vs
南玻集团（CSGS）与Stride, Inc.（LRN）财务数据对比。点击上方公司名可切换其他公司
Stride, Inc.的季度营收约是南玻集团的1.9倍（$629.9M vs $323.1M），Stride, Inc.净利率更高（14.1% vs 2.2%，领先11.9%），Stride, Inc.同比增速更快（2.7% vs 2.0%），过去两年Stride, Inc.的营收复合增速更高（6.9% 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。
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
CSGS vs LRN — 直观对比
营收规模更大
LRN
是对方的1.9倍
$323.1M
营收增速更快
LRN
高出0.7%
2.0%
净利率更高
LRN
高出11.9%
2.2%
两年增速更快
LRN
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $629.9M |
| 净利润 | $7.0M | $88.5M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 20.5% |
| 净利率 | 2.2% | 14.1% |
| 营收同比 | 2.0% | 2.7% |
| 净利润同比 | -79.7% | 8.5% |
| 每股收益（稀释后） | $0.24 | $1.93 |
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CSGSLRN
| Q3 26 | — | $629.9M | ||
| Q4 25 | $323.1M | $631.3M | ||
| Q3 25 | $303.6M | $620.9M | ||
| Q2 25 | $297.1M | $653.6M | ||
| Q1 25 | $299.5M | $613.4M | ||
| Q4 24 | $316.7M | $587.2M | ||
| Q3 24 | $295.1M | $551.1M | ||
| Q2 24 | $290.3M | — |
净利润CSGSLRN
| Q3 26 | — | $88.5M | ||
| Q4 25 | $7.0M | $99.5M | ||
| Q3 25 | $20.5M | $68.8M | ||
| Q2 25 | $12.3M | $51.3M | ||
| Q1 25 | $16.1M | $99.3M | ||
| Q4 24 | $34.5M | $96.4M | ||
| Q3 24 | $19.1M | $40.9M | ||
| Q2 24 | $13.8M | — |
毛利率CSGSLRN
| Q3 26 | — | — | ||
| Q4 25 | 50.0% | 41.1% | ||
| Q3 25 | 48.1% | 39.0% | ||
| Q2 25 | 49.5% | 36.6% | ||
| Q1 25 | 48.4% | 40.6% | ||
| Q4 24 | 51.3% | 40.8% | ||
| Q3 24 | 49.4% | 39.2% | ||
| Q2 24 | 47.3% | — |
营业利润率CSGSLRN
| Q3 26 | — | 20.5% | ||
| Q4 25 | 9.0% | 23.3% | ||
| Q3 25 | 10.0% | 11.1% | ||
| Q2 25 | 10.0% | 8.7% | ||
| Q1 25 | 9.8% | 21.3% | ||
| Q4 24 | 13.4% | 21.3% | ||
| Q3 24 | 10.8% | 8.6% | ||
| Q2 24 | 8.8% | — |
净利率CSGSLRN
| Q3 26 | — | 14.1% | ||
| Q4 25 | 2.2% | 15.8% | ||
| Q3 25 | 6.7% | 11.1% | ||
| Q2 25 | 4.1% | 7.9% | ||
| Q1 25 | 5.4% | 16.2% | ||
| Q4 24 | 10.9% | 16.4% | ||
| Q3 24 | 6.5% | 7.4% | ||
| Q2 24 | 4.8% | — |
每股收益（稀释后）CSGSLRN
| Q3 26 | — | $1.93 | ||
| Q4 25 | $0.24 | $2.12 | ||
| Q3 25 | $0.73 | $1.40 | ||
| Q2 25 | $0.44 | $0.96 | ||
| Q1 25 | $0.57 | $2.02 | ||
| Q4 24 | $1.20 | $2.03 | ||
| Q3 24 | $0.67 | $0.94 | ||
| Q2 24 | $0.48 | — |
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 | $614.0M |
| 总债务越低越好 | $539.5M | $417.6M |
| 股东权益账面价值 | $283.7M | $1.6B |
| 总资产 | $1.5B | $2.4B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CSGSLRN
| Q3 26 | — | $614.0M | ||
| Q4 25 | $180.0M | $625.7M | ||
| Q3 25 | $158.4M | $715.1M | ||
| Q2 25 | $145.9M | $985.3M | ||
| Q1 25 | $136.0M | $723.7M | ||
| Q4 24 | $161.8M | $717.5M | ||
