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ACV Auctions Inc.（ACVA）与南玻集团（CSGS）财务数据对比。点击上方公司名可切换其他公司
南玻集团的季度营收约是ACV Auctions Inc.的1.8倍（$323.1M vs $183.6M），ACV Auctions Inc.同比增速更快（15.1% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-14.7M），过去两年ACV Auctions Inc.的营收复合增速更高（12.3% vs 4.6%）
ACV Auctions Inc.是北美领先的数字化二手车批发拍卖平台，主要服务美加两地汽车经销商，提供车辆透明检测、安全支付、物流配送等全链条服务，助力注册批发买卖双方无需线下到场即可高效完成二手车交易。
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
ACVA vs CSGS — 直观对比
营收规模更大
CSGS
是对方的1.8倍
$183.6M
营收增速更快
ACVA
高出13.1%
2.0%
自由现金流更多
CSGS
多$70.5M
$-14.7M
两年增速更快
ACVA
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $183.6M | $323.1M |
| 净利润 | — | $7.0M |
| 毛利率 | — | 50.0% |
| 营业利润率 | -9.7% | 9.0% |
| 净利率 | — | 2.2% |
| 营收同比 | 15.1% | 2.0% |
| 净利润同比 | — | -79.7% |
| 每股收益（稀释后） | $-0.12 | $0.24 |
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ACVACSGS
| Q4 25 | $183.6M | $323.1M | ||
| Q3 25 | $199.6M | $303.6M | ||
| Q2 25 | $193.7M | $297.1M | ||
| Q1 25 | $182.7M | $299.5M | ||
| Q4 24 | $159.5M | $316.7M | ||
| Q3 24 | $171.3M | $295.1M | ||
| Q2 24 | $160.6M | $290.3M | ||
| Q1 24 | $145.7M | $295.1M |
净利润ACVACSGS
| Q4 25 | — | $7.0M | ||
| Q3 25 | $-24.5M | $20.5M | ||
| Q2 25 | $-7.3M | $12.3M | ||
| Q1 25 | $-14.8M | $16.1M | ||
| Q4 24 | — | $34.5M | ||
| Q3 24 | $-16.0M | $19.1M | ||
| Q2 24 | $-17.1M | $13.8M | ||
| Q1 24 | $-20.5M | $19.5M |
毛利率ACVACSGS
| Q4 25 | — | 50.0% | ||
| Q3 25 | — | 48.1% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | 47.3% | ||
| Q1 24 | — | 46.5% |
营业利润率ACVACSGS
| Q4 25 | -9.7% | 9.0% | ||
| Q3 25 | -11.9% | 10.0% | ||
| Q2 25 | -3.7% | 10.0% | ||
| Q1 25 | -7.9% | 9.8% | ||
| Q4 24 | -16.2% | 13.4% | ||
| Q3 24 | -10.0% | 10.8% | ||
| Q2 24 | -11.6% | 8.8% | ||
| Q1 24 | -15.5% | 10.8% |
净利率ACVACSGS
| Q4 25 | — | 2.2% | ||
| Q3 25 | -12.3% | 6.7% | ||
| Q2 25 | -3.8% | 4.1% | ||
| Q1 25 | -8.1% | 5.4% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | -9.4% | 6.5% | ||
| Q2 24 | -10.6% | 4.8% | ||
| Q1 24 | -14.1% | 6.6% |
每股收益（稀释后）ACVACSGS
| Q4 25 | $-0.12 | $0.24 | ||
| Q3 25 | $-0.14 | $0.73 | ||
| Q2 25 | $-0.04 | $0.44 | ||
| Q1 25 | $-0.09 | $0.57 | ||
| Q4 24 | $-0.15 | $1.20 | ||
| Q3 24 | $-0.10 | $0.67 | ||
| Q2 24 | $-0.10 | $0.48 | ||
| Q1 24 | $-0.13 | $0.68 |
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 | $271.5M | $180.0M |
| 总债务越低越好 | — | $539.5M |
| 股东权益账面价值 | $429.7M | $283.7M |
| 总资产 | $1.1B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资ACVACSGS
| Q4 25 | $271.5M | $180.0M | ||
| Q3 25 | $265.3M | $158.4M | ||
| Q2 25 | $258.4M | $145.9M | ||
| Q1 25 | $291.9M | $136.0M | ||
| Q4 24 | $224.1M | $161.8M | ||
| Q3 24 | $252.5M | $118.4M | ||
| Q2 24 | $215.0M | $110.4M | ||
| Q1 24 | $209.8M | $120.8M |
