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CF Industries（CF）与道富集团（STT）财务数据对比。点击上方公司名可切换其他公司
道富集团的季度营收约是CF Industries的2.0倍（$3.7B vs $1.9B），CF Industries净利率更高（26.4% vs 20.4%，领先6.1%），CF Industries同比增速更快（22.8% vs 7.5%），道富集团自由现金流更多（$9.8B vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 8.1%）
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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
CF vs STT — 直观对比
营收规模更大
STT
是对方的2.0倍
$1.9B
营收增速更快
CF
高出15.4%
7.5%
净利率更高
CF
高出6.1%
20.4%
自由现金流更多
STT
多$9.5B
$313.0M
两年增速更快
CF
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.7B |
| 净利润 | $495.0M | $747.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 25.0% |
| 净利率 | 26.4% | 20.4% |
| 营收同比 | 22.8% | 7.5% |
| 净利润同比 | 26.3% | -4.6% |
| 每股收益（稀释后） | $2.56 | $2.41 |
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CFSTT
| Q4 25 | $1.9B | $3.7B | ||
| Q3 25 | $1.7B | $3.5B | ||
| Q2 25 | $1.9B | $3.4B | ||
| Q1 25 | $1.7B | $3.3B | ||
| Q4 24 | $1.5B | $3.4B | ||
| Q3 24 | $1.4B | $3.3B | ||
| Q2 24 | $1.6B | $3.2B | ||
| Q1 24 | $1.5B | $3.1B |
净利润CFSTT
| Q4 25 | $495.0M | $747.0M | ||
| Q3 25 | $460.0M | $861.0M | ||
| Q2 25 | $492.0M | $693.0M | ||
| Q1 25 | $351.0M | $644.0M | ||
| Q4 24 | $392.0M | $783.0M | ||
| Q3 24 | $341.0M | $730.0M | ||
| Q2 24 | $506.0M | $711.0M | ||
| Q1 24 | $238.0M | $463.0M |
毛利率CFSTT
| 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CFSTT
| Q4 25 | 33.0% | 25.0% | ||
| Q3 25 | 35.0% | 31.1% | ||
| Q2 25 | 34.3% | 25.8% | ||
| Q1 25 | 27.4% | 25.0% | ||
| Q4 24 | 28.9% | 28.1% | ||
| Q3 24 | 26.6% | 28.4% | ||
| Q2 24 | 40.6% | 28.6% | ||
| Q1 24 | 20.6% | 19.1% |
净利率CFSTT
| Q4 25 | 26.4% | 20.4% | ||
| Q3 25 | 27.7% | 24.3% | ||
| Q2 25 | 26.0% | 20.1% | ||
| Q1 25 | 21.1% | 19.6% | ||
| Q4 24 | 25.7% | 22.9% | ||
| Q3 24 | 24.9% | 22.4% | ||
| Q2 24 | 32.2% | 22.3% | ||
| Q1 24 | 16.2% | 14.8% |
每股收益（稀释后）CFSTT
| Q4 25 | $2.56 | $2.41 | ||
| Q3 25 | $2.19 | $2.78 | ||
| Q2 25 | $2.37 | $2.17 | ||
| Q1 25 | $1.85 | $2.04 | ||
| Q4 24 | $1.86 | $2.43 | ||
| Q3 24 | $1.55 | $2.26 | ||
| Q2 24 | $2.30 | $2.15 | ||
| Q1 24 | $1.03 | $1.37 |
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 | — |
| 股东权益账面价值 | $4.8B | $27.8B |
| 总资产 | $14.1B | $366.0B |
| 负债/权益比越低杠杆越低 | 0.66× | — |
8季度趋势，按日历期对齐
总债务CFSTT
| 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CFSTT
| Q4 25 | $4.8B | $27.8B | ||
| Q3 25 | $4.8B | $27.6B | ||
| Q2 25 | $5.0B | $27.3B | ||
| Q1 25 | $4.8B | $26.7B | ||
| Q4 24 | $5.0B | $25.3B | ||
| Q3 24 | $5.2B | $25.8B | ||
| Q2 24 | $5.5B | $24.8B | ||
| Q1 24 | $5.4B | $24.4B |
总资产CFSTT
| Q4 25 | $14.1B | $366.0B | ||
| Q3 25 | $14.2B | $371.1B | ||
| Q2 25 | $13.8B | $376.7B | ||
| Q1 25 | $13.3B | $372.7B | ||
| Q4 24 | $13.5B | $353.2B | ||
| Q3 24 | $13.8B | $338.5B | ||
| Q2 24 | $13.8B | $325.6B | ||
| Q1 24 | $13.9B | $338.0B |
负债/权益比CFSTT
| 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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $9.8B |
| 自由现金流率自由现金流/营收 | 16.7% | 266.6% |
| 资本支出强度资本支出/营收 | 12.1% | 7.3% |
| 现金转化率经营现金流/净利润 | 1.09× | 13.44× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $10.8B |
8季度趋势，按日历期对齐
经营现金流CFSTT
| Q4 25 | $539.0M | $10.0B | ||
| Q3 25 | $1.1B | $7.9B | ||
| Q2 25 | $563.0M | $-8.4B | ||
| Q1 25 | $586.0M | $2.4B | ||
| Q4 24 | $420.0M | $-7.4B | ||
| Q3 24 | $931.0M | $2.7B | ||
| Q2 24 | $475.0M | $-7.6B | ||
| Q1 24 | $445.0M | $-844.0M |
自由现金流CFSTT
| Q4 25 | $313.0M | $9.8B | ||
| Q3 25 | $717.0M | $7.7B | ||
| Q2 25 | $318.0M | $-8.8B | ||
| Q1 25 | $454.0M | $2.2B | ||
| Q4 24 | $223.0M | $-7.7B | ||
| Q3 24 | $792.0M | $2.5B | ||
| Q2 24 | $391.0M | $-7.9B | ||
| Q1 24 | $347.0M | $-1.1B |
自由现金流率CFSTT
| Q4 25 | 16.7% | 266.6% | ||
| Q3 25 | 43.2% | 216.0% | ||
| Q2 25 | 16.8% | -254.1% | ||
| Q1 25 | 27.3% | 66.1% | ||
| Q4 24 | 14.6% | -225.1% | ||
| Q3 24 | 57.8% | 75.9% | ||
| Q2 24 | 24.9% | -246.2% | ||
| Q1 24 | 23.6% | -34.2% |
资本支出强度CFSTT
| Q4 25 | 12.1% | 7.3% | ||
| Q3 25 | 20.9% | 6.9% | ||
| Q2 25 | 13.0% | 9.3% | ||
| Q1 25 | 7.9% | 6.9% | ||
| Q4 24 | 12.9% | 7.3% | ||
| Q3 24 | 10.1% | 7.2% | ||
| Q2 24 | 5.3% | 6.7% | ||
| Q1 24 | 6.7% | 7.3% |
现金转化率CFSTT
| Q4 25 | 1.09× | 13.44× | ||
| Q3 25 | 2.31× | 9.18× | ||
| Q2 25 | 1.14× | -12.18× | ||
| Q1 25 | 1.67× | 3.72× | ||
| Q4 24 | 1.07× | -9.49× | ||
| Q3 24 | 2.73× | 3.71× | ||
| Q2 24 | 0.94× | -10.75× | ||
| Q1 24 | 1.87× | -1.82× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
