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亚什兰（ASH）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
CASELLA WASTE SYSTEMS INC的季度营收约是亚什兰的1.4倍（$557.2M vs $386.0M），CASELLA WASTE SYSTEMS INC净利率更高（-1.0% vs -3.1%，领先2.1%），CASELLA WASTE SYSTEMS INC同比增速更快（9.6% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $30.7M），过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（21.5% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs CWST — 直观对比
营收规模更大
CWST
是对方的1.4倍
$386.0M
营收增速更快
CWST
高出14.3%
-4.7%
净利率更高
CWST
高出2.1%
-3.1%
自由现金流更多
ASH
多$80.3M
$30.7M
两年增速更快
CWST
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $557.2M |
| 净利润 | $-12.0M | $-5.5M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | 0.9% |
| 净利率 | -3.1% | -1.0% |
| 营收同比 | -4.7% | 9.6% |
| 净利润同比 | 92.7% | -15.2% |
| 每股收益（稀释后） | $-0.26 | $-0.09 |
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ASHCWST
| Q1 26 | — | $557.2M | ||
| Q4 25 | $386.0M | $469.1M | ||
| Q3 25 | $477.0M | $485.4M | ||
| Q2 25 | $463.0M | $465.3M | ||
| Q1 25 | $479.0M | $417.1M | ||
| Q4 24 | $405.0M | $427.5M | ||
| Q3 24 | $521.0M | $411.6M | ||
| Q2 24 | $544.0M | $377.2M |
净利润ASHCWST
| Q1 26 | — | $-5.5M | ||
| Q4 25 | $-12.0M | $-2.5M | ||
| Q3 25 | $31.0M | $10.0M | ||
| Q2 25 | $-742.0M | $5.2M | ||
| Q1 25 | $31.0M | $-4.8M | ||
| Q4 24 | $-165.0M | $4.9M | ||
| Q3 24 | $17.0M | $5.8M | ||
| Q2 24 | $6.0M | $7.0M |
毛利率ASHCWST
| Q1 26 | — | — | ||
| Q4 25 | 27.2% | 33.3% | ||
| Q3 25 | 33.3% | 35.0% | ||
| Q2 25 | 28.5% | 33.8% | ||
| Q1 25 | 30.7% | 32.8% | ||
| Q4 24 | 27.4% | 33.2% | ||
| Q3 24 | 33.2% | 35.1% | ||
| Q2 24 | 34.2% | 35.4% |
营业利润率ASHCWST
| Q1 26 | — | 0.9% | ||
| Q4 25 | -1.6% | 2.5% | ||
| Q3 25 | 12.8% | 6.1% | ||
| Q2 25 | -152.9% | 4.1% | ||
| Q1 25 | 10.6% | 0.8% | ||
| Q4 24 | -44.2% | 4.3% | ||
| Q3 24 | 6.1% | 5.9% | ||
| Q2 24 | -11.2% | 6.1% |
净利率ASHCWST
| Q1 26 | — | -1.0% | ||
| Q4 25 | -3.1% | -0.5% | ||
| Q3 25 | 6.5% | 2.1% | ||
| Q2 25 | -160.3% | 1.1% | ||
| Q1 25 | 6.5% | -1.2% | ||
| Q4 24 | -40.7% | 1.1% | ||
| Q3 24 | 3.3% | 1.4% | ||
| Q2 24 | 1.1% | 1.9% |
每股收益（稀释后）ASHCWST
| Q1 26 | — | $-0.09 | ||
| Q4 25 | $-0.26 | $-0.04 | ||
| Q3 25 | $0.83 | $0.16 | ||
| Q2 25 | $-16.21 | $0.08 | ||
| Q1 25 | $0.65 | $-0.08 | ||
| Q4 24 | $-3.50 | $0.08 | ||
| Q3 24 | $0.34 | $0.10 | ||
| Q2 24 | $0.12 | $0.12 |
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 | $304.0M | $126.9M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $1.6B |
| 总资产 | $4.5B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHCWST
| Q1 26 | — | $126.9M | ||
| Q4 25 | $304.0M | $123.8M | ||
| Q3 25 | $215.0M | $192.7M | ||
