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ARKO Corp.（ARKO）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ARKO Corp.的1.3倍（$2.4B vs $1.8B），Waste Connections, Inc.净利率更高（10.9% vs 0.1%，领先10.8%），Waste Connections, Inc.同比增速更快（5.0% vs -9.9%），Waste Connections, Inc.自由现金流更多（$172.6M vs $14.9M），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% vs -7.0%）
ARKO Corp.是美国知名的便利店与燃油零售运营商，业务覆盖美国多个州，面向消费者销售生鲜食品、饮品、日用必需品等商品，同时提供燃油零售及面向商业合作伙伴的批发配送服务。
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。
ARKO vs WCN — 直观对比
营收规模更大
WCN
是对方的1.3倍
$1.8B
营收增速更快
WCN
高出14.9%
-9.9%
净利率更高
WCN
高出10.8%
0.1%
自由现金流更多
WCN
多$157.7M
$14.9M
两年增速更快
WCN
近两年复合增速
-7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.4B |
| 净利润 | $1.9M | $258.5M |
| 毛利率 | — | 42.5% |
| 营业利润率 | 1.2% | 17.7% |
| 净利率 | 0.1% | 10.9% |
| 营收同比 | -9.9% | 5.0% |
| 净利润同比 | 180.9% | 231.9% |
| 每股收益（稀释后） | $0.01 | $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ARKOWCN
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $2.0B | $2.4B | ||
| Q1 25 | $1.8B | $2.2B | ||
| Q4 24 | $2.0B | $2.3B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.4B | $2.2B | ||
| Q1 24 | $2.1B | $2.1B |
净利润ARKOWCN
| Q4 25 | $1.9M | $258.5M | ||
| Q3 25 | $13.5M | $286.3M | ||
| Q2 25 | $20.1M | $290.3M | ||
| Q1 25 | $-12.7M | $241.5M | ||
| Q4 24 | $-2.3M | $-196.0M | ||
| Q3 24 | $9.7M | $308.0M | ||
| Q2 24 | $14.1M | $275.5M | ||
| Q1 24 | $-594.0K | $230.1M |
毛利率ARKOWCN
| Q4 25 | — | 42.5% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 42.1% | ||
| Q1 24 | — | 41.1% |
营业利润率ARKOWCN
| Q4 25 | 1.2% | 17.7% | ||
| Q3 25 | 1.8% | 17.9% | ||
| Q2 25 | 2.8% | 19.1% | ||
| Q1 25 | -0.6% | 17.5% | ||
| Q4 24 | 0.7% | -8.8% | ||
| Q3 24 | 1.8% | 20.3% | ||
| Q2 24 | 1.8% | 18.9% | ||
| Q1 24 | -0.2% | 17.7% |
净利率ARKOWCN
| Q4 25 | 0.1% | 10.9% | ||
| Q3 25 | 0.7% | 11.6% | ||
| Q2 25 | 1.0% | 12.1% | ||
| Q1 25 | -0.7% | 10.8% | ||
| Q4 24 | -0.1% | -8.7% | ||
| Q3 24 | 0.4% | 13.2% | ||
| Q2 24 | 0.6% | 12.3% | ||
| Q1 24 | -0.0% | 11.1% |
每股收益（稀释后）ARKOWCN
| Q4 25 | $0.01 | $1.01 | ||
| Q3 25 | $0.10 | $1.11 | ||
| Q2 25 | $0.16 | $1.12 | ||
| Q1 25 | $-0.12 | $0.93 | ||
| Q4 24 | $-0.03 | $-0.76 | ||
| Q3 24 | $0.07 | $1.19 | ||
| Q2 24 | $0.11 | $1.07 | ||
| Q1 24 | $-0.02 | $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 | $311.5M | $46.0M |
| 总债务越低越好 | $912.1M | $8.8B |
| 股东权益账面价值 | $267.2M | $8.2B |
| 总资产 | $3.5B | $21.1B |
| 负债/权益比越低杠杆越低 | 3.41× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资ARKOWCN
| Q4 25 | $311.5M | $46.0M | ||
| Q3 25 | $313.2M | $117.6M | ||
| Q2 25 | $299.7M | $110.2M | ||
| Q1 25 | $271.1M | $111.2M | ||
| Q4 24 | $267.1M | $62.4M | ||
| Q3 24 | $296.8M | $115.3M | ||
| Q2 24 | $236.5M | $78.7M | ||
| Q1 24 | $189.1M | $112.0M |
总债务ARKOWCN
