vs
CF Industries（CF）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是越洋钻探的1.8倍（$1.9B vs $1.0B），CF Industries净利率更高（26.4% vs 2.4%，领先24.0%），CF Industries同比增速更快（22.8% vs 9.6%），越洋钻探自由现金流更多（$321.0M vs $313.0M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
CF vs RIG — 直观对比
营收规模更大
CF
是对方的1.8倍
$1.0B
营收增速更快
CF
高出13.3%
9.6%
净利率更高
CF
高出24.0%
2.4%
自由现金流更多
RIG
多$8.0M
$313.0M
两年增速更快
RIG
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.0B |
| 净利润 | $495.0M | $25.0M |
| 毛利率 | 40.9% | 42.0% |
| 营业利润率 | 33.0% | 23.0% |
| 净利率 | 26.4% | 2.4% |
| 营收同比 | 22.8% | 9.6% |
| 净利润同比 | 26.3% | 257.1% |
| 每股收益（稀释后） | $2.56 | $0.13 |
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CFRIG
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $1.9B | $988.0M | ||
| Q1 25 | $1.7B | $906.0M | ||
| Q4 24 | $1.5B | $952.0M | ||
| Q3 24 | $1.4B | $948.0M | ||
| Q2 24 | $1.6B | $861.0M | ||
| Q1 24 | $1.5B | $763.0M |
净利润CFRIG
| Q4 25 | $495.0M | $25.0M | ||
| Q3 25 | $460.0M | $-1.9B | ||
| Q2 25 | $492.0M | $-938.0M | ||
| Q1 25 | $351.0M | $-79.0M | ||
| Q4 24 | $392.0M | $7.0M | ||
| Q3 24 | $341.0M | $-494.0M | ||
| Q2 24 | $506.0M | $-123.0M | ||
| Q1 24 | $238.0M | $98.0M |
毛利率CFRIG
| Q4 25 | 40.9% | 42.0% | ||
| Q3 25 | 38.1% | 43.2% | ||
| Q2 25 | 39.9% | 39.4% | ||
| Q1 25 | 34.4% | 31.8% | ||
| Q4 24 | 34.4% | 39.2% | ||
| Q3 24 | 32.4% | 40.6% | ||
| Q2 24 | 43.2% | 38.0% | ||
| Q1 24 | 27.8% | 31.5% |
营业利润率CFRIG
| Q4 25 | 33.0% | 23.0% | ||
| Q3 25 | 35.0% | -163.1% | ||
| Q2 25 | 34.3% | -97.6% | ||
| Q1 25 | 27.4% | 7.1% | ||
| Q4 24 | 28.9% | 13.7% | ||
| Q3 24 | 26.6% | -51.2% | ||
| Q2 24 | 40.6% | -6.9% | ||
| Q1 24 | 20.6% | -0.4% |
净利率CFRIG
| Q4 25 | 26.4% | 2.4% | ||
| Q3 25 | 27.7% | -187.1% | ||
| Q2 25 | 26.0% | -94.9% | ||
| Q1 25 | 21.1% | -8.7% | ||
| Q4 24 | 25.7% | 0.7% | ||
| Q3 24 | 24.9% | -52.1% | ||
| Q2 24 | 32.2% | -14.3% | ||
| Q1 24 | 16.2% | 12.8% |
每股收益（稀释后）CFRIG
| Q4 25 | $2.56 | $0.13 | ||
| Q3 25 | $2.19 | $-2.00 | ||
| Q2 25 | $2.37 | $-1.06 | ||
| Q1 25 | $1.85 | $-0.11 | ||
| Q4 24 | $1.86 | $-0.14 | ||
| Q3 24 | $1.55 | $-0.58 | ||
| Q2 24 | $2.30 | $-0.15 | ||
| Q1 24 | $1.03 | $0.11 |
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 | — | $620.0M |
| 总债务越低越好 | $3.2B | $5.2B |
| 股东权益账面价值 | $4.8B | $8.1B |
| 总资产 | $14.1B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资CFRIG
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $833.0M | ||
| Q2 25 | — | $377.0M | ||
| Q1 25 | — | $263.0M | ||
| Q4 24 | — | $560.0M | ||
