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南玻集团（CSGS）与NATIONAL HEALTHCARE CORP（NHC）财务数据对比。点击上方公司名可切换其他公司
NATIONAL HEALTHCARE CORP的季度营收约是南玻集团的1.2倍（$386.5M vs $323.1M），NATIONAL HEALTHCARE CORP净利率更高（6.4% vs 2.2%，领先4.3%），NATIONAL HEALTHCARE CORP同比增速更快（4.6% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $6.4M），过去两年NATIONAL HEALTHCARE CORP的营收复合增速更高（14.0% 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。
HCA Healthcare是1968年成立的美国营利性医疗服务运营商，总部位于田纳西州纳什维尔。截至2020年5月，该公司在全美20个州及英国持有并运营186家医院，还有约2400个医疗服务网点，涵盖手术中心、独立急诊室、紧急护理中心及医师诊所，2024年位列美国财富500强第61位。
CSGS vs NHC — 直观对比
营收规模更大
NHC
是对方的1.2倍
$323.1M
营收增速更快
NHC
高出2.6%
2.0%
净利率更高
NHC
高出4.3%
2.2%
自由现金流更多
CSGS
多$49.4M
$6.4M
两年增速更快
NHC
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $386.5M |
| 净利润 | $7.0M | $24.8M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 8.6% |
| 净利率 | 2.2% | 6.4% |
| 营收同比 | 2.0% | 4.6% |
| 净利润同比 | -79.7% | 308.6% |
| 每股收益（稀释后） | $0.24 | $1.58 |
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CSGSNHC
| Q4 25 | $323.1M | $386.5M | ||
| Q3 25 | $303.6M | $382.7M | ||
| Q2 25 | $297.1M | $374.9M | ||
| Q1 25 | $299.5M | $373.7M | ||
| Q4 24 | $316.7M | $369.4M | ||
| Q3 24 | $295.1M | $340.2M | ||
| Q2 24 | $290.3M | $300.7M | ||
| Q1 24 | $295.1M | $297.2M |
净利润CSGSNHC
| Q4 25 | $7.0M | $24.8M | ||
| Q3 25 | $20.5M | $39.2M | ||
| Q2 25 | $12.3M | $23.7M | ||
| Q1 25 | $16.1M | $32.2M | ||
| Q4 24 | $34.5M | $6.1M | ||
| Q3 24 | $19.1M | $42.8M | ||
| Q2 24 | $13.8M | $26.8M | ||
| Q1 24 | $19.5M | $26.2M |
毛利率CSGSNHC
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 47.3% | — | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSNHC
| Q4 25 | 9.0% | 8.6% | ||
| Q3 25 | 10.0% | 7.9% | ||
| Q2 25 | 10.0% | 9.1% | ||
| Q1 25 | 9.8% | 8.2% | ||
| Q4 24 | 13.4% | 7.8% | ||
| Q3 24 | 10.8% | 6.7% | ||
| Q2 24 | 8.8% | 7.5% | ||
| Q1 24 | 10.8% | 5.3% |
净利率CSGSNHC
| Q4 25 | 2.2% | 6.4% | ||
| Q3 25 | 6.7% | 10.3% | ||
| Q2 25 | 4.1% | 6.3% | ||
| Q1 25 | 5.4% | 8.6% | ||
| Q4 24 | 10.9% | 1.6% | ||
| Q3 24 | 6.5% | 12.6% | ||
| Q2 24 | 4.8% | 8.9% | ||
| Q1 24 | 6.6% | 8.8% |
每股收益（稀释后）CSGSNHC
| Q4 25 | $0.24 | $1.58 | ||
| Q3 25 | $0.73 | $2.50 | ||
| Q2 25 | $0.44 | $1.52 | ||
| Q1 25 | $0.57 | $2.07 | ||
| Q4 24 | $1.20 | $0.38 | ||
| Q3 24 | $0.67 | $2.73 | ||
| Q2 24 | $0.48 | $1.73 | ||
| Q1 24 | $0.68 | $1.69 |
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 | $92.8M |
| 总债务越低越好 | $539.5M | $40.0M |
| 股东权益账面价值 | $283.7M | $1.1B |
| 总资产 | $1.5B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资CSGSNHC
| Q4 25 | $180.0M | $92.8M | ||
| Q3 25 | $158.4M | $130.6M | ||
| Q2 25 | $145.9M | $111.0M | ||
