vs
亚什兰（ASH）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
亚什兰的季度营收约是南玻集团的1.2倍（$386.0M vs $323.1M），南玻集团净利率更高（2.2% vs -3.1%，领先5.3%），南玻集团同比增速更快（2.0% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs CSGS — 直观对比
营收规模更大
ASH
是对方的1.2倍
$323.1M
营收增速更快
CSGS
高出6.7%
-4.7%
净利率更高
CSGS
高出5.3%
-3.1%
自由现金流更多
ASH
多$55.2M
$55.8M
两年增速更快
CSGS
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $323.1M |
| 净利润 | $-12.0M | $7.0M |
| 毛利率 | 27.2% | 50.0% |
| 营业利润率 | -1.6% | 9.0% |
| 净利率 | -3.1% | 2.2% |
| 营收同比 | -4.7% | 2.0% |
| 净利润同比 | 92.7% | -79.7% |
| 每股收益（稀释后） | $-0.26 | $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ASHCSGS
| Q4 25 | $386.0M | $323.1M | ||
| Q3 25 | $477.0M | $303.6M | ||
| Q2 25 | $463.0M | $297.1M | ||
| Q1 25 | $479.0M | $299.5M | ||
| Q4 24 | $405.0M | $316.7M | ||
| Q3 24 | $521.0M | $295.1M | ||
| Q2 24 | $544.0M | $290.3M | ||
| Q1 24 | $575.0M | $295.1M |
净利润ASHCSGS
| Q4 25 | $-12.0M | $7.0M | ||
| Q3 25 | $31.0M | $20.5M | ||
| Q2 25 | $-742.0M | $12.3M | ||
| Q1 25 | $31.0M | $16.1M | ||
| Q4 24 | $-165.0M | $34.5M | ||
| Q3 24 | $17.0M | $19.1M | ||
| Q2 24 | $6.0M | $13.8M | ||
| Q1 24 | $120.0M | $19.5M |
毛利率ASHCSGS
| Q4 25 | 27.2% | 50.0% | ||
| Q3 25 | 33.3% | 48.1% | ||
| Q2 25 | 28.5% | 49.5% | ||
| Q1 25 | 30.7% | 48.4% | ||
| Q4 24 | 27.4% | 51.3% | ||
| Q3 24 | 33.2% | 49.4% | ||
| Q2 24 | 34.2% | 47.3% | ||
| Q1 24 | 28.0% | 46.5% |
营业利润率ASHCSGS
| Q4 25 | -1.6% | 9.0% | ||
| Q3 25 | 12.8% | 10.0% | ||
| Q2 25 | -152.9% | 10.0% | ||
| Q1 25 | 10.6% | 9.8% | ||
| Q4 24 | -44.2% | 13.4% | ||
| Q3 24 | 6.1% | 10.8% | ||
| Q2 24 | -11.2% | 8.8% | ||
| Q1 24 | 3.7% | 10.8% |
净利率ASHCSGS
| Q4 25 | -3.1% | 2.2% | ||
| Q3 25 | 6.5% | 6.7% | ||
| Q2 25 | -160.3% | 4.1% | ||
| Q1 25 | 6.5% | 5.4% | ||
| Q4 24 | -40.7% | 10.9% | ||
| Q3 24 | 3.3% | 6.5% | ||
| Q2 24 | 1.1% | 4.8% | ||
| Q1 24 | 20.9% | 6.6% |
每股收益（稀释后）ASHCSGS
| Q4 25 | $-0.26 | $0.24 | ||
| Q3 25 | $0.83 | $0.73 | ||
| Q2 25 | $-16.21 | $0.44 | ||
| Q1 25 | $0.65 | $0.57 | ||
| Q4 24 | $-3.50 | $1.20 | ||
| Q3 24 | $0.34 | $0.67 | ||
| Q2 24 | $0.12 | $0.48 | ||
| Q1 24 | $2.39 | $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 | $304.0M | $180.0M |
| 总债务越低越好 | $1.4B | $539.5M |
| 股东权益账面价值 | $1.9B | $283.7M |
| 总资产 | $4.5B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.74× | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资ASHCSGS
| Q4 25 | $304.0M | $180.0M | ||
| Q3 25 | $215.0M | $158.4M | ||
| Q2 25 | $207.0M | $145.9M | ||
| Q1 25 | $168.0M | $136.0M | ||
| Q4 24 | $219.0M | $161.8M | ||
| Q3 24 | $300.0M | $118.4M | ||
| Q2 24 | $399.0M | $110.4M | ||