总债务ACVACSGS
| Q4 25 | — | $539.5M | ||
| Q3 25 | — | $538.6M | ||
| Q2 25 | — | $537.8M | ||
| Q1 25 | — | $537.6M | ||
| Q4 24 | — | $538.5M | ||
| Q3 24 | — | $539.5M | ||
| Q2 24 | — | $540.5M | ||
| Q1 24 | — | $541.5M |
股东权益ACVACSGS
| Q4 25 | $429.7M | $283.7M | ||
| Q3 25 | $434.4M | $289.5M | ||
| Q2 25 | $448.8M | $290.7M | ||
| Q1 25 | $439.6M | $283.1M | ||
| Q4 24 | $440.0M | $282.6M | ||
| Q3 24 | $456.2M | $288.4M | ||
| Q2 24 | $457.6M | $273.3M | ||
| Q1 24 | $458.3M | $269.3M |
总资产ACVACSGS
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $984.1M | $1.5B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $1.4B | ||
| Q1 24 | $1.0B | $1.3B |
负债/权益比ACVACSGS
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.86× | ||
| Q2 25 | — | 1.85× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | — | 1.91× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 1.98× | ||
| Q1 24 | — | 2.01× |
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 | $-12.4M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $55.8M |
| 自由现金流率自由现金流/营收 | -8.0% | 17.3% |
| 资本支出强度资本支出/营收 | 1.2% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 8.46× |
| 过去12个月自由现金流最近4个季度 | $69.1M | $141.4M |
8季度趋势，按日历期对齐
经营现金流ACVACSGS
| Q4 25 | $-12.4M | $59.2M | ||
| Q3 25 | $10.3M | $47.9M | ||
| Q2 25 | $13.7M | $37.3M | ||
| Q1 25 | $66.6M | $11.5M | ||
| Q4 24 | $-3.2M | $82.5M | ||
| Q3 24 | $21.1M | $39.5M | ||
| Q2 24 | $4.5M | $43.1M | ||
| Q1 24 | $43.0M | $-29.4M |
自由现金流ACVACSGS
| Q4 25 | $-14.7M | $55.8M | ||
| Q3 25 | $7.7M | $43.9M | ||
| Q2 25 | $10.9M | $34.6M | ||
| Q1 25 | $65.3M | $7.1M | ||
| Q4 24 | $-3.9M | $76.6M | ||
| Q3 24 | $20.2M | $32.0M | ||
| Q2 24 | $2.7M | $38.8M | ||
| Q1 24 | $41.9M | $-34.1M |
自由现金流率ACVACSGS
| Q4 25 | -8.0% | 17.3% | ||
| Q3 25 | 3.8% | 14.5% | ||
| Q2 25 | 5.6% | 11.6% | ||
| Q1 25 | 35.7% | 2.4% | ||
| Q4 24 | -2.5% | 24.2% | ||
| Q3 24 | 11.8% | 10.8% | ||
| Q2 24 | 1.7% | 13.4% | ||
| Q1 24 | 28.8% | -11.6% |
资本支出强度ACVACSGS
| Q4 25 | 1.2% | 1.1% | ||
| Q3 25 | 1.3% | 1.3% | ||
| Q2 25 | 1.5% | 0.9% | ||
| Q1 25 | 0.7% | 1.5% | ||
| Q4 24 | 0.4% | 1.9% | ||
| Q3 24 | 0.6% | 2.5% | ||
| Q2 24 | 1.1% | 1.5% | ||
| Q1 24 | 0.7% | 1.6% |
现金转化率ACVACSGS
| Q4 25 | — | 8.46× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | 3.04× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 2.39× | ||
| Q3 24 | — | 2.07× | ||
| Q2 24 | — | 3.12× | ||
| Q1 24 | — | -1.51× |
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
ACVA
| Auction Marketplace Revenue | $77.6M | 42% |
| Other Marketplace Revenue | $72.4M | 39% |
| Customer Assurance | $24.1M | 13% |
| Data Services Revenue | $9.4M | 5% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
