vs
CF Industries（CF）与Vulcan Materials Company（VMC）财务数据对比。点击上方公司名可切换其他公司
Vulcan Materials Company的季度营收约是CF Industries的1.0倍（$1.9B vs $1.9B），CF Industries净利率更高（26.4% vs 13.2%，领先13.3%），CF Industries同比增速更快（22.8% vs 3.2%），Vulcan Materials Company自由现金流更多（$358.2M vs $313.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 11.2%）
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。
Vulcan Materials Company是总部位于美国阿拉巴马州伯明翰的企业，主营建筑材料的生产、配送及销售，是美国最大的砂石、碎石、砂类建材生产商，拥有400多处运营网点，雇员约1.2万人，业务覆盖美国22个州、华盛顿特区及墨西哥、加拿大、巴哈马、美属维尔京群岛。
CF vs VMC — 直观对比
营收规模更大
VMC
是对方的1.0倍
$1.9B
营收增速更快
CF
高出19.7%
3.2%
净利率更高
CF
高出13.3%
13.2%
自由现金流更多
VMC
多$45.2M
$313.0M
两年增速更快
CF
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.9B |
| 净利润 | $495.0M | $252.0M |
| 毛利率 | 40.9% | 25.5% |
| 营业利润率 | 33.0% | 19.8% |
| 净利率 | 26.4% | 13.2% |
| 营收同比 | 22.8% | 3.2% |
| 净利润同比 | 26.3% | -14.2% |
| 每股收益（稀释后） | $2.56 | $1.90 |
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CFVMC
| Q4 25 | $1.9B | $1.9B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.5B |
净利润CFVMC
| Q4 25 | $495.0M | $252.0M | ||
| Q3 25 | $460.0M | $374.9M | ||
| Q2 25 | $492.0M | $320.9M | ||
| Q1 25 | $351.0M | $128.9M | ||
| Q4 24 | $392.0M | $293.6M | ||
| Q3 24 | $341.0M | $207.6M | ||
| Q2 24 | $506.0M | $308.0M | ||
| Q1 24 | $238.0M | $102.7M |
毛利率CFVMC
| Q4 25 | 40.9% | 25.5% | ||
| Q3 25 | 38.1% | 30.4% | ||
| Q2 25 | 39.9% | 29.7% | ||
| Q1 25 | 34.4% | 22.3% | ||
| Q4 24 | 34.4% | 29.0% | ||
| Q3 24 | 32.4% | 28.2% | ||
| Q2 24 | 43.2% | 29.4% | ||
| Q1 24 | 27.8% | 19.7% |
营业利润率CFVMC
| Q4 25 | 33.0% | 19.8% | ||
| Q3 25 | 35.0% | 23.7% | ||
| Q2 25 | 34.3% | 22.4% | ||
| Q1 25 | 27.4% | 13.9% | ||
| Q4 24 | 28.9% | 21.6% | ||
| Q3 24 | 26.6% | 16.8% | ||
| Q2 24 | 40.6% | 22.5% | ||
| Q1 24 | 20.6% | 11.2% |
净利率CFVMC
| Q4 25 | 26.4% | 13.2% | ||
| Q3 25 | 27.7% | 16.4% | ||
| Q2 25 | 26.0% | 15.3% | ||
| Q1 25 | 21.1% | 7.9% | ||
| Q4 24 | 25.7% | 15.8% | ||
| Q3 24 | 24.9% | 10.4% | ||
| Q2 24 | 32.2% | 15.3% | ||
| Q1 24 | 16.2% | 6.6% |
每股收益（稀释后）CFVMC
| Q4 25 | $2.56 | $1.90 | ||
| Q3 25 | $2.19 | $2.82 | ||
| Q2 25 | $2.37 | $2.42 | ||
| Q1 25 | $1.85 | $0.97 | ||
| Q4 24 | $1.86 | $2.21 | ||
| Q3 24 | $1.55 | $1.56 | ||
| Q2 24 | $2.30 | $2.31 | ||
| Q1 24 | $1.03 | $0.77 |
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 | — | $183.3M |
| 总债务越低越好 | $3.2B | $4.4B |
| 股东权益账面价值 | $4.8B | $8.5B |
| 总资产 | $14.1B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资CFVMC
| Q4 25 | — | $183.3M | ||
| Q3 25 | — | $191.3M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $181.3M | ||
| Q4 24 | — | $559.7M | ||
| Q3 24 | — | $433.2M | ||
| Q2 24 | — | $111.0M | ||
| Q1 24 | — | $292.4M |
