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安朗杰（ALLE）与Waste Connections, Inc.（WCN）财务数据对比。点击上方公司名可切换其他公司
Waste Connections, Inc.的季度营收约是安朗杰的2.3倍（$2.4B vs $1.0B）。安朗杰净利率更高（14.3% vs 10.9%，领先3.4%）。安朗杰同比增速更快（9.3% vs 5.0%）。安朗杰自由现金流更多（$200.5M vs $172.6M）。过去两年安朗杰的营收复合增速更高（7.5% vs 7.0%）
安朗杰是全球知名的安防产品及解决方案供应商，面向全球生产销售机械与电子类安防产品，包括闭门器、出入口控制设备、锁具、电子门禁系统、考勤与人员效能管理系统、门体系统及相关配件，服务商业、公共机构、住宅等多领域终端用户
Waste Connections, Inc.是北美综合废弃物服务企业，总部位于美国得克萨斯州伍德兰兹，业务范围覆盖美国与加拿大，主营固体废弃物的收集、转运、处理及回收服务，是北美第三大废弃物管理企业。
ALLE vs WCN — 直观对比
营收规模更大
WCN
是对方的2.3倍
$1.0B
营收增速更快
ALLE
高出4.3%
5.0%
净利率更高
ALLE
高出3.4%
10.9%
自由现金流更多
ALLE
多$27.9M
$172.6M
两年增速更快
ALLE
近两年复合增速
7.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $2.4B |
| 净利润 | $147.5M | $258.5M |
| 毛利率 | 44.5% | 42.5% |
| 营业利润率 | 20.3% | 17.7% |
| 净利率 | 14.3% | 10.9% |
| 营收同比 | 9.3% | 5.0% |
| 净利润同比 | 2.4% | 231.9% |
| 每股收益（稀释后） | $1.70 | $1.01 |
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ALLEWCN
| Q4 25 | $1.0B | $2.4B | ||
| Q3 25 | $1.1B | $2.5B | ||
| Q2 25 | $1.0B | $2.4B | ||
| Q1 25 | $941.9M | $2.2B | ||
| Q4 24 | $945.6M | $2.3B | ||
| Q3 24 | $967.1M | $2.3B | ||
| Q2 24 | $965.6M | $2.2B | ||
| Q1 24 | $893.9M | $2.1B |
净利润ALLEWCN
| Q4 25 | $147.5M | $258.5M | ||
| Q3 25 | $188.4M | $286.3M | ||
| Q2 25 | $159.7M | $290.3M | ||
| Q1 25 | $148.2M | $241.5M | ||
| Q4 24 | $144.1M | $-196.0M | ||
| Q3 24 | $174.2M | $308.0M | ||
| Q2 24 | $155.4M | $275.5M | ||
| Q1 24 | $123.8M | $230.1M |
毛利率ALLEWCN
| Q4 25 | 44.5% | 42.5% | ||
| Q3 25 | 45.8% | 42.8% | ||
| Q2 25 | 45.6% | 42.1% | ||
| Q1 25 | 44.9% | 42.0% | ||
| Q4 24 | 44.1% | 41.4% | ||
| Q3 24 | 44.7% | 42.5% | ||
| Q2 24 | 44.4% | 42.1% | ||
| Q1 24 | 43.8% | 41.1% |
营业利润率ALLEWCN
| Q4 25 | 20.3% | 17.7% | ||
| Q3 25 | 21.8% | 17.9% | ||
| Q2 25 | 21.5% | 19.1% | ||
| Q1 25 | 20.9% | 17.5% | ||
| Q4 24 | 19.5% | -8.8% | ||
| Q3 24 | 22.2% | 20.3% | ||
| Q2 24 | 21.6% | 18.9% | ||
| Q1 24 | 19.3% | 17.7% |
净利率ALLEWCN
| Q4 25 | 14.3% | 10.9% | ||
| Q3 25 | 17.6% | 11.6% | ||
| Q2 25 | 15.6% | 12.1% | ||
| Q1 25 | 15.7% | 10.8% | ||
| Q4 24 | 15.2% | -8.7% | ||
| Q3 24 | 18.0% | 13.2% | ||
| Q2 24 | 16.1% | 12.3% | ||
| Q1 24 | 13.8% | 11.1% |
每股收益（稀释后）ALLEWCN
| Q4 25 | $1.70 | $1.01 | ||
| Q3 25 | $2.18 | $1.11 | ||
| Q2 25 | $1.85 | $1.12 | ||
| Q1 25 | $1.71 | $0.93 | ||
| Q4 24 | $1.65 | $-0.76 | ||
| Q3 24 | $1.99 | $1.19 | ||
| Q2 24 | $1.77 | $1.07 | ||
| Q1 24 | $1.41 | $0.89 |
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 | $356.2M | $46.0M |
| 总债务越低越好 | $2.0B | $8.8B |
| 股东权益账面价值 | $2.1B | $8.2B |
| 总资产 | $5.2B | $21.1B |
| 负债/权益比越低杠杆越低 | 0.96× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资ALLEWCN
| Q4 25 | $356.2M | $46.0M | ||
| Q3 25 | $302.7M | $117.6M | ||
| Q2 25 | $656.8M | $110.2M | ||
| Q1 25 | $494.5M | $111.2M | ||
| Q4 24 | $503.8M | $62.4M | ||
| Q3 24 | $878.9M | $115.3M | ||
