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CF Industries（CF）与NetApp（NTAP）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NetApp的1.1倍（$1.9B vs $1.7B），CF Industries净利率更高（26.4% vs 17.9%，领先8.6%），CF Industries同比增速更快（22.8% vs 2.8%），CF Industries自由现金流更多（$313.0M vs $78.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 3.0%）
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。
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
CF vs NTAP — 直观对比
营收规模更大
CF
是对方的1.1倍
$1.7B
营收增速更快
CF
高出20.0%
2.8%
净利率更高
CF
高出8.6%
17.9%
自由现金流更多
CF
多$235.0M
$78.0M
两年增速更快
CF
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $495.0M | $305.0M |
| 毛利率 | 40.9% | 72.0% |
| 营业利润率 | 33.0% | 23.4% |
| 净利率 | 26.4% | 17.9% |
| 营收同比 | 22.8% | 2.8% |
| 净利润同比 | 26.3% | 2.0% |
| 每股收益（稀释后） | $2.56 | $1.51 |
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CFNTAP
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.6B | $1.7B | ||
| Q1 24 | $1.5B | $1.6B |
净利润CFNTAP
| Q4 25 | $495.0M | $305.0M | ||
| Q3 25 | $460.0M | $233.0M | ||
| Q2 25 | $492.0M | $340.0M | ||
| Q1 25 | $351.0M | $299.0M | ||
| Q4 24 | $392.0M | $299.0M | ||
| Q3 24 | $341.0M | $248.0M | ||
| Q2 24 | $506.0M | $291.0M | ||
| Q1 24 | $238.0M | $313.0M |
毛利率CFNTAP
| Q4 25 | 40.9% | 72.0% | ||
| Q3 25 | 38.1% | 70.4% | ||
| Q2 25 | 39.9% | 68.9% | ||
| Q1 25 | 34.4% | 69.8% | ||
| Q4 24 | 34.4% | 71.0% | ||
| Q3 24 | 32.4% | 71.3% | ||
| Q2 24 | 43.2% | 70.5% | ||
| Q1 24 | 27.8% | 71.7% |
营业利润率CFNTAP
| Q4 25 | 33.0% | 23.4% | ||
| Q3 25 | 35.0% | 19.8% | ||
| Q2 25 | 34.3% | 20.1% | ||
| Q1 25 | 27.4% | 22.1% | ||
| Q4 24 | 28.9% | 20.8% | ||
| Q3 24 | 26.6% | 18.3% | ||
| Q2 24 | 40.6% | 21.9% | ||
| Q1 24 | 20.6% | 22.8% |
净利率CFNTAP
| Q4 25 | 26.4% | 17.9% | ||
| Q3 25 | 27.7% | 14.9% | ||
| Q2 25 | 26.0% | 19.6% | ||
| Q1 25 | 21.1% | 18.2% | ||
| Q4 24 | 25.7% | 18.0% | ||
| Q3 24 | 24.9% | 16.1% | ||
| Q2 24 | 32.2% | 17.4% | ||
| Q1 24 | 16.2% | 19.5% |
每股收益（稀释后）CFNTAP
| Q4 25 | $2.56 | $1.51 | ||
| Q3 25 | $2.19 | $1.15 | ||
| Q2 25 | $2.37 | $1.64 | ||
| Q1 25 | $1.85 | $1.44 | ||
| Q4 24 | $1.86 | $1.42 | ||
| Q3 24 | $1.55 | $1.17 | ||
| Q2 24 | $2.30 | $1.36 | ||
| Q1 24 | $1.03 | $1.48 |
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 | — | $3.0B |
| 总债务越低越好 | $3.2B | $2.5B |
| 股东权益账面价值 | $4.8B | $986.0M |
| 总资产 | $14.1B | $9.6B |
| 负债/权益比越低杠杆越低 | 0.66× | 2.52× |
8季度趋势，按日历期对齐
现金及短期投资CFNTAP
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $2.9B |
总债务CFNTAP
| Q4 25 | $3.2B | $2.5B | ||
| Q3 25 | $3.0B | $2.5B | ||
| Q2 25 | $3.0B | $3.2B | ||
| Q1 25 | $3.0B | $2.0B | ||
| Q4 24 | $3.0B | $2.0B | ||
| Q3 24 | $3.0B | $2.4B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $3.0B | $2.4B |
股东权益CFNTAP
| Q4 25 | $4.8B | $986.0M | ||
| Q3 25 | $4.8B | $975.0M | ||
| Q2 25 | $5.0B | $1.0B | ||
| Q1 25 | $4.8B | $995.0M | ||
| Q4 24 | $5.0B | $892.0M | ||
| Q3 24 | $5.2B | $929.0M | ||
| Q2 24 | $5.5B | $1.1B | ||
| Q1 24 | $5.4B | $994.0M |
总资产CFNTAP
| Q4 25 | $14.1B | $9.6B | ||
| Q3 25 | $14.2B | $9.7B | ||
| Q2 25 | $13.8B | $10.8B | ||
| Q1 25 | $13.3B | $9.0B | ||
| Q4 24 | $13.5B | $9.0B | ||
| Q3 24 | $13.8B | $9.3B | ||
| Q2 24 | $13.8B | $9.9B | ||
| Q1 24 | $13.9B | $9.4B |
负债/权益比CFNTAP
| Q4 25 | 0.66× | 2.52× | ||
| Q3 25 | 0.61× | 2.55× | ||
| Q2 25 | 0.60× | 3.11× | ||
| Q1 25 | 0.62× | 2.00× | ||
| Q4 24 | 0.60× | 2.23× | ||
| Q3 24 | 0.57× | 2.58× | ||
| Q2 24 | 0.54× | 2.09× | ||
| Q1 24 | 0.55× | 2.41× |
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 | $127.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $78.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 4.6% |
| 资本支出强度资本支出/营收 | 12.1% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.09× | 0.42× |
| 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CFNTAP
| Q4 25 | $539.0M | $127.0M | ||
| Q3 25 | $1.1B | $673.0M | ||
| Q2 25 | $563.0M | — | ||
| Q1 25 | $586.0M | $385.0M | ||
| Q4 24 | $420.0M | — | ||
| Q3 24 | $931.0M | $341.0M | ||
| Q2 24 | $475.0M | $613.0M | ||
| Q1 24 | $445.0M | $484.0M |
自由现金流CFNTAP
| Q4 25 | $313.0M | $78.0M | ||
| Q3 25 | $717.0M | $620.0M | ||
| Q2 25 | $318.0M | — | ||
| Q1 25 | $454.0M | $338.0M | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | $300.0M | ||
| Q2 24 | $391.0M | $567.0M | ||
| Q1 24 | $347.0M | $448.0M |
自由现金流率CFNTAP
| Q4 25 | 16.7% | 4.6% | ||
| Q3 25 | 43.2% | 39.8% | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 27.3% | 20.6% | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | 19.5% | ||
| Q2 24 | 24.9% | 34.0% | ||
| Q1 24 | 23.6% | 27.9% |
资本支出强度CFNTAP
| Q4 25 | 12.1% | 2.9% | ||
| Q3 25 | 20.9% | 3.4% | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 7.9% | 2.9% | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | 2.7% | ||
| Q2 24 | 5.3% | 2.8% | ||
| Q1 24 | 6.7% | 2.2% |
现金转化率CFNTAP
| Q4 25 | 1.09× | 0.42× | ||
| Q3 25 | 2.31× | 2.89× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | 1.29× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.38× | ||
| Q2 24 | 0.94× | 2.11× | ||
| Q1 24 | 1.87× | 1.55× |
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% |
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