总债务CFVMC
| Q4 25 | $3.2B | $4.4B | ||
| Q3 25 | $3.0B | $4.4B | ||
| Q2 25 | $3.0B | $4.4B | ||
| Q1 25 | $3.0B | $4.9B | ||
| Q4 24 | $3.0B | $5.3B | ||
| Q3 24 | $3.0B | $3.3B | ||
| Q2 24 | $3.0B | $3.3B | ||
| Q1 24 | $3.0B | $3.3B |
股东权益CFVMC
| Q4 25 | $4.8B | $8.5B | ||
| Q3 25 | $4.8B | $8.7B | ||
| Q2 25 | $5.0B | $8.4B | ||
| Q1 25 | $4.8B | $8.1B | ||
| Q4 24 | $5.0B | $8.1B | ||
| Q3 24 | $5.2B | $7.9B | ||
| Q2 24 | $5.5B | $7.7B | ||
| Q1 24 | $5.4B | $7.5B |
总资产CFVMC
| Q4 25 | $14.1B | $16.7B | ||
| Q3 25 | $14.2B | $17.0B | ||
| Q2 25 | $13.8B | $17.0B | ||
| Q1 25 | $13.3B | $16.7B | ||
| Q4 24 | $13.5B | $17.1B | ||
| Q3 24 | $13.8B | $14.4B | ||
| Q2 24 | $13.8B | $14.2B | ||
| Q1 24 | $13.9B | $13.9B |
负债/权益比CFVMC
| Q4 25 | 0.66× | 0.51× | ||
| Q3 25 | 0.61× | 0.50× | ||
| Q2 25 | 0.60× | 0.52× | ||
| Q1 25 | 0.62× | 0.60× | ||
| Q4 24 | 0.60× | 0.65× | ||
| Q3 24 | 0.57× | 0.42× | ||
| Q2 24 | 0.54× | 0.43× | ||
| Q1 24 | 0.55× | 0.44× |
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 | $543.0M |
| 自由现金流经营现金流 - 资本支出 | $313.0M | $358.2M |
| 自由现金流率自由现金流/营收 | 16.7% | 18.7% |
| 资本支出强度资本支出/营收 | 12.1% | 9.7% |
| 现金转化率经营现金流/净利润 | 1.09× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.1B |
8季度趋势，按日历期对齐
经营现金流CFVMC
| Q4 25 | $539.0M | $543.0M | ||
| Q3 25 | $1.1B | $676.8M | ||
| Q2 25 | $563.0M | $341.7M | ||
| Q1 25 | $586.0M | $251.5M | ||
| Q4 24 | $420.0M | $440.1M | ||
| Q3 24 | $931.0M | $595.0M | ||
| Q2 24 | $475.0M | $201.1M | ||
| Q1 24 | $445.0M | $173.4M |
自由现金流CFVMC
| Q4 25 | $313.0M | $358.2M | ||
| Q3 25 | $717.0M | $454.8M | ||
| Q2 25 | $318.0M | $238.8M | ||
| Q1 25 | $454.0M | $83.5M | ||
| Q4 24 | $223.0M | $277.6M | ||
| Q3 24 | $792.0M | $498.2M | ||
| Q2 24 | $391.0M | $9.7M | ||
| Q1 24 | $347.0M | $20.6M |
自由现金流率CFVMC
| Q4 25 | 16.7% | 18.7% | ||
| Q3 25 | 43.2% | 19.8% | ||
| Q2 25 | 16.8% | 11.4% | ||
| Q1 25 | 27.3% | 5.1% | ||
| Q4 24 | 14.6% | 15.0% | ||
| Q3 24 | 57.8% | 24.9% | ||
| Q2 24 | 24.9% | 0.5% | ||
| Q1 24 | 23.6% | 1.3% |
资本支出强度CFVMC
| Q4 25 | 12.1% | 9.7% | ||
| Q3 25 | 20.9% | 9.7% | ||
| Q2 25 | 13.0% | 4.9% | ||
| Q1 25 | 7.9% | 10.3% | ||
| Q4 24 | 12.9% | 8.8% | ||
| Q3 24 | 10.1% | 4.8% | ||
| Q2 24 | 5.3% | 9.5% | ||
| Q1 24 | 6.7% | 9.9% |
现金转化率CFVMC
| Q4 25 | 1.09× | 2.15× | ||
| Q3 25 | 2.31× | 1.81× | ||
| Q2 25 | 1.14× | 1.06× | ||
| Q1 25 | 1.67× | 1.95× | ||
| Q4 24 | 1.07× | 1.50× | ||
| Q3 24 | 2.73× | 2.87× | ||
| Q2 24 | 0.94× | 0.65× | ||
| Q1 24 | 1.87× | 1.69× |
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% |
VMC
| Revenue Excluding Freight Delivery | $1.7B | 87% |
| Concrete | $79.6M | 4% |
| Services | $76.3M | 4% |
| Asphalt | $59.9M | 3% |
