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CF Industries（CF）与Martin Marietta Materials（MLM）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Martin Marietta Materials的1.6倍（$1.9B vs $1.1B），CF Industries净利率更高（26.4% vs 24.5%，领先2.0%），CF Industries同比增速更快（22.8% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs -4.5%）
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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
CF vs MLM — 直观对比
营收规模更大
CF
是对方的1.6倍
$1.1B
营收增速更快
CF
高出53.0%
-30.1%
净利率更高
CF
高出2.0%
24.5%
自由现金流更多
MLM
多$111.0M
$313.0M
两年增速更快
CF
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.1B |
| 净利润 | $495.0M | $279.0M |
| 毛利率 | 40.9% | 35.0% |
| 营业利润率 | 33.0% | 24.6% |
| 净利率 | 26.4% | 24.5% |
| 营收同比 | 22.8% | -30.1% |
| 净利润同比 | 26.3% | -4.8% |
| 每股收益（稀释后） | $2.56 | $4.59 |
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CFMLM
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $1.5B | $1.3B |
净利润CFMLM
| Q4 25 | $495.0M | $279.0M | ||
| Q3 25 | $460.0M | $414.0M | ||
| Q2 25 | $492.0M | $328.0M | ||
| Q1 25 | $351.0M | $116.0M | ||
| Q4 24 | $392.0M | $293.0M | ||
| Q3 24 | $341.0M | $363.0M | ||
| Q2 24 | $506.0M | $294.0M | ||
| Q1 24 | $238.0M | $1.0B |
毛利率CFMLM
| Q4 25 | 40.9% | 35.0% | ||
| Q3 25 | 38.1% | 33.1% | ||
| Q2 25 | 39.9% | 30.0% | ||
| Q1 25 | 34.4% | 24.8% | ||
| Q4 24 | 34.4% | 30.0% | ||
| Q3 24 | 32.4% | 31.7% | ||
| Q2 24 | 43.2% | 29.3% | ||
| Q1 24 | 27.8% | 21.7% |
营业利润率CFMLM
| Q4 25 | 33.0% | 24.6% | ||
| Q3 25 | 35.0% | 27.4% | ||
| Q2 25 | 34.3% | 25.3% | ||
| Q1 25 | 27.4% | 14.3% | ||
| Q4 24 | 28.9% | 24.4% | ||
| Q3 24 | 26.6% | 25.9% | ||
| Q2 24 | 40.6% | 22.6% | ||
| Q1 24 | 20.6% | — |
净利率CFMLM
| Q4 25 | 26.4% | 24.5% | ||
| Q3 25 | 27.7% | 22.4% | ||
| Q2 25 | 26.0% | 18.1% | ||
| Q1 25 | 21.1% | 8.6% | ||
| Q4 24 | 25.7% | 18.0% | ||
| Q3 24 | 24.9% | 19.2% | ||
| Q2 24 | 32.2% | 16.7% | ||
| Q1 24 | 16.2% | 83.5% |
每股收益（稀释后）CFMLM
| Q4 25 | $2.56 | $4.59 | ||
| Q3 25 | $2.19 | $6.85 | ||
| Q2 25 | $2.37 | $5.43 | ||
| Q1 25 | $1.85 | $1.90 | ||
| Q4 24 | $1.86 | $4.87 | ||
| Q3 24 | $1.55 | $5.91 | ||
| Q2 24 | $2.30 | $4.76 | ||
| Q1 24 | $1.03 | $16.87 |
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 | — | $67.0M |
| 总债务越低越好 | $3.2B | $5.3B |
| 股东权益账面价值 | $4.8B | $10.0B |
| 总资产 | $14.1B | $18.7B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资CFMLM
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $57.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $670.0M | ||
| Q3 24 | — | $52.0M | ||
| Q2 24 | — | $109.0M | ||
| Q1 24 | — | $2.6B |
总债务CFMLM