| Q4 25 | $912.1M | $8.8B | ||
| Q3 25 | $911.6M | $8.6B | ||
| Q2 25 | $916.4M | $8.3B | ||
| Q1 25 | $880.1M | $8.4B | ||
| Q4 24 | $881.0M | $8.1B | ||
| Q3 24 | $884.7M | $8.2B | ||
| Q2 24 | $889.9M | $7.7B | ||
| Q1 24 | $885.0M | $7.8B |
股东权益ARKOWCN
| Q4 25 | $267.2M | $8.2B | ||
| Q3 25 | $273.1M | $8.1B | ||
| Q2 25 | $264.8M | $8.4B | ||
| Q1 25 | $255.2M | $8.0B | ||
| Q4 24 | $276.9M | $7.9B | ||
| Q3 24 | $280.0M | $8.3B | ||
| Q2 24 | $273.1M | $8.0B | ||
| Q1 24 | $261.2M | $7.8B |
总资产ARKOWCN
| Q4 25 | $3.5B | $21.1B | ||
| Q3 25 | $3.6B | $20.8B | ||
| Q2 25 | $3.6B | $20.7B | ||
| Q1 25 | $3.6B | $20.3B | ||
| Q4 24 | $3.6B | $19.8B | ||
| Q3 24 | $3.7B | $20.1B | ||
| Q2 24 | $3.7B | $19.3B | ||
| Q1 24 | $3.6B | $19.1B |
负债/权益比ARKOWCN
| Q4 25 | 3.41× | 1.07× | ||
| Q3 25 | 3.34× | 1.07× | ||
| Q2 25 | 3.46× | 1.00× | ||
| Q1 25 | 3.45× | 1.05× | ||
| Q4 24 | 3.18× | 1.03× | ||
| Q3 24 | 3.16× | 0.99× | ||
| Q2 24 | 3.26× | 0.96× | ||
| Q1 24 | 3.39× | 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 | $44.6M | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $14.9M | $172.6M |
| 自由现金流率自由现金流/营收 | 0.8% | 7.3% |
| 资本支出强度资本支出/营收 | 1.7% | 16.2% |
| 现金转化率经营现金流/净利润 | 23.98× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $65.3M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ARKOWCN
| Q4 25 | $44.6M | $556.9M | ||
| Q3 25 | $49.4M | $677.4M | ||
| Q2 25 | $55.2M | $638.2M | ||
| Q1 25 | $43.4M | $541.5M | ||
| Q4 24 | $22.7M | $568.9M | ||
| Q3 24 | $109.2M | $558.3M | ||
| Q2 24 | $77.2M | $611.4M | ||
| Q1 24 | $12.8M | $490.3M |
自由现金流ARKOWCN
| Q4 25 | $14.9M | $172.6M | ||
| Q3 25 | $24.5M | $380.3M | ||
| Q2 25 | $9.8M | $352.9M | ||
| Q1 25 | $16.0M | $329.1M | ||
| Q4 24 | $-13.4M | $172.2M | ||
| Q3 24 | $79.9M | $286.2M | ||
| Q2 24 | $57.9M | $394.2M | ||
| Q1 24 | $-16.5M | $320.4M |
自由现金流率ARKOWCN
| Q4 25 | 0.8% | 7.3% | ||
| Q3 25 | 1.2% | 15.5% | ||
| Q2 25 | 0.5% | 14.7% | ||
| Q1 25 | 0.9% | 14.8% | ||
| Q4 24 | -0.7% | 7.6% | ||
| Q3 24 | 3.5% | 12.2% | ||
| Q2 24 | 2.4% | 17.5% | ||
| Q1 24 | -0.8% | 15.5% |
资本支出强度ARKOWCN
| Q4 25 | 1.7% | 16.2% | ||
| Q3 25 | 1.2% | 12.1% | ||
| Q2 25 | 2.3% | 11.9% | ||
| Q1 25 | 1.5% | 9.5% | ||
| Q4 24 | 1.8% | 17.6% | ||
| Q3 24 | 1.3% | 11.6% | ||
| Q2 24 | 0.8% | 9.7% | ||
| Q1 24 | 1.4% | 8.2% |
现金转化率ARKOWCN
| Q4 25 | 23.98× | 2.15× | ||
| Q3 25 | 3.67× | 2.37× | ||
| Q2 25 | 2.75× | 2.20× | ||
| Q1 25 | — | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | 11.28× | 1.81× | ||
| Q2 24 | 5.49× | 2.22× | ||
| Q1 24 | — | 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
ARKO
| Fuel Products | $1.4B | 79% |
| Merchandise Products | $338.1M | 19% |
| Other Product | $33.6M | 2% |
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% |
