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CF Industries（CF）与RXO, Inc.（RXO）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RXO, Inc.的1.3倍（$1.9B vs $1.5B），CF Industries净利率更高（26.4% vs -3.1%，领先29.6%），CF Industries同比增速更快（22.8% vs -11.9%），CF Industries自由现金流更多（$313.0M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
CF vs RXO — 直观对比
营收规模更大
CF
是对方的1.3倍
$1.5B
营收增速更快
CF
高出34.7%
-11.9%
净利率更高
CF
高出29.6%
-3.1%
自由现金流更多
CF
多$322.0M
$-9.0M
两年增速更快
RXO
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $495.0M | $-46.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | -2.9% |
| 净利率 | 26.4% | -3.1% |
| 营收同比 | 22.8% | -11.9% |
| 净利润同比 | 26.3% | -84.0% |
| 每股收益（稀释后） | $2.56 | $-0.28 |
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CFRXO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.6B | $930.0M | ||
| Q1 24 | $1.5B | $913.0M |
净利润CFRXO
| Q4 25 | $495.0M | $-46.0M | ||
| Q3 25 | $460.0M | $-14.0M | ||
| Q2 25 | $492.0M | $-9.0M | ||
| Q1 25 | $351.0M | $-31.0M | ||
| Q4 24 | $392.0M | $-25.0M | ||
| Q3 24 | $341.0M | $-243.0M | ||
| Q2 24 | $506.0M | $-7.0M | ||
| Q1 24 | $238.0M | $-15.0M |
毛利率CFRXO
| 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CFRXO
| Q4 25 | 33.0% | -2.9% | ||
| Q3 25 | 35.0% | -0.5% | ||
| Q2 25 | 34.3% | — | ||
| Q1 25 | 27.4% | -2.1% | ||
| Q4 24 | 28.9% | -1.4% | ||
| Q3 24 | 26.6% | -1.9% | ||
| Q2 24 | 40.6% | — | ||
| Q1 24 | 20.6% | -1.3% |
净利率CFRXO
| Q4 25 | 26.4% | -3.1% | ||
| Q3 25 | 27.7% | -1.0% | ||
| Q2 25 | 26.0% | -0.6% | ||
| Q1 25 | 21.1% | -2.2% | ||
| Q4 24 | 25.7% | -1.5% | ||
| Q3 24 | 24.9% | -23.4% | ||
| Q2 24 | 32.2% | -0.8% | ||
| Q1 24 | 16.2% | -1.6% |
每股收益（稀释后）CFRXO
| Q4 25 | $2.56 | $-0.28 | ||
| Q3 25 | $2.19 | $-0.08 | ||
| Q2 25 | $2.37 | $-0.05 | ||
| Q1 25 | $1.85 | $-0.18 | ||
| Q4 24 | $1.86 | $-0.17 | ||
| Q3 24 | $1.55 | $-1.81 | ||
| Q2 24 | $2.30 | $-0.06 | ||
| Q1 24 | $1.03 | $-0.13 |
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 | — | $17.0M |
| 总债务越低越好 | $3.2B | $387.0M |
| 股东权益账面价值 | $4.8B | $1.5B |
| 总资产 | $14.1B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CFRXO
| Q4 25 | — | $17.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $7.0M |
总债务CFRXO
| Q4 25 | $3.2B | $387.0M | ||
| Q3 25 | $3.0B | $387.0M | ||
| Q2 25 | $3.0B | $387.0M | ||
| Q1 25 | $3.0B | $387.0M | ||
| Q4 24 | $3.0B | $351.0M | ||
| Q3 24 | $3.0B | $352.0M | ||
| Q2 24 | $3.0B | $370.0M | ||
| Q1 24 | $3.0B | $351.0M |
股东权益CFRXO
| Q4 25 | $4.8B | $1.5B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $5.0B | $1.6B | ||
| Q1 25 | $4.8B | $1.6B | ||
| Q4 24 | $5.0B | $1.6B | ||
| Q3 24 | $5.2B | $1.7B | ||
| Q2 24 | $5.5B | $579.0M | ||
| Q1 24 | $5.4B | $582.0M |
总资产CFRXO
| Q4 25 | $14.1B | $3.3B | ||
| Q3 25 | $14.2B | $3.2B | ||
| Q2 25 | $13.8B | $3.2B | ||
| Q1 25 | $13.3B | $3.3B | ||
| Q4 24 | $13.5B | $3.4B | ||
| Q3 24 | $13.8B | $3.4B | ||
| Q2 24 | $13.8B | $1.8B | ||
| Q1 24 | $13.9B | $1.8B |
负债/权益比CFRXO
| Q4 25 | 0.66× | 0.25× | ||
| Q3 25 | 0.61× | 0.24× | ||
| Q2 25 | 0.60× | 0.24× | ||
| Q1 25 | 0.62× | 0.24× | ||
| Q4 24 | 0.60× | 0.22× | ||
| Q3 24 | 0.57× | 0.21× | ||
| Q2 24 | 0.54× | 0.64× | ||
| Q1 24 | 0.55× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $-9.0M |
| 自由现金流率自由现金流/营收 | 16.7% | -0.6% |
| 资本支出强度资本支出/营收 | 12.1% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流CFRXO
| Q4 25 | $539.0M | $7.0M | ||
| Q3 25 | $1.1B | $23.0M | ||
| Q2 25 | $563.0M | $23.0M | ||
| Q1 25 | $586.0M | $-2.0M | ||
| Q4 24 | $420.0M | $-7.0M | ||
| Q3 24 | $931.0M | $-7.0M | ||
| Q2 24 | $475.0M | $-5.0M | ||
| Q1 24 | $445.0M | $7.0M |
自由现金流CFRXO
| Q4 25 | $313.0M | $-9.0M | ||
| Q3 25 | $717.0M | $9.0M | ||
| Q2 25 | $318.0M | $9.0M | ||
| Q1 25 | $454.0M | $-17.0M | ||
| Q4 24 | $223.0M | $-19.0M | ||
| Q3 24 | $792.0M | $-18.0M | ||
| Q2 24 | $391.0M | $-16.0M | ||
| Q1 24 | $347.0M | $-4.0M |
自由现金流率CFRXO
| Q4 25 | 16.7% | -0.6% | ||
| Q3 25 | 43.2% | 0.6% | ||
| Q2 25 | 16.8% | 0.6% | ||
| Q1 25 | 27.3% | -1.2% | ||
| Q4 24 | 14.6% | -1.1% | ||
| Q3 24 | 57.8% | -1.7% | ||
| Q2 24 | 24.9% | -1.7% | ||
| Q1 24 | 23.6% | -0.4% |
资本支出强度CFRXO
| Q4 25 | 12.1% | 1.1% | ||
| Q3 25 | 20.9% | 1.0% | ||
| Q2 25 | 13.0% | 1.0% | ||
| Q1 25 | 7.9% | 1.0% | ||
| Q4 24 | 12.9% | 0.7% | ||
| Q3 24 | 10.1% | 1.1% | ||
| Q2 24 | 5.3% | 1.2% | ||
| Q1 24 | 6.7% | 1.2% |
现金转化率CFRXO
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | — |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
