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南玻集团（CSGS）与Paycom（PAYC）财务数据对比。点击上方公司名可切换其他公司
Paycom的季度营收约是南玻集团的1.7倍（$544.3M vs $323.1M），Paycom净利率更高（20.9% vs 2.2%，领先18.7%），Paycom同比增速更快（10.2% vs 2.0%），Paycom自由现金流更多（$122.6M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs 4.3%）
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。
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
CSGS vs PAYC — 直观对比
营收规模更大
PAYC
是对方的1.7倍
$323.1M
营收增速更快
PAYC
高出8.2%
2.0%
净利率更高
PAYC
高出18.7%
2.2%
自由现金流更多
PAYC
多$66.8M
$55.8M
两年增速更快
CSGS
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $544.3M |
| 净利润 | $7.0M | $113.8M |
| 毛利率 | 50.0% | 83.9% |
| 营业利润率 | 9.0% | 28.9% |
| 净利率 | 2.2% | 20.9% |
| 营收同比 | 2.0% | 10.2% |
| 净利润同比 | -79.7% | 0.2% |
| 每股收益（稀释后） | $0.24 | $2.06 |
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CSGSPAYC
| Q4 25 | $323.1M | $544.3M | ||
| Q3 25 | $303.6M | $493.3M | ||
| Q2 25 | $297.1M | $483.6M | ||
| Q1 25 | $299.5M | $530.5M | ||
| Q4 24 | $316.7M | $493.9M | ||
| Q3 24 | $295.1M | $451.9M | ||
| Q2 24 | $290.3M | $437.5M | ||
| Q1 24 | $295.1M | $499.9M |
净利润CSGSPAYC
| Q4 25 | $7.0M | $113.8M | ||
| Q3 25 | $20.5M | $110.7M | ||
| Q2 25 | $12.3M | $89.5M | ||
| Q1 25 | $16.1M | $139.4M | ||
| Q4 24 | $34.5M | $113.6M | ||
| Q3 24 | $19.1M | $73.3M | ||
| Q2 24 | $13.8M | $68.0M | ||
| Q1 24 | $19.5M | $247.2M |
毛利率CSGSPAYC
| Q4 25 | 50.0% | 83.9% | ||
| Q3 25 | 48.1% | 82.7% | ||
| Q2 25 | 49.5% | 81.9% | ||
| Q1 25 | 48.4% | 84.1% | ||
| Q4 24 | 51.3% | 83.1% | ||
| Q3 24 | 49.4% | 80.5% | ||
| Q2 24 | 47.3% | 80.8% | ||
| Q1 24 | 46.5% | 84.3% |
营业利润率CSGSPAYC
| Q4 25 | 9.0% | 28.9% | ||
| Q3 25 | 10.0% | 22.8% | ||
| Q2 25 | 10.0% | 23.2% | ||
| Q1 25 | 9.8% | 34.9% | ||
| Q4 24 | 13.4% | 30.1% | ||
| Q3 24 | 10.8% | 23.2% | ||
| Q2 24 | 8.8% | 21.7% | ||
| Q1 24 | 10.8% | 57.2% |
净利率CSGSPAYC
| Q4 25 | 2.2% | 20.9% | ||
| Q3 25 | 6.7% | 22.4% | ||
| Q2 25 | 4.1% | 18.5% | ||
| Q1 25 | 5.4% | 26.3% | ||
| Q4 24 | 10.9% | 23.0% | ||
| Q3 24 | 6.5% | 16.2% | ||
| Q2 24 | 4.8% | 15.5% | ||
| Q1 24 | 6.6% | 49.4% |
每股收益（稀释后）CSGSPAYC
| Q4 25 | $0.24 | $2.06 | ||
| Q3 25 | $0.73 | $1.96 | ||
| Q2 25 | $0.44 | $1.58 | ||
| Q1 25 | $0.57 | $2.48 | ||
| Q4 24 | $1.20 | $2.04 | ||
| Q3 24 | $0.67 | $1.31 | ||
| Q2 24 | $0.48 | $1.20 | ||
| Q1 24 | $0.68 | $4.37 |
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 | $370.0M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.7B |
| 总资产 | $1.5B | $7.6B |
| 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CSGSPAYC
