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CF Industries（CF）与MSC INDUSTRIAL DIRECT CO INC（MSM）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MSC INDUSTRIAL DIRECT CO INC的1.9倍（$1.9B vs $965.7M），CF Industries净利率更高（26.4% vs 5.4%，领先21.1%），CF Industries同比增速更快（22.8% vs 4.0%），CF Industries自由现金流更多（$313.0M vs $7.4M），过去两年CF Industries的营收复合增速更高（12.8% vs -3.4%）
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。
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
CF vs MSM — 直观对比
营收规模更大
CF
是对方的1.9倍
$965.7M
营收增速更快
CF
高出18.8%
4.0%
净利率更高
CF
高出21.1%
5.4%
自由现金流更多
CF
多$305.6M
$7.4M
两年增速更快
CF
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $965.7M |
| 净利润 | $495.0M | $51.8M |
| 毛利率 | 40.9% | 40.7% |
| 营业利润率 | 33.0% | 7.9% |
| 净利率 | 26.4% | 5.4% |
| 营收同比 | 22.8% | 4.0% |
| 净利润同比 | 26.3% | 11.1% |
| 每股收益（稀释后） | $2.56 | $0.93 |
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CFMSM
| Q4 25 | $1.9B | $965.7M | ||
| Q3 25 | $1.7B | $978.2M | ||
| Q2 25 | $1.9B | $971.1M | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $928.5M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.6B | $979.4M | ||
| Q1 24 | $1.5B | $935.3M |
净利润CFMSM
| Q4 25 | $495.0M | $51.8M | ||
| Q3 25 | $460.0M | $56.5M | ||
| Q2 25 | $492.0M | $56.8M | ||
| Q1 25 | $351.0M | — | ||
| Q4 24 | $392.0M | $46.6M | ||
| Q3 24 | $341.0M | — | ||
| Q2 24 | $506.0M | $71.7M | ||
| Q1 24 | $238.0M | $61.8M |
毛利率CFMSM
| Q4 25 | 40.9% | 40.7% | ||
| Q3 25 | 38.1% | 40.4% | ||
| Q2 25 | 39.9% | 41.0% | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | 40.7% | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | 40.9% | ||
| Q1 24 | 27.8% | 41.5% |
营业利润率CFMSM
| Q4 25 | 33.0% | 7.9% | ||
| Q3 25 | 35.0% | 8.6% | ||
| Q2 25 | 34.3% | 8.5% | ||
| Q1 25 | 27.4% | — | ||
| Q4 24 | 28.9% | 7.8% | ||
| Q3 24 | 26.6% | — | ||
| Q2 24 | 40.6% | 10.9% | ||
| Q1 24 | 20.6% | 9.7% |
净利率CFMSM
| Q4 25 | 26.4% | 5.4% | ||
| Q3 25 | 27.7% | 5.8% | ||
| Q2 25 | 26.0% | 5.9% | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 25.7% | 5.0% | ||
| Q3 24 | 24.9% | — | ||
| Q2 24 | 32.2% | 7.3% | ||
| Q1 24 | 16.2% | 6.6% |
每股收益（稀释后）CFMSM
| Q4 25 | $2.56 | $0.93 | ||
| Q3 25 | $2.19 | $1.02 | ||
| Q2 25 | $2.37 | $1.02 | ||
| Q1 25 | $1.85 | — | ||
| Q4 24 | $1.86 | $0.83 | ||
| Q3 24 | $1.55 | — | ||
| Q2 24 | $2.30 | $1.27 | ||
| Q1 24 | $1.03 | $1.10 |
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 | — | $40.3M |
| 总债务越低越好 | $3.2B | $214.1M |
| 股东权益账面价值 | $4.8B | $1.4B |
| 总资产 | $14.1B | $2.5B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资CFMSM
| Q4 25 | — | $40.3M | ||
| Q3 25 | — | $56.2M | ||
| Q2 25 | — | $71.7M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $57.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $25.9M | ||
| Q1 24 | — | $22.2M |
总债务CFMSM
| Q4 25 | $3.2B | $214.1M | ||
| Q3 25 | $3.0B | $168.8M | ||
| Q2 25 | $3.0B | $285.0M | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $289.9M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | $299.8M | ||
| Q1 24 | $3.0B | $294.5M |
股东权益CFMSM
| Q4 25 | $4.8B | $1.4B | ||
| Q3 25 | $4.8B | $1.4B | ||
| Q2 25 | $5.0B | $1.4B | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.0B | $1.4B | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.5B | $1.4B | ||
| Q1 24 | $5.4B | $1.4B |
总资产CFMSM
| Q4 25 | $14.1B | $2.5B | ||
| Q3 25 | $14.2B | $2.5B | ||
| Q2 25 | $13.8B | $2.5B | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $13.5B | $2.5B | ||
| Q3 24 | $13.8B | — | ||
| Q2 24 | $13.8B | $2.5B | ||
| Q1 24 | $13.9B | $2.5B |
负债/权益比CFMSM
| Q4 25 | 0.66× | 0.16× | ||
| Q3 25 | 0.61× | 0.12× | ||
| Q2 25 | 0.60× | 0.21× | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 0.21× | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | 0.21× | ||
| Q1 24 | 0.55× | 0.21× |
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 | $29.4M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $7.4M |
| 自由现金流率自由现金流/营收 | 16.7% | 0.8% |
| 资本支出强度资本支出/营收 | 12.1% | 2.3% |
| 现金转化率经营现金流/净利润 | 1.09× | 0.57× |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流CFMSM
| Q4 25 | $539.0M | $29.4M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $563.0M | $151.6M | ||
| Q1 25 | $586.0M | — | ||
| Q4 24 | $420.0M | $101.9M | ||
| Q3 24 | $931.0M | — | ||
| Q2 24 | $475.0M | $143.5M | ||
| Q1 24 | $445.0M | $78.7M |
自由现金流CFMSM
| Q4 25 | $313.0M | $7.4M | ||
| Q3 25 | $717.0M | — | ||
| Q2 25 | $318.0M | $100.7M | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | $81.7M | ||
| Q3 24 | $792.0M | — | ||
| Q2 24 | $391.0M | $114.0M | ||
| Q1 24 | $347.0M | $53.4M |
自由现金流率CFMSM
| Q4 25 | 16.7% | 0.8% | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 16.8% | 10.4% | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | 8.8% | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 24.9% | 11.6% | ||
| Q1 24 | 23.6% | 5.7% |
资本支出强度CFMSM
| Q4 25 | 12.1% | 2.3% | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 13.0% | 5.2% | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | 2.2% | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 5.3% | 3.0% | ||
| Q1 24 | 6.7% | 2.7% |
现金转化率CFMSM
| Q4 25 | 1.09× | 0.57× | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | 2.67× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 2.18× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | 2.00× | ||
| 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% |
MSM
暂无分部数据
