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南玻集团（CSGS）与eHealth, Inc.（EHTH）财务数据对比。点击上方公司名可切换其他公司
eHealth, Inc.的季度营收约是南玻集团的1.0倍（$326.2M vs $323.1M），eHealth, Inc.净利率更高（26.7% vs 2.2%，领先24.6%），eHealth, Inc.同比增速更快（3.5% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-36.1M），过去两年eHealth, Inc.的营收复合增速更高（87.3% 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。
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
CSGS vs EHTH — 直观对比
营收规模更大
EHTH
是对方的1.0倍
$323.1M
营收增速更快
EHTH
高出1.5%
2.0%
净利率更高
EHTH
高出24.6%
2.2%
自由现金流更多
CSGS
多$91.9M
$-36.1M
两年增速更快
EHTH
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $326.2M |
| 净利润 | $7.0M | $87.2M |
| 毛利率 | 50.0% | 55.3% |
| 营业利润率 | 9.0% | 38.7% |
| 净利率 | 2.2% | 26.7% |
| 营收同比 | 2.0% | 3.5% |
| 净利润同比 | -79.7% | -10.6% |
| 每股收益（稀释后） | $0.24 | $2.43 |
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CSGSEHTH
| Q4 25 | $323.1M | $326.2M | ||
| Q3 25 | $303.6M | $53.9M | ||
| Q2 25 | $297.1M | $60.8M | ||
| Q1 25 | $299.5M | $113.1M | ||
| Q4 24 | $316.7M | $315.2M | ||
| Q3 24 | $295.1M | $58.4M | ||
| Q2 24 | $290.3M | $65.9M | ||
| Q1 24 | $295.1M | $93.0M |
净利润CSGSEHTH
| Q4 25 | $7.0M | $87.2M | ||
| Q3 25 | $20.5M | $-31.7M | ||
| Q2 25 | $12.3M | $-17.4M | ||
| Q1 25 | $16.1M | $1.9M | ||
| Q4 24 | $34.5M | $97.5M | ||
| Q3 24 | $19.1M | $-42.5M | ||
| Q2 24 | $13.8M | $-28.0M | ||
| Q1 24 | $19.5M | $-17.0M |
毛利率CSGSEHTH
| Q4 25 | 50.0% | 55.3% | ||
| Q3 25 | 48.1% | -0.3% | ||
| Q2 25 | 49.5% | 31.1% | ||
| Q1 25 | 48.4% | 36.9% | ||
| Q4 24 | 51.3% | 52.0% | ||
| Q3 24 | 49.4% | -6.5% | ||
| Q2 24 | 47.3% | 28.7% | ||
| Q1 24 | 46.5% | 31.7% |
营业利润率CSGSEHTH
| Q4 25 | 9.0% | 38.7% | ||
| Q3 25 | 10.0% | -77.1% | ||
| Q2 25 | 10.0% | -37.9% | ||
| Q1 25 | 9.8% | 4.2% | ||
| Q4 24 | 13.4% | 35.7% | ||
| Q3 24 | 10.8% | -74.0% | ||
| Q2 24 | 8.8% | -42.5% | ||
| Q1 24 | 10.8% | -19.3% |
净利率CSGSEHTH
| Q4 25 | 2.2% | 26.7% | ||
| Q3 25 | 6.7% | -58.8% | ||
| Q2 25 | 4.1% | -28.6% | ||
| Q1 25 | 5.4% | 1.7% | ||
| Q4 24 | 10.9% | 30.9% | ||
| Q3 24 | 6.5% | -72.7% | ||
| Q2 24 | 4.8% | -42.5% | ||
| Q1 24 | 6.6% | -18.3% |
每股收益（稀释后）CSGSEHTH
| Q4 25 | $0.24 | $2.43 | ||
| Q3 25 | $0.73 | $-1.46 | ||
| Q2 25 | $0.44 | $-0.98 | ||
| Q1 25 | $0.57 | $-0.33 | ||
| Q4 24 | $1.20 | $2.93 | ||
| Q3 24 | $0.67 | $-1.83 | ||
| Q2 24 | $0.48 | $-1.33 | ||
| Q1 24 | $0.68 | $-0.96 |
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 | $73.7M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $591.6M |
