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CF Industries（CF）与思佳讯（SWKS）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是思佳讯的1.8倍（$1.9B vs $1.0B），CF Industries净利率更高（26.4% vs 7.6%，领先18.8%），CF Industries同比增速更快（22.8% vs 8.6%），思佳讯自由现金流更多（$339.0M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs -0.5%）
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。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
CF vs SWKS — 直观对比
营收规模更大
CF
是对方的1.8倍
$1.0B
营收增速更快
CF
高出14.2%
8.6%
净利率更高
CF
高出18.8%
7.6%
自由现金流更多
SWKS
多$26.0M
$313.0M
两年增速更快
CF
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.0B |
| 净利润 | $495.0M | $79.2M |
| 毛利率 | 40.9% | 41.3% |
| 营业利润率 | 33.0% | 10.0% |
| 净利率 | 26.4% | 7.6% |
| 营收同比 | 22.8% | 8.6% |
| 净利润同比 | 26.3% | 15.3% |
| 每股收益（稀释后） | $2.56 | $0.53 |
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CFSWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.9B | $965.0M | ||
| Q1 25 | $1.7B | $953.2M | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.6B | $905.5M |
净利润CFSWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $495.0M | $141.4M | ||
| Q3 25 | $460.0M | — | ||
| Q2 25 | $492.0M | $105.0M | ||
| Q1 25 | $351.0M | $68.7M | ||
| Q4 24 | $392.0M | $162.0M | ||
| Q3 24 | $341.0M | $60.5M | ||
| Q2 24 | $506.0M | $120.9M |
毛利率CFSWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | 40.9% | 40.7% | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | 41.6% | ||
| Q1 25 | 34.4% | 41.1% | ||
| Q4 24 | 34.4% | 41.4% | ||
| Q3 24 | 32.4% | 41.9% | ||
| Q2 24 | 43.2% | 40.2% |
营业利润率CFSWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | 33.0% | 10.1% | ||
| Q3 25 | 35.0% | — | ||
| Q2 25 | 34.3% | 11.5% | ||
| Q1 25 | 27.4% | 10.2% | ||
| Q4 24 | 28.9% | 16.9% | ||
| Q3 24 | 26.6% | 5.8% | ||
| Q2 24 | 40.6% | 14.4% |
净利率CFSWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | 26.4% | 12.9% | ||
| Q3 25 | 27.7% | — | ||
| Q2 25 | 26.0% | 10.9% | ||
| Q1 25 | 21.1% | 7.2% | ||
| Q4 24 | 25.7% | 15.2% | ||
| Q3 24 | 24.9% | 5.9% | ||
| Q2 24 | 32.2% | 13.4% |
每股收益（稀释后）CFSWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | $2.56 | $0.95 | ||
| Q3 25 | $2.19 | — | ||
| Q2 25 | $2.37 | $0.70 | ||
| Q1 25 | $1.85 | $0.43 | ||
| Q4 24 | $1.86 | $1.00 | ||
| Q3 24 | $1.55 | $0.36 | ||
| Q2 24 | $2.30 | $0.75 |
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 | — | $1.6B |
| 总债务越低越好 | $3.2B | $496.6M |
| 股东权益账面价值 | $4.8B | $5.8B |
| 总资产 | $14.1B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资CFSWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.3B |
总债务CFSWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | $3.2B | $496.4M | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | $496.2M | ||
| Q1 25 | $3.0B | $995.1M | ||
| Q4 24 | $3.0B | $994.7M | ||
| Q3 24 | $3.0B | $994.3M | ||
| Q2 24 | $3.0B | $994.0M |
股东权益CFSWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $4.8B | $5.8B | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $5.0B | $5.7B | ||
| Q1 25 | $4.8B | $5.9B | ||
| Q4 24 | $5.0B | $6.4B | ||
| Q3 24 | $5.2B | $6.3B | ||
| Q2 24 | $5.5B | $6.3B |
总资产CFSWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $14.1B | $7.9B | ||
| Q3 25 | $14.2B | — | ||
| Q2 25 | $13.8B | $7.7B | ||
| Q1 25 | $13.3B | $7.9B | ||
| Q4 24 | $13.5B | $8.3B | ||
| Q3 24 | $13.8B | $8.3B | ||
| Q2 24 | $13.8B | $8.2B |
负债/权益比CFSWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | 0.66× | 0.09× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | 0.09× | ||
| Q1 25 | 0.62× | 0.17× | ||
| Q4 24 | 0.60× | 0.16× | ||
| Q3 24 | 0.57× | 0.16× | ||
| Q2 24 | 0.54× | 0.16× |
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 | $395.5M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $339.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 32.7% |
| 资本支出强度资本支出/营收 | 12.1% | 5.5% |
| 现金转化率经营现金流/净利润 | 1.09× | 4.99× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.1B |
8季度趋势，按日历期对齐
经营现金流CFSWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $539.0M | $200.0M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $563.0M | $314.2M | ||
| Q1 25 | $586.0M | $409.4M | ||
| Q4 24 | $420.0M | $377.2M | ||
| Q3 24 | $931.0M | $476.1M | ||
| Q2 24 | $475.0M | $273.4M |
自由现金流CFSWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | $313.0M | $144.0M | ||
| Q3 25 | $717.0M | — | ||
| Q2 25 | $318.0M | $252.7M | ||
| Q1 25 | $454.0M | $370.9M | ||
| Q4 24 | $223.0M | $338.2M | ||
| Q3 24 | $792.0M | $393.3M | ||
| Q2 24 | $391.0M | $249.0M |
自由现金流率CFSWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | 16.7% | 13.1% | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 16.8% | 26.2% | ||
| Q1 25 | 27.3% | 38.9% | ||
| Q4 24 | 14.6% | 31.7% | ||
| Q3 24 | 57.8% | 38.4% | ||
| Q2 24 | 24.9% | 27.5% |
资本支出强度CFSWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | 12.1% | 5.1% | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 13.0% | 6.4% | ||
| Q1 25 | 7.9% | 4.0% | ||
| Q4 24 | 12.9% | 3.6% | ||
| Q3 24 | 10.1% | 8.1% | ||
| Q2 24 | 5.3% | 2.7% |
现金转化率CFSWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | 1.09× | 1.41× | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | 2.99× | ||
| Q1 25 | 1.67× | 5.96× | ||
| Q4 24 | 1.07× | 2.33× | ||
| Q3 24 | 2.73× | 7.87× | ||
| Q2 24 | 0.94× | 2.26× |
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% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
