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CLEAN HARBORS INC（CLH）与Martin Marietta Materials（MLM）财务数据对比。点击上方公司名可切换其他公司
CLEAN HARBORS INC的季度营收约是Martin Marietta Materials的1.3倍（$1.5B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 5.8%，领先18.7%），CLEAN HARBORS INC同比增速更快（4.8% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $233.3M），过去两年CLEAN HARBORS INC的营收复合增速更高（4.4% vs -4.5%）
总部位于美国马萨诸塞州诺韦尔的Clean Harbors是专业的商业客户废弃物管理与工业服务提供商，主营危险废弃物的收集、运输、处理及处置业务，同时提供非危险废弃物相关服务，目前在美加两国拥有870个运营网点，及包含焚烧厂、填埋场在内的100余座废弃物处置设施。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
CLH vs MLM — 直观对比
营收规模更大
CLH
是对方的1.3倍
$1.1B
营收增速更快
CLH
高出34.9%
-30.1%
净利率更高
MLM
高出18.7%
5.8%
自由现金流更多
MLM
多$190.7M
$233.3M
两年增速更快
CLH
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.1B |
| 净利润 | $86.6M | $279.0M |
| 毛利率 | 30.6% | 35.0% |
| 营业利润率 | 10.6% | 24.6% |
| 净利率 | 5.8% | 24.5% |
| 营收同比 | 4.8% | -30.1% |
| 净利润同比 | 3.1% | -4.8% |
| 每股收益（稀释后） | $1.62 | $4.59 |
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CLHMLM
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.5B | $1.9B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $1.4B | $1.3B |
净利润CLHMLM
| Q4 25 | $86.6M | $279.0M | ||
| Q3 25 | $118.8M | $414.0M | ||
| Q2 25 | $126.9M | $328.0M | ||
| Q1 25 | $58.7M | $116.0M | ||
| Q4 24 | $84.0M | $293.0M | ||
| Q3 24 | $115.2M | $363.0M | ||
| Q2 24 | $133.3M | $294.0M | ||
| Q1 24 | $69.8M | $1.0B |
毛利率CLHMLM
| Q4 25 | 30.6% | 35.0% | ||
| Q3 25 | 32.3% | 33.1% | ||
| Q2 25 | 33.3% | 30.0% | ||
| Q1 25 | 28.6% | 24.8% | ||
| Q4 24 | 29.9% | 30.0% | ||
| Q3 24 | 31.0% | 31.7% | ||
| Q2 24 | 33.3% | 29.3% | ||
| Q1 24 | 29.5% | 21.7% |
营业利润率CLHMLM
| Q4 25 | 10.6% | 24.6% | ||
| Q3 25 | 12.5% | 27.4% | ||
| Q2 25 | 13.6% | 25.3% | ||
| Q1 25 | 7.8% | 14.3% | ||
| Q4 24 | 9.6% | 24.4% | ||
| Q3 24 | 12.6% | 25.9% | ||
| Q2 24 | 13.9% | 22.6% | ||
| Q1 24 | 9.1% | — |
净利率CLHMLM
| Q4 25 | 5.8% | 24.5% | ||
| Q3 25 | 7.7% | 22.4% | ||
| Q2 25 | 8.2% | 18.1% | ||
| Q1 25 | 4.1% | 8.6% | ||
| Q4 24 | 5.9% | 18.0% | ||
| Q3 24 | 7.5% | 19.2% | ||
| Q2 24 | 8.6% | 16.7% | ||
| Q1 24 | 5.1% | 83.5% |
每股收益（稀释后）CLHMLM
| Q4 25 | $1.62 | $4.59 | ||
| Q3 25 | $2.21 | $6.85 | ||
| Q2 25 | $2.36 | $5.43 | ||
| Q1 25 | $1.09 | $1.90 | ||
| Q4 24 | $1.55 | $4.87 | ||
| Q3 24 | $2.12 | $5.91 | ||
| Q2 24 | $2.46 | $4.76 | ||
| Q1 24 | $1.29 | $16.87 |
