vs
南玻集团（CSGS）与Forestar Group Inc.（FOR）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Forestar Group Inc.的1.2倍（$323.1M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 2.2%，领先3.5%），Forestar Group Inc.同比增速更快（9.0% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-157.1M），过去两年南玻集团的营收复合增速更高（4.6% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
CSGS vs FOR — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$273.0M
营收增速更快
FOR
高出7.0%
2.0%
净利率更高
FOR
高出3.5%
2.2%
自由现金流更多
CSGS
多$212.9M
$-157.1M
两年增速更快
CSGS
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $273.0M |
| 净利润 | $7.0M | $15.4M |
| 毛利率 | 50.0% | 20.1% |
| 营业利润率 | 9.0% | 7.6% |
| 净利率 | 2.2% | 5.6% |
| 营收同比 | 2.0% | 9.0% |
| 净利润同比 | -79.7% | -6.7% |
| 每股收益（稀释后） | $0.24 | $0.30 |
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CSGSFOR
| Q4 25 | $323.1M | $273.0M | ||
| Q3 25 | $303.6M | $670.5M | ||
| Q2 25 | $297.1M | $390.5M | ||
| Q1 25 | $299.5M | $351.0M | ||
| Q4 24 | $316.7M | $250.4M | ||
| Q3 24 | $295.1M | $551.3M | ||
| Q2 24 | $290.3M | $318.4M | ||
| Q1 24 | $295.1M | $333.8M |
净利润CSGSFOR
| Q4 25 | $7.0M | $15.4M | ||
| Q3 25 | $20.5M | $86.9M | ||
| Q2 25 | $12.3M | $32.9M | ||
| Q1 25 | $16.1M | $31.6M | ||
| Q4 24 | $34.5M | $16.5M | ||
| Q3 24 | $19.1M | $81.5M | ||
| Q2 24 | $13.8M | $38.7M | ||
| Q1 24 | $19.5M | $45.0M |
毛利率CSGSFOR
| Q4 25 | 50.0% | 20.1% | ||
| Q3 25 | 48.1% | 22.3% | ||
| Q2 25 | 49.5% | 20.4% | ||
| Q1 25 | 48.4% | 22.6% | ||
| Q4 24 | 51.3% | 22.0% | ||
| Q3 24 | 49.4% | 23.9% | ||
| Q2 24 | 47.3% | 22.5% | ||
| Q1 24 | 46.5% | 24.9% |
营业利润率CSGSFOR
| Q4 25 | 9.0% | 7.6% | ||
| Q3 25 | 10.0% | 16.9% | ||
| Q2 25 | 10.0% | 11.2% | ||
| Q1 25 | 9.8% | 11.6% | ||
| Q4 24 | 13.4% | 8.7% | ||
| Q3 24 | 10.8% | 19.7% | ||
| Q2 24 | 8.8% | 16.2% | ||
| Q1 24 | 10.8% | 17.6% |
净利率CSGSFOR
| Q4 25 | 2.2% | 5.6% | ||
| Q3 25 | 6.7% | 13.0% | ||
| Q2 25 | 4.1% | 8.4% | ||
| Q1 25 | 5.4% | 9.0% | ||
| Q4 24 | 10.9% | 6.6% | ||
| Q3 24 | 6.5% | 14.8% | ||
| Q2 24 | 4.8% | 12.2% | ||
| Q1 24 | 6.6% | 13.5% |
每股收益（稀释后）CSGSFOR
| Q4 25 | $0.24 | $0.30 | ||
| Q3 25 | $0.73 | $1.70 | ||
| Q2 25 | $0.44 | $0.65 | ||
| Q1 25 | $0.57 | $0.62 | ||
| Q4 24 | $1.20 | $0.32 | ||
| Q3 24 | $0.67 | $1.59 | ||
| Q2 24 | $0.48 | $0.76 | ||
| Q1 24 | $0.68 | $0.89 |
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 | $211.7M |
| 总债务越低越好 | $539.5M | $793.2M |
| 股东权益账面价值 | $283.7M | $1.8B |
| 总资产 | $1.5B | $3.2B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资CSGSFOR
| Q4 25 | $180.0M | $211.7M | ||
| Q3 25 | $158.4M | $379.2M | ||
| Q2 25 | $145.9M | $189.2M | ||
| Q1 25 | $136.0M | $174.3M | ||
