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天弘科技（CLS）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
天弘科技的季度营收约是新美亚的1.1倍（$3.7B vs $3.2B）。天弘科技净利率更高（7.3% vs 1.5%，领先5.8%）。天弘科技自由现金流更多（$155.9M vs $91.9M）
天弘科技（Celestica Inc.）是总部位于加拿大安大略省多伦多的跨国电子制造服务（EMS）企业，业务涵盖设计、生产制造、硬件平台搭建及供应链服务，目前在全球15个国家设有50个运营站点，为各行业客户提供专业的电子产业链相关解决方案。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
CLS vs SANM — 直观对比
营收规模更大
CLS
是对方的1.1倍
$3.2B
净利率更高
CLS
高出5.8%
1.5%
自由现金流更多
CLS
多$64.0M
$91.9M
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $3.2B |
| 净利润 | $267.5M | $49.3M |
| 毛利率 | 11.8% | 7.6% |
| 营业利润率 | 8.6% | 2.3% |
| 净利率 | 7.3% | 1.5% |
| 营收同比 | — | 59.0% |
| 净利润同比 | — | -24.2% |
| 每股收益（稀释后） | $2.29 | $0.89 |
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CLSSANM
| Q4 25 | $3.7B | $3.2B | ||
| Q3 25 | $3.2B | $2.1B | ||
| Q2 25 | $2.9B | $2.0B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $2.5B | $2.0B | ||
| Q2 24 | $2.4B | $1.8B | ||
| Q1 24 | $2.2B | $1.8B |
净利润CLSSANM
| Q4 25 | $267.5M | $49.3M | ||
| Q3 25 | $267.8M | $48.1M | ||
| Q2 25 | $211.0M | $68.6M | ||
| Q1 25 | $86.2M | $64.2M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | $89.5M | $61.4M | ||
| Q2 24 | $95.0M | $51.6M | ||
| Q1 24 | $91.8M | $52.5M |
毛利率CLSSANM
| Q4 25 | 11.8% | 7.6% | ||
| Q3 25 | 13.0% | 9.1% | ||
| Q2 25 | 12.8% | 8.9% | ||
| Q1 25 | 10.3% | 8.9% | ||
| Q4 24 | — | 8.4% | ||
| Q3 24 | 10.4% | 8.5% | ||
| Q2 24 | 10.6% | 8.3% | ||
| Q1 24 | 10.1% | 8.4% |
营业利润率CLSSANM
| Q4 25 | 8.6% | 2.3% | ||
| Q3 25 | 10.2% | 3.7% | ||
| Q2 25 | 9.4% | 4.7% | ||
| Q1 25 | 4.9% | 4.6% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | 5.5% | 4.4% | ||
| Q2 24 | 5.6% | 4.5% | ||
| Q1 24 | 5.7% | 4.1% |
净利率CLSSANM
| Q4 25 | 7.3% | 1.5% | ||
| Q3 25 | 8.4% | 2.3% | ||
| Q2 25 | 7.3% | 3.4% | ||
| Q1 25 | 3.3% | 3.2% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 3.6% | 3.0% | ||
| Q2 24 | 4.0% | 2.8% | ||
| Q1 24 | 4.2% | 2.9% |
每股收益（稀释后）CLSSANM
| Q4 25 | $2.29 | $0.89 | ||
| Q3 25 | $2.31 | $0.88 | ||
| Q2 25 | $1.82 | $1.26 | ||
| Q1 25 | $0.74 | $1.16 | ||
| Q4 24 | — | $1.16 | ||
| Q3 24 | $0.75 | $1.09 | ||
| Q2 24 | $0.80 | $0.91 | ||
| Q1 24 | $0.77 | $0.93 |
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 | $595.6M | $1.4B |
| 总债务越低越好 | $750.5M | $2.2B |
| 股东权益账面价值 | $2.2B | $2.7B |
| 总资产 | $7.2B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.34× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资CLSSANM
| Q4 25 | $595.6M | $1.4B | ||
| Q3 25 | $305.9M | $926.3M | ||