| Q1 24 | $439.0M | $120.8M |
总债务ASHCSGS
| Q4 25 | $1.4B | $539.5M | ||
| Q3 25 | $1.4B | $538.6M | ||
| Q2 25 | $1.4B | $537.8M | ||
| Q1 25 | $1.3B | $537.6M | ||
| Q4 24 | $1.3B | $538.5M | ||
| Q3 24 | $1.3B | $539.5M | ||
| Q2 24 | $1.3B | $540.5M | ||
| Q1 24 | $1.3B | $541.5M |
股东权益ASHCSGS
| Q4 25 | $1.9B | $283.7M | ||
| Q3 25 | $1.9B | $289.5M | ||
| Q2 25 | $1.9B | $290.7M | ||
| Q1 25 | $2.6B | $283.1M | ||
| Q4 24 | $2.6B | $282.6M | ||
| Q3 24 | $2.9B | $288.4M | ||
| Q2 24 | $3.0B | $273.3M | ||
| Q1 24 | $3.1B | $269.3M |
总资产ASHCSGS
| Q4 25 | $4.5B | $1.5B | ||
| Q3 25 | $4.6B | $1.5B | ||
| Q2 25 | $4.6B | $1.4B | ||
| Q1 25 | $5.2B | $1.4B | ||
| Q4 24 | $5.2B | $1.5B | ||
| Q3 24 | $5.6B | $1.4B | ||
| Q2 24 | $5.7B | $1.4B | ||
| Q1 24 | $5.9B | $1.3B |
负债/权益比ASHCSGS
| Q4 25 | 0.74× | 1.90× | ||
| Q3 25 | 0.73× | 1.86× | ||
| Q2 25 | 0.73× | 1.85× | ||
| Q1 25 | 0.52× | 1.90× | ||
| Q4 24 | 0.51× | 1.91× | ||
| Q3 24 | 0.47× | 1.87× | ||
| Q2 24 | 0.45× | 1.98× | ||
| Q1 24 | 0.42× | 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 | $125.0M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $55.8M |
| 自由现金流率自由现金流/营收 | 28.8% | 17.3% |
| 资本支出强度资本支出/营收 | 3.6% | 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 | $200.0M | $141.4M |
8季度趋势，按日历期对齐
经营现金流ASHCSGS
| Q4 25 | $125.0M | $59.2M | ||
| Q3 25 | $40.0M | $47.9M | ||
| Q2 25 | $115.0M | $37.3M | ||
| Q1 25 | $9.0M | $11.5M | ||
| Q4 24 | $-30.0M | $82.5M | ||
| Q3 24 | $80.0M | $39.5M | ||
| Q2 24 | $127.0M | $43.1M | ||
| Q1 24 | $54.0M | $-29.4M |
自由现金流ASHCSGS
| Q4 25 | $111.0M | $55.8M | ||
| Q3 25 | $6.0M | $43.9M | ||
| Q2 25 | $95.0M | $34.6M | ||
| Q1 25 | $-12.0M | $7.1M | ||
| Q4 24 | $-53.0M | $76.6M | ||
| Q3 24 | $42.0M | $32.0M | ||
| Q2 24 | $98.0M | $38.8M | ||
| Q1 24 | $20.0M | $-34.1M |
自由现金流率ASHCSGS
| Q4 25 | 28.8% | 17.3% | ||
| Q3 25 | 1.3% | 14.5% | ||
| Q2 25 | 20.5% | 11.6% | ||
| Q1 25 | -2.5% | 2.4% | ||
| Q4 24 | -13.1% | 24.2% | ||
| Q3 24 | 8.1% | 10.8% | ||
| Q2 24 | 18.0% | 13.4% | ||
| Q1 24 | 3.5% | -11.6% |
资本支出强度ASHCSGS
| Q4 25 | 3.6% | 1.1% | ||
| Q3 25 | 7.1% | 1.3% | ||
| Q2 25 | 4.3% | 0.9% | ||
| Q1 25 | 4.4% | 1.5% | ||
| Q4 24 | 5.7% | 1.9% | ||
| Q3 24 | 7.3% | 2.5% | ||
| Q2 24 | 5.3% | 1.5% | ||
| Q1 24 | 5.9% | 1.6% |
现金转化率ASHCSGS
| Q4 25 | — | 8.46× | ||
| Q3 25 | 1.29× | 2.34× | ||
| Q2 25 | — | 3.04× | ||
| Q1 25 | 0.29× | 0.71× | ||
| Q4 24 | — | 2.39× | ||
| Q3 24 | 4.71× | 2.07× | ||
| Q2 24 | 21.17× | 3.12× | ||
| Q1 24 | 0.45× | -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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
