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A.O.史密斯（AOS）与CASELLA WASTE SYSTEMS INC（CWST）财务数据对比。点击上方公司名可切换其他公司
A.O.史密斯的季度营收约是CASELLA WASTE SYSTEMS INC的1.9倍（$912.5M vs $469.1M）。A.O.史密斯净利率更高（13.7% vs -0.5%，领先14.3%）。CASELLA WASTE SYSTEMS INC同比增速更快（9.7% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $39.3M）。过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（17.3% vs -3.4%）
A.O.史密斯是美国知名的家用及商用热水器、锅炉生产商，也是北美规模最大的热水器制造销售商，在亚洲市场还供应水处理和净化产品。公司在全球共有27个站点，包括北美5座生产基地，以及位于印度班加罗尔、中国南京、荷兰费尔德霍芬的工厂。
Casella Waste Systems Inc.是总部位于美国佛蒙特州拉特兰的废弃物管理企业，1975年创立时仅靠一辆卡车起步，现为区域型垂直一体化固体废物服务提供商，面向住宅、商业、市政及工业客户提供固废收集处置、中转、回收、有机废弃物处理等专业资源管理服务。
AOS vs CWST — 直观对比
营收规模更大
AOS
是对方的1.9倍
$469.1M
营收增速更快
CWST
高出9.7%
0.0%
净利率更高
AOS
高出14.3%
-0.5%
自由现金流更多
AOS
多$126.2M
$39.3M
两年增速更快
CWST
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $469.1M |
| 净利润 | $125.4M | $-2.5M |
| 毛利率 | 38.4% | 33.3% |
| 营业利润率 | 17.9% | 2.5% |
| 净利率 | 13.7% | -0.5% |
| 营收同比 | 0.0% | 9.7% |
| 净利润同比 | 14.3% | -151.5% |
| 每股收益（稀释后） | $0.89 | $-0.04 |
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AOSCWST
| Q4 25 | $912.5M | $469.1M | ||
| Q3 25 | $942.5M | $485.4M | ||
| Q2 25 | $1.0B | $465.3M | ||
| Q1 25 | $963.9M | $417.1M | ||
| Q4 24 | $912.4M | $427.5M | ||
| Q3 24 | $902.6M | $411.6M | ||
| Q2 24 | $1.0B | $377.2M | ||
| Q1 24 | $978.8M | $341.0M |
净利润AOSCWST
| Q4 25 | $125.4M | $-2.5M | ||
| Q3 25 | $132.0M | $10.0M | ||
| Q2 25 | $152.2M | $5.2M | ||
| Q1 25 | $136.6M | $-4.8M | ||
| Q4 24 | $109.7M | $4.9M | ||
| Q3 24 | $120.1M | $5.8M | ||
| Q2 24 | $156.2M | $7.0M | ||
| Q1 24 | $147.6M | $-4.1M |
毛利率AOSCWST
| Q4 25 | 38.4% | 33.3% | ||
| Q3 25 | 38.7% | 35.0% | ||
| Q2 25 | 39.3% | 33.8% | ||
| Q1 25 | 38.9% | 32.8% | ||
| Q4 24 | 37.1% | 33.2% | ||
| Q3 24 | 37.4% | 35.1% | ||
| Q2 24 | 38.7% | 35.4% | ||
| Q1 24 | 39.3% | 32.3% |
营业利润率AOSCWST
| Q4 25 | 17.9% | 2.5% | ||
| Q3 25 | 18.6% | 6.1% | ||
| Q2 25 | 20.4% | 4.1% | ||
| Q1 25 | 19.1% | 0.8% | ||
| Q4 24 | 10.1% | 4.3% | ||
| Q3 24 | 19.5% | 5.9% | ||
| Q2 24 | 21.9% | 6.1% | ||
| Q1 24 | 22.0% | 2.0% |
净利率AOSCWST
| Q4 25 | 13.7% | -0.5% | ||
| Q3 25 | 14.0% | 2.1% | ||
| Q2 25 | 15.0% | 1.1% | ||
| Q1 25 | 14.2% | -1.2% | ||
| Q4 24 | 12.0% | 1.1% | ||
| Q3 24 | 13.3% | 1.4% | ||
| Q2 24 | 15.2% | 1.9% | ||
| Q1 24 | 15.1% | -1.2% |
每股收益（稀释后）AOSCWST
| Q4 25 | $0.89 | $-0.04 | ||
| Q3 25 | $0.94 | $0.16 | ||
| Q2 25 | $1.07 | $0.08 | ||
| Q1 25 | $0.95 | $-0.08 | ||
| Q4 24 | $0.75 | $0.08 | ||
| Q3 24 | $0.82 | $0.10 | ||
| Q2 24 | $1.06 | $0.12 | ||
| Q1 24 | $1.00 | $-0.07 |
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 | $193.2M | $123.8M |
| 总债务越低越好 | $155.0M | $1.1B |
| 股东权益账面价值 | $1.9B | $1.6B |
| 总资产 | $3.1B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.72× |
8季度趋势，按日历期对齐
现金及短期投资AOSCWST
| Q4 25 | $193.2M | $123.8M | ||
| Q3 25 | $172.8M | $192.7M | ||
