vs
CF Industries（CF）与Realty Income（O）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Realty Income的1.3倍（$1.9B vs $1.5B），CF Industries净利率更高（26.4% vs 19.9%，领先6.5%），CF Industries同比增速更快（22.8% vs 11.0%），Realty Income自由现金流更多（$1.2B vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 8.6%）
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。
Realty Income是一家房地产投资信托企业，投资范围覆盖美国、英国及欧洲其他六个国家的独立单租户商业地产，旗下物业普遍采用三重净租约模式。公司注册地为美国马里兰州，总部位于加利福尼亚州圣迭戈市。
CF vs O — 直观对比
营收规模更大
CF
是对方的1.3倍
$1.5B
营收增速更快
CF
高出11.8%
11.0%
净利率更高
CF
高出6.5%
19.9%
自由现金流更多
O
多$841.0M
$313.0M
两年增速更快
CF
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $495.0M | $296.1M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 21.7% |
| 净利率 | 26.4% | 19.9% |
| 营收同比 | 22.8% | 11.0% |
| 净利润同比 | 26.3% | 48.3% |
| 每股收益（稀释后） | $2.56 | $0.32 |
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CFO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $1.3B |
净利润CFO
| Q4 25 | $495.0M | $296.1M | ||
| Q3 25 | $460.0M | $315.8M | ||
| Q2 25 | $492.0M | $196.9M | ||
| Q1 25 | $351.0M | $249.8M | ||
| Q4 24 | $392.0M | $199.6M | ||
| Q3 24 | $341.0M | $269.5M | ||
| Q2 24 | $506.0M | $259.4M | ||
| Q1 24 | $238.0M | $132.3M |
毛利率CFO
| 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CFO
| Q4 25 | 33.0% | 21.7% | ||
| Q3 25 | 35.0% | 23.2% | ||
| Q2 25 | 34.3% | 15.8% | ||
| Q1 25 | 27.4% | 19.3% | ||
| Q4 24 | 28.9% | 16.5% | ||
| Q3 24 | 26.6% | 21.5% | ||
| Q2 24 | 40.6% | 20.7% | ||
| Q1 24 | 20.6% | 11.9% |
净利率CFO
| Q4 25 | 26.4% | 19.9% | ||
| Q3 25 | 27.7% | 21.5% | ||
| Q2 25 | 26.0% | 14.0% | ||
| Q1 25 | 21.1% | 18.1% | ||
| Q4 24 | 25.7% | 14.9% | ||
| Q3 24 | 24.9% | 20.2% | ||
| Q2 24 | 32.2% | 19.4% | ||
| Q1 24 | 16.2% | 10.5% |
每股收益（稀释后）CFO
| Q4 25 | $2.56 | $0.32 | ||
| Q3 25 | $2.19 | $0.35 | ||
| Q2 25 | $2.37 | $0.22 | ||
| Q1 25 | $1.85 | $0.28 | ||
| Q4 24 | $1.86 | $0.23 | ||
| Q3 24 | $1.55 | $0.30 | ||
| Q2 24 | $2.30 | $0.29 | ||
| Q1 24 | $1.03 | $0.16 |
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 | — | $434.8M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $39.4B |
| 总资产 | $14.1B | $72.8B |
| 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CFO
| Q4 25 | — | $434.8M | ||
| Q3 25 | — | $417.2M | ||
| Q2 25 | — | $800.4M | ||
| Q1 25 | — | $319.0M | ||
| Q4 24 | — | $445.0M | ||
| Q3 24 | — | $397.0M | ||
| Q2 24 | — | $442.8M | ||
| Q1 24 | — | $680.2M |
总债务CFO
| 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 | — | ||
| Q1 24 | $3.0B | — |
股东权益CFO
| Q4 25 | $4.8B | $39.4B | ||
| Q3 25 | $4.8B | $39.1B | ||
| Q2 25 | $5.0B | $39.2B | ||
| Q1 25 | $4.8B | $39.0B | ||
| Q4 24 | $5.0B | $38.8B | ||
| Q3 24 | $5.2B | $38.5B | ||
| Q2 24 | $5.5B | $38.6B | ||
| Q1 24 | $5.4B | $39.0B |
总资产CFO
| Q4 25 | $14.1B | $72.8B | ||
| Q3 25 | $14.2B | $71.3B | ||
| Q2 25 | $13.8B | $71.4B | ||
| Q1 25 | $13.3B | $69.8B | ||
| Q4 24 | $13.5B | $68.8B | ||
| Q3 24 | $13.8B | $68.5B | ||
| Q2 24 | $13.8B | $68.1B | ||
| Q1 24 | $13.9B | $68.3B |
负债/权益比CFO
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $1.2B |
| 自由现金流率自由现金流/营收 | 16.7% | 77.6% |
| 资本支出强度资本支出/营收 | 12.1% | 3.3% |
| 现金转化率经营现金流/净利润 | 1.09× | 4.06× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $3.9B |
8季度趋势，按日历期对齐
经营现金流CFO
| Q4 25 | $539.0M | $1.2B | ||
| Q3 25 | $1.1B | $943.1M | ||
| Q2 25 | $563.0M | $1.1B | ||
| Q1 25 | $586.0M | $787.5M | ||
| Q4 24 | $420.0M | $972.0M | ||
| Q3 24 | $931.0M | $841.5M | ||
| Q2 24 | $475.0M | $981.2M | ||
| Q1 24 | $445.0M | $778.7M |
自由现金流CFO
| Q4 25 | $313.0M | $1.2B | ||
| Q3 25 | $717.0M | $909.9M | ||
| Q2 25 | $318.0M | $1.0B | ||
| Q1 25 | $454.0M | $764.6M | ||
| Q4 24 | $223.0M | $935.8M | ||
| Q3 24 | $792.0M | $807.9M | ||
| Q2 24 | $391.0M | $939.2M | ||
| Q1 24 | $347.0M | $769.0M |
自由现金流率CFO
| Q4 25 | 16.7% | 77.6% | ||
| Q3 25 | 43.2% | 61.9% | ||
| Q2 25 | 16.8% | 73.3% | ||
| Q1 25 | 27.3% | 55.4% | ||
| Q4 24 | 14.6% | 69.8% | ||
| Q3 24 | 57.8% | 60.7% | ||
| Q2 24 | 24.9% | 70.1% | ||
| Q1 24 | 23.6% | 61.0% |
资本支出强度CFO
| Q4 25 | 12.1% | 3.3% | ||
| Q3 25 | 20.9% | 2.3% | ||
| Q2 25 | 13.0% | 1.9% | ||
| Q1 25 | 7.9% | 1.7% | ||
| Q4 24 | 12.9% | 2.7% | ||
| Q3 24 | 10.1% | 2.5% | ||
| Q2 24 | 5.3% | 3.1% | ||
| Q1 24 | 6.7% | 0.8% |
现金转化率CFO
| Q4 25 | 1.09× | 4.06× | ||
| Q3 25 | 2.31× | 2.99× | ||
| Q2 25 | 1.14× | 5.39× | ||
| Q1 25 | 1.67× | 3.15× | ||
| Q4 24 | 1.07× | 4.87× | ||
| Q3 24 | 2.73× | 3.12× | ||
| Q2 24 | 0.94× | 3.78× | ||
| Q1 24 | 1.87× | 5.89× |
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% |
O
| Product And Service Retail | $900.8M | 61% |
| Other | $531.5M | 36% |
