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南玻集团（CSGS）与PEGASYSTEMS INC（PEGA）财务数据对比。点击上方公司名可切换其他公司
PEGASYSTEMS INC的季度营收约是南玻集团的1.3倍（$430.0M vs $323.1M）。PEGASYSTEMS INC净利率更高（7.6% vs 2.2%，领先5.5%）。南玻集团同比增速更快（2.0% vs -9.6%）。PEGASYSTEMS INC自由现金流更多（$206.5M vs $55.8M）。过去两年PEGASYSTEMS INC的营收复合增速更高（10.7% 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。
Pegasystems Inc.（简称Pega）是1983年成立的全球软件企业，总部位于美国马萨诸塞州沃尔瑟姆，1996年于纳斯达克上市，股票代码PEGA。公司主打低代码平台，面向企业客户提供工作流自动化、生成式AI驱动决策等相关解决方案。
CSGS vs PEGA — 直观对比
营收规模更大
PEGA
是对方的1.3倍
$323.1M
营收增速更快
CSGS
高出11.6%
-9.6%
净利率更高
PEGA
高出5.5%
2.2%
自由现金流更多
PEGA
多$150.7M
$55.8M
两年增速更快
PEGA
近两年复合增速
4.6%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $430.0M |
| 净利润 | $7.0M | $32.8M |
| 毛利率 | 50.0% | 75.2% |
| 营业利润率 | 9.0% | 8.6% |
| 净利率 | 2.2% | 7.6% |
| 营收同比 | 2.0% | -9.6% |
| 净利润同比 | -79.7% | -61.6% |
| 每股收益（稀释后） | $0.24 | $0.18 |
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CSGSPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $323.1M | $504.3M | ||
| Q3 25 | $303.6M | $381.4M | ||
| Q2 25 | $297.1M | $384.5M | ||
| Q1 25 | $299.5M | $475.6M | ||
| Q4 24 | $316.7M | $490.8M | ||
| Q3 24 | $295.1M | $325.1M | ||
| Q2 24 | $290.3M | $351.2M |
净利润CSGSPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $7.0M | $234.6M | ||
| Q3 25 | $20.5M | $43.4M | ||
| Q2 25 | $12.3M | $30.1M | ||
| Q1 25 | $16.1M | $85.4M | ||
| Q4 24 | $34.5M | $119.1M | ||
| Q3 24 | $19.1M | $-14.4M | ||
| Q2 24 | $13.8M | $6.6M |
毛利率CSGSPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | 50.0% | 79.5% | ||
| Q3 25 | 48.1% | 72.2% | ||
| Q2 25 | 49.5% | 71.5% | ||
| Q1 25 | 48.4% | 78.5% | ||
| Q4 24 | 51.3% | 79.1% | ||
| Q3 24 | 49.4% | 70.2% | ||
| Q2 24 | 47.3% | 72.4% |
营业利润率CSGSPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | 9.0% | 20.7% | ||
| Q3 25 | 10.0% | 3.8% | ||
| Q2 25 | 10.0% | 4.5% | ||
| Q1 25 | 9.8% | 26.7% | ||
| Q4 24 | 13.4% | 29.1% | ||
| Q3 24 | 10.8% | -3.6% | ||
| Q2 24 | 8.8% | 3.7% |
净利率CSGSPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | 2.2% | 46.5% | ||
| Q3 25 | 6.7% | 11.4% | ||
| Q2 25 | 4.1% | 7.8% | ||
| Q1 25 | 5.4% | 18.0% | ||
| Q4 24 | 10.9% | 24.3% | ||
| Q3 24 | 6.5% | -4.4% | ||
| Q2 24 | 4.8% | 1.9% |
每股收益（稀释后）CSGSPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.24 | $0.81 | ||
| Q3 25 | $0.73 | $0.24 | ||
| Q2 25 | $0.44 | $0.17 | ||
| Q1 25 | $0.57 | $0.91 | ||
| Q4 24 | $1.20 | $1.35 | ||
| Q3 24 | $0.67 | $-0.17 | ||
| Q2 24 | $0.48 | $0.07 |
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 | $270.0M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $705.9M |
| 总资产 | $1.5B | $1.6B |
| 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CSGSPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $180.0M | $425.8M | ||
| Q3 25 | $158.4M | $351.4M | ||
| Q2 25 | $145.9M | $411.6M | ||
| Q1 25 | $136.0M | $371.7M | ||
| Q4 24 | $161.8M | $740.0M | ||
| Q3 24 | $118.4M | $703.0M | ||
| Q2 24 | $110.4M | $665.1M |
总债务CSGSPEGA
| Q1 26 | — | — | ||
| 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 | — |
股东权益CSGSPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $283.7M | $787.4M | ||
| Q3 25 | $289.5M | $596.8M | ||
| Q2 25 | $290.7M | $624.5M | ||
| Q1 25 | $283.1M | $611.3M | ||
| Q4 24 | $282.6M | $585.5M | ||
| Q3 24 | $288.4M | $473.0M | ||
| Q2 24 | $273.3M | $435.4M |
总资产CSGSPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B |
负债/权益比CSGSPEGA
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $206.5M |
| 自由现金流率自由现金流/营收 | 17.3% | 48.0% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $141.4M | $494.9M |
8季度趋势，按日历期对齐
经营现金流CSGSPEGA
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $158.4M | ||
| Q3 25 | $47.9M | $56.3M | ||
| Q2 25 | $37.3M | $86.3M | ||
| Q1 25 | $11.5M | $204.2M | ||
| Q4 24 | $82.5M | $95.2M | ||
| Q3 24 | $39.5M | $30.5M | ||
| Q2 24 | $43.1M | $40.1M |
自由现金流CSGSPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $55.8M | $152.4M | ||
| Q3 25 | $43.9M | $51.8M | ||
| Q2 25 | $34.6M | $84.1M | ||
| Q1 25 | $7.1M | $202.3M | ||
| Q4 24 | $76.6M | $92.4M | ||
| Q3 24 | $32.0M | $27.4M | ||
| Q2 24 | $38.8M | $38.8M |
自由现金流率CSGSPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | 17.3% | 30.2% | ||
| Q3 25 | 14.5% | 13.6% | ||
| Q2 25 | 11.6% | 21.9% | ||
| Q1 25 | 2.4% | 42.5% | ||
| Q4 24 | 24.2% | 18.8% | ||
| Q3 24 | 10.8% | 8.4% | ||
| Q2 24 | 13.4% | 11.1% |
资本支出强度CSGSPEGA
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 1.2% | ||
| Q3 25 | 1.3% | 1.2% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 1.5% | 0.4% | ||
| Q4 24 | 1.9% | 0.6% | ||
| Q3 24 | 2.5% | 0.9% | ||
| Q2 24 | 1.5% | 0.4% |
现金转化率CSGSPEGA
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 0.68× | ||
| Q3 25 | 2.34× | 1.30× | ||
| Q2 25 | 3.04× | 2.87× | ||
| Q1 25 | 0.71× | 2.39× | ||
| Q4 24 | 2.39× | 0.80× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
