vs
CF Industries（CF）与泰瑞达（TER）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是泰瑞达的1.7倍（$1.9B vs $1.1B），CF Industries净利率更高（26.4% vs 23.7%，领先2.7%），泰瑞达同比增速更快（43.9% vs 22.8%），CF Industries自由现金流更多（$313.0M vs $218.8M），过去两年泰瑞达的营收复合增速更高（34.4% 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。
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
CF vs TER — 直观对比
营收规模更大
CF
是对方的1.7倍
$1.1B
营收增速更快
TER
高出21.1%
22.8%
净利率更高
CF
高出2.7%
23.7%
自由现金流更多
CF
多$94.2M
$218.8M
两年增速更快
TER
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.1B |
| 净利润 | $495.0M | $257.2M |
| 毛利率 | 40.9% | 57.2% |
| 营业利润率 | 33.0% | 27.1% |
| 净利率 | 26.4% | 23.7% |
| 营收同比 | 22.8% | 43.9% |
| 净利润同比 | 26.3% | 75.9% |
| 每股收益（稀释后） | $2.56 | $1.62 |
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CFTER
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.7B | $769.2M | ||
| Q2 25 | $1.9B | $651.8M | ||
| Q1 25 | $1.7B | $685.7M | ||
| Q4 24 | $1.5B | $752.9M | ||
| Q3 24 | $1.4B | $737.3M | ||
| Q2 24 | $1.6B | $729.9M | ||
| Q1 24 | $1.5B | $599.8M |
净利润CFTER
| Q4 25 | $495.0M | $257.2M | ||
| Q3 25 | $460.0M | $119.6M | ||
| Q2 25 | $492.0M | $78.4M | ||
| Q1 25 | $351.0M | $98.9M | ||
| Q4 24 | $392.0M | $146.3M | ||
| Q3 24 | $341.0M | $145.6M | ||
| Q2 24 | $506.0M | $186.3M | ||
| Q1 24 | $238.0M | $64.2M |
毛利率CFTER
| Q4 25 | 40.9% | 57.2% | ||
| Q3 25 | 38.1% | 58.4% | ||
| Q2 25 | 39.9% | 57.2% | ||
| Q1 25 | 34.4% | 60.6% | ||
| Q4 24 | 34.4% | 59.4% | ||
| Q3 24 | 32.4% | 59.2% | ||
| Q2 24 | 43.2% | 58.3% | ||
| Q1 24 | 27.8% | 56.6% |
营业利润率CFTER
| Q4 25 | 33.0% | 27.1% | ||
| Q3 25 | 35.0% | 18.9% | ||
| Q2 25 | 34.3% | 13.9% | ||
| Q1 25 | 27.4% | 17.6% | ||
| Q4 24 | 28.9% | 20.4% | ||
| Q3 24 | 26.6% | 20.6% | ||
| Q2 24 | 40.6% | 28.8% | ||
| Q1 24 | 20.6% | 13.0% |
净利率CFTER
| Q4 25 | 26.4% | 23.7% | ||
| Q3 25 | 27.7% | 15.5% | ||
| Q2 25 | 26.0% | 12.0% | ||
| Q1 25 | 21.1% | 14.4% | ||
| Q4 24 | 25.7% | 19.4% | ||
| Q3 24 | 24.9% | 19.8% | ||
| Q2 24 | 32.2% | 25.5% | ||
| Q1 24 | 16.2% | 10.7% |
每股收益（稀释后）CFTER
| Q4 25 | $2.56 | $1.62 | ||
| Q3 25 | $2.19 | $0.75 | ||
| Q2 25 | $2.37 | $0.49 | ||
| Q1 25 | $1.85 | $0.61 | ||
| Q4 24 | $1.86 | $0.89 | ||
| Q3 24 | $1.55 | $0.89 | ||
| Q2 24 | $2.30 | $1.14 | ||
| Q1 24 | $1.03 | $0.40 |
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 | — | $293.8M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $2.8B |
| 总资产 | $14.1B | $4.2B |
