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A.O.史密斯（AOS）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A.O.史密斯的2.6倍（$2.4B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 10.9%，领先2.9%）。Waste Connections, Inc.同比增速更快（5.0% vs 0.0%）。Waste Connections, Inc.自由现金流更多（$172.6M vs $165.5M）。过去两年Waste Connections, Inc.的营收复合增速更高（7.0% 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。
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。
AOS vs WCN — 直观对比
营收规模更大
WCN
是对方的2.6倍
$912.5M
营收增速更快
WCN
高出5.0%
0.0%
净利率更高
AOS
高出2.9%
10.9%
自由现金流更多
WCN
多$7.1M
$165.5M
两年增速更快
WCN
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $2.4B |
| 净利润 | $125.4M | $258.5M |
| 毛利率 | 38.4% | 42.5% |
| 营业利润率 | 17.9% | 17.7% |
| 净利率 | 13.7% | 10.9% |
| 营收同比 | 0.0% | 5.0% |
| 净利润同比 | 14.3% | 231.9% |
| 每股收益（稀释后） | $0.89 | $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AOSWCN
| Q4 25 | $912.5M | $2.4B | ||
| Q3 25 | $942.5M | $2.5B | ||
| Q2 25 | $1.0B | $2.4B | ||
| Q1 25 | $963.9M | $2.2B | ||
| Q4 24 | $912.4M | $2.3B | ||
| Q3 24 | $902.6M | $2.3B | ||
| Q2 24 | $1.0B | $2.2B | ||
| Q1 24 | $978.8M | $2.1B |
净利润AOSWCN
| Q4 25 | $125.4M | $258.5M | ||
| Q3 25 | $132.0M | $286.3M | ||
| Q2 25 | $152.2M | $290.3M | ||
| Q1 25 | $136.6M | $241.5M | ||
| Q4 24 | $109.7M | $-196.0M | ||
| Q3 24 | $120.1M | $308.0M | ||
| Q2 24 | $156.2M | $275.5M | ||
| Q1 24 | $147.6M | $230.1M |
毛利率AOSWCN
| Q4 25 | 38.4% | 42.5% | ||
| Q3 25 | 38.7% | 42.8% | ||
| Q2 25 | 39.3% | 42.1% | ||
| Q1 25 | 38.9% | 42.0% | ||
| Q4 24 | 37.1% | 41.4% | ||
| Q3 24 | 37.4% | 42.5% | ||
| Q2 24 | 38.7% | 42.1% | ||
| Q1 24 | 39.3% | 41.1% |
营业利润率AOSWCN
| Q4 25 | 17.9% | 17.7% | ||
| Q3 25 | 18.6% | 17.9% | ||
| Q2 25 | 20.4% | 19.1% | ||
| Q1 25 | 19.1% | 17.5% | ||
| Q4 24 | 10.1% | -8.8% | ||
| Q3 24 | 19.5% | 20.3% | ||
| Q2 24 | 21.9% | 18.9% | ||
| Q1 24 | 22.0% | 17.7% |
净利率AOSWCN
| Q4 25 | 13.7% | 10.9% | ||
| Q3 25 | 14.0% | 11.6% | ||
| Q2 25 | 15.0% | 12.1% | ||
| Q1 25 | 14.2% | 10.8% | ||
| Q4 24 | 12.0% | -8.7% | ||
| Q3 24 | 13.3% | 13.2% | ||
| Q2 24 | 15.2% | 12.3% | ||
| Q1 24 | 15.1% | 11.1% |
每股收益（稀释后）AOSWCN
| Q4 25 | $0.89 | $1.01 | ||
| Q3 25 | $0.94 | $1.11 | ||
| Q2 25 | $1.07 | $1.12 | ||
| Q1 25 | $0.95 | $0.93 | ||
| Q4 24 | $0.75 | $-0.76 | ||
| Q3 24 | $0.82 | $1.19 | ||
| Q2 24 | $1.06 | $1.07 | ||
| Q1 24 | $1.00 | $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 | $193.2M | $46.0M |
| 总债务越低越好 | $155.0M | $8.8B |
| 股东权益账面价值 | $1.9B | $8.2B |
| 总资产 | $3.1B | $21.1B |
| 负债/权益比越低杠杆越低 | 0.08× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资AOSWCN
| Q4 25 | $193.2M | $46.0M | ||
| Q3 25 | $172.8M | $117.6M | ||
| Q2 25 | $177.9M | $110.2M | ||
