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BADGER METER INC（BMI）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BADGER METER INC的1.4倍（$323.1M vs $234.1M），BADGER METER INC净利率更高（14.3% vs 2.2%，领先12.2%），BADGER METER INC同比增速更快（14.1% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $50.8M），过去两年BADGER METER INC的营收复合增速更高（9.2% vs 4.6%）
Badger Meter Inc是全球领先的流量测量与控制解决方案供应商，主要服务水务企业、工业、商业及住宅客户群体，核心产品包括智能水表、物联网使用监测系统及配套软件，可帮助客户追踪资源消耗、减少浪费、提升运营效率，核心市场覆盖北美、欧洲及亚太地区。
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。
BMI vs CSGS — 直观对比
营收规模更大
CSGS
是对方的1.4倍
$234.1M
营收增速更快
BMI
高出12.1%
2.0%
净利率更高
BMI
高出12.2%
2.2%
自由现金流更多
CSGS
多$5.0M
$50.8M
两年增速更快
BMI
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $234.1M | $323.1M |
| 净利润 | $33.6M | $7.0M |
| 毛利率 | 39.7% | 50.0% |
| 营业利润率 | 18.4% | 9.0% |
| 净利率 | 14.3% | 2.2% |
| 营收同比 | 14.1% | 2.0% |
| 净利润同比 | 9.3% | -79.7% |
| 每股收益（稀释后） | $1.13 | $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BMICSGS
| Q4 25 | $234.1M | $323.1M | ||
| Q3 25 | $222.2M | $303.6M | ||
| Q2 25 | $238.1M | $297.1M | ||
| Q1 25 | $222.2M | $299.5M | ||
| Q4 24 | $205.2M | $316.7M | ||
| Q3 24 | $208.4M | $295.1M | ||
| Q2 24 | $216.7M | $290.3M | ||
| Q1 24 | $196.3M | $295.1M |
净利润BMICSGS
| Q4 25 | $33.6M | $7.0M | ||
| Q3 25 | $35.1M | $20.5M | ||
| Q2 25 | $34.6M | $12.3M | ||
| Q1 25 | $38.4M | $16.1M | ||
| Q4 24 | $30.7M | $34.5M | ||
| Q3 24 | $32.0M | $19.1M | ||
| Q2 24 | $33.1M | $13.8M | ||
| Q1 24 | $29.1M | $19.5M |
毛利率BMICSGS
| Q4 25 | 39.7% | 50.0% | ||
| Q3 25 | 43.1% | 48.1% | ||
| Q2 25 | 41.1% | 49.5% | ||
| Q1 25 | 42.9% | 48.4% | ||
| Q4 24 | 40.3% | 51.3% | ||
| Q3 24 | 40.2% | 49.4% | ||
| Q2 24 | 39.4% | 47.3% | ||
| Q1 24 | 39.3% | 46.5% |
营业利润率BMICSGS
| Q4 25 | 18.4% | 9.0% | ||
| Q3 25 | 20.7% | 10.0% | ||
| Q2 25 | 18.8% | 10.0% | ||
| Q1 25 | 22.2% | 9.8% | ||
| Q4 24 | 19.1% | 13.4% | ||
| Q3 24 | 19.5% | 10.8% | ||
| Q2 24 | 19.2% | 8.8% | ||
| Q1 24 | 18.6% | 10.8% |
净利率BMICSGS
| Q4 25 | 14.3% | 2.2% | ||
| Q3 25 | 15.8% | 6.7% | ||
| Q2 25 | 14.5% | 4.1% | ||
| Q1 25 | 17.3% | 5.4% | ||
| Q4 24 | 15.0% | 10.9% | ||
| Q3 24 | 15.4% | 6.5% | ||
| Q2 24 | 15.3% | 4.8% | ||
| Q1 24 | 14.8% | 6.6% |
每股收益（稀释后）BMICSGS
| Q4 25 | $1.13 | $0.24 | ||
| Q3 25 | $1.19 | $0.73 | ||
| Q2 25 | $1.17 | $0.44 | ||
| Q1 25 | $1.30 | $0.57 | ||
| Q4 24 | $1.04 | $1.20 | ||
| Q3 24 | $1.08 | $0.67 | ||
| Q2 24 | $1.12 | $0.48 | ||
| Q1 24 | $0.99 | $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 | — | $180.0M |
