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CF Industries（CF）与Primoris Services Corp（PRIM）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Primoris Services Corp的1.0倍（$1.9B vs $1.9B），CF Industries净利率更高（26.4% vs 2.8%，领先23.7%），CF Industries同比增速更快（22.8% vs 6.7%），CF Industries自由现金流更多（$313.0M vs $121.1M），过去两年Primoris Services Corp的营收复合增速更高（14.7% vs 12.8%）
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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
CF vs PRIM — 直观对比
营收规模更大
CF
是对方的1.0倍
$1.9B
营收增速更快
CF
高出16.2%
6.7%
净利率更高
CF
高出23.7%
2.8%
自由现金流更多
CF
多$191.9M
$121.1M
两年增速更快
PRIM
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.9B |
| 净利润 | $495.0M | $51.7M |
| 毛利率 | 40.9% | 9.4% |
| 营业利润率 | 33.0% | 4.2% |
| 净利率 | 26.4% | 2.8% |
| 营收同比 | 22.8% | 6.7% |
| 净利润同比 | 26.3% | -4.2% |
| 每股收益（稀释后） | $2.56 | $0.94 |
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CFPRIM
| Q4 25 | $1.9B | $1.9B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.5B | $1.4B |
净利润CFPRIM
| Q4 25 | $495.0M | $51.7M | ||
| Q3 25 | $460.0M | $94.6M | ||
| Q2 25 | $492.0M | $84.3M | ||
| Q1 25 | $351.0M | $44.2M | ||
| Q4 24 | $392.0M | $54.0M | ||
| Q3 24 | $341.0M | $58.4M | ||
| Q2 24 | $506.0M | $49.5M | ||
| Q1 24 | $238.0M | $18.9M |
毛利率CFPRIM
| Q4 25 | 40.9% | 9.4% | ||
| Q3 25 | 38.1% | 10.8% | ||
| Q2 25 | 39.9% | 12.3% | ||
| Q1 25 | 34.4% | 10.4% | ||
| Q4 24 | 34.4% | 10.6% | ||
| Q3 24 | 32.4% | 12.0% | ||
| Q2 24 | 43.2% | 11.9% | ||
| Q1 24 | 27.8% | 9.4% |
营业利润率CFPRIM
| Q4 25 | 33.0% | 4.2% | ||
| Q3 25 | 35.0% | 6.3% | ||
| Q2 25 | 34.3% | 6.7% | ||
| Q1 25 | 27.4% | 4.3% | ||
| Q4 24 | 28.9% | 5.0% | ||
| Q3 24 | 26.6% | 6.0% | ||
| Q2 24 | 40.6% | 5.5% | ||
| Q1 24 | 20.6% | 3.1% |
净利率CFPRIM
| Q4 25 | 26.4% | 2.8% | ||
| Q3 25 | 27.7% | 4.3% | ||
| Q2 25 | 26.0% | 4.5% | ||
| Q1 25 | 21.1% | 2.7% | ||
| Q4 24 | 25.7% | 3.1% | ||
| Q3 24 | 24.9% | 3.5% | ||
| Q2 24 | 32.2% | 3.2% | ||
| Q1 24 | 16.2% | 1.3% |
每股收益（稀释后）CFPRIM
| Q4 25 | $2.56 | $0.94 | ||
| Q3 25 | $2.19 | $1.73 | ||
| Q2 25 | $2.37 | $1.54 | ||
| Q1 25 | $1.85 | $0.81 | ||
| Q4 24 | $1.86 | $0.98 | ||
| Q3 24 | $1.55 | $1.07 | ||
| Q2 24 | $2.30 | $0.91 | ||
| Q1 24 | $1.03 | $0.35 |
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 | — | $535.5M |
| 总债务越低越好 | $3.2B | $469.9M |
| 股东权益账面价值 | $4.8B | $1.7B |
| 总资产 | $14.1B | $4.4B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CFPRIM
| Q4 25 | — | $535.5M | ||
| Q3 25 | — | $431.4M | ||
| Q2 25 | — | $390.3M | ||
| Q1 25 | — | $351.6M | ||
| Q4 24 | — | $455.8M | ||
| Q3 24 | — | $352.7M | ||
