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CF Industries（CF）与TEREX CORP（TEX）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TEREX CORP的1.4倍（$1.9B vs $1.3B），CF Industries净利率更高（26.4% vs 4.8%，领先21.7%），CF Industries同比增速更快（22.8% vs 6.2%），CF Industries自由现金流更多（$313.0M vs $171.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 1.0%）
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。
特雷克斯公司是美国知名的设备制造企业，业务遍布美洲、欧洲、澳大利亚及亚太地区，主营物料加工机械、废弃物回收处理设备、移动式高空作业平台，以及电力行业专用设备，为全球多领域客户提供专业解决方案。
CF vs TEX — 直观对比
营收规模更大
CF
是对方的1.4倍
$1.3B
营收增速更快
CF
高出16.6%
6.2%
净利率更高
CF
高出21.7%
4.8%
自由现金流更多
CF
多$142.0M
$171.0M
两年增速更快
CF
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $495.0M | $63.0M |
| 毛利率 | 40.9% | 18.8% |
| 营业利润率 | 33.0% | 10.4% |
| 净利率 | 26.4% | 4.8% |
| 营收同比 | 22.8% | 6.2% |
| 净利润同比 | 26.3% | 2963.6% |
| 每股收益（稀释后） | $2.56 | $0.95 |
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CFTEX
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.4B | ||
| Q1 24 | $1.5B | $1.3B |
净利润CFTEX
| Q4 25 | $495.0M | $63.0M | ||
| Q3 25 | $460.0M | $65.0M | ||
| Q2 25 | $492.0M | $72.0M | ||
| Q1 25 | $351.0M | $21.0M | ||
| Q4 24 | $392.0M | $-2.2M | ||
| Q3 24 | $341.0M | $88.0M | ||
| Q2 24 | $506.0M | $140.7M | ||
| Q1 24 | $238.0M | $108.5M |
毛利率CFTEX
| Q4 25 | 40.9% | 18.8% | ||
| Q3 25 | 38.1% | 20.3% | ||
| Q2 25 | 39.9% | 19.6% | ||
| Q1 25 | 34.4% | 18.7% | ||
| Q4 24 | 34.4% | 15.9% | ||
| Q3 24 | 32.4% | 20.2% | ||
| Q2 24 | 43.2% | 23.8% | ||
| Q1 24 | 27.8% | 23.0% |
营业利润率CFTEX
| Q4 25 | 33.0% | 10.4% | ||
| Q3 25 | 35.0% | 10.1% | ||
| Q2 25 | 34.3% | 8.7% | ||
| Q1 25 | 27.4% | 5.6% | ||
| Q4 24 | 28.9% | 4.2% | ||
| Q3 24 | 26.6% | 10.1% | ||
| Q2 24 | 40.6% | 14.0% | ||
| Q1 24 | 20.6% | 12.2% |
净利率CFTEX
| Q4 25 | 26.4% | 4.8% | ||
| Q3 25 | 27.7% | 4.7% | ||
| Q2 25 | 26.0% | 4.8% | ||
| Q1 25 | 21.1% | 1.7% | ||
| Q4 24 | 25.7% | -0.2% | ||
| Q3 24 | 24.9% | 7.3% | ||
| Q2 24 | 32.2% | 10.2% | ||
| Q1 24 | 16.2% | 8.4% |
每股收益（稀释后）CFTEX
| Q4 25 | $2.56 | $0.95 | ||
| Q3 25 | $2.19 | $0.98 | ||
| Q2 25 | $2.37 | $1.09 | ||
| Q1 25 | $1.85 | $0.31 | ||
| Q4 24 | $1.86 | $-0.03 | ||
| Q3 24 | $1.55 | $1.31 | ||
| Q2 24 | $2.30 | $2.08 | ||
| Q1 24 | $1.03 | $1.60 |
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 | — | $772.0M |
| 总债务越低越好 | $3.2B | $2.6B |
| 股东权益账面价值 | $4.8B | $2.1B |
| 总资产 | $14.1B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.66× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资CFTEX
| Q4 25 | — | $772.0M | ||
| Q3 25 | — | $509.0M | ||
| Q2 25 | — | $374.0M | ||
| Q1 25 | — | $298.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $319.3M | ||
