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CF Industries（CF）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是CF Industries的1.9倍（$3.8B vs $2.0B），CF Industries净利率更高（31.0% vs -31.8%，领先62.8%），CF Industries同比增速更快（19.4% vs -4.3%），CF Industries自由现金流更多（$1.7B vs $-583.4M），过去两年CF Industries的营收复合增速更高（12.4% vs -2.8%）
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。
EchoStar Corp曾于2004年至2011年与TiVo公司发生专利纠纷，TiVo主张前者侵犯其DVR技术相关专利。该案先后由美国得克萨斯州东区联邦地区法院、联邦巡回上诉法院审理，涉及专利侵权判定、禁令条款、侵权产品改造、藐视法庭裁定及处罚等多个争议点。
CF vs SATS — 直观对比
营收规模更大
SATS
是对方的1.9倍
$2.0B
营收增速更快
CF
高出23.7%
-4.3%
净利率更高
CF
高出62.8%
-31.8%
自由现金流更多
CF
多$2.2B
$-583.4M
两年增速更快
CF
近两年复合增速
-2.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.8B |
| 净利润 | $615.0M | $-1.2B |
| 毛利率 | 37.6% | — |
| 营业利润率 | 43.5% | -20.5% |
| 净利率 | 31.0% | -31.8% |
| 营收同比 | 19.4% | -4.3% |
| 净利润同比 | 97.1% | -460.1% |
| 每股收益（稀释后） | $3.98 | $-4.27 |
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CFSATS
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $3.8B | ||
| Q3 25 | $1.7B | $3.6B | ||
| Q2 25 | $1.9B | $3.7B | ||
| Q1 25 | $1.7B | $3.9B | ||
| Q4 24 | $1.5B | $4.0B | ||
| Q3 24 | $1.4B | $3.9B | ||
| Q2 24 | $1.6B | $4.0B |
净利润CFSATS
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $-1.2B | ||
| Q3 25 | $460.0M | $-12.8B | ||
| Q2 25 | $492.0M | $-306.1M | ||
| Q1 25 | $351.0M | $-202.7M | ||
| Q4 24 | $392.0M | $335.2M | ||
| Q3 24 | $341.0M | $-141.8M | ||
| Q2 24 | $506.0M | $-205.6M |
毛利率CFSATS
| Q1 26 | 37.6% | — | ||
| 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CFSATS
| Q1 26 | 43.5% | — | ||
| Q4 25 | 33.0% | -20.5% | ||
| Q3 25 | 35.0% | -460.5% | ||
| Q2 25 | 34.3% | -5.7% | ||
| Q1 25 | 27.4% | -2.3% | ||
| Q4 24 | 28.9% | -1.6% | ||
| Q3 24 | 26.6% | -4.1% | ||
| Q2 24 | 40.6% | -1.7% |
净利率CFSATS
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | -31.8% | ||
| Q3 25 | 27.7% | -353.6% | ||
| Q2 25 | 26.0% | -8.2% | ||
| Q1 25 | 21.1% | -5.2% | ||
| Q4 24 | 25.7% | 8.5% | ||
| Q3 24 | 24.9% | -3.6% | ||
| Q2 24 | 32.2% | -5.2% |
每股收益（稀释后）CFSATS
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $-4.27 | ||
| Q3 25 | $2.19 | $-44.37 | ||
| Q2 25 | $2.37 | $-1.06 | ||
| Q1 25 | $1.85 | $-0.71 | ||
| Q4 24 | $1.86 | $1.24 | ||
| Q3 24 | $1.55 | $-0.52 | ||
| Q2 24 | $2.30 | $-0.76 |
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 | — | $3.0B |
| 总债务越低越好 | $3.2B | $18.7B |
| 股东权益账面价值 | $5.3B | $5.8B |
| 总资产 | $14.6B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.60× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资CFSATS
| Q1 26 | — | — | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $674.4M | ||
| Q2 24 | — | $520.6M |
总债务CFSATS
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $18.7B | ||
| Q3 25 | $3.0B | $21.8B | ||
| Q2 25 | $3.0B | $25.4B | ||
| Q1 25 | $3.0B | $25.3B | ||
| Q4 24 | $3.0B | $25.7B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
股东权益CFSATS
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $5.8B | ||
| Q3 25 | $4.8B | $7.0B | ||
| Q2 25 | $5.0B | $19.7B | ||
| Q1 25 | $4.8B | $20.0B | ||
| Q4 24 | $5.0B | $20.2B | ||
| Q3 24 | $5.2B | $19.4B | ||
| Q2 24 | $5.5B | $19.6B |
总资产CFSATS
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $43.0B | ||
| Q3 25 | $14.2B | $45.3B | ||
| Q2 25 | $13.8B | $59.9B | ||
| Q1 25 | $13.3B | $60.6B | ||
| Q4 24 | $13.5B | $60.9B | ||
| Q3 24 | $13.8B | $57.5B | ||
| Q2 24 | $13.8B | $55.3B |
负债/权益比CFSATS
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.66× | 3.24× | ||
| Q3 25 | 0.61× | 3.13× | ||
| Q2 25 | 0.60× | 1.29× | ||
| Q1 25 | 0.62× | 1.27× | ||
| Q4 24 | 0.60× | 1.27× | ||
| 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 | $496.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-583.4M |
| 自由现金流率自由现金流/营收 | 83.2% | -15.4% |
| 资本支出强度资本支出/营收 | 11.2% | 4.2% |
| 现金转化率经营现金流/净利润 | 0.81× | — |
| 过去12个月自由现金流最近4个季度 | $3.0B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流CFSATS
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $-425.3M | ||
| Q3 25 | $1.1B | $111.7M | ||
| Q2 25 | $563.0M | $7.5M | ||
| Q1 25 | $586.0M | $206.8M | ||
| Q4 24 | $420.0M | $45.6M | ||
| Q3 24 | $931.0M | $276.2M | ||
| Q2 24 | $475.0M | $479.7M |
自由现金流CFSATS
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $-583.4M | ||
| Q3 25 | $717.0M | $-144.4M | ||
| Q2 25 | $318.0M | $-285.7M | ||
| Q1 25 | $454.0M | $-51.7M | ||
| Q4 24 | $223.0M | $-298.7M | ||
| Q3 24 | $792.0M | $-57.5M | ||
| Q2 24 | $391.0M | $132.4M |
自由现金流率CFSATS
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | -15.4% | ||
| Q3 25 | 43.2% | -4.0% | ||
| Q2 25 | 16.8% | -7.7% | ||
| Q1 25 | 27.3% | -1.3% | ||
| Q4 24 | 14.6% | -7.5% | ||
| Q3 24 | 57.8% | -1.5% | ||
| Q2 24 | 24.9% | 3.3% |
资本支出强度CFSATS
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 4.2% | ||
| Q3 25 | 20.9% | 7.1% | ||
| Q2 25 | 13.0% | 7.9% | ||
| Q1 25 | 7.9% | 6.7% | ||
| Q4 24 | 12.9% | 8.7% | ||
| Q3 24 | 10.1% | 8.6% | ||
| Q2 24 | 5.3% | 8.8% |
现金转化率CFSATS
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 0.14× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — |
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
| EBITDA | $1.0B | 51% |
| Other | $975.0M | 49% |
| Loss on foreign currency transactions | $3.0M | 0% |
SATS
| Pay Tv | $2.4B | 62% |
| Wireless Services And Related Revenue | $846.5M | 22% |
| Equipment Sales And Other Revenue | $346.5M | 9% |
| Broadband And Satellite Services And Other Revenue | $264.1M | 7% |