| Q4 24 | $161.8M | $132.0M | ||
| Q3 24 | $118.4M | $481.2M | ||
| Q2 24 | $110.4M | $359.2M | ||
| Q1 24 | $120.8M | $416.2M |
总债务CSGSFOR
| Q4 25 | $539.5M | $793.2M | ||
| Q3 25 | $538.6M | $802.7M | ||
| Q2 25 | $537.8M | $872.8M | ||
| Q1 25 | $537.6M | $872.5M | ||
| Q4 24 | $538.5M | $806.8M | ||
| Q3 24 | $539.5M | $706.4M | ||
| Q2 24 | $540.5M | $706.1M | ||
| Q1 24 | $541.5M | $705.7M |
股东权益CSGSFOR
| Q4 25 | $283.7M | $1.8B | ||
| Q3 25 | $289.5M | $1.8B | ||
| Q2 25 | $290.7M | $1.7B | ||
| Q1 25 | $283.1M | $1.6B | ||
| Q4 24 | $282.6M | $1.6B | ||
| Q3 24 | $288.4M | $1.6B | ||
| Q2 24 | $273.3M | $1.5B | ||
| Q1 24 | $269.3M | $1.5B |
总资产CSGSFOR
| Q4 25 | $1.5B | $3.2B | ||
| Q3 25 | $1.5B | $3.1B | ||
| Q2 25 | $1.4B | $3.1B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.5B | $3.0B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.3B | $2.6B |
负债/权益比CSGSFOR
| Q4 25 | 1.90× | 0.44× | ||
| Q3 25 | 1.86× | 0.45× | ||
| Q2 25 | 1.85× | 0.52× | ||
| Q1 25 | 1.90× | 0.53× | ||
| Q4 24 | 1.91× | 0.50× | ||
| Q3 24 | 1.87× | 0.44× | ||
| Q2 24 | 1.98× | 0.47× | ||
| Q1 24 | 2.01× | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-157.1M |
| 自由现金流率自由现金流/营收 | 17.3% | -57.5% |
| 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× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $93.0M |
8季度趋势，按日历期对齐
经营现金流CSGSFOR
| Q4 25 | $59.2M | $-157.0M | ||
| Q3 25 | $47.9M | $256.3M | ||
| Q2 25 | $37.3M | $15.8M | ||
| Q1 25 | $11.5M | $-19.8M | ||
| Q4 24 | $82.5M | $-450.0M | ||
| Q3 24 | $39.5M | $119.2M | ||
| Q2 24 | $43.1M | $-61.7M | ||
| Q1 24 | $-29.4M | $-59.2M |
自由现金流CSGSFOR
| Q4 25 | $55.8M | $-157.1M | ||
| Q3 25 | $43.9M | $255.6M | ||
| Q2 25 | $34.6M | $15.0M | ||
| Q1 25 | $7.1M | $-20.5M | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | $118.4M | ||
| Q2 24 | $38.8M | $-62.3M | ||
| Q1 24 | $-34.1M | $-59.8M |
自由现金流率CSGSFOR
| Q4 25 | 17.3% | -57.5% | ||
| Q3 25 | 14.5% | 38.1% | ||
| Q2 25 | 11.6% | 3.8% | ||
| Q1 25 | 2.4% | -5.8% | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | 21.5% | ||
| Q2 24 | 13.4% | -19.6% | ||
| Q1 24 | -11.6% | -17.9% |
资本支出强度CSGSFOR
| Q4 25 | 1.1% | 0.0% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 1.5% | 0.2% | ||
| Q4 24 | 1.9% | 0.0% | ||
| Q3 24 | 2.5% | 0.1% | ||
| Q2 24 | 1.5% | 0.2% | ||
| Q1 24 | 1.6% | 0.2% |
现金转化率CSGSFOR
| Q4 25 | 8.46× | -10.19× | ||
| Q3 25 | 2.34× | 2.95× | ||
| Q2 25 | 3.04× | 0.48× | ||
| Q1 25 | 0.71× | -0.63× | ||
| Q4 24 | 2.39× | -27.27× | ||
| Q3 24 | 2.07× | 1.46× | ||
| Q2 24 | 3.12× | -1.59× | ||
| Q1 24 | -1.51× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
