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CF Industries（CF）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.5倍（$1.9B vs $1.2B），CF Industries同比增速更快（22.8% vs -2.2%），CF Industries自由现金流更多（$313.0M vs $43.0M），过去两年CF Industries的营收复合增速更高（12.8% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CF vs TNET — 直观对比
营收规模更大
CF
是对方的1.5倍
$1.2B
营收增速更快
CF
高出25.0%
-2.2%
自由现金流更多
CF
多$270.0M
$43.0M
两年增速更快
CF
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $495.0M | — |
| 毛利率 | 40.9% | — |
| 营业利润率 | 33.0% | 0.1% |
| 净利率 | 26.4% | — |
| 营收同比 | 22.8% | -2.2% |
| 净利润同比 | 26.3% | — |
| 每股收益（稀释后） | $2.56 | $0.02 |
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CFTNET
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.3B |
净利润CFTNET
| Q4 25 | $495.0M | — | ||
| Q3 25 | $460.0M | $34.0M | ||
| Q2 25 | $492.0M | $37.0M | ||
| Q1 25 | $351.0M | $85.0M | ||
| Q4 24 | $392.0M | — | ||
| Q3 24 | $341.0M | $45.0M | ||
| Q2 24 | $506.0M | $60.0M | ||
| Q1 24 | $238.0M | $91.0M |
毛利率CFTNET
| 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% | — | ||
| Q1 24 | 27.8% | — |
营业利润率CFTNET
| Q4 25 | 33.0% | 0.1% | ||
| Q3 25 | 35.0% | 4.1% | ||
| Q2 25 | 34.3% | 4.1% | ||
| Q1 25 | 27.4% | 8.9% | ||
| Q4 24 | 28.9% | -2.9% | ||
| Q3 24 | 26.6% | 4.7% | ||
| Q2 24 | 40.6% | 6.5% | ||
| Q1 24 | 20.6% | 9.7% |
净利率CFTNET
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.7% | 2.8% | ||
| Q2 25 | 26.0% | 3.0% | ||
| Q1 25 | 21.1% | 6.6% | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 24.9% | 3.6% | ||
| Q2 24 | 32.2% | 4.9% | ||
| Q1 24 | 16.2% | 7.2% |
每股收益（稀释后）CFTNET
| Q4 25 | $2.56 | $0.02 | ||
| Q3 25 | $2.19 | $0.70 | ||
| Q2 25 | $2.37 | $0.77 | ||
| Q1 25 | $1.85 | $1.71 | ||
| Q4 24 | $1.86 | $-0.44 | ||
| Q3 24 | $1.55 | $0.89 | ||
| Q2 24 | $2.30 | $1.20 | ||
| Q1 24 | $1.03 | $1.78 |
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 | — | $287.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $54.0M |
| 总资产 | $14.1B | $3.8B |
| 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CFTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务CFTNET
| 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CFTNET
| Q4 25 | $4.8B | $54.0M | ||
| Q3 25 | $4.8B | $110.0M | ||
| Q2 25 | $5.0B | $107.0M | ||
| Q1 25 | $4.8B | $63.0M | ||
| Q4 24 | $5.0B | $69.0M | ||
| Q3 24 | $5.2B | $129.0M | ||
| Q2 24 | $5.5B | $100.0M | ||
| Q1 24 | $5.4B | $143.0M |
总资产CFTNET
| Q4 25 | $14.1B | $3.8B | ||
| Q3 25 | $14.2B | $3.4B | ||
| Q2 25 | $13.8B | $3.7B | ||
| Q1 25 | $13.3B | $3.8B | ||
| Q4 24 | $13.5B | $4.1B | ||
| Q3 24 | $13.8B | $3.7B | ||
| Q2 24 | $13.8B | $3.7B | ||
| Q1 24 | $13.9B | $4.0B |
负债/权益比CFTNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 3.4% |
| 资本支出强度资本支出/营收 | 12.1% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流CFTNET
| Q4 25 | $539.0M | $61.0M | ||
| Q3 25 | $1.1B | $72.0M | ||
| Q2 25 | $563.0M | $75.0M | ||
| Q1 25 | $586.0M | $95.0M | ||
| Q4 24 | $420.0M | $65.0M | ||
| Q3 24 | $931.0M | $84.0M | ||
| Q2 24 | $475.0M | $39.0M | ||
| Q1 24 | $445.0M | $91.0M |
自由现金流CFTNET
| Q4 25 | $313.0M | $43.0M | ||
| Q3 25 | $717.0M | $55.0M | ||
| Q2 25 | $318.0M | $57.0M | ||
| Q1 25 | $454.0M | $79.0M | ||
| Q4 24 | $223.0M | $47.0M | ||
| Q3 24 | $792.0M | $59.0M | ||
| Q2 24 | $391.0M | $22.0M | ||
| Q1 24 | $347.0M | $73.0M |
自由现金流率CFTNET
| Q4 25 | 16.7% | 3.4% | ||
| Q3 25 | 43.2% | 4.5% | ||
| Q2 25 | 16.8% | 4.6% | ||
| Q1 25 | 27.3% | 6.1% | ||
| Q4 24 | 14.6% | 3.7% | ||
| Q3 24 | 57.8% | 4.8% | ||
| Q2 24 | 24.9% | 1.8% | ||
| Q1 24 | 23.6% | 5.8% |
资本支出强度CFTNET
| Q4 25 | 12.1% | 1.4% | ||
| Q3 25 | 20.9% | 1.4% | ||
| Q2 25 | 13.0% | 1.5% | ||
| Q1 25 | 7.9% | 1.2% | ||
| Q4 24 | 12.9% | 1.4% | ||
| Q3 24 | 10.1% | 2.0% | ||
| Q2 24 | 5.3% | 1.4% | ||
| Q1 24 | 6.7% | 1.4% |
现金转化率CFTNET
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 2.12× | ||
| Q2 25 | 1.14× | 2.03× | ||
| Q1 25 | 1.67× | 1.12× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.87× | ||
| Q2 24 | 0.94× | 0.65× | ||
| Q1 24 | 1.87× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
