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CF Industries（CF）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是CF Industries的1.3倍（$2.5B vs $1.9B），MPLX LP净利率更高（49.1% vs 26.4%，领先22.6%），CF Industries同比增速更快（22.8% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 6.2%）
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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
CF vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.3倍
$1.9B
营收增速更快
CF
高出21.4%
1.4%
净利率更高
MPLX
高出22.6%
26.4%
自由现金流更多
MPLX
多$469.0M
$313.0M
两年增速更快
CF
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.5B |
| 净利润 | $495.0M | $1.2B |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 60.5% |
| 净利率 | 26.4% | 49.1% |
| 营收同比 | 22.8% | 1.4% |
| 净利润同比 | 26.3% | 8.5% |
| 每股收益（稀释后） | $2.56 | — |
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CFMPLX
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.7B | $2.5B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.6B | $2.3B | ||
| Q1 24 | $1.5B | $2.2B |
净利润CFMPLX
| Q4 25 | $495.0M | $1.2B | ||
| Q3 25 | $460.0M | $1.6B | ||
| Q2 25 | $492.0M | $1.1B | ||
| Q1 25 | $351.0M | $1.1B | ||
| Q4 24 | $392.0M | $1.1B | ||
| Q3 24 | $341.0M | $1.0B | ||
| Q2 24 | $506.0M | $1.2B | ||
| Q1 24 | $238.0M | $1.0B |
毛利率CFMPLX
| 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CFMPLX
| Q4 25 | 33.0% | 60.5% | ||
| Q3 25 | 35.0% | 73.2% | ||
| Q2 25 | 34.3% | 54.9% | ||
| Q1 25 | 27.4% | 55.5% | ||
| Q4 24 | 28.9% | 55.6% | ||
| Q3 24 | 26.6% | 54.4% | ||
| Q2 24 | 40.6% | 62.9% | ||
| Q1 24 | 20.6% | 57.6% |
净利率CFMPLX
| Q4 25 | 26.4% | 49.1% | ||
| Q3 25 | 27.7% | 63.2% | ||
| Q2 25 | 26.0% | 44.9% | ||
| Q1 25 | 21.1% | 46.2% | ||
| Q4 24 | 25.7% | 45.9% | ||
| Q3 24 | 24.9% | 44.6% | ||
| Q2 24 | 32.2% | 52.6% | ||
| Q1 24 | 16.2% | 46.7% |
每股收益（稀释后）CFMPLX
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | — | ||
| Q2 25 | $2.37 | — | ||
| Q1 25 | $1.85 | — | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.55 | — | ||
| Q2 24 | $2.30 | — | ||
| Q1 24 | $1.03 | — |
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 | — | $2.1B |
| 总债务越低越好 | $3.2B | $24.2B |
| 股东权益账面价值 | $4.8B | — |
| 总资产 | $14.1B | $43.0B |
| 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CFMPLX
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $385.0M |
总债务CFMPLX
| Q4 25 | $3.2B | $24.2B | ||
| Q3 25 | $3.0B | $24.1B | ||
| Q2 25 | $3.0B | $19.7B | ||
| Q1 25 | $3.0B | $19.7B | ||
| Q4 24 | $3.0B | $19.3B | ||
| Q3 24 | $3.0B | $19.3B | ||
| Q2 24 | $3.0B | $19.2B | ||
| Q1 24 | $3.0B | $18.8B |
股东权益CFMPLX
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $5.0B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.4B | — |
总资产CFMPLX
| Q4 25 | $14.1B | $43.0B | ||
| Q3 25 | $14.2B | $43.2B | ||
| Q2 25 | $13.8B | $37.8B | ||
| Q1 25 | $13.3B | $39.0B | ||
| Q4 24 | $13.5B | $37.5B | ||
| Q3 24 | $13.8B | $38.5B | ||
| Q2 24 | $13.8B | $38.4B | ||
| Q1 24 | $13.9B | $36.5B |
负债/权益比CFMPLX
| 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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 31.9% |
| 资本支出强度资本支出/营收 | 12.1% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $4.1B |
8季度趋势，按日历期对齐
经营现金流CFMPLX
| Q4 25 | $539.0M | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $563.0M | $1.7B | ||
| Q1 25 | $586.0M | $1.2B | ||
| Q4 24 | $420.0M | $1.7B | ||
| Q3 24 | $931.0M | $1.4B | ||
| Q2 24 | $475.0M | $1.6B | ||
| Q1 24 | $445.0M | $1.3B |
自由现金流CFMPLX
| Q4 25 | $313.0M | $782.0M | ||
| Q3 25 | $717.0M | $905.0M | ||
| Q2 25 | $318.0M | $1.4B | ||
| Q1 25 | $454.0M | $979.0M | ||
| Q4 24 | $223.0M | $1.4B | ||
| Q3 24 | $792.0M | $1.1B | ||
| Q2 24 | $391.0M | $1.4B | ||
| Q1 24 | $347.0M | $1.0B |
自由现金流率CFMPLX
| Q4 25 | 16.7% | 31.9% | ||
| Q3 25 | 43.2% | 36.8% | ||
| Q2 25 | 16.8% | 60.9% | ||
| Q1 25 | 27.3% | 39.8% | ||
| Q4 24 | 14.6% | 56.6% | ||
| Q3 24 | 57.8% | 48.4% | ||
| Q2 24 | 24.9% | 60.0% | ||
| Q1 24 | 23.6% | 47.7% |
资本支出强度CFMPLX
| Q4 25 | 12.1% | 29.1% | ||
| Q3 25 | 20.9% | 21.4% | ||
| Q2 25 | 13.0% | 12.8% | ||
| Q1 25 | 7.9% | 10.9% | ||
| Q4 24 | 12.9% | 12.7% | ||
| Q3 24 | 10.1% | 11.9% | ||
| Q2 24 | 5.3% | 9.4% | ||
| Q1 24 | 6.7% | 11.7% |
现金转化率CFMPLX
| Q4 25 | 1.09× | 1.24× | ||
| Q3 25 | 2.31× | 0.92× | ||
| Q2 25 | 1.14× | 1.64× | ||
| Q1 25 | 1.67× | 1.10× | ||
| Q4 24 | 1.07× | 1.51× | ||
| Q3 24 | 2.73× | 1.35× | ||
| Q2 24 | 0.94× | 1.32× | ||
| Q1 24 | 1.87× | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
