vs
CF Industries（CF）与泰佩思琦（TPR）财务数据对比。点击上方公司名可切换其他公司
泰佩思琦的季度营收约是CF Industries的1.3倍（$2.5B vs $1.9B），CF Industries净利率更高（26.4% vs 22.4%，领先4.0%），CF Industries同比增速更快（22.8% vs 14.0%），泰佩思琦自由现金流更多（$1.0B vs $313.0M），过去两年泰佩思琦的营收复合增速更高（29.9% 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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
CF vs TPR — 直观对比
营收规模更大
TPR
是对方的1.3倍
$1.9B
营收增速更快
CF
高出8.9%
14.0%
净利率更高
CF
高出4.0%
22.4%
自由现金流更多
TPR
多$724.5M
$313.0M
两年增速更快
TPR
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.5B |
| 净利润 | $495.0M | $561.3M |
| 毛利率 | 40.9% | 75.5% |
| 营业利润率 | 33.0% | 28.6% |
| 净利率 | 26.4% | 22.4% |
| 营收同比 | 22.8% | 14.0% |
| 净利润同比 | 26.3% | 80.8% |
| 每股收益（稀释后） | $2.56 | $2.68 |
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CFTPR
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.5B | $1.5B |
净利润CFTPR
| Q4 25 | $495.0M | $561.3M | ||
| Q3 25 | $460.0M | $274.8M | ||
| Q2 25 | $492.0M | $-517.1M | ||
| Q1 25 | $351.0M | $203.3M | ||
| Q4 24 | $392.0M | $310.4M | ||
| Q3 24 | $341.0M | $186.6M | ||
| Q2 24 | $506.0M | $159.3M | ||
| Q1 24 | $238.0M | $139.4M |
毛利率CFTPR
| Q4 25 | 40.9% | 75.5% | ||
| Q3 25 | 38.1% | 76.3% | ||
| Q2 25 | 39.9% | 76.3% | ||
| Q1 25 | 34.4% | 76.1% | ||
| Q4 24 | 34.4% | 74.4% | ||
| Q3 24 | 32.4% | 75.3% | ||
| Q2 24 | 43.2% | 74.9% | ||
| Q1 24 | 27.8% | 74.7% |
营业利润率CFTPR
| Q4 25 | 33.0% | 28.6% | ||
| Q3 25 | 35.0% | 19.3% | ||
| Q2 25 | 34.3% | -33.9% | ||
| Q1 25 | 27.4% | 16.0% | ||
| Q4 24 | 28.9% | 22.4% | ||
| Q3 24 | 26.6% | 16.7% | ||
| Q2 24 | 40.6% | 14.8% | ||
| Q1 24 | 20.6% | 13.8% |
净利率CFTPR
| Q4 25 | 26.4% | 22.4% | ||
| Q3 25 | 27.7% | 16.1% | ||
| Q2 25 | 26.0% | -30.0% | ||
| Q1 25 | 21.1% | 12.8% | ||
| Q4 24 | 25.7% | 14.1% | ||
| Q3 24 | 24.9% | 12.4% | ||
| Q2 24 | 32.2% | 10.0% | ||
| Q1 24 | 16.2% | 9.4% |
每股收益（稀释后）CFTPR
| Q4 25 | $2.56 | $2.68 | ||
| Q3 25 | $2.19 | $1.28 | ||
| Q2 25 | $2.37 | $-2.30 | ||
| Q1 25 | $1.85 | $0.95 | ||
| Q4 24 | $1.86 | $1.38 | ||
| Q3 24 | $1.55 | $0.79 | ||
| Q2 24 | $2.30 | $0.67 | ||
| Q1 24 | $1.03 | $0.60 |
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 | — | $1.1B |
| 总债务越低越好 | $3.2B | $2.4B |
| 股东权益账面价值 | $4.8B | $551.2M |
| 总资产 | $14.1B | $6.5B |
| 负债/权益比越低杠杆越低 | 0.66× | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资CFTPR
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $743.2M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.4B |
