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CF Industries（CF）与Toast, Inc.（TOST）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Toast, Inc.的1.1倍（$1.9B vs $1.6B），CF Industries净利率更高（26.4% vs 6.2%，领先20.3%），CF Industries同比增速更快（22.8% vs 22.0%），CF Industries自由现金流更多（$313.0M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
CF vs TOST — 直观对比
营收规模更大
CF
是对方的1.1倍
$1.6B
营收增速更快
CF
高出0.8%
22.0%
净利率更高
CF
高出20.3%
6.2%
自由现金流更多
CF
多$135.0M
$178.0M
两年增速更快
TOST
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.6B |
| 净利润 | $495.0M | $101.0M |
| 毛利率 | 40.9% | 25.9% |
| 营业利润率 | 33.0% | 5.2% |
| 净利率 | 26.4% | 6.2% |
| 营收同比 | 22.8% | 22.0% |
| 净利润同比 | 26.3% | 215.6% |
| 每股收益（稀释后） | $2.56 | $0.18 |
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CFTOST
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.1B |
净利润CFTOST
| Q4 25 | $495.0M | $101.0M | ||
| Q3 25 | $460.0M | $105.0M | ||
| Q2 25 | $492.0M | $80.0M | ||
| Q1 25 | $351.0M | $56.0M | ||
| Q4 24 | $392.0M | $32.0M | ||
| Q3 24 | $341.0M | $56.0M | ||
| Q2 24 | $506.0M | $14.0M | ||
| Q1 24 | $238.0M | $-83.0M |
毛利率CFTOST
| Q4 25 | 40.9% | 25.9% | ||
| Q3 25 | 38.1% | 26.5% | ||
| Q2 25 | 39.9% | 25.3% | ||
| Q1 25 | 34.4% | 25.9% | ||
| Q4 24 | 34.4% | 24.9% | ||
| Q3 24 | 32.4% | 24.7% | ||
| Q2 24 | 43.2% | 23.0% | ||
| Q1 24 | 27.8% | 23.2% |
营业利润率CFTOST
| Q4 25 | 33.0% | 5.2% | ||
| Q3 25 | 35.0% | 5.1% | ||
| Q2 25 | 34.3% | 5.2% | ||
| Q1 25 | 27.4% | 3.2% | ||
| Q4 24 | 28.9% | 2.5% | ||
| Q3 24 | 26.6% | 2.6% | ||
| Q2 24 | 40.6% | 0.4% | ||
| Q1 24 | 20.6% | -5.2% |
净利率CFTOST
| Q4 25 | 26.4% | 6.2% | ||
| Q3 25 | 27.7% | 6.4% | ||
| Q2 25 | 26.0% | 5.2% | ||
| Q1 25 | 21.1% | 4.2% | ||
| Q4 24 | 25.7% | 2.4% | ||
| Q3 24 | 24.9% | 4.3% | ||
| Q2 24 | 32.2% | 1.1% | ||
| Q1 24 | 16.2% | -7.7% |
每股收益（稀释后）CFTOST
| Q4 25 | $2.56 | $0.18 | ||
| Q3 25 | $2.19 | $0.16 | ||
| Q2 25 | $2.37 | $0.13 | ||
| Q1 25 | $1.85 | $0.09 | ||
| Q4 24 | $1.86 | $0.09 | ||
| Q3 24 | $1.55 | $0.07 | ||
| Q2 24 | $2.30 | $0.02 | ||
| Q1 24 | $1.03 | $-0.15 |
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 | — | $1.4B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $4.8B | $2.1B |
| 总资产 | $14.1B | $3.1B |
| 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CFTOST
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | — | $691.0M | ||
| Q1 24 | — | $578.0M |
总债务CFTOST
| 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CFTOST
| Q4 25 | $4.8B | $2.1B | ||
| Q3 25 | $4.8B | $2.0B | ||
| Q2 25 | $5.0B | $1.8B | ||
| Q1 25 | $4.8B | $1.7B | ||
| Q4 24 | $5.0B | $1.5B | ||
| Q3 24 | $5.2B | $1.4B | ||
| Q2 24 | $5.5B | $1.3B | ||
| Q1 24 | $5.4B | $1.2B |
总资产CFTOST
| Q4 25 | $14.1B | $3.1B | ||
| Q3 25 | $14.2B | $3.0B | ||
| Q2 25 | $13.8B | $2.8B | ||
| Q1 25 | $13.3B | $2.6B | ||
| Q4 24 | $13.5B | $2.4B | ||
| Q3 24 | $13.8B | $2.2B | ||
| Q2 24 | $13.8B | $2.2B | ||
| Q1 24 | $13.9B | $2.1B |
负债/权益比CFTOST
| 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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 10.9% |
| 资本支出强度资本支出/营收 | 12.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $608.0M |
8季度趋势，按日历期对齐
经营现金流CFTOST
| Q4 25 | $539.0M | $194.0M | ||
| Q3 25 | $1.1B | $165.0M | ||
| Q2 25 | $563.0M | $223.0M | ||
| Q1 25 | $586.0M | $79.0M | ||
| Q4 24 | $420.0M | $147.0M | ||
| Q3 24 | $931.0M | $109.0M | ||
| Q2 24 | $475.0M | $124.0M | ||
| Q1 24 | $445.0M | $-20.0M |
自由现金流CFTOST
| Q4 25 | $313.0M | $178.0M | ||
| Q3 25 | $717.0M | $153.0M | ||
| Q2 25 | $318.0M | $208.0M | ||
| Q1 25 | $454.0M | $69.0M | ||
| Q4 24 | $223.0M | $134.0M | ||
| Q3 24 | $792.0M | $97.0M | ||
| Q2 24 | $391.0M | $108.0M | ||
| Q1 24 | $347.0M | $-33.0M |
自由现金流率CFTOST
| Q4 25 | 16.7% | 10.9% | ||
| Q3 25 | 43.2% | 9.4% | ||
| Q2 25 | 16.8% | 13.4% | ||
| Q1 25 | 27.3% | 5.2% | ||
| Q4 24 | 14.6% | 10.0% | ||
| Q3 24 | 57.8% | 7.4% | ||
| Q2 24 | 24.9% | 8.7% | ||
| Q1 24 | 23.6% | -3.1% |
资本支出强度CFTOST
| Q4 25 | 12.1% | 1.0% | ||
| Q3 25 | 20.9% | 0.7% | ||
| Q2 25 | 13.0% | 1.0% | ||
| Q1 25 | 7.9% | 0.7% | ||
| Q4 24 | 12.9% | 1.0% | ||
| Q3 24 | 10.1% | 0.9% | ||
| Q2 24 | 5.3% | 1.3% | ||
| Q1 24 | 6.7% | 1.2% |
现金转化率CFTOST
| Q4 25 | 1.09× | 1.92× | ||
| Q3 25 | 2.31× | 1.57× | ||
| Q2 25 | 1.14× | 2.79× | ||
| Q1 25 | 1.67× | 1.41× | ||
| Q4 24 | 1.07× | 4.59× | ||
| Q3 24 | 2.73× | 1.95× | ||
| Q2 24 | 0.94× | 8.86× | ||
| Q1 24 | 1.87× | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
