vs
南玻集团（CSGS）与U S PHYSICAL THERAPY INC（USPH）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U S PHYSICAL THERAPY INC的1.6倍（$323.1M vs $202.7M），南玻集团净利率更高（2.2% vs 2.0%，领先0.1%），U S PHYSICAL THERAPY INC同比增速更快（12.3% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $21.0M），过去两年U S PHYSICAL THERAPY INC的营收复合增速更高（14.1% 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。
该企业是美国领先的门诊康复服务提供商，运营数百间线下物理治疗门诊，为受伤、术后、慢性疼痛及行动障碍人群提供康复护理，同时覆盖运动医学、职业治疗、儿童康复等特色服务领域。
CSGS vs USPH — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$202.7M
营收增速更快
USPH
高出10.3%
2.0%
净利率更高
CSGS
高出0.1%
2.0%
自由现金流更多
CSGS
多$34.8M
$21.0M
两年增速更快
USPH
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $202.7M |
| 净利润 | $7.0M | $4.2M |
| 毛利率 | 50.0% | 19.8% |
| 营业利润率 | 9.0% | 8.3% |
| 净利率 | 2.2% | 2.0% |
| 营收同比 | 2.0% | 12.3% |
| 净利润同比 | -79.7% | -55.1% |
| 每股收益（稀释后） | $0.24 | $-0.44 |
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CSGSUSPH
| Q4 25 | $323.1M | $202.7M | ||
| Q3 25 | $303.6M | $197.1M | ||
| Q2 25 | $297.1M | $197.3M | ||
| Q1 25 | $299.5M | $183.8M | ||
| Q4 24 | $316.7M | $180.4M | ||
| Q3 24 | $295.1M | $168.0M | ||
| Q2 24 | $290.3M | $167.2M | ||
| Q1 24 | $295.1M | $155.7M |
净利润CSGSUSPH
| Q4 25 | $7.0M | $4.2M | ||
| Q3 25 | $20.5M | $13.1M | ||
| Q2 25 | $12.3M | $12.4M | ||
| Q1 25 | $16.1M | $9.9M | ||
| Q4 24 | $34.5M | $9.2M | ||
| Q3 24 | $19.1M | $6.6M | ||
| Q2 24 | $13.8M | $7.5M | ||
| Q1 24 | $19.5M | $8.0M |
毛利率CSGSUSPH
| Q4 25 | 50.0% | 19.8% | ||
| Q3 25 | 48.1% | 18.7% | ||
| Q2 25 | 49.5% | 21.1% | ||
| Q1 25 | 48.4% | 16.9% | ||
| Q4 24 | 51.3% | 18.0% | ||
| Q3 24 | 49.4% | 17.3% | ||
| Q2 24 | 47.3% | 20.3% | ||
| Q1 24 | 46.5% | 18.2% |
营业利润率CSGSUSPH
| Q4 25 | 9.0% | 8.3% | ||
| Q3 25 | 10.0% | 12.8% | ||
| Q2 25 | 10.0% | 12.6% | ||
| Q1 25 | 9.8% | 10.7% | ||
| Q4 24 | 13.4% | 10.9% | ||
| Q3 24 | 10.8% | 7.6% | ||
| Q2 24 | 8.8% | 9.3% | ||
| Q1 24 | 10.8% | 9.6% |
净利率CSGSUSPH
| Q4 25 | 2.2% | 2.0% | ||
| Q3 25 | 6.7% | 6.7% | ||
| Q2 25 | 4.1% | 6.3% | ||
| Q1 25 | 5.4% | 5.4% | ||
| Q4 24 | 10.9% | 5.1% | ||
| Q3 24 | 6.5% | 3.9% | ||
| Q2 24 | 4.8% | 4.5% | ||
| Q1 24 | 6.6% | 5.2% |
每股收益（稀释后）CSGSUSPH
| Q4 25 | $0.24 | $-0.44 | ||
| Q3 25 | $0.73 | $0.48 | ||
| Q2 25 | $0.44 | $0.58 | ||
| Q1 25 | $0.57 | $0.80 | ||
| Q4 24 | $1.20 | $0.52 | ||
| Q3 24 | $0.67 | $0.39 | ||
| Q2 24 | $0.48 | $0.47 | ||
| Q1 24 | $0.68 | $0.46 |
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 | $35.6M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $476.4M |