| Q2 24 | — | $207.4M | ||
| Q1 24 | — | $177.6M |
总债务CFPRIM
| Q4 25 | $3.2B | $469.9M | ||
| Q3 25 | $3.0B | $486.0M | ||
| Q2 25 | $3.0B | $603.1M | ||
| Q1 25 | $3.0B | $612.0M | ||
| Q4 24 | $3.0B | $734.8M | ||
| Q3 24 | $3.0B | $903.7M | ||
| Q2 24 | $3.0B | $933.0M | ||
| Q1 24 | $3.0B | $951.7M |
股东权益CFPRIM
| Q4 25 | $4.8B | $1.7B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $5.0B | $1.5B | ||
| Q1 25 | $4.8B | $1.4B | ||
| Q4 24 | $5.0B | $1.4B | ||
| Q3 24 | $5.2B | $1.4B | ||
| Q2 24 | $5.5B | $1.3B | ||
| Q1 24 | $5.4B | $1.2B |
总资产CFPRIM
| Q4 25 | $14.1B | $4.4B | ||
| Q3 25 | $14.2B | $4.6B | ||
| Q2 25 | $13.8B | $4.5B | ||
| Q1 25 | $13.3B | $4.2B | ||
| Q4 24 | $13.5B | $4.2B | ||
| Q3 24 | $13.8B | $4.2B | ||
| Q2 24 | $13.8B | $4.0B | ||
| Q1 24 | $13.9B | $4.0B |
负债/权益比CFPRIM
| Q4 25 | 0.66× | 0.28× | ||
| Q3 25 | 0.61× | 0.30× | ||
| Q2 25 | 0.60× | 0.39× | ||
| Q1 25 | 0.62× | 0.42× | ||
| Q4 24 | 0.60× | 0.52× | ||
| Q3 24 | 0.57× | 0.67× | ||
| Q2 24 | 0.54× | 0.72× | ||
| Q1 24 | 0.55× | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $121.1M |
| 自由现金流率自由现金流/营收 | 16.7% | 6.5% |
| 资本支出强度资本支出/营收 | 12.1% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.09× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $340.5M |
8季度趋势，按日历期对齐
经营现金流CFPRIM
| Q4 25 | $539.0M | $142.9M | ||
| Q3 25 | $1.1B | $182.9M | ||
| Q2 25 | $563.0M | $78.5M | ||
| Q1 25 | $586.0M | $66.2M | ||
| Q4 24 | $420.0M | $298.3M | ||
| Q3 24 | $931.0M | $222.5M | ||
| Q2 24 | $475.0M | $16.1M | ||
| Q1 24 | $445.0M | $-28.5M |
自由现金流CFPRIM
| Q4 25 | $313.0M | $121.1M | ||
| Q3 25 | $717.0M | $148.4M | ||
| Q2 25 | $318.0M | $45.3M | ||
| Q1 25 | $454.0M | $25.6M | ||
| Q4 24 | $223.0M | $270.0M | ||
| Q3 24 | $792.0M | $158.8M | ||
| Q2 24 | $391.0M | $-8.1M | ||
| Q1 24 | $347.0M | $-38.9M |
自由现金流率CFPRIM
| Q4 25 | 16.7% | 6.5% | ||
| Q3 25 | 43.2% | 6.8% | ||
| Q2 25 | 16.8% | 2.4% | ||
| Q1 25 | 27.3% | 1.6% | ||
| Q4 24 | 14.6% | 15.5% | ||
| Q3 24 | 57.8% | 9.6% | ||
| Q2 24 | 24.9% | -0.5% | ||
| Q1 24 | 23.6% | -2.8% |
资本支出强度CFPRIM
| Q4 25 | 12.1% | 1.2% | ||
| Q3 25 | 20.9% | 1.6% | ||
| Q2 25 | 13.0% | 1.8% | ||
| Q1 25 | 7.9% | 2.5% | ||
| Q4 24 | 12.9% | 1.6% | ||
| Q3 24 | 10.1% | 3.9% | ||
| Q2 24 | 5.3% | 1.5% | ||
| Q1 24 | 6.7% | 0.7% |
现金转化率CFPRIM
| Q4 25 | 1.09× | 2.76× | ||
| Q3 25 | 2.31× | 1.93× | ||
| Q2 25 | 1.14× | 0.93× | ||
| Q1 25 | 1.67× | 1.50× | ||
| Q4 24 | 1.07× | 5.53× | ||
| Q3 24 | 2.73× | 3.81× | ||
| Q2 24 | 0.94× | 0.32× | ||
| Q1 24 | 1.87× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
