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南玻集团（CSGS）与Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.5倍（$323.1M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs 2.2%，领先56.1%），Texas Pacific Land Corporation同比增速更快（13.9% vs 2.0%），过去两年Texas Pacific Land Corporation的营收复合增速更高（10.2% 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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
CSGS vs TPL — 直观对比
营收规模更大
CSGS
是对方的1.5倍
$211.6M
营收增速更快
TPL
高出11.9%
2.0%
净利率更高
TPL
高出56.1%
2.2%
两年增速更快
TPL
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $211.6M |
| 净利润 | $7.0M | $123.3M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 70.5% |
| 净利率 | 2.2% | 58.3% |
| 营收同比 | 2.0% | 13.9% |
| 净利润同比 | -79.7% | 4.2% |
| 每股收益（稀释后） | $0.24 | $-8.59 |
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CSGSTPL
| Q4 25 | $323.1M | $211.6M | ||
| Q3 25 | $303.6M | $203.1M | ||
| Q2 25 | $297.1M | $187.5M | ||
| Q1 25 | $299.5M | $196.0M | ||
| Q4 24 | $316.7M | $185.8M | ||
| Q3 24 | $295.1M | $173.6M | ||
| Q2 24 | $290.3M | $172.3M | ||
| Q1 24 | $295.1M | $174.1M |
净利润CSGSTPL
| Q4 25 | $7.0M | $123.3M | ||
| Q3 25 | $20.5M | $121.2M | ||
| Q2 25 | $12.3M | $116.1M | ||
| Q1 25 | $16.1M | $120.7M | ||
| Q4 24 | $34.5M | $118.4M | ||
| Q3 24 | $19.1M | $106.6M | ||
| Q2 24 | $13.8M | $114.6M | ||
| Q1 24 | $19.5M | $114.4M |
毛利率CSGSTPL
| 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CSGSTPL
| Q4 25 | 9.0% | 70.5% | ||
| Q3 25 | 10.0% | 73.4% | ||
| Q2 25 | 10.0% | 76.6% | ||
| Q1 25 | 9.8% | 76.6% | ||
| Q4 24 | 13.4% | 76.7% | ||
| Q3 24 | 10.8% | 73.4% | ||
| Q2 24 | 8.8% | 77.3% | ||
| Q1 24 | 10.8% | 78.1% |
净利率CSGSTPL
| Q4 25 | 2.2% | 58.3% | ||
| Q3 25 | 6.7% | 59.7% | ||
| Q2 25 | 4.1% | 61.9% | ||
| Q1 25 | 5.4% | 61.6% | ||
| Q4 24 | 10.9% | 63.7% | ||
| Q3 24 | 6.5% | 61.4% | ||
| Q2 24 | 4.8% | 66.5% | ||
| Q1 24 | 6.6% | 65.7% |
每股收益（稀释后）CSGSTPL
| Q4 25 | $0.24 | $-8.59 | ||
| Q3 25 | $0.73 | $5.27 | ||
| Q2 25 | $0.44 | $5.05 | ||
| Q1 25 | $0.57 | $5.24 | ||
| Q4 24 | $1.20 | $5.14 | ||
| Q3 24 | $0.67 | $4.63 | ||
| Q2 24 | $0.48 | $4.98 | ||
| Q1 24 | $0.68 | $4.97 |
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 | $144.8M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.5B |
| 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CSGSTPL
| Q4 25 | $180.0M | $144.8M | ||
| Q3 25 | $158.4M | $531.8M | ||
| Q2 25 | $145.9M | $543.9M | ||
| Q1 25 | $136.0M | $460.4M | ||
| Q4 24 | $161.8M | $369.8M | ||
| Q3 24 | $118.4M | $533.9M | ||
| Q2 24 | $110.4M | $894.7M | ||
| Q1 24 | $120.8M | $837.1M |
总债务CSGSTPL
| 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CSGSTPL
| Q4 25 | $283.7M | $1.5B | ||
| Q3 25 | $289.5M | $1.4B | ||
| Q2 25 | $290.7M | $1.3B | ||
| Q1 25 | $283.1M | $1.2B | ||
| Q4 24 | $282.6M | $1.1B | ||
| Q3 24 | $288.4M | $1.1B | ||
| Q2 24 | $273.3M | $1.2B | ||
| Q1 24 | $269.3M | $1.1B |
总资产CSGSTPL
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.3B | $1.3B |
负债/权益比CSGSTPL
| 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 | $113.7M |
| 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× | 0.92× |
| 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CSGSTPL
| Q4 25 | $59.2M | $113.7M | ||
| Q3 25 | $47.9M | $154.6M | ||
| Q2 25 | $37.3M | $120.9M | ||
| Q1 25 | $11.5M | $156.7M | ||
| Q4 24 | $82.5M | $126.6M | ||
| Q3 24 | $39.5M | $118.6M | ||
| Q2 24 | $43.1M | $98.3M | ||
| Q1 24 | $-29.4M | $147.2M |
自由现金流CSGSTPL
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | — | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSTPL
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSTPL
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSTPL
| Q4 25 | 8.46× | 0.92× | ||
| Q3 25 | 2.34× | 1.28× | ||
| Q2 25 | 3.04× | 1.04× | ||
| Q1 25 | 0.71× | 1.30× | ||
| Q4 24 | 2.39× | 1.07× | ||
| Q3 24 | 2.07× | 1.11× | ||
| Q2 24 | 3.12× | 0.86× | ||
| Q1 24 | -1.51× | 1.29× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
