1 26 | 0.60× | — | ||
| 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× | — |
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 | $-8.7M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-13.0M |
| 自由现金流率自由现金流/营收 | 83.2% | -1.1% |
| 资本支出强度资本支出/营收 | 11.2% | 0.4% |
| 现金转化率经营现金流/净利润 | 0.81× | -0.14× |
| 过去12个月自由现金流最近4个季度 | $3.0B | $127.7M |
8季度趋势，按日历期对齐
经营现金流CFMHO
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $-8.7M | ||
| Q3 25 | $1.1B | $43.4M | ||
| Q2 25 | $563.0M | $37.8M | ||
| Q1 25 | $586.0M | $64.9M | ||
| Q4 24 | $420.0M | $104.4M | ||
| Q3 24 | $931.0M | $-67.9M | ||
| Q2 24 | $475.0M | $27.5M |
自由现金流CFMHO
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $-13.0M | ||
| Q3 25 | $717.0M | $42.0M | ||
| Q2 25 | $318.0M | $35.1M | ||
| Q1 25 | $454.0M | $63.5M | ||
| Q4 24 | $223.0M | $102.3M | ||
| Q3 24 | $792.0M | $-68.5M | ||
| Q2 24 | $391.0M | $22.0M |
自由现金流率CFMHO
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | -1.1% | ||
| Q3 25 | 43.2% | 3.7% | ||
| Q2 25 | 16.8% | 3.0% | ||
| Q1 25 | 27.3% | 6.5% | ||
| Q4 24 | 14.6% | 8.5% | ||
| Q3 24 | 57.8% | -6.0% | ||
| Q2 24 | 24.9% | 2.0% |
资本支出强度CFMHO
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 0.4% | ||
| Q3 25 | 20.9% | 0.1% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 7.9% | 0.1% | ||
| Q4 24 | 12.9% | 0.2% | ||
| Q3 24 | 10.1% | 0.1% | ||
| Q2 24 | 5.3% | 0.5% |
现金转化率CFMHO
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | -0.14× | ||
| Q3 25 | 2.31× | 0.41× | ||
| Q2 25 | 1.14× | 0.31× | ||
| Q1 25 | 1.67× | 0.58× | ||
| Q4 24 | 1.07× | 0.78× | ||
| Q3 24 | 2.73× | -0.47× | ||
| Q2 24 | 0.94× | 0.19× |
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% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
