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南玻集团（CSGS）与Strategic Education, Inc.（STRA）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Strategic Education, Inc.的1.1倍（$323.1M vs $305.9M），Strategic Education, Inc.净利率更高（10.7% vs 2.2%，领先8.6%），南玻集团同比增速更快（2.0% vs 0.8%），Strategic Education, Inc.自由现金流更多（$77.3M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -1.0%）
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。
Strategic Education, Inc.（简称SEI）是一家教育服务控股企业，前身为斯特雷尔教育公司。旗下拥有营利性在线院校卡佩拉大学、斯特雷尔大学，还运营着DevMountain、Hackbright学院、Sophia Learning等提供非学位课程的教育机构。
CSGS vs STRA — 直观对比
营收规模更大
CSGS
是对方的1.1倍
$305.9M
营收增速更快
CSGS
高出1.3%
0.8%
净利率更高
STRA
高出8.6%
2.2%
自由现金流更多
STRA
多$21.5M
$55.8M
两年增速更快
CSGS
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $305.9M |
| 净利润 | $7.0M | $32.8M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 13.4% |
| 净利率 | 2.2% | 10.7% |
| 营收同比 | 2.0% | 0.8% |
| 净利润同比 | -79.7% | 10.3% |
| 每股收益（稀释后） | $0.24 | $1.48 |
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CSGSSTRA
| Q1 26 | — | $305.9M | ||
| Q4 25 | $323.1M | $323.2M | ||
| Q3 25 | $303.6M | $319.9M | ||
| Q2 25 | $297.1M | $321.5M | ||
| Q1 25 | $299.5M | $303.6M | ||
| Q4 24 | $316.7M | $311.5M | ||
| Q3 24 | $295.1M | $306.0M | ||
| Q2 24 | $290.3M | $312.3M |
净利润CSGSSTRA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $7.0M | $37.9M | ||
| Q3 25 | $20.5M | $26.6M | ||
| Q2 25 | $12.3M | $32.3M | ||
| Q1 25 | $16.1M | $29.7M | ||
| Q4 24 | $34.5M | $25.3M | ||
| Q3 24 | $19.1M | $27.7M | ||
| Q2 24 | $13.8M | $29.9M |
毛利率CSGSSTRA
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGSSTRA
| Q1 26 | — | 13.4% | ||
| Q4 25 | 9.0% | 16.0% | ||
| Q3 25 | 10.0% | 11.6% | ||
| Q2 25 | 10.0% | 14.2% | ||
| Q1 25 | 9.8% | 13.1% | ||
| Q4 24 | 13.4% | 11.6% | ||
| Q3 24 | 10.8% | 11.9% | ||
| Q2 24 | 8.8% | 13.4% |
净利率CSGSSTRA
| Q1 26 | — | 10.7% | ||
| Q4 25 | 2.2% | 11.7% | ||
| Q3 25 | 6.7% | 8.3% | ||
| Q2 25 | 4.1% | 10.1% | ||
| Q1 25 | 5.4% | 9.8% | ||
| Q4 24 | 10.9% | 8.1% | ||
| Q3 24 | 6.5% | 9.1% | ||
| Q2 24 | 4.8% | 9.6% |
每股收益（稀释后）CSGSSTRA
| Q1 26 | — | $1.48 | ||
| Q4 25 | $0.24 | $1.65 | ||
| Q3 25 | $0.73 | $1.15 | ||
| Q2 25 | $0.44 | $1.37 | ||
| Q1 25 | $0.57 | $1.24 | ||
| Q4 24 | $1.20 | $1.05 | ||
| Q3 24 | $0.67 | $1.15 | ||
| Q2 24 | $0.48 | $1.24 |
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 | $150.3M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.6B |
| 总资产 | $1.5B | $2.1B |
| 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CSGSSTRA
| Q1 26 | — | $150.3M | ||
| Q4 25 | $180.0M | $148.1M | ||
| Q3 25 | $158.4M | $172.6M | ||
| Q2 25 | $145.9M | $164.9M | ||
| Q1 25 | $136.0M | $182.6M | ||
| Q4 24 | $161.8M | $184.0M | ||
| Q3 24 | $118.4M | $222.1M | ||
| Q2 24 | $110.4M | $256.2M |
总债务CSGSSTRA
| 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CSGSSTRA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $283.7M | $1.6B | ||
| Q3 25 | $289.5M | $1.7B | ||
| Q2 25 | $290.7M | $1.7B | ||
| Q1 25 | $283.1M | $1.6B | ||
| Q4 24 | $282.6M | $1.7B | ||
| Q3 24 | $288.4M | $1.7B | ||
| Q2 24 | $273.3M | $1.7B |
总资产CSGSSTRA
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B |
负债/权益比CSGSSTRA
| 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 | $87.4M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $77.3M |
| 自由现金流率自由现金流/营收 | 17.3% | 25.3% |
| 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× | 2.66× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $173.9M |
8季度趋势，按日历期对齐
经营现金流CSGSSTRA
| Q1 26 | — | $87.4M | ||
| Q4 25 | $59.2M | $39.2M | ||
| Q3 25 | $47.9M | $60.1M | ||
| Q2 25 | $37.3M | $31.2M | ||
| Q1 25 | $11.5M | $67.7M | ||
| Q4 24 | $82.5M | $15.9M | ||
| Q3 24 | $39.5M | $51.5M | ||
| Q2 24 | $43.1M | $24.3M |
自由现金流CSGSSTRA
| Q1 26 | — | $77.3M | ||
| Q4 25 | $55.8M | $27.0M | ||
| Q3 25 | $43.9M | $49.3M | ||
| Q2 25 | $34.6M | $20.4M | ||
| Q1 25 | $7.1M | $57.3M | ||
| Q4 24 | $76.6M | $4.7M | ||
| Q3 24 | $32.0M | $42.1M | ||
| Q2 24 | $38.8M | $13.6M |
自由现金流率CSGSSTRA
| Q1 26 | — | 25.3% | ||
| Q4 25 | 17.3% | 8.3% | ||
| Q3 25 | 14.5% | 15.4% | ||
| Q2 25 | 11.6% | 6.3% | ||
| Q1 25 | 2.4% | 18.9% | ||
| Q4 24 | 24.2% | 1.5% | ||
| Q3 24 | 10.8% | 13.8% | ||
| Q2 24 | 13.4% | 4.3% |
资本支出强度CSGSSTRA
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 3.8% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 0.9% | 3.4% | ||
| Q1 25 | 1.5% | 3.4% | ||
| Q4 24 | 1.9% | 3.6% | ||
| Q3 24 | 2.5% | 3.1% | ||
| Q2 24 | 1.5% | 3.4% |
现金转化率CSGSSTRA
| Q1 26 | — | 2.66× | ||
| Q4 25 | 8.46× | 1.03× | ||
| Q3 25 | 2.34× | 2.26× | ||
| Q2 25 | 3.04× | 0.97× | ||
| Q1 25 | 0.71× | 2.27× | ||
| Q4 24 | 2.39× | 0.63× | ||
| Q3 24 | 2.07× | 1.86× | ||
| Q2 24 | 3.12× | 0.81× |
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% |
STRA
| U.S. Higher Education | $212.6M | 69% |
| Australia/New Zealand | $51.8M | 17% |
| Education Technology Services | $41.5M | 14% |
