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Antero Midstream Corp（AM）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Antero Midstream Corp的1.1倍（$323.1M vs $291.1M），Antero Midstream Corp净利率更高（41.5% vs 2.2%，领先39.3%），南玻集团同比增速更快（2.0% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs 3.9%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
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。
AM vs CSGS — 直观对比
营收规模更大
CSGS
是对方的1.1倍
$291.1M
营收增速更快
CSGS
高出9.4%
-7.3%
净利率更高
AM
高出39.3%
2.2%
自由现金流更多
AM
多$131.1M
$55.8M
两年增速更快
CSGS
近两年复合增速
3.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $323.1M |
| 净利润 | $120.7M | $7.0M |
| 毛利率 | — | 50.0% |
| 营业利润率 | 60.9% | 9.0% |
| 净利率 | 41.5% | 2.2% |
| 营收同比 | -7.3% | 2.0% |
| 净利润同比 | 2.1% | -79.7% |
| 每股收益（稀释后） | $0.25 | $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AMCSGS
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $323.1M | ||
| Q3 25 | $294.8M | $303.6M | ||
| Q2 25 | $305.5M | $297.1M | ||
| Q1 25 | $291.1M | $299.5M | ||
| Q4 24 | $287.5M | $316.7M | ||
| Q3 24 | $269.9M | $295.1M | ||
| Q2 24 | $269.8M | $290.3M |
净利润AMCSGS
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $7.0M | ||
| Q3 25 | $116.0M | $20.5M | ||
| Q2 25 | $124.5M | $12.3M | ||
| Q1 25 | $120.7M | $16.1M | ||
| Q4 24 | $111.2M | $34.5M | ||
| Q3 24 | $99.7M | $19.1M | ||
| Q2 24 | $86.0M | $13.8M |
毛利率AMCSGS
| Q1 26 | — | — | ||
| 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% |
营业利润率AMCSGS
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | 9.0% | ||
| Q3 25 | 61.2% | 10.0% | ||
| Q2 25 | 61.0% | 10.0% | ||
| Q1 25 | 60.9% | 9.8% | ||
| Q4 24 | 61.8% | 13.4% | ||
| Q3 24 | 60.2% | 10.8% | ||
| Q2 24 | 56.6% | 8.8% |
净利率AMCSGS
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | 2.2% | ||
| Q3 25 | 39.3% | 6.7% | ||
| Q2 25 | 40.8% | 4.1% | ||
| Q1 25 | 41.5% | 5.4% | ||
| Q4 24 | 38.7% | 10.9% | ||
| Q3 24 | 37.0% | 6.5% | ||
| Q2 24 | 31.9% | 4.8% |
每股收益（稀释后）AMCSGS
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $0.24 | ||
| Q3 25 | $0.24 | $0.73 | ||
| Q2 25 | $0.26 | $0.44 | ||
| Q1 25 | $0.25 | $0.57 | ||
| Q4 24 | $0.23 | $1.20 | ||
| Q3 24 | $0.21 | $0.67 | ||
| Q2 24 | $0.18 | $0.48 |
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 | $180.4M | $180.0M |
| 总债务越低越好 | $3.2B | $539.5M |
| 股东权益账面价值 | $2.0B | $283.7M |
| 总资产 | $5.9B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资AMCSGS
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $180.0M | ||
| Q3 25 | — | $158.4M | ||
| Q2 25 | — | $145.9M | ||
| Q1 25 | — | $136.0M | ||
| Q4 24 | — | $161.8M | ||
| Q3 24 | — | $118.4M | ||
| Q2 24 | — | $110.4M |
总债务AMCSGS
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $539.5M | ||
| Q3 25 | $3.0B | $538.6M | ||
| Q2 25 | $3.0B | $537.8M | ||
| Q1 25 | $3.1B | $537.6M | ||
| Q4 24 | $3.1B | $538.5M | ||
| Q3 24 | $3.2B | $539.5M | ||
| Q2 24 | $3.2B | $540.5M |
股东权益AMCSGS
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $283.7M | ||
| Q3 25 | $2.1B | $289.5M | ||
| Q2 25 | $2.1B | $290.7M | ||
| Q1 25 | $2.1B | $283.1M | ||
| Q4 24 | $2.1B | $282.6M | ||
| Q3 24 | $2.1B | $288.4M | ||
| Q2 24 | $2.1B | $273.3M |
总资产AMCSGS
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $1.5B | ||
| Q3 25 | $5.7B | $1.5B | ||
| Q2 25 | $5.7B | $1.4B | ||
| Q1 25 | $5.8B | $1.4B | ||
| Q4 24 | $5.8B | $1.5B | ||
| Q3 24 | $5.8B | $1.4B | ||
| Q2 24 | $5.8B | $1.4B |
负债/权益比AMCSGS
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | 1.90× | ||
| Q3 25 | 1.46× | 1.86× | ||
| Q2 25 | 1.45× | 1.85× | ||
| Q1 25 | 1.49× | 1.90× | ||
| Q4 24 | 1.47× | 1.91× | ||
| Q3 24 | 1.49× | 1.87× | ||
| Q2 24 | 1.50× | 1.98× |
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 | $198.9M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $186.9M | $55.8M |
| 自由现金流率自由现金流/营收 | 64.2% | 17.3% |
| 资本支出强度资本支出/营收 | 11.1% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.65× | 8.46× |
| 过去12个月自由现金流最近4个季度 | — | $141.4M |
8季度趋势，按日历期对齐
经营现金流AMCSGS
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $59.2M | ||
| Q3 25 | $212.8M | $47.9M | ||
| Q2 25 | $265.2M | $37.3M | ||
| Q1 25 | $198.9M | $11.5M | ||
| Q4 24 | $232.7M | $82.5M | ||
| Q3 24 | $184.9M | $39.5M | ||
| Q2 24 | $215.8M | $43.1M |
自由现金流AMCSGS
| Q1 26 | $186.9M | — | ||
| Q4 25 | — | $55.8M | ||
| Q3 25 | — | $43.9M | ||
| Q2 25 | — | $34.6M | ||
| Q1 25 | — | $7.1M | ||
| Q4 24 | — | $76.6M | ||
| Q3 24 | $184.3M | $32.0M | ||
| Q2 24 | $147.2M | $38.8M |
自由现金流率AMCSGS
| Q1 26 | 64.2% | — | ||
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 11.6% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | 68.3% | 10.8% | ||
| Q2 24 | 54.6% | 13.4% |
资本支出强度AMCSGS
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | 0.0% | 1.9% | ||
| Q3 24 | 0.2% | 2.5% | ||
| Q2 24 | 25.4% | 1.5% |
现金转化率AMCSGS
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | 8.46× | ||
| Q3 25 | 1.84× | 2.34× | ||
| Q2 25 | 2.13× | 3.04× | ||
| Q1 25 | 1.65× | 0.71× | ||
| Q4 24 | 2.09× | 2.39× | ||
| Q3 24 | 1.85× | 2.07× | ||
| Q2 24 | 2.51× | 3.12× |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