| Q2 25 | $177.9M | $217.8M | ||
| Q1 25 | $200.2M | $267.7M | ||
| Q4 24 | $276.1M | $358.3M | ||
| Q3 24 | $255.6M | $519.0M | ||
| Q2 24 | $233.3M | $208.5M | ||
| Q1 24 | $303.1M | $189.5M |
总债务AOSCWST
| Q4 25 | $155.0M | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $193.2M | $1.1B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $976.6M | ||
| Q1 24 | — | $980.9M |
股东权益AOSCWST
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $1.9B | $1.0B | ||
| Q1 24 | $1.9B | $1.0B |
总资产AOSCWST
| Q4 25 | $3.1B | $3.3B | ||
| Q3 25 | $3.2B | $3.3B | ||
| Q2 25 | $3.2B | $3.3B | ||
| Q1 25 | $3.3B | $3.2B | ||
| Q4 24 | $3.2B | $3.2B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.2B | $2.5B | ||
| Q1 24 | $3.2B | $2.5B |
负债/权益比AOSCWST
| Q4 25 | 0.08× | 0.72× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | 0.10× | 0.70× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 0.96× |
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 | $183.1M | $96.6M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $39.3M |
| 自由现金流率自由现金流/营收 | 18.1% | 8.4% |
| 资本支出强度资本支出/营收 | 1.9% | 12.2% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $546.0M | $84.7M |
8季度趋势，按日历期对齐
经营现金流AOSCWST
| Q4 25 | $183.1M | $96.6M | ||
| Q3 25 | $255.4M | $93.6M | ||
| Q2 25 | $139.6M | $89.5M | ||
| Q1 25 | $38.7M | $50.1M | ||
| Q4 24 | $221.9M | $109.8M | ||
| Q3 24 | $195.9M | $91.8M | ||
| Q2 24 | $57.4M | $72.1M | ||
| Q1 24 | $106.6M | $7.7M |
自由现金流AOSCWST
| Q4 25 | $165.5M | $39.3M | ||
| Q3 25 | $240.6M | $27.6M | ||
| Q2 25 | $122.5M | $23.1M | ||
| Q1 25 | $17.4M | $-5.4M | ||
| Q4 24 | $191.3M | $32.9M | ||
| Q3 24 | $163.4M | $40.4M | ||
| Q2 24 | $34.5M | $27.5M | ||
| Q1 24 | $84.6M | $-22.6M |
自由现金流率AOSCWST
| Q4 25 | 18.1% | 8.4% | ||
| Q3 25 | 25.5% | 5.7% | ||
| Q2 25 | 12.1% | 5.0% | ||
| Q1 25 | 1.8% | -1.3% | ||
| Q4 24 | 21.0% | 7.7% | ||
| Q3 24 | 18.1% | 9.8% | ||
| Q2 24 | 3.4% | 7.3% | ||
| Q1 24 | 8.6% | -6.6% |
资本支出强度AOSCWST
| Q4 25 | 1.9% | 12.2% | ||
| Q3 25 | 1.6% | 13.6% | ||
| Q2 25 | 1.7% | 14.3% | ||
| Q1 25 | 2.2% | 13.3% | ||
| Q4 24 | 3.4% | 18.0% | ||
| Q3 24 | 3.6% | 12.5% | ||
| Q2 24 | 2.2% | 11.8% | ||
| Q1 24 | 2.2% | 8.9% |
现金转化率AOSCWST
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 9.37× | ||
| Q2 25 | 0.92× | 17.19× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 22.51× | ||
| Q3 24 | 1.63× | 15.91× | ||
| Q2 24 | 0.37× | 10.29× | ||
| Q1 24 | 0.72× | — |
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
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
CWST
| Transferred Over Time | $120.9M | 26% |
| Resource Solutions Region | $92.9M | 20% |
| Collection | $90.9M | 19% |
| Mid Atlantic Region | $89.6M | 19% |
| National Accounts | $60.9M | 13% |
| Landfill Revenue | $8.3M | 2% |
| Processing Services | $2.1M | 0% |
| Transportation | $1.4M | 0% |
