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Arhaus, Inc.（ARHS）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
Arhaus, Inc.的季度营收约是南玻集团的1.1倍（$364.8M vs $323.1M），Arhaus, Inc.净利率更高（4.1% vs 2.2%，领先2.0%），Arhaus, Inc.同比增速更快（5.1% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-8.8M），过去两年Arhaus, Inc.的营收复合增速更高（11.2% vs 4.6%）
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
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。
ARHS vs CSGS — 直观对比
营收规模更大
ARHS
是对方的1.1倍
$323.1M
营收增速更快
ARHS
高出3.1%
2.0%
净利率更高
ARHS
高出2.0%
2.2%
自由现金流更多
CSGS
多$64.6M
$-8.8M
两年增速更快
ARHS
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $364.8M | $323.1M |
| 净利润 | $15.1M | $7.0M |
| 毛利率 | 38.1% | 50.0% |
| 营业利润率 | 5.6% | 9.0% |
| 净利率 | 4.1% | 2.2% |
| 营收同比 | 5.1% | 2.0% |
| 净利润同比 | -29.1% | -79.7% |
| 每股收益（稀释后） | $0.11 | $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ARHSCSGS
| Q4 25 | $364.8M | $323.1M | ||
| Q3 25 | $344.6M | $303.6M | ||
| Q2 25 | $358.4M | $297.1M | ||
| Q1 25 | $311.4M | $299.5M | ||
| Q4 24 | $347.0M | $316.7M | ||
| Q3 24 | $319.1M | $295.1M | ||
| Q2 24 | $309.8M | $290.3M | ||
| Q1 24 | $295.2M | $295.1M |
净利润ARHSCSGS
| Q4 25 | $15.1M | $7.0M | ||
| Q3 25 | $12.2M | $20.5M | ||
| Q2 25 | $35.1M | $12.3M | ||
| Q1 25 | $4.9M | $16.1M | ||
| Q4 24 | $21.3M | $34.5M | ||
| Q3 24 | $9.9M | $19.1M | ||
| Q2 24 | $22.2M | $13.8M | ||
| Q1 24 | $15.1M | $19.5M |
毛利率ARHSCSGS
| Q4 25 | 38.1% | 50.0% | ||
| Q3 25 | 38.7% | 48.1% | ||
| Q2 25 | 41.4% | 49.5% | ||
| Q1 25 | 37.1% | 48.4% | ||
| Q4 24 | 40.0% | 51.3% | ||
| Q3 24 | 38.6% | 49.4% | ||
| Q2 24 | 40.1% | 47.3% | ||
| Q1 24 | 39.0% | 46.5% |
营业利润率ARHSCSGS
| Q4 25 | 5.6% | 9.0% | ||
| Q3 25 | 4.8% | 10.0% | ||
| Q2 25 | 13.0% | 10.0% | ||
| Q1 25 | 1.7% | 9.8% | ||
| Q4 24 | 8.2% | 13.4% | ||
| Q3 24 | 3.3% | 10.8% | ||
| Q2 24 | 9.5% | 8.8% | ||
| Q1 24 | 6.2% | 10.8% |
净利率ARHSCSGS
| Q4 25 | 4.1% | 2.2% | ||
| Q3 25 | 3.5% | 6.7% | ||
| Q2 25 | 9.8% | 4.1% | ||
| Q1 25 | 1.6% | 5.4% | ||
| Q4 24 | 6.1% | 10.9% | ||
| Q3 24 | 3.1% | 6.5% | ||
| Q2 24 | 7.2% | 4.8% | ||
| Q1 24 | 5.1% | 6.6% |
每股收益（稀释后）ARHSCSGS
| Q4 25 | $0.11 | $0.24 | ||
| Q3 25 | $0.09 | $0.73 | ||
| Q2 25 | $0.25 | $0.44 | ||
| Q1 25 | $0.03 | $0.57 | ||
| Q4 24 | $0.15 | $1.20 | ||
| Q3 24 | $0.07 | $0.67 | ||
| Q2 24 | $0.16 | $0.48 | ||
| Q1 24 | $0.11 | $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 | $253.4M | $180.0M |
| 总债务越低越好 | — | $539.5M |
