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CSW INDUSTRIALS, INC.（CSW）与TheRealReal, Inc.（REAL）财务数据对比。点击上方公司名可切换其他公司
CSW INDUSTRIALS, INC.的季度营收约是TheRealReal, Inc.的1.2倍（$233.0M vs $194.1M），CSW INDUSTRIALS, INC.同比增速更快（20.3% vs 18.3%），TheRealReal, Inc.自由现金流更多（$45.8M vs $22.7M），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% vs 5.1%）
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
CSW vs REAL — 直观对比
营收规模更大
CSW
是对方的1.2倍
$194.1M
营收增速更快
CSW
高出2.0%
18.3%
自由现金流更多
REAL
多$23.1M
$22.7M
两年增速更快
REAL
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $233.0M | $194.1M |
| 净利润 | $10.3M | — |
| 毛利率 | 39.7% | 74.8% |
| 营业利润率 | 7.4% | 3.2% |
| 净利率 | 4.4% | — |
| 营收同比 | 20.3% | 18.3% |
| 净利润同比 | -61.9% | — |
| 每股收益（稀释后） | $0.62 | $0.06 |
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CSWREAL
| Q4 25 | $233.0M | $194.1M | ||
| Q3 25 | $277.0M | $173.6M | ||
| Q2 25 | $263.6M | $165.2M | ||
| Q1 25 | $230.5M | $160.0M | ||
| Q4 24 | $193.6M | $164.0M | ||
| Q3 24 | $227.9M | $147.8M | ||
| Q2 24 | $226.2M | $144.9M | ||
| Q1 24 | $210.9M | $143.8M |
净利润CSWREAL
| Q4 25 | $10.3M | — | ||
| Q3 25 | $40.7M | $-54.1M | ||
| Q2 25 | $40.9M | $-11.4M | ||
| Q1 25 | $35.1M | $62.4M | ||
| Q4 24 | $26.9M | — | ||
| Q3 24 | $36.1M | $-17.9M | ||
| Q2 24 | $38.6M | $-16.7M | ||
| Q1 24 | $31.8M | $-31.1M |
毛利率CSWREAL
| Q4 25 | 39.7% | 74.8% | ||
| Q3 25 | 43.0% | 74.3% | ||
| Q2 25 | 43.8% | 74.3% | ||
| Q1 25 | 44.2% | 75.0% | ||
| Q4 24 | 41.4% | 74.4% | ||
| Q3 24 | 45.6% | 74.9% | ||
| Q2 24 | 47.5% | 74.1% | ||
| Q1 24 | 44.4% | 74.6% |
营业利润率CSWREAL
| Q4 25 | 7.4% | 3.2% | ||
| Q3 25 | 20.5% | -4.3% | ||
| Q2 25 | 20.8% | -6.0% | ||
| Q1 25 | 19.5% | -8.0% | ||
| Q4 24 | 15.3% | -3.1% | ||
| Q3 24 | 22.6% | -9.9% | ||
| Q2 24 | 24.3% | -13.0% | ||
| Q1 24 | 21.0% | -12.5% |
净利率CSWREAL
| Q4 25 | 4.4% | — | ||
| Q3 25 | 14.7% | -31.1% | ||
| Q2 25 | 15.5% | -6.9% | ||
| Q1 25 | 15.2% | 39.0% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.8% | -12.1% | ||
| Q2 24 | 17.1% | -11.5% | ||
| Q1 24 | 15.1% | -21.6% |
每股收益（稀释后）CSWREAL
| Q4 25 | $0.62 | $0.06 | ||
| Q3 25 | $2.41 | $-0.49 | ||
| Q2 25 | $2.43 | $-0.13 | ||
| Q1 25 | $2.05 | $-0.14 | ||
| Q4 24 | $1.60 | $-0.57 | ||
| Q3 24 | $2.26 | $-0.17 | ||
| Q2 24 | $2.47 | $-0.20 | ||
| Q1 24 | $2.03 | $-0.30 |
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 | $40.2M | $151.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $-415.5M |