| Q1 25 | $200.2M | $111.2M | ||
| Q4 24 | $276.1M | $62.4M | ||
| Q3 24 | $255.6M | $115.3M | ||
| Q2 24 | $233.3M | $78.7M | ||
| Q1 24 | $303.1M | $112.0M |
总债务AOSWCN
| Q4 25 | $155.0M | $8.8B | ||
| Q3 25 | — | $8.6B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | $193.2M | $8.1B | ||
| Q3 24 | — | $8.2B | ||
| Q2 24 | — | $7.7B | ||
| Q1 24 | — | $7.8B |
股东权益AOSWCN
| Q4 25 | $1.9B | $8.2B | ||
| Q3 25 | $1.8B | $8.1B | ||
| Q2 25 | $1.8B | $8.4B | ||
| Q1 25 | $1.9B | $8.0B | ||
| Q4 24 | $1.9B | $7.9B | ||
| Q3 24 | $1.9B | $8.3B | ||
| Q2 24 | $1.9B | $8.0B | ||
| Q1 24 | $1.9B | $7.8B |
总资产AOSWCN
| Q4 25 | $3.1B | $21.1B | ||
| Q3 25 | $3.2B | $20.8B | ||
| Q2 25 | $3.2B | $20.7B | ||
| Q1 25 | $3.3B | $20.3B | ||
| Q4 24 | $3.2B | $19.8B | ||
| Q3 24 | $3.2B | $20.1B | ||
| Q2 24 | $3.2B | $19.3B | ||
| Q1 24 | $3.2B | $19.1B |
负债/权益比AOSWCN
| Q4 25 | 0.08× | 1.07× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 0.10× | 1.03× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 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 | $183.1M | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $172.6M |
| 自由现金流率自由现金流/营收 | 18.1% | 7.3% |
| 资本支出强度资本支出/营收 | 1.9% | 16.2% |
| 现金转化率经营现金流/净利润 | 1.46× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流AOSWCN
| Q4 25 | $183.1M | $556.9M | ||
| Q3 25 | $255.4M | $677.4M | ||
| Q2 25 | $139.6M | $638.2M | ||
| Q1 25 | $38.7M | $541.5M | ||
| Q4 24 | $221.9M | $568.9M | ||
| Q3 24 | $195.9M | $558.3M | ||
| Q2 24 | $57.4M | $611.4M | ||
| Q1 24 | $106.6M | $490.3M |
自由现金流AOSWCN
| Q4 25 | $165.5M | $172.6M | ||
| Q3 25 | $240.6M | $380.3M | ||
| Q2 25 | $122.5M | $352.9M | ||
| Q1 25 | $17.4M | $329.1M | ||
| Q4 24 | $191.3M | $172.2M | ||
| Q3 24 | $163.4M | $286.2M | ||
| Q2 24 | $34.5M | $394.2M | ||
| Q1 24 | $84.6M | $320.4M |
自由现金流率AOSWCN
| Q4 25 | 18.1% | 7.3% | ||
| Q3 25 | 25.5% | 15.5% | ||
| Q2 25 | 12.1% | 14.7% | ||
| Q1 25 | 1.8% | 14.8% | ||
| Q4 24 | 21.0% | 7.6% | ||
| Q3 24 | 18.1% | 12.2% | ||
| Q2 24 | 3.4% | 17.5% | ||
| Q1 24 | 8.6% | 15.5% |
资本支出强度AOSWCN
| Q4 25 | 1.9% | 16.2% | ||
| Q3 25 | 1.6% | 12.1% | ||
| Q2 25 | 1.7% | 11.9% | ||
| Q1 25 | 2.2% | 9.5% | ||
| Q4 24 | 3.4% | 17.6% | ||
| Q3 24 | 3.6% | 11.6% | ||
| Q2 24 | 2.2% | 9.7% | ||
| Q1 24 | 2.2% | 8.2% |
现金转化率AOSWCN
| Q4 25 | 1.46× | 2.15× | ||
| Q3 25 | 1.93× | 2.37× | ||
| Q2 25 | 0.92× | 2.20× | ||
| Q1 25 | 0.28× | 2.24× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 1.81× | ||
| Q2 24 | 0.37× | 2.22× | ||
| Q1 24 | 0.72× | 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
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 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% |
