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南玻集团（CSGS）与CASELLA WASTE SYSTEMS INC（CWST）财务数据对比。点击上方公司名可切换其他公司
CASELLA WASTE SYSTEMS INC的季度营收约是南玻集团的1.7倍（$557.2M vs $323.1M），南玻集团净利率更高（2.2% vs -1.0%，领先3.2%），CASELLA WASTE SYSTEMS INC同比增速更快（9.6% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $30.7M），过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（21.5% vs 4.6%）
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。
Casella Waste Systems Inc.是总部位于美国佛蒙特州拉特兰的废弃物管理企业，1975年创立时仅靠一辆卡车起步，现为区域型垂直一体化固体废物服务提供商，面向住宅、商业、市政及工业客户提供固废收集处置、中转、回收、有机废弃物处理等专业资源管理服务。
CSGS vs CWST — 直观对比
营收规模更大
CWST
是对方的1.7倍
$323.1M
营收增速更快
CWST
高出7.6%
2.0%
净利率更高
CSGS
高出3.2%
-1.0%
自由现金流更多
CSGS
多$25.2M
$30.7M
两年增速更快
CWST
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $557.2M |
| 净利润 | $7.0M | $-5.5M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 0.9% |
| 净利率 | 2.2% | -1.0% |
| 营收同比 | 2.0% | 9.6% |
| 净利润同比 | -79.7% | -15.2% |
| 每股收益（稀释后） | $0.24 | $-0.09 |
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CSGSCWST
| Q1 26 | — | $557.2M | ||
| Q4 25 | $323.1M | $469.1M | ||
| Q3 25 | $303.6M | $485.4M | ||
| Q2 25 | $297.1M | $465.3M | ||
| Q1 25 | $299.5M | $417.1M | ||
| Q4 24 | $316.7M | $427.5M | ||
| Q3 24 | $295.1M | $411.6M | ||
| Q2 24 | $290.3M | $377.2M |
净利润CSGSCWST
| Q1 26 | — | $-5.5M | ||
| Q4 25 | $7.0M | $-2.5M | ||
| Q3 25 | $20.5M | $10.0M | ||
| Q2 25 | $12.3M | $5.2M | ||
| Q1 25 | $16.1M | $-4.8M | ||
| Q4 24 | $34.5M | $4.9M | ||
| Q3 24 | $19.1M | $5.8M | ||
| Q2 24 | $13.8M | $7.0M |
毛利率CSGSCWST
| Q1 26 | — | — | ||
| Q4 25 | 50.0% | 33.3% | ||
| Q3 25 | 48.1% | 35.0% | ||
| Q2 25 | 49.5% | 33.8% | ||
| Q1 25 | 48.4% | 32.8% | ||
| Q4 24 | 51.3% | 33.2% | ||
| Q3 24 | 49.4% | 35.1% | ||
| Q2 24 | 47.3% | 35.4% |
营业利润率CSGSCWST
| Q1 26 | — | 0.9% | ||
| Q4 25 | 9.0% | 2.5% | ||
| Q3 25 | 10.0% | 6.1% | ||
| Q2 25 | 10.0% | 4.1% | ||
| Q1 25 | 9.8% | 0.8% | ||
| Q4 24 | 13.4% | 4.3% | ||
| Q3 24 | 10.8% | 5.9% | ||
| Q2 24 | 8.8% | 6.1% |
净利率CSGSCWST
| Q1 26 | — | -1.0% | ||
| Q4 25 | 2.2% | -0.5% | ||
| Q3 25 | 6.7% | 2.1% | ||
| Q2 25 | 4.1% | 1.1% | ||
| Q1 25 | 5.4% | -1.2% | ||
| Q4 24 | 10.9% | 1.1% | ||
| Q3 24 | 6.5% | 1.4% | ||
| Q2 24 | 4.8% | 1.9% |
每股收益（稀释后）CSGSCWST
| Q1 26 | — | $-0.09 | ||
| Q4 25 | $0.24 | $-0.04 | ||
| Q3 25 | $0.73 | $0.16 | ||
| Q2 25 | $0.44 | $0.08 | ||
| Q1 25 | $0.57 | $-0.08 | ||
| Q4 24 | $1.20 | $0.08 | ||
| Q3 24 | $0.67 | $0.10 | ||
| Q2 24 | $0.48 | $0.12 |
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 | $126.9M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.6B |
| 总资产 | $1.5B | $3.3B |
| 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CSGSCWST
| Q1 26 | — | $126.9M | ||
| Q4 25 | $180.0M | $123.8M | ||
| Q3 25 | $158.4M | $192.7M | ||
| Q2 25 | $145.9M | $217.8M | ||
| Q1 25 | $136.0M | $267.7M | ||
| Q4 24 | $161.8M | $358.3M | ||
| Q3 24 | $118.4M | $519.0M | ||
