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CF Industries（CF）与HANOVER INSURANCE GROUP, INC.（THG）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HANOVER INSURANCE GROUP, INC.的1.2倍（$2.0B vs $1.7B），CF Industries净利率更高（31.0% vs 11.0%，领先20.0%），CF Industries同比增速更快（19.4% vs 6.1%），过去两年CF Industries的营收复合增速更高（12.4% vs 5.2%）
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。
汉诺威保险集团是总部位于美国马萨诸塞州伍斯特市的保险企业，1852年成立时主营财产责任保险，以原名公开上市交易，直至上世纪90年代初更名为Allmerica财产意外伤害保险公司。
CF vs THG — 直观对比
营收规模更大
CF
是对方的1.2倍
$1.7B
营收增速更快
CF
高出13.3%
6.1%
净利率更高
CF
高出20.0%
11.0%
两年增速更快
CF
近两年复合增速
5.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.7B |
| 净利润 | $615.0M | $186.8M |
| 毛利率 | 37.6% | — |
| 营业利润率 | 43.5% | 11.1% |
| 净利率 | 31.0% | 11.0% |
| 营收同比 | 19.4% | 6.1% |
| 净利润同比 | 97.1% | 45.7% |
| 每股收益（稀释后） | $3.98 | — |
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CFTHG
| Q1 26 | $2.0B | $1.7B | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B |
净利润CFTHG
| Q1 26 | $615.0M | $186.8M | ||
| Q4 25 | $495.0M | $198.5M | ||
| Q3 25 | $460.0M | $178.7M | ||
| Q2 25 | $492.0M | $157.1M | ||
| Q1 25 | $351.0M | $128.2M | ||
| Q4 24 | $392.0M | $167.9M | ||
| Q3 24 | $341.0M | $102.1M | ||
| Q2 24 | $506.0M | $40.5M |
毛利率CFTHG
| Q1 26 | 37.6% | — | ||
| 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% | — |
营业利润率CFTHG
| Q1 26 | 43.5% | 11.1% | ||
| Q4 25 | 33.0% | 17.3% | ||
| Q3 25 | 35.0% | 14.9% | ||
| Q2 25 | 34.3% | 12.7% | ||
| Q1 25 | 27.4% | 11.6% | ||
| Q4 24 | 28.9% | 16.1% | ||
| Q3 24 | 26.6% | 9.6% | ||
| Q2 24 | 40.6% | 6.2% |
净利率CFTHG
| Q1 26 | 31.0% | 11.0% | ||
| Q4 25 | 26.4% | 11.9% | ||
| Q3 25 | 27.7% | 10.7% | ||
| Q2 25 | 26.0% | 9.5% | ||
| Q1 25 | 21.1% | 8.0% | ||
| Q4 24 | 25.7% | 10.6% | ||
| Q3 24 | 24.9% | 6.5% | ||
| Q2 24 | 32.2% | 2.6% |
每股收益（稀释后）CFTHG
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $5.46 | ||
| Q3 25 | $2.19 | $4.90 | ||
| Q2 25 | $2.37 | $4.30 | ||
| Q1 25 | $1.85 | $3.50 | ||
| Q4 24 | $1.86 | $4.60 | ||
| Q3 24 | $1.55 | $2.80 | ||
| Q2 24 | $2.30 | $1.12 |
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 | — | $243.5M |
| 总债务越低越好 | $3.2B | $843.8M |
| 股东权益账面价值 | $5.3B | $3.0B |
| 总资产 | $14.6B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CFTHG
| Q1 26 | — | $243.5M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $915.7M | ||
| Q2 25 | — | $244.1M | ||
| Q1 25 | — | $315.1M | ||
| Q4 24 | — | $435.5M | ||
| Q3 24 | — | $427.1M | ||
| Q2 24 | — | $337.6M |
总债务CFTHG
| Q1 26 | $3.2B | $843.8M | ||
| Q4 25 | $3.2B | $843.3M | ||
| Q3 25 | $3.0B | $843.0M | ||
| Q2 25 | $3.0B | $347.8M | ||