| Q1 24 | — | $364.9M |
总债务CFTEX
| Q4 25 | $3.2B | $2.6B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $2.6B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益CFTEX
| Q4 25 | $4.8B | $2.1B | ||
| Q3 25 | $4.8B | $2.0B | ||
| Q2 25 | $5.0B | $2.0B | ||
| Q1 25 | $4.8B | $1.8B | ||
| Q4 24 | $5.0B | $1.8B | ||
| Q3 24 | $5.2B | $2.0B | ||
| Q2 24 | $5.5B | $1.8B | ||
| Q1 24 | $5.4B | $1.7B |
总资产CFTEX
| Q4 25 | $14.1B | $6.1B | ||
| Q3 25 | $14.2B | $6.2B | ||
| Q2 25 | $13.8B | $6.2B | ||
| Q1 25 | $13.3B | $5.8B | ||
| Q4 24 | $13.5B | $5.7B | ||
| Q3 24 | $13.8B | $3.8B | ||
| Q2 24 | $13.8B | $3.8B | ||
| Q1 24 | $13.9B | $3.8B |
负债/权益比CFTEX
| Q4 25 | 0.66× | 1.23× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 1.41× | ||
| 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 | $205.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $171.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 13.0% |
| 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× | 3.25× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $322.0M |
8季度趋势，按日历期对齐
经营现金流CFTEX
| Q4 25 | $539.0M | $205.0M | ||
| Q3 25 | $1.1B | $154.0M | ||
| Q2 25 | $563.0M | $102.0M | ||
| Q1 25 | $586.0M | $-21.0M | ||
| Q4 24 | $420.0M | $177.0M | ||
| Q3 24 | $931.0M | $116.4M | ||
| Q2 24 | $475.0M | $66.5M | ||
| Q1 24 | $445.0M | $-33.9M |
自由现金流CFTEX
| Q4 25 | $313.0M | $171.0M | ||
| Q3 25 | $717.0M | $130.0M | ||
| Q2 25 | $318.0M | $78.0M | ||
| Q1 25 | $454.0M | $-57.0M | ||
| Q4 24 | $223.0M | $128.0M | ||
| Q3 24 | $792.0M | $87.4M | ||
| Q2 24 | $391.0M | $42.5M | ||
| Q1 24 | $347.0M | $-68.9M |
自由现金流率CFTEX
| Q4 25 | 16.7% | 13.0% | ||
| Q3 25 | 43.2% | 9.4% | ||
| Q2 25 | 16.8% | 5.2% | ||
| Q1 25 | 27.3% | -4.6% | ||
| Q4 24 | 14.6% | 10.3% | ||
| Q3 24 | 57.8% | 7.2% | ||
| Q2 24 | 24.9% | 3.1% | ||
| Q1 24 | 23.6% | -5.3% |
资本支出强度CFTEX
| Q4 25 | 12.1% | 2.6% | ||
| Q3 25 | 20.9% | 1.7% | ||
| Q2 25 | 13.0% | 1.6% | ||
| Q1 25 | 7.9% | 2.9% | ||
| Q4 24 | 12.9% | 3.9% | ||
| Q3 24 | 10.1% | 2.4% | ||
| Q2 24 | 5.3% | 1.7% | ||
| Q1 24 | 6.7% | 2.7% |
现金转化率CFTEX
| Q4 25 | 1.09× | 3.25× | ||
| Q3 25 | 2.31× | 2.37× | ||
| Q2 25 | 1.14× | 1.42× | ||
| Q1 25 | 1.67× | -1.00× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.32× | ||
| Q2 24 | 0.94× | 0.47× | ||
| Q1 24 | 1.87× | -0.31× |
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% |
TEX
| Aerials Segment | $466.0M | 35% |
| Materials Processing Segment | $428.0M | 32% |
| Materials Processing Equipment | $279.0M | 21% |
| Specialty Equipment | $148.0M | 11% |