| Q2 24 | $110.4M | $208.5M |
总债务CSGSCWST
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $1.1B | ||
| Q3 25 | $538.6M | $1.1B | ||
| Q2 25 | $537.8M | $1.1B | ||
| Q1 25 | $537.6M | $1.1B | ||
| Q4 24 | $538.5M | $1.1B | ||
| Q3 24 | $539.5M | $1.0B | ||
| Q2 24 | $540.5M | $976.6M |
股东权益CSGSCWST
| Q1 26 | — | $1.6B | ||
| Q4 25 | $283.7M | $1.6B | ||
| Q3 25 | $289.5M | $1.6B | ||
| Q2 25 | $290.7M | $1.6B | ||
| Q1 25 | $283.1M | $1.5B | ||
| Q4 24 | $282.6M | $1.6B | ||
| Q3 24 | $288.4M | $1.5B | ||
| Q2 24 | $273.3M | $1.0B |
总资产CSGSCWST
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.5B | $3.3B | ||
| Q3 25 | $1.5B | $3.3B | ||
| Q2 25 | $1.4B | $3.3B | ||
| Q1 25 | $1.4B | $3.2B | ||
| Q4 24 | $1.5B | $3.2B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.4B | $2.5B |
负债/权益比CSGSCWST
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 0.72× | ||
| Q3 25 | 1.86× | 0.72× | ||
| Q2 25 | 1.85× | 0.72× | ||
| Q1 25 | 1.90× | 0.72× | ||
| Q4 24 | 1.91× | 0.70× | ||
| Q3 24 | 1.87× | 0.68× | ||
| Q2 24 | 1.98× | 0.94× |
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 | $59.2M | $62.3M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $30.7M |
| 自由现金流率自由现金流/营收 | 17.3% | 5.5% |
| 资本支出强度资本支出/营收 | 1.1% | 9.0% |
| 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 | $141.4M | $120.7M |
8季度趋势，按日历期对齐
经营现金流CSGSCWST
| Q1 26 | — | $62.3M | ||
| Q4 25 | $59.2M | $96.6M | ||
| Q3 25 | $47.9M | $93.6M | ||
| Q2 25 | $37.3M | $89.5M | ||
| Q1 25 | $11.5M | $50.1M | ||
| Q4 24 | $82.5M | $109.8M | ||
| Q3 24 | $39.5M | $91.8M | ||
| Q2 24 | $43.1M | $72.1M |
自由现金流CSGSCWST
| Q1 26 | — | $30.7M | ||
| Q4 25 | $55.8M | $39.3M | ||
| Q3 25 | $43.9M | $27.6M | ||
| Q2 25 | $34.6M | $23.1M | ||
| Q1 25 | $7.1M | $-5.4M | ||
| Q4 24 | $76.6M | $32.9M | ||
| Q3 24 | $32.0M | $40.4M | ||
| Q2 24 | $38.8M | $27.5M |
自由现金流率CSGSCWST
| Q1 26 | — | 5.5% | ||
| Q4 25 | 17.3% | 8.4% | ||
| Q3 25 | 14.5% | 5.7% | ||
| Q2 25 | 11.6% | 5.0% | ||
| Q1 25 | 2.4% | -1.3% | ||
| Q4 24 | 24.2% | 7.7% | ||
| Q3 24 | 10.8% | 9.8% | ||
| Q2 24 | 13.4% | 7.3% |
资本支出强度CSGSCWST
| Q1 26 | — | 9.0% | ||
| Q4 25 | 1.1% | 12.2% | ||
| Q3 25 | 1.3% | 13.6% | ||
| Q2 25 | 0.9% | 14.3% | ||
| Q1 25 | 1.5% | 13.3% | ||
| Q4 24 | 1.9% | 18.0% | ||
| Q3 24 | 2.5% | 12.5% | ||
| Q2 24 | 1.5% | 11.8% |
现金转化率CSGSCWST
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 9.37× | ||
| Q2 25 | 3.04× | 17.19× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 22.51× | ||
| Q3 24 | 2.07× | 15.91× | ||
| Q2 24 | 3.12× | 10.29× |
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
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
CWST
| Collection | $334.8M | 60% |
| Transfer station | $65.9M | 12% |
| Processing (ii) | $49.0M | 9% |
| Landfill | $48.0M | 9% |
| National Accounts (ii) | $45.6M | 8% |
| Transportation | $8.2M | 1% |
| Landfill gas-to-energy | $2.9M | 1% |
