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CF Industries（CF）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是希悦尔的1.3倍（$1.9B vs $1.4B）。CF Industries净利率更高（26.4% vs 3.1%，领先23.3%）。CF Industries同比增速更快（22.8% vs 2.6%）。CF Industries自由现金流更多（$313.0M vs $257.7M）。过去两年CF Industries的营收复合增速更高（12.8% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
CF vs SEE — 直观对比
营收规模更大
CF
是对方的1.3倍
$1.4B
营收增速更快
CF
高出20.2%
2.6%
净利率更高
CF
高出23.3%
3.1%
自由现金流更多
CF
多$55.3M
$257.7M
两年增速更快
CF
近两年复合增速
2.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.4B |
| 净利润 | $495.0M | $43.8M |
| 毛利率 | 40.9% | 28.6% |
| 营业利润率 | 33.0% | 11.4% |
| 净利率 | 26.4% | 3.1% |
| 营收同比 | 22.8% | 2.6% |
| 净利润同比 | 26.3% | 700.0% |
| 每股收益（稀释后） | $2.56 | $0.30 |
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CFSEE
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $1.3B |
净利润CFSEE
| Q4 25 | $495.0M | $43.8M | ||
| Q3 25 | $460.0M | $255.1M | ||
| Q2 25 | $492.0M | $93.1M | ||
| Q1 25 | $351.0M | $113.5M | ||
| Q4 24 | $392.0M | $-7.3M | ||
| Q3 24 | $341.0M | $91.7M | ||
| Q2 24 | $506.0M | $98.3M | ||
| Q1 24 | $238.0M | $82.0M |
毛利率CFSEE
| Q4 25 | 40.9% | 28.6% | ||
| Q3 25 | 38.1% | 29.8% | ||
| Q2 25 | 39.9% | 30.7% | ||
| Q1 25 | 34.4% | 30.9% | ||
| Q4 24 | 34.4% | 30.0% | ||
| Q3 24 | 32.4% | 30.1% | ||
| Q2 24 | 43.2% | 31.2% | ||
| Q1 24 | 27.8% | 30.3% |
营业利润率CFSEE
| Q4 25 | 33.0% | 11.4% | ||
| Q3 25 | 35.0% | 13.8% | ||
| Q2 25 | 34.3% | 15.0% | ||
| Q1 25 | 27.4% | 14.5% | ||
| Q4 24 | 28.9% | 11.7% | ||
| Q3 24 | 26.6% | 13.9% | ||
| Q2 24 | 40.6% | 15.4% | ||
| Q1 24 | 20.6% | 14.0% |
净利率CFSEE
| Q4 25 | 26.4% | 3.1% | ||
| Q3 25 | 27.7% | 19.0% | ||
| Q2 25 | 26.0% | 7.0% | ||
| Q1 25 | 21.1% | 9.0% | ||
| Q4 24 | 25.7% | -0.5% | ||
| Q3 24 | 24.9% | 6.9% | ||
| Q2 24 | 32.2% | 7.4% | ||
| Q1 24 | 16.2% | 6.2% |
每股收益（稀释后）CFSEE
| Q4 25 | $2.56 | $0.30 | ||
| Q3 25 | $2.19 | $1.73 | ||
| Q2 25 | $2.37 | $0.63 | ||
| Q1 25 | $1.85 | $0.77 | ||
| Q4 24 | $1.86 | $-0.05 | ||
| Q3 24 | $1.55 | $0.63 | ||
| Q2 24 | $2.30 | $0.67 | ||
| Q1 24 | $1.03 | $0.56 |
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 | — | $344.0M |
| 总债务越低越好 | $3.2B | $3.3B |
| 股东权益账面价值 | $4.8B | $1.2B |
| 总资产 | $14.1B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.66× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资CFSEE
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | — | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
总债务CFSEE