| 股东权益账面价值 | $418.2M | $283.7M |
| 总资产 | $1.4B | $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ARHSCSGS
| Q4 25 | $253.4M | $180.0M | ||
| Q3 25 | $262.2M | $158.4M | ||
| Q2 25 | $234.8M | $145.9M | ||
| Q1 25 | $214.4M | $136.0M | ||
| Q4 24 | $197.5M | $161.8M | ||
| Q3 24 | $177.7M | $118.4M | ||
| Q2 24 | $174.2M | $110.4M | ||
| Q1 24 | $233.2M | $120.8M |
总债务ARHSCSGS
| 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ARHSCSGS
| Q4 25 | $418.2M | $283.7M | ||
| Q3 25 | $400.4M | $289.5M | ||
| Q2 25 | $385.6M | $290.7M | ||
| Q1 25 | $348.8M | $283.1M | ||
| Q4 24 | $343.7M | $282.6M | ||
| Q3 24 | $320.6M | $288.4M | ||
| Q2 24 | $309.3M | $273.3M | ||
| Q1 24 | $285.6M | $269.3M |
总资产ARHSCSGS
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $1.4B | ||
| Q1 24 | $1.2B | $1.3B |
负债/权益比ARHSCSGS
| 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 | $9.3M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $-8.8M | $55.8M |
| 自由现金流率自由现金流/营收 | -2.4% | 17.3% |
| 资本支出强度资本支出/营收 | 5.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 0.62× | 8.46× |
| 过去12个月自由现金流最近4个季度 | $59.0M | $141.4M |
8季度趋势，按日历期对齐
经营现金流ARHSCSGS
| Q4 25 | $9.3M | $59.2M | ||
| Q3 25 | $46.1M | $47.9M | ||
| Q2 25 | $34.9M | $37.3M | ||
| Q1 25 | $46.5M | $11.5M | ||
| Q4 24 | $31.7M | $82.5M | ||
| Q3 24 | $31.1M | $39.5M | ||
| Q2 24 | $47.5M | $43.1M | ||
| Q1 24 | $36.8M | $-29.4M |
自由现金流ARHSCSGS
| Q4 25 | $-8.8M | $55.8M | ||
| Q3 25 | $28.0M | $43.9M | ||
| Q2 25 | $20.9M | $34.6M | ||
| Q1 25 | $18.9M | $7.1M | ||
| Q4 24 | $13.0M | $76.6M | ||
| Q3 24 | $4.6M | $32.0M | ||
| Q2 24 | $11.3M | $38.8M | ||
| Q1 24 | $10.9M | $-34.1M |
自由现金流率ARHSCSGS
| Q4 25 | -2.4% | 17.3% | ||
| Q3 25 | 8.1% | 14.5% | ||
| Q2 25 | 5.8% | 11.6% | ||
| Q1 25 | 6.1% | 2.4% | ||
| Q4 24 | 3.7% | 24.2% | ||
| Q3 24 | 1.4% | 10.8% | ||
| Q2 24 | 3.6% | 13.4% | ||
| Q1 24 | 3.7% | -11.6% |
资本支出强度ARHSCSGS
| Q4 25 | 5.0% | 1.1% | ||
| Q3 25 | 5.3% | 1.3% | ||
| Q2 25 | 3.9% | 0.9% | ||
| Q1 25 | 8.9% | 1.5% | ||
| Q4 24 | 5.4% | 1.9% | ||
| Q3 24 | 8.3% | 2.5% | ||
| Q2 24 | 11.7% | 1.5% | ||
| Q1 24 | 8.8% | 1.6% |
现金转化率ARHSCSGS
| Q4 25 | 0.62× | 8.46× | ||
| Q3 25 | 3.77× | 2.34× | ||
| Q2 25 | 1.00× | 3.04× | ||
| Q1 25 | 9.53× | 0.71× | ||
| Q4 24 | 1.49× | 2.39× | ||
| Q3 24 | 3.14× | 2.07× | ||
| Q2 24 | 2.14× | 3.12× | ||
| Q1 24 | 2.44× | -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
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