| Q3 24 | $118.4M | $522.2M | ||
| Q2 24 | $110.4M | — |
总债务CSGSLRN
| Q3 26 | — | $417.6M | ||
| Q4 25 | $539.5M | $417.2M | ||
| Q3 25 | $538.6M | $416.8M | ||
| Q2 25 | $537.8M | $416.3M | ||
| Q1 25 | $537.6M | $415.9M | ||
| Q4 24 | $538.5M | $415.5M | ||
| Q3 24 | $539.5M | $415.1M | ||
| Q2 24 | $540.5M | — |
股东权益CSGSLRN
| Q3 26 | — | $1.6B | ||
| Q4 25 | $283.7M | $1.5B | ||
| Q3 25 | $289.5M | $1.5B | ||
| Q2 25 | $290.7M | $1.5B | ||
| Q1 25 | $283.1M | $1.4B | ||
| Q4 24 | $282.6M | $1.3B | ||
| Q3 24 | $288.4M | $1.2B | ||
| Q2 24 | $273.3M | — |
总资产CSGSLRN
| Q3 26 | — | $2.4B | ||
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.3B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.4B | — |
负债/权益比CSGSLRN
| Q3 26 | — | 0.25× | ||
| Q4 25 | 1.90× | 0.27× | ||
| Q3 25 | 1.86× | 0.27× | ||
| Q2 25 | 1.85× | 0.28× | ||
| Q1 25 | 1.90× | 0.29× | ||
| Q4 24 | 1.91× | 0.32× | ||
| Q3 24 | 1.87× | 0.34× | ||
| Q2 24 | 1.98× | — |
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 | $117.0M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | — |
| 自由现金流率自由现金流/营收 | 17.3% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 8.46× | 1.32× |
| 过去12个月自由现金流最近4个季度 | $141.4M | — |
8季度趋势，按日历期对齐
经营现金流CSGSLRN
| Q3 26 | — | $117.0M | ||
| Q4 25 | $59.2M | $91.8M | ||
| Q3 25 | $47.9M | $-195.8M | ||
| Q2 25 | $37.3M | $298.3M | ||
| Q1 25 | $11.5M | $53.1M | ||
| Q4 24 | $82.5M | $223.4M | ||
| Q3 24 | $39.5M | $-142.0M | ||
| Q2 24 | $43.1M | — |
自由现金流CSGSLRN
| Q3 26 | — | — | ||
| Q4 25 | $55.8M | $91.6M | ||
| Q3 25 | $43.9M | $-196.1M | ||
| Q2 25 | $34.6M | $297.9M | ||
| Q1 25 | $7.1M | $52.9M | ||
| Q4 24 | $76.6M | $222.9M | ||
| Q3 24 | $32.0M | $-142.7M | ||
| Q2 24 | $38.8M | — |
自由现金流率CSGSLRN
| Q3 26 | — | — | ||
| Q4 25 | 17.3% | 14.5% | ||
| Q3 25 | 14.5% | -31.6% | ||
| Q2 25 | 11.6% | 45.6% | ||
| Q1 25 | 2.4% | 8.6% | ||
| Q4 24 | 24.2% | 38.0% | ||
| Q3 24 | 10.8% | -25.9% | ||
| Q2 24 | 13.4% | — |
资本支出强度CSGSLRN
| Q3 26 | — | — | ||
| Q4 25 | 1.1% | 0.0% | ||
| Q3 25 | 1.3% | 0.0% | ||
| Q2 25 | 0.9% | 0.1% | ||
| Q1 25 | 1.5% | 0.0% | ||
| Q4 24 | 1.9% | 0.1% | ||
| Q3 24 | 2.5% | 0.1% | ||
| Q2 24 | 1.5% | — |
现金转化率CSGSLRN
| Q3 26 | — | 1.32× | ||
| Q4 25 | 8.46× | 0.92× | ||
| Q3 25 | 2.34× | -2.85× | ||
| Q2 25 | 3.04× | 5.81× | ||
| Q1 25 | 0.71× | 0.53× | ||
| Q4 24 | 2.39× | 2.32× | ||
| Q3 24 | 2.07× | -3.47× | ||
| Q2 24 | 3.12× | — |
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% |
LRN
| General Education | $357.5M | 57% |
| Middle - High School | $259.5M | 41% |
| Adult | $12.9M | 2% |
