vs
CF Industries（CF）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是CF Industries的2.0倍（$3.7B vs $1.9B），CF Industries净利率更高（26.4% vs 20.2%，领先6.2%），SHOPIFY INC.同比增速更快（30.6% vs 22.8%），SHOPIFY INC.自由现金流更多（$715.0M vs $313.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
CF vs SHOP — 直观对比
营收规模更大
SHOP
是对方的2.0倍
$1.9B
营收增速更快
SHOP
高出7.7%
22.8%
净利率更高
CF
高出6.2%
20.2%
自由现金流更多
SHOP
多$402.0M
$313.0M
两年增速更快
SHOP
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.7B |
| 净利润 | $495.0M | $743.0M |
| 毛利率 | 40.9% | 46.1% |
| 营业利润率 | 33.0% | 17.2% |
| 净利率 | 26.4% | 20.2% |
| 营收同比 | 22.8% | 30.6% |
| 净利润同比 | 26.3% | -42.5% |
| 每股收益（稀释后） | $2.56 | $0.58 |
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CFSHOP
| Q4 25 | $1.9B | $3.7B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.9B | $2.7B | ||
| Q1 25 | $1.7B | $2.4B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
净利润CFSHOP
| Q4 25 | $495.0M | $743.0M | ||
| Q3 25 | $460.0M | $264.0M | ||
| Q2 25 | $492.0M | $906.0M | ||
| Q1 25 | $351.0M | $-682.0M | ||
| Q4 24 | $392.0M | $1.3B | ||
| Q3 24 | $341.0M | $828.0M | ||
| Q2 24 | $506.0M | $171.0M | ||
| Q1 24 | $238.0M | $-273.0M |
毛利率CFSHOP
| Q4 25 | 40.9% | 46.1% | ||
| Q3 25 | 38.1% | 48.9% | ||
| Q2 25 | 39.9% | 48.6% | ||
| Q1 25 | 34.4% | 49.5% | ||
| Q4 24 | 34.4% | 48.1% | ||
| Q3 24 | 32.4% | 51.7% | ||
| Q2 24 | 43.2% | 51.1% | ||
| Q1 24 | 27.8% | 51.4% |
营业利润率CFSHOP
| Q4 25 | 33.0% | 17.2% | ||
| Q3 25 | 35.0% | 12.1% | ||
| Q2 25 | 34.3% | 10.9% | ||
| Q1 25 | 27.4% | 8.6% | ||
| Q4 24 | 28.9% | 16.5% | ||
| Q3 24 | 26.6% | 13.1% | ||
| Q2 24 | 40.6% | 11.8% | ||
| Q1 24 | 20.6% | 4.6% |
净利率CFSHOP
| Q4 25 | 26.4% | 20.2% | ||
| Q3 25 | 27.7% | 9.3% | ||
| Q2 25 | 26.0% | 33.8% | ||
| Q1 25 | 21.1% | -28.9% | ||
| Q4 24 | 25.7% | 46.0% | ||
| Q3 24 | 24.9% | 38.3% | ||
| Q2 24 | 32.2% | 8.4% | ||
| Q1 24 | 16.2% | -14.7% |
每股收益（稀释后）CFSHOP
| Q4 25 | $2.56 | $0.58 | ||
| Q3 25 | $2.19 | $0.20 | ||
| Q2 25 | $2.37 | $0.69 | ||
| Q1 25 | $1.85 | $-0.53 | ||
| Q4 24 | $1.86 | $0.99 | ||
| Q3 24 | $1.55 | $0.64 | ||
| Q2 24 | $2.30 | $0.13 | ||
| Q1 24 | $1.03 | $-0.21 |
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 | — | $5.8B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $13.5B |
| 总资产 | $14.1B | $15.2B |
| 负债/权益比越低杠杆越低 | 0.66× | — |
8季度趋势，按日历期对齐
现金及短期投资CFSHOP
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务CFSHOP
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益CFSHOP
| Q4 25 | $4.8B | $13.5B | ||
| Q3 25 | $4.8B | $12.5B | ||
| Q2 25 | $5.0B | $12.1B | ||
| Q1 25 | $4.8B | $11.1B | ||
| Q4 24 | $5.0B | $11.6B | ||
| Q3 24 | $5.2B | $10.1B | ||
| Q2 24 | $5.5B | $9.2B | ||
| Q1 24 | $5.4B | $8.9B |
总资产CFSHOP
| Q4 25 | $14.1B | $15.2B | ||
| Q3 25 | $14.2B | $15.0B | ||
| Q2 25 | $13.8B | $14.6B | ||
| Q1 25 | $13.3B | $13.4B | ||
| Q4 24 | $13.5B | $13.9B | ||
| Q3 24 | $13.8B | — | ||
| Q2 24 | $13.8B | — | ||
| Q1 24 | $13.9B | — |
负债/权益比CFSHOP
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.55× | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 19.5% |
| 资本支出强度资本支出/营收 | 12.1% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.09× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $2.0B |
8季度趋势，按日历期对齐
经营现金流CFSHOP
| Q4 25 | $539.0M | $725.0M | ||
| Q3 25 | $1.1B | $513.0M | ||
| Q2 25 | $563.0M | $428.0M | ||
| Q1 25 | $586.0M | $367.0M | ||
| Q4 24 | $420.0M | $615.0M | ||
| Q3 24 | $931.0M | $423.0M | ||
| Q2 24 | $475.0M | $340.0M | ||
| Q1 24 | $445.0M | $238.0M |
自由现金流CFSHOP
| Q4 25 | $313.0M | $715.0M | ||
| Q3 25 | $717.0M | $507.0M | ||
| Q2 25 | $318.0M | $422.0M | ||
| Q1 25 | $454.0M | $363.0M | ||
| Q4 24 | $223.0M | $611.0M | ||
| Q3 24 | $792.0M | $421.0M | ||
| Q2 24 | $391.0M | $333.0M | ||
| Q1 24 | $347.0M | $232.0M |
自由现金流率CFSHOP
| Q4 25 | 16.7% | 19.5% | ||
| Q3 25 | 43.2% | 17.8% | ||
| Q2 25 | 16.8% | 15.7% | ||
| Q1 25 | 27.3% | 15.4% | ||
| Q4 24 | 14.6% | 21.7% | ||
| Q3 24 | 57.8% | 19.5% | ||
| Q2 24 | 24.9% | 16.3% | ||
| Q1 24 | 23.6% | 12.5% |
资本支出强度CFSHOP
| Q4 25 | 12.1% | 0.3% | ||
| Q3 25 | 20.9% | 0.2% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 7.9% | 0.2% | ||
| Q4 24 | 12.9% | 0.1% | ||
| Q3 24 | 10.1% | 0.1% | ||
| Q2 24 | 5.3% | 0.3% | ||
| Q1 24 | 6.7% | 0.3% |
现金转化率CFSHOP
| Q4 25 | 1.09× | 0.98× | ||
| Q3 25 | 2.31× | 1.94× | ||
| Q2 25 | 1.14× | 0.47× | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 0.48× | ||
| Q3 24 | 2.73× | 0.51× | ||
| Q2 24 | 0.94× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
