vs
CF Industries（CF）与TUTOR PERINI CORP（TPC）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TUTOR PERINI CORP的1.2倍（$1.9B vs $1.5B），CF Industries净利率更高（26.4% vs 1.9%，领先24.5%），TUTOR PERINI CORP同比增速更快（41.2% vs 22.8%），CF Industries自由现金流更多（$313.0M vs $98.7M），过去两年TUTOR PERINI CORP的营收复合增速更高（19.9% 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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
CF vs TPC — 直观对比
营收规模更大
CF
是对方的1.2倍
$1.5B
营收增速更快
TPC
高出18.4%
22.8%
净利率更高
CF
高出24.5%
1.9%
自由现金流更多
CF
多$214.3M
$98.7M
两年增速更快
TPC
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $495.0M | $28.8M |
| 毛利率 | 40.9% | 9.8% |
| 营业利润率 | 33.0% | 3.3% |
| 净利率 | 26.4% | 1.9% |
| 营收同比 | 22.8% | 41.2% |
| 净利润同比 | 26.3% | 136.3% |
| 每股收益（稀释后） | $2.56 | $0.53 |
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CFTPC
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.0B |
净利润CFTPC
| Q4 25 | $495.0M | $28.8M | ||
| Q3 25 | $460.0M | $3.6M | ||
| Q2 25 | $492.0M | $20.0M | ||
| Q1 25 | $351.0M | $28.0M | ||
| Q4 24 | $392.0M | $-79.4M | ||
| Q3 24 | $341.0M | $-100.9M | ||
| Q2 24 | $506.0M | $812.0K | ||
| Q1 24 | $238.0M | $15.8M |
毛利率CFTPC
| Q4 25 | 40.9% | 9.8% | ||
| Q3 25 | 38.1% | 12.0% | ||
| Q2 25 | 39.9% | 14.3% | ||
| Q1 25 | 34.4% | 10.8% | ||
| Q4 24 | 34.4% | -0.9% | ||
| Q3 24 | 32.4% | -2.4% | ||
| Q2 24 | 43.2% | 10.4% | ||
| Q1 24 | 27.8% | 11.0% |
营业利润率CFTPC
| Q4 25 | 33.0% | 3.3% | ||
| Q3 25 | 35.0% | 2.8% | ||
| Q2 25 | 34.3% | 5.6% | ||
| Q1 25 | 27.4% | 5.2% | ||
| Q4 24 | 28.9% | -8.1% | ||
| Q3 24 | 26.6% | -9.9% | ||
| Q2 24 | 40.6% | 3.6% | ||
| Q1 24 | 20.6% | 4.7% |
净利率CFTPC
| Q4 25 | 26.4% | 1.9% | ||
| Q3 25 | 27.7% | 0.3% | ||
| Q2 25 | 26.0% | 1.5% | ||
| Q1 25 | 21.1% | 2.2% | ||
| Q4 24 | 25.7% | -7.4% | ||
| Q3 24 | 24.9% | -9.3% | ||
| Q2 24 | 32.2% | 0.1% | ||
| Q1 24 | 16.2% | 1.5% |
每股收益（稀释后）CFTPC
| Q4 25 | $2.56 | $0.53 | ||
| Q3 25 | $2.19 | $0.07 | ||
| Q2 25 | $2.37 | $0.38 | ||
| Q1 25 | $1.85 | $0.53 | ||
| Q4 24 | $1.86 | $-1.53 | ||
| Q3 24 | $1.55 | $-1.92 | ||
| Q2 24 | $2.30 | $0.02 | ||
| Q1 24 | $1.03 | $0.30 |
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 | — | $734.6M |
| 总债务越低越好 | $3.2B | $407.4M |
| 股东权益账面价值 | $4.8B | $1.2B |
| 总资产 | $14.1B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资CFTPC
| Q4 25 | — | $734.6M | ||
| Q3 25 | — | $695.7M | ||
| Q2 25 | — | $526.1M | ||
| Q1 25 | — | $276.5M | ||
| Q4 24 | — | $455.1M | ||
| Q3 24 | — | $287.4M | ||
| Q2 24 | — | $267.1M | ||
| Q1 24 | — | $358.3M |