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $3.0B | $4.0B | ||
| Q1 25 | $3.0B | $4.2B | ||
| Q4 24 | $3.0B | $4.2B | ||
| Q3 24 | $3.0B | $4.3B | ||
| Q2 24 | $3.0B | $4.4B | ||
| Q1 24 | $3.0B | $4.5B |
股东权益CFSEE
| Q4 25 | $4.8B | $1.2B | ||
| Q3 25 | $4.8B | $1.2B | ||
| Q2 25 | $5.0B | $953.1M | ||
| Q1 25 | $4.8B | $797.9M | ||
| Q4 24 | $5.0B | $624.5M | ||
| Q3 24 | $5.2B | $771.2M | ||
| Q2 24 | $5.5B | $650.1M | ||
| Q1 24 | $5.4B | $598.3M |
总资产CFSEE
| Q4 25 | $14.1B | $7.0B | ||
| Q3 25 | $14.2B | $7.1B | ||
| Q2 25 | $13.8B | $7.2B | ||
| Q1 25 | $13.3B | $7.0B | ||
| Q4 24 | $13.5B | $7.0B | ||
| Q3 24 | $13.8B | $7.3B | ||
| Q2 24 | $13.8B | $7.3B | ||
| Q1 24 | $13.9B | $7.2B |
负债/权益比CFSEE
| Q4 25 | 0.66× | 2.65× | ||
| Q3 25 | 0.61× | 3.34× | ||
| Q2 25 | 0.60× | 4.18× | ||
| Q1 25 | 0.62× | 5.26× | ||
| Q4 24 | 0.60× | 6.72× | ||
| Q3 24 | 0.57× | 5.62× | ||
| Q2 24 | 0.54× | 6.81× | ||
| Q1 24 | 0.55× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 16.7% | 18.5% |
| 资本支出强度资本支出/营收 | 12.1% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.09× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $458.5M |
8季度趋势，按日历期对齐
经营现金流CFSEE
| Q4 25 | $539.0M | $293.6M | ||
| Q3 25 | $1.1B | $165.9M | ||
| Q2 25 | $563.0M | $136.6M | ||
| Q1 25 | $586.0M | $31.9M | ||
| Q4 24 | $420.0M | $244.2M | ||
| Q3 24 | $931.0M | $170.5M | ||
| Q2 24 | $475.0M | $188.2M | ||
| Q1 24 | $445.0M | $125.1M |
自由现金流CFSEE
| Q4 25 | $313.0M | $257.7M | ||
| Q3 25 | $717.0M | $119.6M | ||
| Q2 25 | $318.0M | $93.2M | ||
| Q1 25 | $454.0M | $-12.0M | ||
| Q4 24 | $223.0M | $185.1M | ||
| Q3 24 | $792.0M | $115.2M | ||
| Q2 24 | $391.0M | $129.5M | ||
| Q1 24 | $347.0M | $78.0M |
自由现金流率CFSEE
| Q4 25 | 16.7% | 18.5% | ||
| Q3 25 | 43.2% | 8.9% | ||
| Q2 25 | 16.8% | 7.0% | ||
| Q1 25 | 27.3% | -0.9% | ||
| Q4 24 | 14.6% | 13.6% | ||
| Q3 24 | 57.8% | 8.6% | ||
| Q2 24 | 24.9% | 9.7% | ||
| Q1 24 | 23.6% | 5.9% |
资本支出强度CFSEE
| Q4 25 | 12.1% | 2.6% | ||
| Q3 25 | 20.9% | 3.4% | ||
| Q2 25 | 13.0% | 3.3% | ||
| Q1 25 | 7.9% | 3.5% | ||
| Q4 24 | 12.9% | 4.4% | ||
| Q3 24 | 10.1% | 4.1% | ||
| Q2 24 | 5.3% | 4.4% | ||
| Q1 24 | 6.7% | 3.6% |
现金转化率CFSEE
| Q4 25 | 1.09× | 6.70× | ||
| Q3 25 | 2.31× | 0.65× | ||
| Q2 25 | 1.14× | 1.47× | ||
| Q1 25 | 1.67× | 0.28× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.86× | ||
| Q2 24 | 0.94× | 1.91× | ||
| Q1 24 | 1.87× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