| Q4 25 | $3.2B | $5.3B | ||
| Q3 25 | $3.0B | $5.5B | ||
| Q2 25 | $3.0B | $5.4B | ||
| Q1 25 | $3.0B | $5.4B | ||
| Q4 24 | $3.0B | $5.4B | ||
| Q3 24 | $3.0B | $4.0B | ||
| Q2 24 | $3.0B | $4.3B | ||
| Q1 24 | $3.0B | $4.3B |
股东权益CFMLM
| Q4 25 | $4.8B | $10.0B | ||
| Q3 25 | $4.8B | $9.7B | ||
| Q2 25 | $5.0B | $9.4B | ||
| Q1 25 | $4.8B | $9.1B | ||
| Q4 24 | $5.0B | $9.5B | ||
| Q3 24 | $5.2B | $9.2B | ||
| Q2 24 | $5.5B | $8.8B | ||
| Q1 24 | $5.4B | $8.9B |
总资产CFMLM
| Q4 25 | $14.1B | $18.7B | ||
| Q3 25 | $14.2B | $18.7B | ||
| Q2 25 | $13.8B | $18.1B | ||
| Q1 25 | $13.3B | $17.7B | ||
| Q4 24 | $13.5B | $18.2B | ||
| Q3 24 | $13.8B | $16.5B | ||
| Q2 24 | $13.8B | $16.3B | ||
| Q1 24 | $13.9B | $16.2B |
负债/权益比CFMLM
| Q4 25 | 0.66× | 0.53× | ||
| Q3 25 | 0.61× | 0.57× | ||
| Q2 25 | 0.60× | 0.58× | ||
| Q1 25 | 0.62× | 0.60× | ||
| Q4 24 | 0.60× | 0.57× | ||
| Q3 24 | 0.57× | 0.44× | ||
| Q2 24 | 0.54× | 0.49× | ||
| Q1 24 | 0.55× | 0.49× |
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 | $629.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $424.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 37.2% |
| 资本支出强度资本支出/营收 | 12.1% | 18.0% |
| 现金转化率经营现金流/净利润 | 1.09× | 2.25× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $978.0M |
8季度趋势，按日历期对齐
经营现金流CFMLM
| Q4 25 | $539.0M | $629.0M | ||
| Q3 25 | $1.1B | $551.0M | ||
| Q2 25 | $563.0M | $387.0M | ||
| Q1 25 | $586.0M | $218.0M | ||
| Q4 24 | $420.0M | $686.0M | ||
| Q3 24 | $931.0M | $600.0M | ||
| Q2 24 | $475.0M | $1.0M | ||
| Q1 24 | $445.0M | $172.0M |
自由现金流CFMLM
| Q4 25 | $313.0M | $424.0M | ||
| Q3 25 | $717.0M | $361.0M | ||
| Q2 25 | $318.0M | $208.0M | ||
| Q1 25 | $454.0M | $-15.0M | ||
| Q4 24 | $223.0M | $453.0M | ||
| Q3 24 | $792.0M | $317.0M | ||
| Q2 24 | $391.0M | $-138.0M | ||
| Q1 24 | $347.0M | $-28.0M |
自由现金流率CFMLM
| Q4 25 | 16.7% | 37.2% | ||
| Q3 25 | 43.2% | 19.6% | ||
| Q2 25 | 16.8% | 11.5% | ||
| Q1 25 | 27.3% | -1.1% | ||
| Q4 24 | 14.6% | 27.8% | ||
| Q3 24 | 57.8% | 16.8% | ||
| Q2 24 | 24.9% | -7.8% | ||
| Q1 24 | 23.6% | -2.2% |
资本支出强度CFMLM
| Q4 25 | 12.1% | 18.0% | ||
| Q3 25 | 20.9% | 10.3% | ||
| Q2 25 | 13.0% | 9.9% | ||
| Q1 25 | 7.9% | 17.2% | ||
| Q4 24 | 12.9% | 14.3% | ||
| Q3 24 | 10.1% | 15.0% | ||
| Q2 24 | 5.3% | 7.9% | ||
| Q1 24 | 6.7% | 16.0% |
现金转化率CFMLM
| Q4 25 | 1.09× | 2.25× | ||
| Q3 25 | 2.31× | 1.33× | ||
| Q2 25 | 1.14× | 1.18× | ||
| Q1 25 | 1.67× | 1.88× | ||
| Q4 24 | 1.07× | 2.34× | ||
| Q3 24 | 2.73× | 1.65× | ||
| Q2 24 | 0.94× | 0.00× | ||
| Q1 24 | 1.87× | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