| Q2 25 | $207.0M | $217.8M | ||
| Q1 25 | $168.0M | $267.7M | ||
| Q4 24 | $219.0M | $358.3M | ||
| Q3 24 | $300.0M | $519.0M | ||
| Q2 24 | $399.0M | $208.5M |
总债务ASHCWST
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $976.6M |
股东权益ASHCWST
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $3.0B | $1.0B |
总资产ASHCWST
| Q1 26 | — | $3.3B | ||
| Q4 25 | $4.5B | $3.3B | ||
| Q3 25 | $4.6B | $3.3B | ||
| Q2 25 | $4.6B | $3.3B | ||
| Q1 25 | $5.2B | $3.2B | ||
| Q4 24 | $5.2B | $3.2B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.7B | $2.5B |
负债/权益比ASHCWST
| Q1 26 | — | — | ||
| Q4 25 | 0.74× | 0.72× | ||
| Q3 25 | 0.73× | 0.72× | ||
| Q2 25 | 0.73× | 0.72× | ||
| Q1 25 | 0.52× | 0.72× | ||
| Q4 24 | 0.51× | 0.70× | ||
| Q3 24 | 0.47× | 0.68× | ||
| Q2 24 | 0.45× | 0.94× |
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 | $125.0M | $62.3M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $30.7M |
| 自由现金流率自由现金流/营收 | 28.8% | 5.5% |
| 资本支出强度资本支出/营收 | 3.6% | 9.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $200.0M | $120.7M |
8季度趋势，按日历期对齐
经营现金流ASHCWST
| Q1 26 | — | $62.3M | ||
| Q4 25 | $125.0M | $96.6M | ||
| Q3 25 | $40.0M | $93.6M | ||
| Q2 25 | $115.0M | $89.5M | ||
| Q1 25 | $9.0M | $50.1M | ||
| Q4 24 | $-30.0M | $109.8M | ||
| Q3 24 | $80.0M | $91.8M | ||
| Q2 24 | $127.0M | $72.1M |
自由现金流ASHCWST
| Q1 26 | — | $30.7M | ||
| Q4 25 | $111.0M | $39.3M | ||
| Q3 25 | $6.0M | $27.6M | ||
| Q2 25 | $95.0M | $23.1M | ||
| Q1 25 | $-12.0M | $-5.4M | ||
| Q4 24 | $-53.0M | $32.9M | ||
| Q3 24 | $42.0M | $40.4M | ||
| Q2 24 | $98.0M | $27.5M |
自由现金流率ASHCWST
| Q1 26 | — | 5.5% | ||
| Q4 25 | 28.8% | 8.4% | ||
| Q3 25 | 1.3% | 5.7% | ||
| Q2 25 | 20.5% | 5.0% | ||
| Q1 25 | -2.5% | -1.3% | ||
| Q4 24 | -13.1% | 7.7% | ||
| Q3 24 | 8.1% | 9.8% | ||
| Q2 24 | 18.0% | 7.3% |
资本支出强度ASHCWST
| Q1 26 | — | 9.0% | ||
| Q4 25 | 3.6% | 12.2% | ||
| Q3 25 | 7.1% | 13.6% | ||
| Q2 25 | 4.3% | 14.3% | ||
| Q1 25 | 4.4% | 13.3% | ||
| Q4 24 | 5.7% | 18.0% | ||
| Q3 24 | 7.3% | 12.5% | ||
| Q2 24 | 5.3% | 11.8% |
现金转化率ASHCWST
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | 9.37× | ||
| Q2 25 | — | 17.19× | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | 22.51× | ||
| Q3 24 | 4.71× | 15.91× | ||
| Q2 24 | 21.17× | 10.29× |
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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
CWST
| Collection | $334.8M | 60% |
| Transfer station | $65.9M | 12% |
| Processing (ii) | $49.0M | 9% |
| Landfill | $48.0M | 9% |
| National Accounts (ii) | $45.6M | 8% |
| Transportation | $8.2M | 1% |
| Landfill gas-to-energy | $2.9M | 1% |