总债务CFTPR
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $3.0B | $2.4B | ||
| Q1 25 | $3.0B | $2.4B | ||
| Q4 24 | $3.0B | $2.4B | ||
| Q3 24 | $3.0B | $7.0B | ||
| Q2 24 | $3.0B | $6.9B | ||
| Q1 24 | $3.0B | $7.7B |
股东权益CFTPR
| Q4 25 | $4.8B | $551.2M | ||
| Q3 25 | $4.8B | $399.5M | ||
| Q2 25 | $5.0B | $857.8M | ||
| Q1 25 | $4.8B | $1.5B | ||
| Q4 24 | $5.0B | $1.3B | ||
| Q3 24 | $5.2B | $3.0B | ||
| Q2 24 | $5.5B | $2.9B | ||
| Q1 24 | $5.4B | $2.8B |
总资产CFTPR
| Q4 25 | $14.1B | $6.5B | ||
| Q3 25 | $14.2B | $6.4B | ||
| Q2 25 | $13.8B | $6.6B | ||
| Q1 25 | $13.3B | $7.3B | ||
| Q4 24 | $13.5B | $7.3B | ||
| Q3 24 | $13.8B | $13.7B | ||
| Q2 24 | $13.8B | $13.4B | ||
| Q1 24 | $13.9B | $13.7B |
负债/权益比CFTPR
| Q4 25 | 0.66× | 4.32× | ||
| Q3 25 | 0.61× | 5.95× | ||
| Q2 25 | 0.60× | 2.77× | ||
| Q1 25 | 0.62× | 1.59× | ||
| Q4 24 | 0.60× | 1.78× | ||
| Q3 24 | 0.57× | 2.35× | ||
| Q2 24 | 0.54× | 2.39× | ||
| Q1 24 | 0.55× | 2.77× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 16.7% | 41.5% |
| 资本支出强度资本支出/营收 | 12.1% | 1.7% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.6B |
8季度趋势，按日历期对齐
经营现金流CFTPR
| Q4 25 | $539.0M | $1.1B | ||
| Q3 25 | $1.1B | $112.6M | ||
| Q2 25 | $563.0M | $446.8M | ||
| Q1 25 | $586.0M | $144.3M | ||
| Q4 24 | $420.0M | $506.0M | ||
| Q3 24 | $931.0M | $119.5M | ||
| Q2 24 | $475.0M | $256.0M | ||
| Q1 24 | $445.0M | $97.8M |
自由现金流CFTPR
| Q4 25 | $313.0M | $1.0B | ||
| Q3 25 | $717.0M | $80.2M | ||
| Q2 25 | $318.0M | $411.5M | ||
| Q1 25 | $454.0M | $113.4M | ||
| Q4 24 | $223.0M | $475.1M | ||
| Q3 24 | $792.0M | $93.9M | ||
| Q2 24 | $391.0M | $209.8M | ||
| Q1 24 | $347.0M | $78.8M |
自由现金流率CFTPR
| Q4 25 | 16.7% | 41.5% | ||
| Q3 25 | 43.2% | 4.7% | ||
| Q2 25 | 16.8% | 23.9% | ||
| Q1 25 | 27.3% | 7.2% | ||
| Q4 24 | 14.6% | 21.6% | ||
| Q3 24 | 57.8% | 6.2% | ||
| Q2 24 | 24.9% | 13.2% | ||
| Q1 24 | 23.6% | 5.3% |
资本支出强度CFTPR
| Q4 25 | 12.1% | 1.7% | ||
| Q3 25 | 20.9% | 1.9% | ||
| Q2 25 | 13.0% | 2.0% | ||
| Q1 25 | 7.9% | 2.0% | ||
| Q4 24 | 12.9% | 1.4% | ||
| Q3 24 | 10.1% | 1.7% | ||
| Q2 24 | 5.3% | 2.9% | ||
| Q1 24 | 6.7% | 1.3% |
现金转化率CFTPR
| Q4 25 | 1.09× | 1.93× | ||
| Q3 25 | 2.31× | 0.41× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | 0.71× | ||
| Q4 24 | 1.07× | 1.63× | ||
| Q3 24 | 2.73× | 0.64× | ||
| Q2 24 | 0.94× | 1.61× | ||
| Q1 24 | 1.87× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
