vs
AMERICAN STATES WATER CO（AWR）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AMERICAN STATES WATER CO的2.0倍（$323.1M vs $164.3M），AMERICAN STATES WATER CO净利率更高（17.5% vs 2.2%，领先15.3%），AMERICAN STATES WATER CO同比增速更快（14.8% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-36.0M），过去两年AMERICAN STATES WATER CO的营收复合增速更高（10.2% vs 4.6%）
美国州水公司是美国的上市公用事业企业，通过旗下子公司在全美范围内提供自来水供应及污水处理相关服务，服务覆盖居民、商业及公共机构等多元客户群体，是当地水务服务领域的重要参与企业。
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。
AWR vs CSGS — 直观对比
营收规模更大
CSGS
是对方的2.0倍
$164.3M
营收增速更快
AWR
高出12.8%
2.0%
净利率更高
AWR
高出15.3%
2.2%
自由现金流更多
CSGS
多$91.8M
$-36.0M
两年增速更快
AWR
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $164.3M | $323.1M |
| 净利润 | $28.7M | $7.0M |
| 毛利率 | 88.9% | 50.0% |
| 营业利润率 | 27.4% | 9.0% |
| 净利率 | 17.5% | 2.2% |
| 营收同比 | 14.8% | 2.0% |
| 净利润同比 | 1.1% | -79.7% |
| 每股收益（稀释后） | $0.74 | $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AWRCSGS
| Q4 25 | $164.3M | $323.1M | ||
| Q3 25 | $182.7M | $303.6M | ||
| Q2 25 | $163.1M | $297.1M | ||
| Q1 25 | $148.0M | $299.5M | ||
| Q4 24 | $143.1M | $316.7M | ||
| Q3 24 | $161.8M | $295.1M | ||
| Q2 24 | $155.3M | $290.3M | ||
| Q1 24 | $135.3M | $295.1M |
净利润AWRCSGS
| Q4 25 | $28.7M | $7.0M | ||
| Q3 25 | $41.2M | $20.5M | ||
| Q2 25 | $33.7M | $12.3M | ||
| Q1 25 | $26.8M | $16.1M | ||
| Q4 24 | $28.4M | $34.5M | ||
| Q3 24 | $35.8M | $19.1M | ||
| Q2 24 | $31.9M | $13.8M | ||
| Q1 24 | $23.1M | $19.5M |
毛利率AWRCSGS
| Q4 25 | 88.9% | 50.0% | ||
| Q3 25 | 91.0% | 48.1% | ||
| Q2 25 | 92.1% | 49.5% | ||
| Q1 25 | 91.3% | 48.4% | ||
| Q4 24 | 92.4% | 51.3% | ||
| Q3 24 | 92.7% | 49.4% | ||
| Q2 24 | 89.6% | 47.3% | ||
| Q1 24 | 88.4% | 46.5% |
营业利润率AWRCSGS
| Q4 25 | 27.4% | 9.0% | ||
| Q3 25 | 33.8% | 10.0% | ||
| Q2 25 | 31.3% | 10.0% | ||
| Q1 25 | 30.8% | 9.8% | ||
| Q4 24 | 27.0% | 13.4% | ||
| Q3 24 | 34.0% | 10.8% | ||
| Q2 24 | 33.3% | 8.8% | ||
| Q1 24 | 28.8% | 10.8% |
净利率AWRCSGS
| Q4 25 | 17.5% | 2.2% | ||
| Q3 25 | 22.5% | 6.7% | ||
| Q2 25 | 20.7% | 4.1% | ||
| Q1 25 | 18.1% | 5.4% | ||
| Q4 24 | 19.9% | 10.9% | ||
| Q3 24 | 22.1% | 6.5% | ||
| Q2 24 | 20.5% | 4.8% | ||
| Q1 24 | 17.1% | 6.6% |
每股收益（稀释后）AWRCSGS
| Q4 25 | $0.74 | $0.24 | ||
| Q3 25 | $1.06 | $0.73 | ||
| Q2 25 | $0.87 | $0.44 | ||
| Q1 25 | $0.70 | $0.57 | ||
| Q4 24 | $0.75 | $1.20 | ||
| Q3 24 | $0.95 | $0.67 | ||
| Q2 24 | $0.85 | $0.48 | ||
| Q1 24 | $0.62 | $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 | $18.8M | $180.0M |
| 总债务越低越好 | $782.7M | $539.5M |
| 股东权益账面价值 | $1.0B | $283.7M |
| 总资产 | $2.7B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.75× | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资AWRCSGS
| Q4 25 | $18.8M | $180.0M | ||
