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CF Industries（CF）与PPL Corporation（PPL）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是CF Industries的1.3倍（$2.3B vs $1.9B），CF Industries净利率更高（26.4% vs 11.3%，领先15.1%），CF Industries同比增速更快（22.8% vs 7.2%），CF Industries自由现金流更多（$313.0M vs $-614.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 1.0%）
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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
CF vs PPL — 直观对比
营收规模更大
PPL
是对方的1.3倍
$1.9B
营收增速更快
CF
高出15.6%
7.2%
净利率更高
CF
高出15.1%
11.3%
自由现金流更多
CF
多$927.0M
$-614.0M
两年增速更快
CF
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.3B |
| 净利润 | $495.0M | $266.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 20.3% |
| 净利率 | 26.4% | 11.3% |
| 营收同比 | 22.8% | 7.2% |
| 净利润同比 | 26.3% | 50.3% |
| 每股收益（稀释后） | $2.56 | $0.35 |
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CFPPL
| Q4 25 | $1.9B | $2.3B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.7B | $2.5B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.6B | $1.9B | ||
| Q1 24 | $1.5B | $2.3B |
净利润CFPPL
| Q4 25 | $495.0M | $266.0M | ||
| Q3 25 | $460.0M | $318.0M | ||
| Q2 25 | $492.0M | $183.0M | ||
| Q1 25 | $351.0M | $414.0M | ||
| Q4 24 | $392.0M | $177.0M | ||
| Q3 24 | $341.0M | $214.0M | ||
| Q2 24 | $506.0M | $190.0M | ||
| Q1 24 | $238.0M | $307.0M |
毛利率CFPPL
| 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CFPPL
| Q4 25 | 33.0% | 20.3% | ||
| Q3 25 | 35.0% | 25.4% | ||
| Q2 25 | 34.3% | 19.9% | ||
| Q1 25 | 27.4% | 26.6% | ||
| Q4 24 | 28.9% | 17.2% | ||
| Q3 24 | 26.6% | 20.6% | ||
| Q2 24 | 40.6% | 20.8% | ||
| Q1 24 | 20.6% | 23.7% |
净利率CFPPL
| Q4 25 | 26.4% | 11.3% | ||
| Q3 25 | 27.7% | 14.2% | ||
| Q2 25 | 26.0% | 9.0% | ||
| Q1 25 | 21.1% | 16.3% | ||
| Q4 24 | 25.7% | 8.1% | ||
| Q3 24 | 24.9% | 10.3% | ||
| Q2 24 | 32.2% | 10.1% | ||
| Q1 24 | 16.2% | 13.3% |
每股收益（稀释后）CFPPL
| Q4 25 | $2.56 | $0.35 | ||
| Q3 25 | $2.19 | $0.43 | ||
| Q2 25 | $2.37 | $0.25 | ||
| Q1 25 | $1.85 | $0.56 | ||
| Q4 24 | $1.86 | $0.23 | ||
| Q3 24 | $1.55 | $0.29 | ||
| Q2 24 | $2.30 | $0.26 | ||
| Q1 24 | $1.03 | $0.42 |
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 | — | $1.1B |
| 总债务越低越好 | $3.2B | $18.9B |
| 股东权益账面价值 | $4.8B | $14.9B |
| 总资产 | $14.1B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.66× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资CFPPL
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $294.0M | ||
| Q1 25 | — | $312.0M | ||
| Q4 24 | — | $306.0M | ||
| Q3 24 | — | $542.0M | ||
| Q2 24 | — | $282.0M | ||
| Q1 24 | — | $276.0M |
总债务CFPPL
| Q4 25 | $3.2B | $18.9B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $16.5B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益CFPPL
| Q4 25 | $4.8B | $14.9B | ||
| Q3 25 | $4.8B | $14.4B | ||
| Q2 25 | $5.0B | $14.3B | ||
| Q1 25 | $4.8B | $14.3B | ||
| Q4 24 | $5.0B | $14.1B | ||
| Q3 24 | $5.2B | $14.1B | ||
| Q2 24 | $5.5B | $14.1B | ||
| Q1 24 | $5.4B | $14.1B |
总资产CFPPL
| Q4 25 | $14.1B | $45.2B | ||
| Q3 25 | $14.2B | $43.9B | ||
| Q2 25 | $13.8B | $42.4B | ||
| Q1 25 | $13.3B | $41.8B | ||
| Q4 24 | $13.5B | $41.1B | ||
| Q3 24 | $13.8B | $40.5B | ||
| Q2 24 | $13.8B | $39.8B | ||
| Q1 24 | $13.9B | $39.6B |
负债/权益比CFPPL
| Q4 25 | 0.66× | 1.27× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 1.17× | ||
| 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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $-614.0M |
| 自由现金流率自由现金流/营收 | 16.7% | -26.1% |
| 资本支出强度资本支出/营收 | 12.1% | 49.5% |
| 现金转化率经营现金流/净利润 | 1.09× | 2.06× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $-1.4B |
8季度趋势，按日历期对齐
经营现金流CFPPL
| Q4 25 | $539.0M | $548.0M | ||
| Q3 25 | $1.1B | $966.0M | ||
| Q2 25 | $563.0M | $602.0M | ||
| Q1 25 | $586.0M | $513.0M | ||
| Q4 24 | $420.0M | $511.0M | ||
| Q3 24 | $931.0M | $781.0M | ||
| Q2 24 | $475.0M | $766.0M | ||
| Q1 24 | $445.0M | $282.0M |
自由现金流CFPPL
| Q4 25 | $313.0M | $-614.0M | ||
| Q3 25 | $717.0M | $-179.0M | ||
| Q2 25 | $318.0M | $-328.0M | ||
| Q1 25 | $454.0M | $-280.0M | ||
| Q4 24 | $223.0M | $-349.0M | ||
| Q3 24 | $792.0M | $102.0M | ||
| Q2 24 | $391.0M | $96.0M | ||
| Q1 24 | $347.0M | $-314.0M |
自由现金流率CFPPL
| Q4 25 | 16.7% | -26.1% | ||
| Q3 25 | 43.2% | -8.0% | ||
| Q2 25 | 16.8% | -16.1% | ||
| Q1 25 | 27.3% | -11.0% | ||
| Q4 24 | 14.6% | -15.9% | ||
| Q3 24 | 57.8% | 4.9% | ||
| Q2 24 | 24.9% | 5.1% | ||
| Q1 24 | 23.6% | -13.6% |
资本支出强度CFPPL
| Q4 25 | 12.1% | 49.5% | ||
| Q3 25 | 20.9% | 51.2% | ||
| Q2 25 | 13.0% | 45.6% | ||
| Q1 25 | 7.9% | 31.2% | ||
| Q4 24 | 12.9% | 39.3% | ||
| Q3 24 | 10.1% | 32.7% | ||
| Q2 24 | 5.3% | 35.8% | ||
| Q1 24 | 6.7% | 25.9% |
现金转化率CFPPL
| Q4 25 | 1.09× | 2.06× | ||
| Q3 25 | 2.31× | 3.04× | ||
| Q2 25 | 1.14× | 3.29× | ||
| Q1 25 | 1.67× | 1.24× | ||
| Q4 24 | 1.07× | 2.89× | ||
| Q3 24 | 2.73× | 3.65× | ||
| Q2 24 | 0.94× | 4.03× | ||
| Q1 24 | 1.87× | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