总债务CFTPC
| Q4 25 | $3.2B | $407.4M | ||
| Q3 25 | $3.0B | $413.1M | ||
| Q2 25 | $3.0B | $419.4M | ||
| Q1 25 | $3.0B | $405.6M | ||
| Q4 24 | $3.0B | $534.1M | ||
| Q3 24 | $3.0B | $681.4M | ||
| Q2 24 | $3.0B | $676.4M | ||
| Q1 24 | $3.0B | $801.2M |
股东权益CFTPC
| Q4 25 | $4.8B | $1.2B | ||
| Q3 25 | $4.8B | $1.2B | ||
| Q2 25 | $5.0B | $1.2B | ||
| Q1 25 | $4.8B | $1.2B | ||
| Q4 24 | $5.0B | $1.1B | ||
| Q3 24 | $5.2B | $1.2B | ||
| Q2 24 | $5.5B | $1.3B | ||
| Q1 24 | $5.4B | $1.3B |
总资产CFTPC
| Q4 25 | $14.1B | $5.2B | ||
| Q3 25 | $14.2B | $5.2B | ||
| Q2 25 | $13.8B | $4.9B | ||
| Q1 25 | $13.3B | $4.5B | ||
| Q4 24 | $13.5B | $4.2B | ||
| Q3 24 | $13.8B | $4.4B | ||
| Q2 24 | $13.8B | $4.3B | ||
| Q1 24 | $13.9B | $4.4B |
负债/权益比CFTPC
| Q4 25 | 0.66× | 0.33× | ||
| Q3 25 | 0.61× | 0.35× | ||
| Q2 25 | 0.60× | 0.35× | ||
| Q1 25 | 0.62× | 0.35× | ||
| Q4 24 | 0.60× | 0.47× | ||
| Q3 24 | 0.57× | 0.56× | ||
| Q2 24 | 0.54× | 0.52× | ||
| Q1 24 | 0.55× | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $98.7M |
| 自由现金流率自由现金流/营收 | 16.7% | 6.5% |
| 资本支出强度资本支出/营收 | 12.1% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.09× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $567.2M |
8季度趋势，按日历期对齐
经营现金流CFTPC
| Q4 25 | $539.0M | $173.7M | ||
| Q3 25 | $1.1B | $289.1M | ||
| Q2 25 | $563.0M | $262.4M | ||
| Q1 25 | $586.0M | $22.9M | ||
| Q4 24 | $420.0M | $329.6M | ||
| Q3 24 | $931.0M | $22.6M | ||
| Q2 24 | $475.0M | $53.1M | ||
| Q1 24 | $445.0M | $98.3M |
自由现金流CFTPC
| Q4 25 | $313.0M | $98.7M | ||
| Q3 25 | $717.0M | $240.2M | ||
| Q2 25 | $318.0M | $235.6M | ||
| Q1 25 | $454.0M | $-7.2M | ||
| Q4 24 | $223.0M | $320.4M | ||
| Q3 24 | $792.0M | $15.6M | ||
| Q2 24 | $391.0M | $42.2M | ||
| Q1 24 | $347.0M | $87.8M |
自由现金流率CFTPC
| Q4 25 | 16.7% | 6.5% | ||
| Q3 25 | 43.2% | 17.0% | ||
| Q2 25 | 16.8% | 17.1% | ||
| Q1 25 | 27.3% | -0.6% | ||
| Q4 24 | 14.6% | 30.0% | ||
| Q3 24 | 57.8% | 1.4% | ||
| Q2 24 | 24.9% | 3.7% | ||
| Q1 24 | 23.6% | 8.4% |
资本支出强度CFTPC
| Q4 25 | 12.1% | 5.0% | ||
| Q3 25 | 20.9% | 3.5% | ||
| Q2 25 | 13.0% | 2.0% | ||
| Q1 25 | 7.9% | 2.4% | ||
| Q4 24 | 12.9% | 0.9% | ||
| Q3 24 | 10.1% | 0.6% | ||
| Q2 24 | 5.3% | 1.0% | ||
| Q1 24 | 6.7% | 1.0% |
现金转化率CFTPC
| Q4 25 | 1.09× | 6.02× | ||
| Q3 25 | 2.31× | 79.63× | ||
| Q2 25 | 1.14× | 13.14× | ||
| Q1 25 | 1.67× | 0.82× | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | 65.44× | ||
| Q1 24 | 1.87× | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