| Q4 25 | $180.0M | $370.0M | ||
| Q3 25 | $158.4M | $375.0M | ||
| Q2 25 | $145.9M | $532.2M | ||
| Q1 25 | $136.0M | $520.8M | ||
| Q4 24 | $161.8M | $402.0M | ||
| Q3 24 | $118.4M | $325.8M | ||
| Q2 24 | $110.4M | $346.5M | ||
| Q1 24 | $120.8M | $371.3M |
总债务CSGSPAYC
| 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CSGSPAYC
| Q4 25 | $283.7M | $1.7B | ||
| Q3 25 | $289.5M | $1.7B | ||
| Q2 25 | $290.7M | $1.8B | ||
| Q1 25 | $283.1M | $1.7B | ||
| Q4 24 | $282.6M | $1.6B | ||
| Q3 24 | $288.4M | $1.5B | ||
| Q2 24 | $273.3M | $1.4B | ||
| Q1 24 | $269.3M | $1.4B |
总资产CSGSPAYC
| Q4 25 | $1.5B | $7.6B | ||
| Q3 25 | $1.5B | $4.2B | ||
| Q2 25 | $1.4B | $4.0B | ||
| Q1 25 | $1.4B | $4.6B | ||
| Q4 24 | $1.5B | $5.9B | ||
| Q3 24 | $1.4B | $3.5B | ||
| Q2 24 | $1.4B | $4.3B | ||
| Q1 24 | $1.3B | $4.7B |
负债/权益比CSGSPAYC
| 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 | $196.1M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $122.6M |
| 自由现金流率自由现金流/营收 | 17.3% | 22.5% |
| 资本支出强度资本支出/营收 | 1.1% | 13.5% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.72× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $408.0M |
8季度趋势，按日历期对齐
经营现金流CSGSPAYC
| Q4 25 | $59.2M | $196.1M | ||
| Q3 25 | $47.9M | $177.8M | ||
| Q2 25 | $37.3M | $122.5M | ||
| Q1 25 | $11.5M | $182.5M | ||
| Q4 24 | $82.5M | $160.4M | ||
| Q3 24 | $39.5M | $92.8M | ||
| Q2 24 | $43.1M | $132.1M | ||
| Q1 24 | $-29.4M | $148.6M |
自由现金流CSGSPAYC
| Q4 25 | $55.8M | $122.6M | ||
| Q3 25 | $43.9M | $79.8M | ||
| Q2 25 | $34.6M | $60.8M | ||
| Q1 25 | $7.1M | $144.8M | ||
| Q4 24 | $76.6M | $109.0M | ||
| Q3 24 | $32.0M | $44.6M | ||
| Q2 24 | $38.8M | $86.5M | ||
| Q1 24 | $-34.1M | $100.9M |
自由现金流率CSGSPAYC
| Q4 25 | 17.3% | 22.5% | ||
| Q3 25 | 14.5% | 16.2% | ||
| Q2 25 | 11.6% | 12.6% | ||
| Q1 25 | 2.4% | 27.3% | ||
| Q4 24 | 24.2% | 22.1% | ||
| Q3 24 | 10.8% | 9.9% | ||
| Q2 24 | 13.4% | 19.8% | ||
| Q1 24 | -11.6% | 20.2% |
资本支出强度CSGSPAYC
| Q4 25 | 1.1% | 13.5% | ||
| Q3 25 | 1.3% | 19.9% | ||
| Q2 25 | 0.9% | 12.8% | ||
| Q1 25 | 1.5% | 7.1% | ||
| Q4 24 | 1.9% | 10.4% | ||
| Q3 24 | 2.5% | 10.7% | ||
| Q2 24 | 1.5% | 10.4% | ||
| Q1 24 | 1.6% | 9.5% |
现金转化率CSGSPAYC
| Q4 25 | 8.46× | 1.72× | ||
| Q3 25 | 2.34× | 1.61× | ||
| Q2 25 | 3.04× | 1.37× | ||
| Q1 25 | 0.71× | 1.31× | ||
| Q4 24 | 2.39× | 1.41× | ||
| Q3 24 | 2.07× | 1.27× | ||
| Q2 24 | 3.12× | 1.94× | ||
| Q1 24 | -1.51× | 0.60× |
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% |
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