| Q3 24 | — | $435.0M | ||
| Q2 24 | — | $475.0M | ||
| Q1 24 | — | $446.0M |
总债务CFRIG
| Q4 25 | $3.2B | $5.2B | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $3.0B | $5.9B | ||
| Q1 25 | $3.0B | $5.9B | ||
| Q4 24 | $3.0B | $6.2B | ||
| Q3 24 | $3.0B | $6.5B | ||
| Q2 24 | $3.0B | $6.8B | ||
| Q1 24 | $3.0B | $6.8B |
股东权益CFRIG
| Q4 25 | $4.8B | $8.1B | ||
| Q3 25 | $4.8B | $8.1B | ||
| Q2 25 | $5.0B | $9.4B | ||
| Q1 25 | $4.8B | $10.2B | ||
| Q4 24 | $5.0B | $10.3B | ||
| Q3 24 | $5.2B | $10.2B | ||
| Q2 24 | $5.5B | $10.7B | ||
| Q1 24 | $5.4B | $10.5B |
总资产CFRIG
| Q4 25 | $14.1B | $15.6B | ||
| Q3 25 | $14.2B | $16.2B | ||
| Q2 25 | $13.8B | $17.8B | ||
| Q1 25 | $13.3B | $19.0B | ||
| Q4 24 | $13.5B | $19.4B | ||
| Q3 24 | $13.8B | $19.5B | ||
| Q2 24 | $13.8B | $20.3B | ||
| Q1 24 | $13.9B | $19.9B |
负债/权益比CFRIG
| Q4 25 | 0.66× | 0.64× | ||
| Q3 25 | 0.61× | 0.60× | ||
| Q2 25 | 0.60× | 0.63× | ||
| Q1 25 | 0.62× | 0.58× | ||
| Q4 24 | 0.60× | 0.60× | ||
| Q3 24 | 0.57× | 0.64× | ||
| Q2 24 | 0.54× | 0.63× | ||
| Q1 24 | 0.55× | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $321.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 30.8% |
| 资本支出强度资本支出/营收 | 12.1% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.09× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $626.0M |
8季度趋势，按日历期对齐
经营现金流CFRIG
| Q4 25 | $539.0M | $349.0M | ||
| Q3 25 | $1.1B | $246.0M | ||
| Q2 25 | $563.0M | $128.0M | ||
| Q1 25 | $586.0M | $26.0M | ||
| Q4 24 | $420.0M | $206.0M | ||
| Q3 24 | $931.0M | $194.0M | ||
| Q2 24 | $475.0M | $133.0M | ||
| Q1 24 | $445.0M | $-86.0M |
自由现金流CFRIG
| Q4 25 | $313.0M | $321.0M | ||
| Q3 25 | $717.0M | $235.0M | ||
| Q2 25 | $318.0M | $104.0M | ||
| Q1 25 | $454.0M | $-34.0M | ||
| Q4 24 | $223.0M | $177.0M | ||
| Q3 24 | $792.0M | $136.0M | ||
| Q2 24 | $391.0M | $49.0M | ||
| Q1 24 | $347.0M | $-169.0M |
自由现金流率CFRIG
| Q4 25 | 16.7% | 30.8% | ||
| Q3 25 | 43.2% | 22.9% | ||
| Q2 25 | 16.8% | 10.5% | ||
| Q1 25 | 27.3% | -3.8% | ||
| Q4 24 | 14.6% | 18.6% | ||
| Q3 24 | 57.8% | 14.3% | ||
| Q2 24 | 24.9% | 5.7% | ||
| Q1 24 | 23.6% | -22.1% |
资本支出强度CFRIG
| Q4 25 | 12.1% | 2.7% | ||
| Q3 25 | 20.9% | 1.1% | ||
| Q2 25 | 13.0% | 2.4% | ||
| Q1 25 | 7.9% | 6.6% | ||
| Q4 24 | 12.9% | 3.0% | ||
| Q3 24 | 10.1% | 6.1% | ||
| Q2 24 | 5.3% | 9.8% | ||
| Q1 24 | 6.7% | 10.9% |
现金转化率CFRIG
| Q4 25 | 1.09× | 13.96× | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 29.43× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