| 总资产 | $1.5B | $1.2B |
| 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CSGSUSPH
| Q4 25 | $180.0M | $35.6M | ||
| Q3 25 | $158.4M | $31.1M | ||
| Q2 25 | $145.9M | $34.1M | ||
| Q1 25 | $136.0M | $39.2M | ||
| Q4 24 | $161.8M | $41.4M | ||
| Q3 24 | $118.4M | $117.0M | ||
| Q2 24 | $110.4M | $112.9M | ||
| Q1 24 | $120.8M | $132.3M |
总债务CSGSUSPH
| 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CSGSUSPH
| Q4 25 | $283.7M | $476.4M | ||
| Q3 25 | $289.5M | $503.6M | ||
| Q2 25 | $290.7M | $500.8M | ||
| Q1 25 | $283.1M | $497.3M | ||
| Q4 24 | $282.6M | $488.9M | ||
| Q3 24 | $288.4M | $482.8M | ||
| Q2 24 | $273.3M | $484.6M | ||
| Q1 24 | $269.3M | $479.8M |
总资产CSGSUSPH
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.3B | $1.0B |
负债/权益比CSGSUSPH
| 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 | $24.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $21.0M |
| 自由现金流率自由现金流/营收 | 17.3% | 10.4% |
| 资本支出强度资本支出/营收 | 1.1% | 1.9% |
| 现金转化率经营现金流/净利润 | 8.46× | 6.00× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $61.0M |
8季度趋势，按日历期对齐
经营现金流CSGSUSPH
| Q4 25 | $59.2M | $24.9M | ||
| Q3 25 | $47.9M | $19.9M | ||
| Q2 25 | $37.3M | $34.9M | ||
| Q1 25 | $11.5M | $-4.7M | ||
| Q4 24 | $82.5M | $19.4M | ||
| Q3 24 | $39.5M | $22.1M | ||
| Q2 24 | $43.1M | $29.0M | ||
| Q1 24 | $-29.4M | $4.4M |
自由现金流CSGSUSPH
| Q4 25 | $55.8M | $21.0M | ||
| Q3 25 | $43.9M | $15.6M | ||
| Q2 25 | $34.6M | $31.6M | ||
| Q1 25 | $7.1M | $-7.3M | ||
| Q4 24 | $76.6M | $16.9M | ||
| Q3 24 | $32.0M | $19.6M | ||
| Q2 24 | $38.8M | $26.7M | ||
| Q1 24 | $-34.1M | $2.6M |
自由现金流率CSGSUSPH
| Q4 25 | 17.3% | 10.4% | ||
| Q3 25 | 14.5% | 7.9% | ||
| Q2 25 | 11.6% | 16.0% | ||
| Q1 25 | 2.4% | -3.9% | ||
| Q4 24 | 24.2% | 9.4% | ||
| Q3 24 | 10.8% | 11.7% | ||
| Q2 24 | 13.4% | 15.9% | ||
| Q1 24 | -11.6% | 1.7% |
资本支出强度CSGSUSPH
| Q4 25 | 1.1% | 1.9% | ||
| Q3 25 | 1.3% | 2.2% | ||
| Q2 25 | 0.9% | 1.6% | ||
| Q1 25 | 1.5% | 1.4% | ||
| Q4 24 | 1.9% | 1.4% | ||
| Q3 24 | 2.5% | 1.5% | ||
| Q2 24 | 1.5% | 1.4% | ||
| Q1 24 | 1.6% | 1.2% |
现金转化率CSGSUSPH
| Q4 25 | 8.46× | 6.00× | ||
| Q3 25 | 2.34× | 1.52× | ||
| Q2 25 | 3.04× | 2.81× | ||
| Q1 25 | 0.71× | -0.47× | ||
| Q4 24 | 2.39× | 2.10× | ||
| Q3 24 | 2.07× | 3.34× | ||
| Q2 24 | 3.12× | 3.86× | ||
| Q1 24 | -1.51× | 0.55× |
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% |
USPH
| Net Patient Revenues | $169.7M | 84% |
| Industrial Injury Prevention Services Revenues | $28.9M | 14% |
| Management Contract Revenues | $2.3M | 1% |