| Q1 25 | $136.0M | $90.4M | ||
| Q4 24 | $161.8M | $76.1M | ||
| Q3 24 | $118.4M | $84.8M | ||
| Q2 24 | $110.4M | $136.2M | ||
| Q1 24 | $120.8M | $94.0M |
总债务CSGSNHC
| Q4 25 | $539.5M | $40.0M | ||
| Q3 25 | $538.6M | $73.1M | ||
| Q2 25 | $537.8M | $110.0M | ||
| Q1 25 | $537.6M | $134.0M | ||
| Q4 24 | $538.5M | $137.0M | ||
| Q3 24 | $539.5M | $147.0M | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSNHC
| Q4 25 | $283.7M | $1.1B | ||
| Q3 25 | $289.5M | $1.1B | ||
| Q2 25 | $290.7M | $1.0B | ||
| Q1 25 | $283.1M | $1.0B | ||
| Q4 24 | $282.6M | $980.2M | ||
| Q3 24 | $288.4M | $983.5M | ||
| Q2 24 | $273.3M | $945.8M | ||
| Q1 24 | $269.3M | $924.7M |
总资产CSGSNHC
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.3B | $1.3B |
负债/权益比CSGSNHC
| Q4 25 | 1.90× | 0.04× | ||
| Q3 25 | 1.86× | 0.07× | ||
| Q2 25 | 1.85× | 0.11× | ||
| Q1 25 | 1.90× | 0.13× | ||
| Q4 24 | 1.91× | 0.14× | ||
| Q3 24 | 1.87× | 0.15× | ||
| 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 | $16.8M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $6.4M |
| 自由现金流率自由现金流/营收 | 17.3% | 1.7% |
| 资本支出强度资本支出/营收 | 1.1% | 2.7% |
| 现金转化率经营现金流/净利润 | 8.46× | 0.68× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $148.6M |
8季度趋势，按日历期对齐
经营现金流CSGSNHC
| Q4 25 | $59.2M | $16.8M | ||
| Q3 25 | $47.9M | $66.2M | ||
| Q2 25 | $37.3M | $62.8M | ||
| Q1 25 | $11.5M | $39.3M | ||
| Q4 24 | $82.5M | $12.8M | ||
| Q3 24 | $39.5M | $34.2M | ||
| Q2 24 | $43.1M | $50.7M | ||
| Q1 24 | $-29.4M | $9.6M |
自由现金流CSGSNHC
| Q4 25 | $55.8M | $6.4M | ||
| Q3 25 | $43.9M | $56.5M | ||
| Q2 25 | $34.6M | $52.6M | ||
| Q1 25 | $7.1M | $33.1M | ||
| Q4 24 | $76.6M | $4.6M | ||
| Q3 24 | $32.0M | $28.6M | ||
| Q2 24 | $38.8M | $42.8M | ||
| Q1 24 | $-34.1M | $3.7M |
自由现金流率CSGSNHC
| Q4 25 | 17.3% | 1.7% | ||
| Q3 25 | 14.5% | 14.8% | ||
| Q2 25 | 11.6% | 14.0% | ||
| Q1 25 | 2.4% | 8.9% | ||
| Q4 24 | 24.2% | 1.3% | ||
| Q3 24 | 10.8% | 8.4% | ||
| Q2 24 | 13.4% | 14.2% | ||
| Q1 24 | -11.6% | 1.2% |
资本支出强度CSGSNHC
| Q4 25 | 1.1% | 2.7% | ||
| Q3 25 | 1.3% | 2.5% | ||
| Q2 25 | 0.9% | 2.7% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 1.9% | 2.2% | ||
| Q3 24 | 2.5% | 1.7% | ||
| Q2 24 | 1.5% | 2.6% | ||
| Q1 24 | 1.6% | 2.0% |
现金转化率CSGSNHC
| Q4 25 | 8.46× | 0.68× | ||
| Q3 25 | 2.34× | 1.69× | ||
| Q2 25 | 3.04× | 2.65× | ||
| Q1 25 | 0.71× | 1.22× | ||
| Q4 24 | 2.39× | 2.10× | ||
| Q3 24 | 2.07× | 0.80× | ||
| Q2 24 | 3.12× | 1.89× | ||
| Q1 24 | -1.51× | 0.37× |
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% |
NHC
| Inpatient Services Segment | $333.7M | 86% |
| Homecare Services Segment | $40.0M | 10% |
| Other | $11.2M | 3% |
| National | $1.6M | 0% |