| 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CFTER
| Q4 25 | — | $293.8M | ||
| Q3 25 | — | $272.7M | ||
| Q2 25 | — | $339.3M | ||
| Q1 25 | — | $475.6M | ||
| Q4 24 | — | $553.4M | ||
| Q3 24 | — | $510.0M | ||
| Q2 24 | — | $421.9M | ||
| Q1 24 | — | $707.4M |
总债务CFTER
| 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CFTER
| Q4 25 | $4.8B | $2.8B | ||
| Q3 25 | $4.8B | $2.7B | ||
| Q2 25 | $5.0B | $2.8B | ||
| Q1 25 | $4.8B | $2.8B | ||
| Q4 24 | $5.0B | $2.8B | ||
| Q3 24 | $5.2B | $2.9B | ||
| Q2 24 | $5.5B | $2.7B | ||
| Q1 24 | $5.4B | $2.6B |
总资产CFTER
| Q4 25 | $14.1B | $4.2B | ||
| Q3 25 | $14.2B | $4.0B | ||
| Q2 25 | $13.8B | $3.8B | ||
| Q1 25 | $13.3B | $3.7B | ||
| Q4 24 | $13.5B | $3.7B | ||
| Q3 24 | $13.8B | $3.8B | ||
| Q2 24 | $13.8B | $3.6B | ||
| Q1 24 | $13.9B | $3.4B |
负债/权益比CFTER
| 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 | $281.6M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $218.8M |
| 自由现金流率自由现金流/营收 | 16.7% | 20.2% |
| 资本支出强度资本支出/营收 | 12.1% | 5.8% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $450.4M |
8季度趋势，按日历期对齐
经营现金流CFTER
| Q4 25 | $539.0M | $281.6M | ||
| Q3 25 | $1.1B | $49.0M | ||
| Q2 25 | $563.0M | $182.1M | ||
| Q1 25 | $586.0M | $161.6M | ||
| Q4 24 | $420.0M | $282.6M | ||
| Q3 24 | $931.0M | $166.3M | ||
| Q2 24 | $475.0M | $216.1M | ||
| Q1 24 | $445.0M | $7.3M |
自由现金流CFTER
| Q4 25 | $313.0M | $218.8M | ||
| Q3 25 | $717.0M | $2.4M | ||
| Q2 25 | $318.0M | $131.7M | ||
| Q1 25 | $454.0M | $97.6M | ||
| Q4 24 | $223.0M | $225.2M | ||
| Q3 24 | $792.0M | $114.4M | ||
| Q2 24 | $391.0M | $171.2M | ||
| Q1 24 | $347.0M | $-36.7M |
自由现金流率CFTER
| Q4 25 | 16.7% | 20.2% | ||
| Q3 25 | 43.2% | 0.3% | ||
| Q2 25 | 16.8% | 20.2% | ||
| Q1 25 | 27.3% | 14.2% | ||
| Q4 24 | 14.6% | 29.9% | ||
| Q3 24 | 57.8% | 15.5% | ||
| Q2 24 | 24.9% | 23.5% | ||
| Q1 24 | 23.6% | -6.1% |
资本支出强度CFTER
| Q4 25 | 12.1% | 5.8% | ||
| Q3 25 | 20.9% | 6.1% | ||
| Q2 25 | 13.0% | 7.7% | ||
| Q1 25 | 7.9% | 9.3% | ||
| Q4 24 | 12.9% | 7.6% | ||
| Q3 24 | 10.1% | 7.0% | ||
| Q2 24 | 5.3% | 6.1% | ||
| Q1 24 | 6.7% | 7.3% |
现金转化率CFTER
| Q4 25 | 1.09× | 1.09× | ||
| Q3 25 | 2.31× | 0.41× | ||
| Q2 25 | 1.14× | 2.32× | ||
| Q1 25 | 1.67× | 1.63× | ||
| Q4 24 | 1.07× | 1.93× | ||
| Q3 24 | 2.73× | 1.14× | ||
| Q2 24 | 0.94× | 1.16× | ||
| Q1 24 | 1.87× | 0.11× |
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% |
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
