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CF Industries（CF）与RUSH ENTERPRISES INC \TX\（RUSHA）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RUSH ENTERPRISES INC \TX\的1.1倍（$1.9B vs $1.7B），CF Industries净利率更高（26.4% vs 3.7%，领先22.8%），CF Industries同比增速更快（22.8% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
CF vs RUSHA — 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31.8%
-9.0%
净利率更高
CF
高出22.8%
3.7%
自由现金流更多
RUSHA
多$98.6M
$313.0M
两年增速更快
CF
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $495.0M | $61.7M |
| 毛利率 | 40.9% | 20.4% |
| 营业利润率 | 33.0% | 4.9% |
| 净利率 | 26.4% | 3.7% |
| 营收同比 | 22.8% | -9.0% |
| 净利润同比 | 26.3% | 1.8% |
| 每股收益（稀释后） | $2.56 | $0.77 |
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CFRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.6B | $1.9B |
净利润CFRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $495.0M | $64.3M | ||
| Q3 25 | $460.0M | $66.7M | ||
| Q2 25 | $492.0M | $72.4M | ||
| Q1 25 | $351.0M | $60.3M | ||
| Q4 24 | $392.0M | $74.8M | ||
| Q3 24 | $341.0M | $79.1M | ||
| Q2 24 | $506.0M | $78.7M |
毛利率CFRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 40.9% | 20.8% | ||
| Q3 25 | 38.1% | 21.0% | ||
| Q2 25 | 39.9% | 20.7% | ||
| Q1 25 | 34.4% | 20.3% | ||
| Q4 24 | 34.4% | 19.3% | ||
| Q3 24 | 32.4% | 21.0% | ||
| Q2 24 | 43.2% | 20.2% |
营业利润率CFRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 33.0% | 5.5% | ||
| Q3 25 | 35.0% | 5.6% | ||
| Q2 25 | 34.3% | 6.0% | ||
| Q1 25 | 27.4% | 5.2% | ||
| Q4 24 | 28.9% | 5.8% | ||
| Q3 24 | 26.6% | 6.7% | ||
| Q2 24 | 40.6% | 6.4% |
净利率CFRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 26.4% | 3.8% | ||
| Q3 25 | 27.7% | 3.7% | ||
| Q2 25 | 26.0% | 3.9% | ||
| Q1 25 | 21.1% | 3.4% | ||
| Q4 24 | 25.7% | 3.9% | ||
| Q3 24 | 24.9% | 4.4% | ||
| Q2 24 | 32.2% | 4.1% |
每股收益（稀释后）CFRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $2.56 | $0.81 | ||
| Q3 25 | $2.19 | $0.83 | ||
| Q2 25 | $2.37 | $0.90 | ||
| Q1 25 | $1.85 | $0.73 | ||
| Q4 24 | $1.86 | $-95.13 | ||
| Q3 24 | $1.55 | $0.97 | ||
| Q2 24 | $2.30 | $97.00 |
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 | — | — |
| 总债务越低越好 | $3.2B | $277.8M |
| 股东权益账面价值 | $4.8B | $2.3B |
| 总资产 | $14.1B | $4.5B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资CFRUSHA
| Q1 26 | — | — | ||
| Q4 25 | — | $212.6M | ||
| Q3 25 | — | $242.0M | ||
| Q2 25 | — | $211.1M | ||
| Q1 25 | — | $228.7M | ||
| Q4 24 | — | $228.1M | ||
| Q3 24 | — | $185.1M | ||
| Q2 24 | — | $167.3M |
总债务CFRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | $3.2B | $274.8M | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $408.4M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
股东权益CFRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $4.8B | $2.2B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $5.0B | $2.2B | ||
| Q1 25 | $4.8B | $2.2B | ||
| Q4 24 | $5.0B | $2.1B | ||
| Q3 24 | $5.2B | $2.1B | ||
| Q2 24 | $5.5B | $2.0B |
总资产CFRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $14.1B | $4.4B | ||
| Q3 25 | $14.2B | $4.6B | ||
| Q2 25 | $13.8B | $4.7B | ||
| Q1 25 | $13.3B | $4.7B | ||
| Q4 24 | $13.5B | $4.6B | ||
| Q3 24 | $13.8B | $4.6B | ||
| Q2 24 | $13.8B | $4.5B |
负债/权益比CFRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | 0.66× | 0.12× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 0.19× | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — |
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 | $411.6M |
| 自由现金流率自由现金流/营收 | 16.7% | 24.4% |
| 资本支出强度资本支出/营收 | 12.1% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流CFRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $112.9M | ||
| Q3 25 | $1.1B | $367.8M | ||
| Q2 25 | $563.0M | $227.6M | ||
| Q1 25 | $586.0M | $153.5M | ||
| Q4 24 | $420.0M | $392.3M | ||
| Q3 24 | $931.0M | $111.7M | ||
| Q2 24 | $475.0M | $270.6M |
自由现金流CFRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $313.0M | $31.9M | ||
| Q3 25 | $717.0M | $271.2M | ||
| Q2 25 | $318.0M | $113.8M | ||
| Q1 25 | $454.0M | $45.1M | ||
| Q4 24 | $223.0M | $263.5M | ||
| Q3 24 | $792.0M | $-20.0M | ||
| Q2 24 | $391.0M | $177.2M |
自由现金流率CFRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 16.7% | 1.9% | ||
| Q3 25 | 43.2% | 15.2% | ||
| Q2 25 | 16.8% | 6.2% | ||
| Q1 25 | 27.3% | 2.6% | ||
| Q4 24 | 14.6% | 13.7% | ||
| Q3 24 | 57.8% | -1.1% | ||
| Q2 24 | 24.9% | 9.1% |
资本支出强度CFRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 12.1% | 4.8% | ||
| Q3 25 | 20.9% | 5.4% | ||
| Q2 25 | 13.0% | 6.2% | ||
| Q1 25 | 7.9% | 6.2% | ||
| Q4 24 | 12.9% | 6.7% | ||
| Q3 24 | 10.1% | 7.3% | ||
| Q2 24 | 5.3% | 4.8% |
现金转化率CFRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 1.75× | ||
| Q3 25 | 2.31× | 5.51× | ||
| Q2 25 | 1.14× | 3.14× | ||
| Q1 25 | 1.67× | 2.55× | ||
| Q4 24 | 1.07× | 5.25× | ||
| Q3 24 | 2.73× | 1.41× | ||
| Q2 24 | 0.94× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