| 总资产 | $1.5B | $1.3B |
| 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CSGSEHTH
| Q4 25 | $180.0M | $73.7M | ||
| Q3 25 | $158.4M | $63.1M | ||
| Q2 25 | $145.9M | $65.9M | ||
| Q1 25 | $136.0M | $121.1M | ||
| Q4 24 | $161.8M | $39.2M | ||
| Q3 24 | $118.4M | $64.0M | ||
| Q2 24 | $110.4M | $126.3M | ||
| Q1 24 | $120.8M | $175.0M |
总债务CSGSEHTH
| 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CSGSEHTH
| Q4 25 | $283.7M | $591.6M | ||
| Q3 25 | $289.5M | $514.2M | ||
| Q2 25 | $290.7M | $554.9M | ||
| Q1 25 | $283.1M | $581.6M | ||
| Q4 24 | $282.6M | $588.4M | ||
| Q3 24 | $288.4M | $499.3M | ||
| Q2 24 | $273.3M | $548.9M | ||
| Q1 24 | $269.3M | $582.8M |
总资产CSGSEHTH
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.3B | $1.1B |
负债/权益比CSGSEHTH
| 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 | $59.2M | $-35.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-36.1M |
| 自由现金流率自由现金流/营收 | 17.3% | -11.1% |
| 资本支出强度资本支出/营收 | 1.1% | 0.0% |
| 现金转化率经营现金流/净利润 | 8.46× | -0.41× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $-27.6M |
8季度趋势，按日历期对齐
经营现金流CSGSEHTH
| Q4 25 | $59.2M | $-35.9M | ||
| Q3 25 | $47.9M | $-25.3M | ||
| Q2 25 | $37.3M | $-41.2M | ||
| Q1 25 | $11.5M | $77.1M | ||
| Q4 24 | $82.5M | $-27.7M | ||
| Q3 24 | $39.5M | $-29.3M | ||
| Q2 24 | $43.1M | $-32.2M | ||
| Q1 24 | $-29.4M | $70.8M |
自由现金流CSGSEHTH
| Q4 25 | $55.8M | $-36.1M | ||
| Q3 25 | $43.9M | $-25.5M | ||
| Q2 25 | $34.6M | $-42.8M | ||
| Q1 25 | $7.1M | $76.8M | ||
| Q4 24 | $76.6M | $-28.3M | ||
| Q3 24 | $32.0M | $-30.3M | ||
| Q2 24 | $38.8M | $-32.4M | ||
| Q1 24 | $-34.1M | $70.6M |
自由现金流率CSGSEHTH
| Q4 25 | 17.3% | -11.1% | ||
| Q3 25 | 14.5% | -47.4% | ||
| Q2 25 | 11.6% | -70.4% | ||
| Q1 25 | 2.4% | 67.9% | ||
| Q4 24 | 24.2% | -9.0% | ||
| Q3 24 | 10.8% | -51.8% | ||
| Q2 24 | 13.4% | -49.3% | ||
| Q1 24 | -11.6% | 75.9% |
资本支出强度CSGSEHTH
| Q4 25 | 1.1% | 0.0% | ||
| Q3 25 | 1.3% | 0.4% | ||
| Q2 25 | 0.9% | 2.6% | ||
| Q1 25 | 1.5% | 0.3% | ||
| Q4 24 | 1.9% | 0.2% | ||
| Q3 24 | 2.5% | 1.7% | ||
| Q2 24 | 1.5% | 0.4% | ||
| Q1 24 | 1.6% | 0.2% |
现金转化率CSGSEHTH
| Q4 25 | 8.46× | -0.41× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | 39.55× | ||
| Q4 24 | 2.39× | -0.28× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | -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
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