| Q1 25 | $3.0B | $722.5M | ||
| Q4 24 | $3.0B | $722.3M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
股东权益CFTHG
| Q1 26 | $5.3B | $3.0B | ||
| Q4 25 | $4.8B | $3.6B | ||
| Q3 25 | $4.8B | $3.4B | ||
| Q2 25 | $5.0B | $3.2B | ||
| Q1 25 | $4.8B | $3.0B | ||
| Q4 24 | $5.0B | $2.8B | ||
| Q3 24 | $5.2B | $2.9B | ||
| Q2 24 | $5.5B | $2.6B |
总资产CFTHG
| Q1 26 | $14.6B | $16.5B | ||
| Q4 25 | $14.1B | $16.9B | ||
| Q3 25 | $14.2B | $16.8B | ||
| Q2 25 | $13.8B | $15.7B | ||
| Q1 25 | $13.3B | $15.5B | ||
| Q4 24 | $13.5B | $15.3B | ||
| Q3 24 | $13.8B | $15.4B | ||
| Q2 24 | $13.8B | $14.9B |
负债/权益比CFTHG
| Q1 26 | 0.60× | 0.28× | ||
| Q4 25 | 0.66× | 0.24× | ||
| Q3 25 | 0.61× | 0.25× | ||
| Q2 25 | 0.60× | 0.11× | ||
| Q1 25 | 0.62× | 0.24× | ||
| Q4 24 | 0.60× | 0.25× | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — |
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 | $496.0M | — |
| 自由现金流经营现金流 - 资本支出 | $1.7B | — |
| 自由现金流率自由现金流/营收 | 83.2% | — |
| 资本支出强度资本支出/营收 | 11.2% | — |
| 现金转化率经营现金流/净利润 | 0.81× | — |
| 过去12个月自由现金流最近4个季度 | $3.0B | — |
8季度趋势，按日历期对齐
经营现金流CFTHG
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $378.2M | ||
| Q3 25 | $1.1B | $554.4M | ||
| Q2 25 | $563.0M | $206.6M | ||
| Q1 25 | $586.0M | $38.9M | ||
| Q4 24 | $420.0M | $213.5M | ||
| Q3 24 | $931.0M | $394.7M | ||
| Q2 24 | $475.0M | $139.5M |
自由现金流CFTHG
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $377.0M | ||
| Q3 25 | $717.0M | $551.4M | ||
| Q2 25 | $318.0M | $204.9M | ||
| Q1 25 | $454.0M | $37.1M | ||
| Q4 24 | $223.0M | $210.5M | ||
| Q3 24 | $792.0M | $392.3M | ||
| Q2 24 | $391.0M | $137.3M |
自由现金流率CFTHG
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | 22.6% | ||
| Q3 25 | 43.2% | 33.1% | ||
| Q2 25 | 16.8% | 12.4% | ||
| Q1 25 | 27.3% | 2.3% | ||
| Q4 24 | 14.6% | 13.3% | ||
| Q3 24 | 57.8% | 25.1% | ||
| Q2 24 | 24.9% | 8.9% |
资本支出强度CFTHG
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 0.1% | ||
| Q3 25 | 20.9% | 0.2% | ||
| Q2 25 | 13.0% | 0.1% | ||
| Q1 25 | 7.9% | 0.1% | ||
| Q4 24 | 12.9% | 0.2% | ||
| Q3 24 | 10.1% | 0.2% | ||
| Q2 24 | 5.3% | 0.1% |
现金转化率CFTHG
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | 1.91× | ||
| Q3 25 | 2.31× | 3.10× | ||
| Q2 25 | 1.14× | 1.32× | ||
| Q1 25 | 1.67× | 0.30× | ||
| Q4 24 | 1.07× | 1.27× | ||
| Q3 24 | 2.73× | 3.87× | ||
| Q2 24 | 0.94× | 3.44× |
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
| EBITDA | $1.0B | 51% |
| Other | $975.0M | 49% |
| Loss on foreign currency transactions | $3.0M | 0% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