| 总资产 | $2.3B | $409.0M |
| 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CSWREAL
| Q4 25 | $40.2M | $151.2M | ||
| Q3 25 | $31.5M | $108.4M | ||
| Q2 25 | $38.0M | $94.3M | ||
| Q1 25 | $225.8M | $139.6M | ||
| Q4 24 | $213.8M | $172.2M | ||
| Q3 24 | $273.2M | $153.2M | ||
| Q2 24 | $18.9M | $150.7M | ||
| Q1 24 | $22.2M | $166.0M |
总债务CSWREAL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
股东权益CSWREAL
| Q4 25 | $1.1B | $-415.5M | ||
| Q3 25 | $1.1B | $-385.1M | ||
| Q2 25 | $1.1B | $-338.2M | ||
| Q1 25 | $1.1B | $-336.1M | ||
| Q4 24 | $1.0B | $-407.4M | ||
| Q3 24 | $1.0B | $-345.4M | ||
| Q2 24 | $650.2M | $-335.3M | ||
| Q1 24 | $615.7M | $-327.1M |
总资产CSWREAL
| Q4 25 | $2.3B | $409.0M | ||
| Q3 25 | $1.5B | $366.2M | ||
| Q2 25 | $1.5B | $349.4M | ||
| Q1 25 | $1.4B | $400.4M | ||
| Q4 24 | $1.4B | $423.1M | ||
| Q3 24 | $1.4B | $406.3M | ||
| Q2 24 | $1.1B | $407.4M | ||
| Q1 24 | $1.0B | $431.6M |
负债/权益比CSWREAL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $49.5M |
| 自由现金流经营现金流 - 资本支出 | $22.7M | $45.8M |
| 自由现金流率自由现金流/营收 | 9.8% | 23.6% |
| 资本支出强度资本支出/营收 | 2.6% | 1.9% |
| 现金转化率经营现金流/净利润 | 2.81× | — |
| 过去12个月自由现金流最近4个季度 | $162.0M | $18.4M |
8季度趋势，按日历期对齐
经营现金流CSWREAL
| Q4 25 | $28.9M | $49.5M | ||
| Q3 25 | $61.8M | $19.3M | ||
| Q2 25 | $60.6M | $-3.6M | ||
| Q1 25 | $27.3M | $-28.3M | ||
| Q4 24 | $11.6M | $28.0M | ||
| Q3 24 | $66.8M | $9.1M | ||
| Q2 24 | $62.7M | $-6.8M | ||
| Q1 24 | $22.4M | $-3.5M |
自由现金流CSWREAL
| Q4 25 | $22.7M | $45.8M | ||
| Q3 25 | $58.7M | $16.9M | ||
| Q2 25 | $57.7M | $-11.4M | ||
| Q1 25 | $22.8M | $-33.0M | ||
| Q4 24 | $8.5M | $22.9M | ||
| Q3 24 | $61.3M | $5.0M | ||
| Q2 24 | $59.6M | $-9.8M | ||
| Q1 24 | $17.5M | $-5.6M |
自由现金流率CSWREAL
| Q4 25 | 9.8% | 23.6% | ||
| Q3 25 | 21.2% | 9.7% | ||
| Q2 25 | 21.9% | -6.9% | ||
| Q1 25 | 9.9% | -20.6% | ||
| Q4 24 | 4.4% | 14.0% | ||
| Q3 24 | 26.9% | 3.4% | ||
| Q2 24 | 26.3% | -6.7% | ||
| Q1 24 | 8.3% | -3.9% |
资本支出强度CSWREAL
| Q4 25 | 2.6% | 1.9% | ||
| Q3 25 | 1.1% | 1.4% | ||
| Q2 25 | 1.1% | 4.7% | ||
| Q1 25 | 2.0% | 2.9% | ||
| Q4 24 | 1.6% | 3.1% | ||
| Q3 24 | 2.4% | 2.7% | ||
| Q2 24 | 1.4% | 2.1% | ||
| Q1 24 | 2.3% | 1.5% |
现金转化率CSWREAL
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | -0.45× | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | — |
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
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