| 总债务越低越好 | — | $539.5M |
| 股东权益账面价值 | $713.3M | $283.7M |
| 总资产 | $973.6M | $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BMICSGS
| Q4 25 | — | $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 | ||
| Q1 24 | — | $120.8M |
总债务BMICSGS
| 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BMICSGS
| Q4 25 | $713.3M | $283.7M | ||
| Q3 25 | $702.5M | $289.5M | ||
| Q2 25 | $677.6M | $290.7M | ||
| Q1 25 | $641.7M | $283.1M | ||
| Q4 24 | $606.2M | $282.6M | ||
| Q3 24 | $591.2M | $288.4M | ||
| Q2 24 | $563.1M | $273.3M | ||
| Q1 24 | $535.6M | $269.3M |
总资产BMICSGS
| Q4 25 | $973.6M | $1.5B | ||
| Q3 25 | $978.3M | $1.5B | ||
| Q2 25 | $936.4M | $1.4B | ||
| Q1 25 | $899.6M | $1.4B | ||
| Q4 24 | $816.4M | $1.5B | ||
| Q3 24 | $802.9M | $1.4B | ||
| Q2 24 | $781.3M | $1.4B | ||
| Q1 24 | $743.5M | $1.3B |
负债/权益比BMICSGS
| 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 | $54.8M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $50.8M | $55.8M |
| 自由现金流率自由现金流/营收 | 21.7% | 17.3% |
| 资本支出强度资本支出/营收 | 1.7% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.63× | 8.46× |
| 过去12个月自由现金流最近4个季度 | $169.7M | $141.4M |
8季度趋势，按日历期对齐
经营现金流BMICSGS
| Q4 25 | $54.8M | $59.2M | ||
| Q3 25 | $51.3M | $47.9M | ||
| Q2 25 | $44.6M | $37.3M | ||
| Q1 25 | $33.0M | $11.5M | ||
| Q4 24 | $52.1M | $82.5M | ||
| Q3 24 | $45.1M | $39.5M | ||
| Q2 24 | $36.4M | $43.1M | ||
| Q1 24 | $21.5M | $-29.4M |
自由现金流BMICSGS
| Q4 25 | $50.8M | $55.8M | ||
| Q3 25 | $48.2M | $43.9M | ||
| Q2 25 | $40.6M | $34.6M | ||
| Q1 25 | $30.1M | $7.1M | ||
| Q4 24 | $47.4M | $76.6M | ||
| Q3 24 | $42.0M | $32.0M | ||
| Q2 24 | $34.1M | $38.8M | ||
| Q1 24 | $18.8M | $-34.1M |
自由现金流率BMICSGS
| Q4 25 | 21.7% | 17.3% | ||
| Q3 25 | 21.7% | 14.5% | ||
| Q2 25 | 17.1% | 11.6% | ||
| Q1 25 | 13.5% | 2.4% | ||
| Q4 24 | 23.1% | 24.2% | ||
| Q3 24 | 20.1% | 10.8% | ||
| Q2 24 | 15.7% | 13.4% | ||
| Q1 24 | 9.6% | -11.6% |
资本支出强度BMICSGS
| Q4 25 | 1.7% | 1.1% | ||
| Q3 25 | 1.4% | 1.3% | ||
| Q2 25 | 1.7% | 0.9% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 2.3% | 1.9% | ||
| Q3 24 | 1.5% | 2.5% | ||
| Q2 24 | 1.1% | 1.5% | ||
| Q1 24 | 1.4% | 1.6% |
现金转化率BMICSGS
| Q4 25 | 1.63× | 8.46× | ||
| Q3 25 | 1.46× | 2.34× | ||
| Q2 25 | 1.29× | 3.04× | ||
| Q1 25 | 0.86× | 0.71× | ||
| Q4 24 | 1.70× | 2.39× | ||
| Q3 24 | 1.41× | 2.07× | ||
| Q2 24 | 1.10× | 3.12× | ||
| Q1 24 | 0.74× | -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
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