| Q2 24 | $747.5M | $78.7M | ||
| Q1 24 | $391.8M | $112.0M |
总债务ALLEWCN
| Q4 25 | $2.0B | $8.8B | ||
| Q3 25 | $2.1B | $8.6B | ||
| Q2 25 | $2.1B | $8.3B | ||
| Q1 25 | $2.0B | $8.4B | ||
| Q4 24 | $2.0B | $8.1B | ||
| Q3 24 | $2.4B | $8.2B | ||
| Q2 24 | $2.4B | $7.7B | ||
| Q1 24 | $2.0B | $7.8B |
股东权益ALLEWCN
| Q4 25 | $2.1B | $8.2B | ||
| Q3 25 | $1.9B | $8.1B | ||
| Q2 25 | $1.8B | $8.4B | ||
| Q1 25 | $1.6B | $8.0B | ||
| Q4 24 | $1.5B | $7.9B | ||
| Q3 24 | $1.6B | $8.3B | ||
| Q2 24 | $1.4B | $8.0B | ||
| Q1 24 | $1.4B | $7.8B |
总资产ALLEWCN
| Q4 25 | $5.2B | $21.1B | ||
| Q3 25 | $5.2B | $20.8B | ||
| Q2 25 | $4.9B | $20.7B | ||
| Q1 25 | $4.6B | $20.3B | ||
| Q4 24 | $4.5B | $19.8B | ||
| Q3 24 | $5.0B | $20.1B | ||
| Q2 24 | $4.8B | $19.3B | ||
| Q1 24 | $4.3B | $19.1B |
负债/权益比ALLEWCN
| Q4 25 | 0.96× | 1.07× | ||
| Q3 25 | 1.07× | 1.07× | ||
| Q2 25 | 1.16× | 1.00× | ||
| Q1 25 | 1.24× | 1.05× | ||
| Q4 24 | 1.33× | 1.03× | ||
| Q3 24 | 1.53× | 0.99× | ||
| Q2 24 | 1.69× | 0.96× | ||
| Q1 24 | 1.49× | 1.00× |
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 | $240.1M | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $200.5M | $172.6M |
| 自由现金流率自由现金流/营收 | 19.4% | 7.3% |
| 资本支出强度资本支出/营收 | 3.8% | 16.2% |
| 现金转化率经营现金流/净利润 | 1.63× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $685.7M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ALLEWCN
| Q4 25 | $240.1M | $556.9M | ||
| Q3 25 | $229.5M | $677.4M | ||
| Q2 25 | $209.7M | $638.2M | ||
| Q1 25 | $104.5M | $541.5M | ||
| Q4 24 | $219.0M | $568.9M | ||
| Q3 24 | $231.9M | $558.3M | ||
| Q2 24 | $173.0M | $611.4M | ||
| Q1 24 | $51.1M | $490.3M |
自由现金流ALLEWCN
| Q4 25 | $200.5M | $172.6M | ||
| Q3 25 | $209.8M | $380.3M | ||
| Q2 25 | $192.0M | $352.9M | ||
| Q1 25 | $83.4M | $329.1M | ||
| Q4 24 | $194.9M | $172.2M | ||
| Q3 24 | $212.0M | $286.2M | ||
| Q2 24 | $152.1M | $394.2M | ||
| Q1 24 | $23.9M | $320.4M |
自由现金流率ALLEWCN
| Q4 25 | 19.4% | 7.3% | ||
| Q3 25 | 19.6% | 15.5% | ||
| Q2 25 | 18.8% | 14.7% | ||
| Q1 25 | 8.9% | 14.8% | ||
| Q4 24 | 20.6% | 7.6% | ||
| Q3 24 | 21.9% | 12.2% | ||
| Q2 24 | 15.8% | 17.5% | ||
| Q1 24 | 2.7% | 15.5% |
资本支出强度ALLEWCN
| Q4 25 | 3.8% | 16.2% | ||
| Q3 25 | 1.8% | 12.1% | ||
| Q2 25 | 1.7% | 11.9% | ||
| Q1 25 | 2.2% | 9.5% | ||
| Q4 24 | 2.5% | 17.6% | ||
| Q3 24 | 2.1% | 11.6% | ||
| Q2 24 | 2.2% | 9.7% | ||
| Q1 24 | 3.0% | 8.2% |
现金转化率ALLEWCN
| Q4 25 | 1.63× | 2.15× | ||
| Q3 25 | 1.22× | 2.37× | ||
| Q2 25 | 1.31× | 2.20× | ||
| Q1 25 | 0.71× | 2.24× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.33× | 1.81× | ||
| Q2 24 | 1.11× | 2.22× | ||
| Q1 24 | 0.41× | 2.13× |
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
ALLE
| Products | $750.2M | 73% |
| Allegion International | $237.7M | 23% |
| Services | $45.2M | 4% |
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