| Q3 25 | $26.1M | $158.4M | ||
| Q2 25 | $20.2M | $145.9M | ||
| Q1 25 | $21.2M | $136.0M | ||
| Q4 24 | $26.7M | $161.8M | ||
| Q3 24 | $16.5M | $118.4M | ||
| Q2 24 | $3.6M | $110.4M | ||
| Q1 24 | $17.0M | $120.8M |
总债务AWRCSGS
| Q4 25 | $782.7M | $539.5M | ||
| Q3 25 | — | $538.6M | ||
| Q2 25 | — | $537.8M | ||
| Q1 25 | — | $537.6M | ||
| Q4 24 | $640.4M | $538.5M | ||
| Q3 24 | — | $539.5M | ||
| Q2 24 | — | $540.5M | ||
| Q1 24 | — | $541.5M |
股东权益AWRCSGS
| Q4 25 | $1.0B | $283.7M | ||
| Q3 25 | $1.0B | $289.5M | ||
| Q2 25 | $972.5M | $290.7M | ||
| Q1 25 | $956.4M | $283.1M | ||
| Q4 24 | $920.1M | $282.6M | ||
| Q3 24 | $879.5M | $288.4M | ||
| Q2 24 | $833.5M | $273.3M | ||
| Q1 24 | $800.5M | $269.3M |
总资产AWRCSGS
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.7B | $1.5B | ||
| Q2 25 | $2.6B | $1.4B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.3B | $1.4B | ||
| Q1 24 | $2.3B | $1.3B |
负债/权益比AWRCSGS
| Q4 25 | 0.75× | 1.90× | ||
| Q3 25 | — | 1.86× | ||
| Q2 25 | — | 1.85× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | 0.70× | 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 | $27.7M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $-36.0M | $55.8M |
| 自由现金流率自由现金流/营收 | -21.9% | 17.3% |
| 资本支出强度资本支出/营收 | 38.8% | 1.1% |
| 现金转化率经营现金流/净利润 | 0.96× | 8.46× |
| 过去12个月自由现金流最近4个季度 | $-7.1M | $141.4M |
8季度趋势，按日历期对齐
经营现金流AWRCSGS
| Q4 25 | $27.7M | $59.2M | ||
| Q3 25 | $92.4M | $47.9M | ||
| Q2 25 | $64.6M | $37.3M | ||
| Q1 25 | $45.1M | $11.5M | ||
| Q4 24 | $64.5M | $82.5M | ||
| Q3 24 | $63.7M | $39.5M | ||
| Q2 24 | $24.7M | $43.1M | ||
| Q1 24 | $45.8M | $-29.4M |
自由现金流AWRCSGS
| Q4 25 | $-36.0M | $55.8M | ||
| Q3 25 | $37.7M | $43.9M | ||
| Q2 25 | $13.7M | $34.6M | ||
| Q1 25 | $-22.5M | $7.1M | ||
| Q4 24 | $6.0M | $76.6M | ||
| Q3 24 | $-478.0K | $32.0M | ||
| Q2 24 | $-37.0M | $38.8M | ||
| Q1 24 | $-1.7M | $-34.1M |
自由现金流率AWRCSGS
| Q4 25 | -21.9% | 17.3% | ||
| Q3 25 | 20.7% | 14.5% | ||
| Q2 25 | 8.4% | 11.6% | ||
| Q1 25 | -15.2% | 2.4% | ||
| Q4 24 | 4.2% | 24.2% | ||
| Q3 24 | -0.3% | 10.8% | ||
| Q2 24 | -23.8% | 13.4% | ||
| Q1 24 | -1.3% | -11.6% |
资本支出强度AWRCSGS
| Q4 25 | 38.8% | 1.1% | ||
| Q3 25 | 29.9% | 1.3% | ||
| Q2 25 | 31.2% | 0.9% | ||
| Q1 25 | 45.6% | 1.5% | ||
| Q4 24 | 40.9% | 1.9% | ||
| Q3 24 | 39.7% | 2.5% | ||
| Q2 24 | 39.8% | 1.5% | ||
| Q1 24 | 35.2% | 1.6% |
现金转化率AWRCSGS
| Q4 25 | 0.96× | 8.46× | ||
| Q3 25 | 2.24× | 2.34× | ||
| Q2 25 | 1.92× | 3.04× | ||
| Q1 25 | 1.68× | 0.71× | ||
| Q4 24 | 2.27× | 2.39× | ||
| Q3 24 | 1.78× | 2.07× | ||
| Q2 24 | 0.78× | 3.12× | ||
| Q1 24 | 1.98× | -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
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
