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CF Industries（CF）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是北极星的1.1倍（$1.9B vs $1.7B），CF Industries净利率更高（26.4% vs -2.8%，领先29.3%），CF Industries同比增速更快（22.8% vs 8.0%），CF Industries自由现金流更多（$313.0M vs $-342.5M），过去两年CF Industries的营收复合增速更高（12.8% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
CF vs PII — 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14.8%
8.0%
净利率更高
CF
高出29.3%
-2.8%
自由现金流更多
CF
多$655.5M
$-342.5M
两年增速更快
CF
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $495.0M | $-47.2M |
| 毛利率 | 40.9% | 20.2% |
| 营业利润率 | 33.0% | — |
| 净利率 | 26.4% | -2.8% |
| 营收同比 | 22.8% | 8.0% |
| 净利润同比 | 26.3% | 29.2% |
| 每股收益（稀释后） | $2.56 | $-0.83 |
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CFPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.9B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.6B | $2.0B |
净利润CFPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $495.0M | $-303.6M | ||
| Q3 25 | $460.0M | $-15.8M | ||
| Q2 25 | $492.0M | $-79.3M | ||
| Q1 25 | $351.0M | $-66.8M | ||
| Q4 24 | $392.0M | $10.6M | ||
| Q3 24 | $341.0M | $27.7M | ||
| Q2 24 | $506.0M | $68.7M |
毛利率CFPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 40.9% | 20.0% | ||
| Q3 25 | 38.1% | 20.7% | ||
| Q2 25 | 39.9% | 19.4% | ||
| Q1 25 | 34.4% | 16.0% | ||
| Q4 24 | 34.4% | 20.4% | ||
| Q3 24 | 32.4% | 20.6% | ||
| Q2 24 | 43.2% | 21.6% |
营业利润率CFPII
| Q1 26 | — | — | ||
| Q4 25 | 33.0% | -16.7% | ||
| Q3 25 | 35.0% | 1.1% | ||
| Q2 25 | 34.3% | -0.7% | ||
| Q1 25 | 27.4% | -2.4% | ||
| Q4 24 | 28.9% | 3.7% | ||
| Q3 24 | 26.6% | 3.8% | ||
| Q2 24 | 40.6% | 6.1% |
净利率CFPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 26.4% | -15.8% | ||
| Q3 25 | 27.7% | -0.9% | ||
| Q2 25 | 26.0% | -4.3% | ||
| Q1 25 | 21.1% | -4.3% | ||
| Q4 24 | 25.7% | 0.6% | ||
| Q3 24 | 24.9% | 1.6% | ||
| Q2 24 | 32.2% | 3.5% |
每股收益（稀释后）CFPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $2.56 | $-5.34 | ||
| Q3 25 | $2.19 | $-0.28 | ||
| Q2 25 | $2.37 | $-1.39 | ||
| Q1 25 | $1.85 | $-1.17 | ||
| Q4 24 | $1.86 | $0.18 | ||
| Q3 24 | $1.55 | $0.49 | ||
| Q2 24 | $2.30 | $1.21 |
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 | — | $282.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $750.4M |
| 总资产 | $14.1B | $5.2B |
| 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CFPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | — | $335.5M | ||
| Q2 25 | — | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | — | $287.8M | ||
| Q3 24 | — | $291.3M | ||
| Q2 24 | — | $322.7M |
总债务CFPII
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.0B | $1.3B | ||
| Q2 25 | $3.0B | $1.4B | ||
| Q1 25 | $3.0B | $1.6B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.7B | ||
| Q2 24 | $3.0B | $2.1B |
股东权益CFPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $4.8B | $828.4M | ||
| Q3 25 | $4.8B | $1.1B | ||
| Q2 25 | $5.0B | $1.2B | ||
| Q1 25 | $4.8B | $1.2B | ||
| Q4 24 | $5.0B | $1.3B | ||
| Q3 24 | $5.2B | $1.3B | ||
| Q2 24 | $5.5B | $1.3B |
总资产CFPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $14.1B | $4.9B | ||
| Q3 25 | $14.2B | $5.3B | ||
| Q2 25 | $13.8B | $5.4B | ||
| Q1 25 | $13.3B | $5.5B | ||
| Q4 24 | $13.5B | $5.5B | ||
| Q3 24 | $13.8B | $5.6B | ||
| Q2 24 | $13.8B | $5.7B |
负债/权益比CFPII
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 1.82× | ||
| Q3 25 | 0.61× | 1.13× | ||
| Q2 25 | 0.60× | 1.17× | ||
| Q1 25 | 0.62× | 1.32× | ||
| Q4 24 | 0.60× | 1.27× | ||
| Q3 24 | 0.57× | 1.29× | ||
| Q2 24 | 0.54× | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $-342.5M |
| 自由现金流率自由现金流/营收 | 16.7% | -20.6% |
| 资本支出强度资本支出/营收 | 12.1% | — |
| 现金转化率经营现金流/净利润 | 1.09× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | $168.0M |
8季度趋势，按日历期对齐
经营现金流CFPII
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $178.7M | ||
| Q3 25 | $1.1B | $158.8M | ||
| Q2 25 | $563.0M | $320.3M | ||
| Q1 25 | $586.0M | $83.2M | ||
| Q4 24 | $420.0M | $206.3M | ||
| Q3 24 | $931.0M | $21.0M | ||
| Q2 24 | $475.0M | $146.3M |
自由现金流CFPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $313.0M | $114.0M | ||
| Q3 25 | $717.0M | $116.7M | ||
| Q2 25 | $318.0M | $279.8M | ||
| Q1 25 | $454.0M | $47.6M | ||
| Q4 24 | $223.0M | $137.3M | ||
| Q3 24 | $792.0M | $-32.4M | ||
| Q2 24 | $391.0M | $79.1M |
自由现金流率CFPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 16.7% | 5.9% | ||
| Q3 25 | 43.2% | 6.3% | ||
| Q2 25 | 16.8% | 15.1% | ||
| Q1 25 | 27.3% | 3.1% | ||
| Q4 24 | 14.6% | 7.8% | ||
| Q3 24 | 57.8% | -1.9% | ||
| Q2 24 | 24.9% | 4.0% |
资本支出强度CFPII
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 3.4% | ||
| Q3 25 | 20.9% | 2.3% | ||
| Q2 25 | 13.0% | 2.2% | ||
| Q1 25 | 7.9% | 2.3% | ||
| Q4 24 | 12.9% | 3.9% | ||
| Q3 24 | 10.1% | 3.1% | ||
| Q2 24 | 5.3% | 3.4% |
现金转化率CFPII
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 19.46× | ||
| Q3 24 | 2.73× | 0.76× | ||
| Q2 24 | 0.94× | 2.13× |
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% |
PII
暂无分部数据
