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CARRIAGE SERVICES INC（CSV）与FIRST MERCHANTS CORP（FRME）财务数据对比。点击上方公司名可切换其他公司
FIRST MERCHANTS CORP的季度营收约是CARRIAGE SERVICES INC的1.5倍（$157.1M vs $105.5M），FIRST MERCHANTS CORP净利率更高（17.9% vs 11.6%，领先6.3%），过去两年CARRIAGE SERVICES INC的营收复合增速更高（1.0% vs -0.9%）
怡和Cycle & Carriage有限公司是怡和集团在东南亚的投资控股公司，目前该集团持有其75%的股份，是怡和集团在东南亚区域开展资本布局与投资业务的核心平台。
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
CSV vs FRME — 直观对比
营收规模更大
FRME
是对方的1.5倍
$105.5M
净利率更高
FRME
高出6.3%
11.6%
两年增速更快
CSV
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $105.5M | $157.1M |
| 净利润 | $12.3M | $28.2M |
| 毛利率 | 34.8% | — |
| 营业利润率 | 23.3% | — |
| 净利率 | 11.6% | 17.9% |
| 营收同比 | 8.0% | — |
| 净利润同比 | 24.5% | -49.1% |
| 每股收益（稀释后） | $0.76 | $0.45 |
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CSVFRME
| Q1 26 | — | $157.1M | ||
| Q4 25 | $105.5M | $172.2M | ||
| Q3 25 | $102.7M | $166.1M | ||
| Q2 25 | $102.1M | $164.3M | ||
| Q1 25 | $107.1M | $160.3M | ||
| Q4 24 | $97.7M | $177.1M | ||
| Q3 24 | $100.7M | $156.0M | ||
| Q2 24 | $102.3M | $159.9M |
净利润CSVFRME
| Q1 26 | — | $28.2M | ||
| Q4 25 | $12.3M | $57.1M | ||
| Q3 25 | $6.6M | $56.8M | ||
| Q2 25 | $11.7M | $56.8M | ||
| Q1 25 | $20.9M | $55.3M | ||
| Q4 24 | $9.9M | $64.3M | ||
| Q3 24 | $9.9M | $49.2M | ||
| Q2 24 | $6.3M | $39.9M |
毛利率CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | — | ||
| Q3 25 | 35.3% | — | ||
| Q2 25 | 35.2% | — | ||
| Q1 25 | 35.3% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 35.2% | — | ||
| Q2 24 | 36.2% | — |
营业利润率CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | 23.3% | 38.0% | ||
| Q3 25 | 17.0% | 39.3% | ||
| Q2 25 | 23.5% | 39.6% | ||
| Q1 25 | 29.5% | 39.4% | ||
| Q4 24 | 21.6% | 43.3% | ||
| Q3 24 | 22.7% | 36.1% | ||
| Q2 24 | 18.0% | 27.5% |
净利率CSVFRME
| Q1 26 | — | 17.9% | ||
| Q4 25 | 11.6% | 33.1% | ||
| Q3 25 | 6.4% | 34.2% | ||
| Q2 25 | 11.5% | 34.6% | ||
| Q1 25 | 19.5% | 34.5% | ||
| Q4 24 | 10.1% | 36.3% | ||
| Q3 24 | 9.8% | 31.5% | ||
| Q2 24 | 6.1% | 25.0% |
每股收益（稀释后）CSVFRME
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.76 | $0.98 | ||
| Q3 25 | $0.41 | $0.98 | ||
| Q2 25 | $0.74 | $0.98 | ||
| Q1 25 | $1.34 | $0.94 | ||
| Q4 24 | $0.62 | $1.09 | ||
| Q3 24 | $0.63 | $0.84 | ||
| Q2 24 | $0.40 | $0.68 |
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 | $1.7M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $254.8M | $2.7B |
| 总资产 | $1.3B | $21.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | $1.7M | — | ||
| Q3 25 | $1.2M | — | ||
| Q2 25 | $1.4M | — | ||
| Q1 25 | $4.6M | — | ||
| Q4 24 | $1.2M | — | ||
| Q3 24 | $1.3M | — | ||
| Q2 24 | $1.5M | — |
股东权益CSVFRME
| Q1 26 | — | $2.7B | ||
| Q4 25 | $254.8M | $2.5B | ||
| Q3 25 | $242.1M | $2.4B | ||
| Q2 25 | $235.4M | $2.3B | ||
| Q1 25 | $223.1M | $2.3B | ||
| Q4 24 | $208.6M | $2.3B | ||
| Q3 24 | $198.1M | $2.3B | ||
| Q2 24 | $187.9M | $2.2B |
总资产CSVFRME
| Q1 26 | — | $21.1B | ||
| Q4 25 | $1.3B | $19.0B | ||
| Q3 25 | $1.3B | $18.8B | ||
| Q2 25 | $1.3B | $18.6B | ||
| Q1 25 | $1.3B | $18.4B | ||
| Q4 24 | $1.3B | $18.3B | ||
| Q3 24 | $1.3B | $18.3B | ||
| Q2 24 | $1.3B | $18.3B |
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 | $14.1M | — |
| 自由现金流经营现金流 - 资本支出 | $6.2M | — |
| 自由现金流率自由现金流/营收 | 5.9% | — |
| 资本支出强度资本支出/营收 | 7.5% | — |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $40.1M | — |
8季度趋势，按日历期对齐
经营现金流CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | $14.1M | $283.6M | ||
| Q3 25 | $24.7M | $87.6M | ||
| Q2 25 | $8.1M | $53.7M | ||
| Q1 25 | $13.8M | $61.7M | ||
| Q4 24 | $9.3M | $266.2M | ||
| Q3 24 | $20.9M | $76.8M | ||
| Q2 24 | $2.2M | $63.0M |
自由现金流CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | $6.2M | — | ||
| Q3 25 | $18.0M | — | ||
| Q2 25 | $5.2M | — | ||
| Q1 25 | $10.6M | — | ||
| Q4 24 | $4.9M | — | ||
| Q3 24 | $16.2M | — | ||
| Q2 24 | $-1.4M | — |
自由现金流率CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 16.1% | — | ||
| Q2 24 | -1.4% | — |
资本支出强度CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 4.6% | — | ||
| Q2 24 | 3.5% | — |
现金转化率CSVFRME
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 4.97× | ||
| Q3 25 | 3.76× | 1.54× | ||
| Q2 25 | 0.69× | 0.94× | ||
| Q1 25 | 0.66× | 1.11× | ||
| Q4 24 | 0.94× | 4.14× | ||
| Q3 24 | 2.11× | 1.56× | ||
| Q2 24 | 0.34× | 1.58× |
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
CSV
| Propertyand Merchandise | $47.8M | 45% |
| Cemetery Interment Rights | $24.8M | 23% |
| Merchandise | $18.9M | 18% |
| Other Revenue | $10.2M | 10% |
| Other | $3.9M | 4% |
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
