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CULLEN/FROST BANKERS, INC.（CFR）与上海建工集团（NOA）财务数据对比。点击上方公司名可切换其他公司
上海建工集团的季度营收约是CULLEN/FROST BANKERS, INC.的1.5倍（$860.2M vs $580.9M），CULLEN/FROST BANKERS, INC.净利率更高（28.6% vs 4.7%，领先23.9%），过去两年上海建工集团的营收复合增速更高（58.0% vs 7.6%）
Frost Bank是总部位于美国圣安东尼奥的德克萨斯州特许银行，为银行控股公司卡伦/弗罗斯特银行家集团的核心子公司。其在得克萨斯州共设有200家营业网点、1750台自动柜员机，按总资产规模统计位列全美前60大银行之列。
上海建工集团是中国知名建筑工程企业，凭借优异的经营规模与工程实力，在2011年以营业收入统计位居全球建筑企业第16位，业务覆盖国内外众多大型建筑工程项目领域。
CFR vs NOA — 直观对比
营收规模更大
NOA
是对方的1.5倍
$580.9M
净利率更高
CFR
高出23.9%
4.7%
两年增速更快
NOA
近两年复合增速
7.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $580.9M | $860.2M |
| 净利润 | $166.3M | $40.5M |
| 毛利率 | — | 19.7% |
| 营业利润率 | 34.1% | 15.4% |
| 净利率 | 28.6% | 4.7% |
| 营收同比 | 8.3% | — |
| 净利润同比 | 7.4% | — |
| 每股收益（稀释后） | $2.56 | — |
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CFRNOA
| Q4 25 | $580.9M | — | ||
| Q3 25 | $567.3M | $860.2M | ||
| Q2 25 | $546.9M | $573.3M | ||
| Q1 25 | $540.2M | $297.0M | ||
| Q4 24 | $536.3M | — | ||
| Q3 24 | $518.0M | $636.4M | ||
| Q2 24 | $507.9M | $439.5M | ||
| Q1 24 | $501.4M | $244.3M |
净利润CFRNOA
| Q4 25 | $166.3M | — | ||
| Q3 25 | $174.4M | $40.5M | ||
| Q2 25 | $157.0M | $26.0M | ||
| Q1 25 | $150.9M | $11.5M | ||
| Q4 24 | $154.9M | — | ||
| Q3 24 | $146.5M | $45.5M | ||
| Q2 24 | $145.5M | $34.1M | ||
| Q1 24 | $135.7M | $21.8M |
毛利率CFRNOA
| Q4 25 | — | — | ||
| Q3 25 | — | 19.7% | ||
| Q2 25 | — | 18.1% | ||
| Q1 25 | — | 18.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.0% | ||
| Q2 24 | — | 14.3% | ||
| Q1 24 | — | 16.8% |
营业利润率CFRNOA
| Q4 25 | 34.1% | — | ||
| Q3 25 | 36.7% | 15.4% | ||
| Q2 25 | 34.1% | 13.6% | ||
| Q1 25 | 33.2% | 13.0% | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 33.8% | 7.9% | ||
| Q2 24 | 34.5% | 8.2% | ||
| Q1 24 | 32.2% | 10.5% |
净利率CFRNOA
| Q4 25 | 28.6% | — | ||
| Q3 25 | 30.7% | 4.7% | ||
| Q2 25 | 28.7% | 4.5% | ||
| Q1 25 | 27.9% | 3.9% | ||
| Q4 24 | 28.9% | — | ||
| Q3 24 | 28.3% | 7.1% | ||
| Q2 24 | 28.6% | 7.8% | ||
| Q1 24 | 27.1% | 8.9% |
每股收益（稀释后）CFRNOA
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.67 | — | ||
| Q2 25 | $2.39 | — | ||
| Q1 25 | $2.30 | — | ||
| Q4 24 | $2.36 | — | ||
| Q3 24 | $2.24 | — | ||
| Q2 24 | $2.21 | — | ||
| Q1 24 | $2.06 | — |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.6B | — |
| 总资产 | $53.0B | $1.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益CFRNOA
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.6B | — |
总资产CFRNOA
| Q4 25 | $53.0B | — | ||
| Q3 25 | $52.5B | $1.7B | ||
| Q2 25 | $51.4B | $1.7B | ||
| Q1 25 | $52.0B | $1.7B | ||
| Q4 24 | $52.5B | — | ||
| Q3 24 | $51.0B | $1.5B | ||
| Q2 24 | $48.8B | $1.5B | ||
| Q1 24 | $49.5B | $1.5B |
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 | $274.0M | $140.7M |
| 自由现金流经营现金流 - 资本支出 | $127.3M | — |
| 自由现金流率自由现金流/营收 | 21.9% | — |
| 资本支出强度资本支出/营收 | 25.2% | — |
| 现金转化率经营现金流/净利润 | 1.65× | 3.47× |
| 过去12个月自由现金流最近4个季度 | $116.4M | — |
8季度趋势，按日历期对齐
经营现金流CFRNOA
| Q4 25 | $274.0M | — | ||
| Q3 25 | $248.6M | $140.7M | ||
| Q2 25 | $140.8M | $85.4M | ||
| Q1 25 | $-296.1M | $19.0M | ||
| Q4 24 | $989.5M | — | ||
| Q3 24 | $307.2M | $109.5M | ||
| Q2 24 | $129.6M | $72.0M | ||
| Q1 24 | $488.4M | $31.8M |
自由现金流CFRNOA
| Q4 25 | $127.3M | — | ||
| Q3 25 | $211.7M | — | ||
| Q2 25 | $114.5M | — | ||
| Q1 25 | $-337.1M | — | ||
| Q4 24 | $861.8M | — | ||
| Q3 24 | $281.9M | — | ||
| Q2 24 | $103.0M | — | ||
| Q1 24 | $450.3M | — |
自由现金流率CFRNOA
| Q4 25 | 21.9% | — | ||
| Q3 25 | 37.3% | — | ||
| Q2 25 | 20.9% | — | ||
| Q1 25 | -62.4% | — | ||
| Q4 24 | 160.7% | — | ||
| Q3 24 | 54.4% | — | ||
| Q2 24 | 20.3% | — | ||
| Q1 24 | 89.8% | — |
资本支出强度CFRNOA
| Q4 25 | 25.2% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 7.6% | — | ||
| Q4 24 | 23.8% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 7.6% | — |
现金转化率CFRNOA
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.43× | 3.47× | ||
| Q2 25 | 0.90× | 3.28× | ||
| Q1 25 | -1.96× | 1.65× | ||
| Q4 24 | 6.39× | — | ||
| Q3 24 | 2.10× | 2.41× | ||
| Q2 24 | 0.89× | 2.11× | ||
| Q1 24 | 3.60× | 1.46× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
