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CF Industries（CF）与Taylor Morrison Home Corp（TMHC）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Taylor Morrison Home Corp的1.3倍（$1.9B vs $1.4B），CF Industries净利率更高（26.4% vs 7.1%，领先19.3%），CF Industries同比增速更快（22.8% vs -26.8%），过去两年CF Industries的营收复合增速更高（12.8% vs -16.5%）
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。
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
CF vs TMHC — 直观对比
营收规模更大
CF
是对方的1.3倍
$1.4B
营收增速更快
CF
高出49.7%
-26.8%
净利率更高
CF
高出19.3%
7.1%
两年增速更快
CF
近两年复合增速
-16.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.4B |
| 净利润 | $495.0M | $98.6M |
| 毛利率 | 40.9% | 21.0% |
| 营业利润率 | 33.0% | — |
| 净利率 | 26.4% | 7.1% |
| 营收同比 | 22.8% | -26.8% |
| 净利润同比 | 26.3% | -53.8% |
| 每股收益（稀释后） | $2.56 | $1.12 |
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CFTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.6B | $2.0B |
净利润CFTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $495.0M | $174.0M | ||
| Q3 25 | $460.0M | $201.4M | ||
| Q2 25 | $492.0M | $193.6M | ||
| Q1 25 | $351.0M | $213.5M | ||
| Q4 24 | $392.0M | $242.5M | ||
| Q3 24 | $341.0M | $251.1M | ||
| Q2 24 | $506.0M | $199.5M |
毛利率CFTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | 40.9% | 22.0% | ||
| Q3 25 | 38.1% | 22.7% | ||
| Q2 25 | 39.9% | 23.0% | ||
| Q1 25 | 34.4% | 24.4% | ||
| Q4 24 | 34.4% | 23.9% | ||
| Q3 24 | 32.4% | 25.0% | ||
| Q2 24 | 43.2% | 23.7% |
营业利润率CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | 33.0% | — | ||
| Q3 25 | 35.0% | — | ||
| Q2 25 | 34.3% | — | ||
| Q1 25 | 27.4% | — | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 26.6% | — | ||
| Q2 24 | 40.6% | — |
净利率CFTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | 26.4% | 8.3% | ||
| Q3 25 | 27.7% | 9.6% | ||
| Q2 25 | 26.0% | 9.5% | ||
| Q1 25 | 21.1% | 11.3% | ||
| Q4 24 | 25.7% | 10.3% | ||
| Q3 24 | 24.9% | 11.8% | ||
| Q2 24 | 32.2% | 10.0% |
每股收益（稀释后）CFTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | $2.56 | $1.77 | ||
| Q3 25 | $2.19 | $2.01 | ||
| Q2 25 | $2.37 | $1.92 | ||
| Q1 25 | $1.85 | $2.07 | ||
| Q4 24 | $1.86 | $2.29 | ||
| Q3 24 | $1.55 | $2.37 | ||
| Q2 24 | $2.30 | $1.86 |
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 | — | $652.9M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $6.2B |
| 总资产 | $14.1B | $9.8B |
| 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CFTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | — | $850.0M | ||
| Q3 25 | — | $370.6M | ||
| Q2 25 | — | $130.2M | ||
| Q1 25 | — | $377.8M | ||
| Q4 24 | — | $487.2M | ||
| Q3 24 | — | $256.4M | ||
| Q2 24 | — | $246.8M |
总债务CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | $2.3B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $3.0B | $2.1B | ||
| Q1 25 | $3.0B | $2.1B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $3.0B | $2.1B | ||
| Q2 24 | $3.0B | $2.2B |
股东权益CFTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | $4.8B | $6.3B | ||
| Q3 25 | $4.8B | $6.2B | ||
| Q2 25 | $5.0B | $6.1B | ||
| Q1 25 | $4.8B | $6.0B | ||
| Q4 24 | $5.0B | $5.9B | ||
| Q3 24 | $5.2B | $5.7B | ||
| Q2 24 | $5.5B | $5.5B |
总资产CFTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $14.1B | $9.8B | ||
| Q3 25 | $14.2B | $9.6B | ||
| Q2 25 | $13.8B | $9.5B | ||
| Q1 25 | $13.3B | $9.4B | ||
| Q4 24 | $13.5B | $9.3B | ||
| Q3 24 | $13.8B | $9.3B | ||
| Q2 24 | $13.8B | $9.1B |
负债/权益比CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 0.36× | ||
| Q3 25 | 0.61× | 0.35× | ||
| Q2 25 | 0.60× | 0.35× | ||
| Q1 25 | 0.62× | 0.35× | ||
| Q4 24 | 0.60× | 0.36× | ||
| Q3 24 | 0.57× | 0.37× | ||
| Q2 24 | 0.54× | 0.39× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $313.0M | — |
| 自由现金流率自由现金流/营收 | 16.7% | — |
| 资本支出强度资本支出/营收 | 12.1% | — |
| 现金转化率经营现金流/净利润 | 1.09× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $646.4M | ||
| Q3 25 | $1.1B | $219.6M | ||
| Q2 25 | $563.0M | $-126.0M | ||
| Q1 25 | $586.0M | $77.2M | ||
| Q4 24 | $420.0M | $438.2M | ||
| Q3 24 | $931.0M | $135.9M | ||
| Q2 24 | $475.0M | $-233.3M |
自由现金流CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $635.3M | ||
| Q3 25 | $717.0M | $206.6M | ||
| Q2 25 | $318.0M | $-133.6M | ||
| Q1 25 | $454.0M | $68.7M | ||
| Q4 24 | $223.0M | $428.2M | ||
| Q3 24 | $792.0M | $127.1M | ||
| Q2 24 | $391.0M | $-241.7M |
自由现金流率CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 30.3% | ||
| Q3 25 | 43.2% | 9.9% | ||
| Q2 25 | 16.8% | -6.6% | ||
| Q1 25 | 27.3% | 3.6% | ||
| Q4 24 | 14.6% | 18.2% | ||
| Q3 24 | 57.8% | 6.0% | ||
| Q2 24 | 24.9% | -12.1% |
资本支出强度CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 0.5% | ||
| Q3 25 | 20.9% | 0.6% | ||
| Q2 25 | 13.0% | 0.4% | ||
| Q1 25 | 7.9% | 0.4% | ||
| Q4 24 | 12.9% | 0.4% | ||
| Q3 24 | 10.1% | 0.4% | ||
| Q2 24 | 5.3% | 0.4% |
现金转化率CFTMHC
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 3.71× | ||
| Q3 25 | 2.31× | 1.09× | ||
| Q2 25 | 1.14× | -0.65× | ||
| Q1 25 | 1.67× | 0.36× | ||
| Q4 24 | 1.07× | 1.81× | ||
| Q3 24 | 2.73× | 0.54× | ||
| Q2 24 | 0.94× | -1.17× |
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% |
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