| Q2 25 | $313.8M | $797.9M | ||
| Q1 25 | $303.0M | $647.1M | ||
| Q4 24 | — | $642.4M | ||
| Q3 24 | — | $625.9M | ||
| Q2 24 | — | $657.7M | ||
| Q1 24 | — | $650.9M |
总债务CLSSANM
| Q4 25 | $750.5M | $2.2B | ||
| Q3 25 | $756.7M | $300.5M | ||
| Q2 25 | $848.6M | — | ||
| Q1 25 | $915.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CLSSANM
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.8B | $2.3B | ||
| Q1 24 | $1.7B | $2.3B |
总资产CLSSANM
| Q4 25 | $7.2B | $9.8B | ||
| Q3 25 | $6.6B | $5.9B | ||
| Q2 25 | $6.2B | $5.2B | ||
| Q1 25 | $5.8B | $5.0B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.8B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | — | $4.7B |
负债/权益比CLSSANM
| Q4 25 | 0.34× | 0.82× | ||
| Q3 25 | 0.37× | 0.12× | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $250.6M | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $155.9M | $91.9M |
| 自由现金流率自由现金流/营收 | 4.3% | 2.9% |
| 资本支出强度资本支出/营收 | 2.6% | 2.7% |
| 现金转化率经营现金流/净利润 | 0.94× | 3.63× |
| 过去12个月自由现金流最近4个季度 | $458.3M | $518.3M |
8季度趋势，按日历期对齐
经营现金流CLSSANM
| Q4 25 | $250.6M | $178.7M | ||
| Q3 25 | $126.2M | $199.1M | ||
| Q2 25 | $152.4M | $200.8M | ||
| Q1 25 | $130.3M | $156.9M | ||
| Q4 24 | — | $63.9M | ||
| Q3 24 | $122.8M | $51.9M | ||
| Q2 24 | $99.6M | $90.0M | ||
| Q1 24 | $108.1M | $72.3M |
自由现金流CLSSANM
| Q4 25 | $155.9M | $91.9M | ||
| Q3 25 | $88.9M | $136.6M | ||
| Q2 25 | $119.9M | $163.7M | ||
| Q1 25 | $93.6M | $126.1M | ||
| Q4 24 | — | $46.9M | ||
| Q3 24 | $76.8M | $27.2M | ||
| Q2 24 | $62.7M | $67.2M | ||
| Q1 24 | $67.7M | $42.7M |
自由现金流率CLSSANM
| Q4 25 | 4.3% | 2.9% | ||
| Q3 25 | 2.8% | 6.5% | ||
| Q2 25 | 4.1% | 8.0% | ||
| Q1 25 | 3.5% | 6.4% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | 3.1% | 1.4% | ||
| Q2 24 | 2.6% | 3.7% | ||
| Q1 24 | 3.1% | 2.3% |
资本支出强度CLSSANM
| Q4 25 | 2.6% | 2.7% | ||
| Q3 25 | 1.2% | 3.0% | ||
| Q2 25 | 1.1% | 1.8% | ||
| Q1 25 | 1.4% | 1.5% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 1.8% | 1.2% | ||
| Q2 24 | 1.5% | 1.2% | ||
| Q1 24 | 1.8% | 1.6% |
现金转化率CLSSANM
| Q4 25 | 0.94× | 3.63× | ||
| Q3 25 | 0.47× | 4.14× | ||
| Q2 25 | 0.72× | 2.93× | ||
| Q1 25 | 1.51× | 2.44× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | 1.37× | 0.85× | ||
| Q2 24 | 1.05× | 1.74× | ||
| Q1 24 | 1.18× | 1.38× |
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
CLS
| CCS Communications | $2.1B | 58% |
| ATS Segment | $795.1M | 22% |
| CCS Enterprise | $745.2M | 20% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
