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CF Industries（CF）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
RYDER SYSTEM INC的季度营收约是CF Industries的1.7倍（$3.1B vs $1.9B），CF Industries净利率更高（26.4% vs 3.0%，领先23.5%），CF Industries同比增速更快（22.8% vs 1.0%），CF Industries自由现金流更多（$313.0M vs $273.0M），过去两年CF Industries的营收复合增速更高（12.8% vs -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
CF vs R — 直观对比
营收规模更大
R
是对方的1.7倍
$1.9B
营收增速更快
CF
高出21.8%
1.0%
净利率更高
CF
高出23.5%
3.0%
自由现金流更多
CF
多$40.0M
$273.0M
两年增速更快
CF
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.1B |
| 净利润 | $495.0M | $93.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | — |
| 净利率 | 26.4% | 3.0% |
| 营收同比 | 22.8% | 1.0% |
| 净利润同比 | 26.3% | -5.1% |
| 每股收益（稀释后） | $2.56 | $2.34 |
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CFR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $1.7B | $3.2B | ||
| Q2 25 | $1.9B | $3.2B | ||
| Q1 25 | $1.7B | $3.1B | ||
| Q4 24 | $1.5B | $3.2B | ||
| Q3 24 | $1.4B | $3.2B | ||
| Q2 24 | $1.6B | $3.2B |
净利润CFR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $495.0M | $132.0M | ||
| Q3 25 | $460.0M | $138.0M | ||
| Q2 25 | $492.0M | $131.0M | ||
| Q1 25 | $351.0M | $98.0M | ||
| Q4 24 | $392.0M | $135.0M | ||
| Q3 24 | $341.0M | $142.0M | ||
| Q2 24 | $506.0M | $127.0M |
毛利率CFR
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CFR
| Q1 26 | — | — | ||
| Q4 25 | 33.0% | 5.6% | ||
| Q3 25 | 35.0% | 6.0% | ||
| Q2 25 | 34.3% | 5.8% | ||
| Q1 25 | 27.4% | 4.3% | ||
| Q4 24 | 28.9% | 5.7% | ||
| Q3 24 | 26.6% | 5.9% | ||
| Q2 24 | 40.6% | 5.6% |
净利率CFR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 26.4% | 4.2% | ||
| Q3 25 | 27.7% | 4.4% | ||
| Q2 25 | 26.0% | 4.1% | ||
| Q1 25 | 21.1% | 3.1% | ||
| Q4 24 | 25.7% | 4.2% | ||
| Q3 24 | 24.9% | 4.5% | ||
| Q2 24 | 32.2% | 4.0% |
每股收益（稀释后）CFR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $2.56 | $3.22 | ||
| Q3 25 | $2.19 | $3.32 | ||
| Q2 25 | $2.37 | $3.13 | ||
| Q1 25 | $1.85 | $2.27 | ||
| Q4 24 | $1.86 | $3.09 | ||
| Q3 24 | $1.55 | $3.24 | ||
| Q2 24 | $2.30 | $2.84 |
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 | — | $182.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $2.9B |
| 总资产 | $14.1B | — |
| 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CFR
| Q1 26 | — | $182.0M | ||
| Q4 25 | — | $198.0M | ||
| Q3 25 | — | $189.0M | ||
| Q2 25 | — | $180.0M | ||
| Q1 25 | — | $151.0M | ||
| Q4 24 | — | $154.0M | ||
| Q3 24 | — | $162.0M | ||
| Q2 24 | — | $164.0M |
总债务CFR
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | $6.8B | ||
| Q3 25 | $3.0B | $7.3B | ||
| Q2 25 | $3.0B | $7.0B | ||
| Q1 25 | $3.0B | $6.7B | ||
| Q4 24 | $3.0B | $6.7B | ||
| Q3 24 | $3.0B | $6.6B | ||
| Q2 24 | $3.0B | $6.5B |
股东权益CFR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $4.8B | $3.1B | ||
| Q3 25 | $4.8B | $3.1B | ||
| Q2 25 | $5.0B | $3.1B | ||
| Q1 25 | $4.8B | $3.0B | ||
| Q4 24 | $5.0B | $3.1B | ||
| Q3 24 | $5.2B | $3.1B | ||
| Q2 24 | $5.5B | $3.1B |
总资产CFR
| Q1 26 | — | — | ||
| Q4 25 | $14.1B | $16.4B | ||
| Q3 25 | $14.2B | $16.5B | ||
| Q2 25 | $13.8B | $16.5B | ||
| Q1 25 | $13.3B | $16.4B | ||
| Q4 24 | $13.5B | $16.7B | ||
| Q3 24 | $13.8B | $16.5B | ||
| Q2 24 | $13.8B | $16.4B |
负债/权益比CFR
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 2.24× | ||
| Q3 25 | 0.61× | 2.35× | ||
| Q2 25 | 0.60× | 2.27× | ||
| Q1 25 | 0.62× | 2.21× | ||
| Q4 24 | 0.60× | 2.14× | ||
| Q3 24 | 0.57× | 2.17× | ||
| Q2 24 | 0.54× | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $273.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 8.7% |
| 资本支出强度资本支出/营收 | 12.1% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.09× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $595.0M |
8季度趋势，按日历期对齐
经营现金流CFR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $539.0M | $749.0M | ||
| Q3 25 | $1.1B | $442.0M | ||
| Q2 25 | $563.0M | $752.0M | ||
| Q1 25 | $586.0M | $651.0M | ||
| Q4 24 | $420.0M | $558.0M | ||
| Q3 24 | $931.0M | $629.0M | ||
| Q2 24 | $475.0M | $552.0M |
自由现金流CFR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $313.0M | $344.0M | ||
| Q3 25 | $717.0M | $-85.0M | ||
| Q2 25 | $318.0M | $63.0M | ||
| Q1 25 | $454.0M | $137.0M | ||
| Q4 24 | $223.0M | $-201.0M | ||
| Q3 24 | $792.0M | $30.0M | ||
| Q2 24 | $391.0M | $-87.0M |
自由现金流率CFR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 16.7% | 10.8% | ||
| Q3 25 | 43.2% | -2.7% | ||
| Q2 25 | 16.8% | 2.0% | ||
| Q1 25 | 27.3% | 4.4% | ||
| Q4 24 | 14.6% | -6.3% | ||
| Q3 24 | 57.8% | 0.9% | ||
| Q2 24 | 24.9% | -2.7% |
资本支出强度CFR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 12.1% | 12.8% | ||
| Q3 25 | 20.9% | 16.6% | ||
| Q2 25 | 13.0% | 21.6% | ||
| Q1 25 | 7.9% | 16.4% | ||
| Q4 24 | 12.9% | 23.8% | ||
| Q3 24 | 10.1% | 18.9% | ||
| Q2 24 | 5.3% | 20.1% |
现金转化率CFR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 1.09× | 5.67× | ||
| Q3 25 | 2.31× | 3.20× | ||
| Q2 25 | 1.14× | 5.74× | ||
| Q1 25 | 1.67× | 6.64× | ||
| Q4 24 | 1.07× | 4.13× | ||
| Q3 24 | 2.73× | 4.43× | ||
| Q2 24 | 0.94× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