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 | $127.4M | $67.0M |
| 总债务越低越好 | — | $5.3B |
| 股东权益账面价值 | $2.7B | $10.0B |
| 总资产 | $7.6B | $18.7B |
| 负债/权益比越低杠杆越低 | — | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资CLHMLM
| Q4 25 | $127.4M | $67.0M | ||
| Q3 25 | $91.2M | $57.0M | ||
| Q2 25 | $98.9M | $225.0M | ||
| Q1 25 | $105.9M | $101.0M | ||
| Q4 24 | $102.6M | $670.0M | ||
| Q3 24 | $82.4M | $52.0M | ||
| Q2 24 | $91.3M | $109.0M | ||
| Q1 24 | $104.8M | $2.6B |
总债务CLHMLM
| Q4 25 | — | $5.3B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
股东权益CLHMLM
| Q4 25 | $2.7B | $10.0B | ||
| Q3 25 | $2.8B | $9.7B | ||
| Q2 25 | $2.7B | $9.4B | ||
| Q1 25 | $2.6B | $9.1B | ||
| Q4 24 | $2.6B | $9.5B | ||
| Q3 24 | $2.5B | $9.2B | ||
| Q2 24 | $2.4B | $8.8B | ||
| Q1 24 | $2.3B | $8.9B |
总资产CLHMLM
| Q4 25 | $7.6B | $18.7B | ||
| Q3 25 | $7.5B | $18.7B | ||
| Q2 25 | $7.4B | $18.1B | ||
| Q1 25 | $7.2B | $17.7B | ||
| Q4 24 | $7.4B | $18.2B | ||
| Q3 24 | $7.3B | $16.5B | ||
| Q2 24 | $7.1B | $16.3B | ||
| Q1 24 | $6.9B | $16.2B |
负债/权益比CLHMLM
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.49× |
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 | $355.1M | $629.0M |
| 自由现金流经营现金流 - 资本支出 | $233.3M | $424.0M |
| 自由现金流率自由现金流/营收 | 15.6% | 37.2% |
| 资本支出强度资本支出/营收 | 8.1% | 18.0% |
| 现金转化率经营现金流/净利润 | 4.10× | 2.25× |
| 过去12个月自由现金流最近4个季度 | $441.8M | $978.0M |
8季度趋势，按日历期对齐
经营现金流CLHMLM
| Q4 25 | $355.1M | $629.0M | ||
| Q3 25 | $302.0M | $551.0M | ||
| Q2 25 | $208.0M | $387.0M | ||
| Q1 25 | $1.6M | $218.0M | ||
| Q4 24 | $303.9M | $686.0M | ||
| Q3 24 | $239.2M | $600.0M | ||
| Q2 24 | $216.0M | $1.0M | ||
| Q1 24 | $18.5M | $172.0M |
自由现金流CLHMLM
| Q4 25 | $233.3M | $424.0M | ||
| Q3 25 | $207.5M | $361.0M | ||
| Q2 25 | $118.0M | $208.0M | ||
| Q1 25 | $-117.1M | $-15.0M | ||
| Q4 24 | $241.5M | $453.0M | ||
| Q3 24 | $142.4M | $317.0M | ||
| Q2 24 | $80.9M | $-138.0M | ||
| Q1 24 | $-119.4M | $-28.0M |
自由现金流率CLHMLM
| Q4 25 | 15.6% | 37.2% | ||
| Q3 25 | 13.4% | 19.6% | ||
| Q2 25 | 7.6% | 11.5% | ||
| Q1 25 | -8.2% | -1.1% | ||
| Q4 24 | 16.9% | 27.8% | ||
| Q3 24 | 9.3% | 16.8% | ||
| Q2 24 | 5.2% | -7.8% | ||
| Q1 24 | -8.7% | -2.2% |
资本支出强度CLHMLM
| Q4 25 | 8.1% | 18.0% | ||
| Q3 25 | 6.1% | 10.3% | ||
| Q2 25 | 5.8% | 9.9% | ||
| Q1 25 | 8.3% | 17.2% | ||
| Q4 24 | 4.4% | 14.3% | ||
| Q3 24 | 6.3% | 15.0% | ||
| Q2 24 | 8.7% | 7.9% | ||
| Q1 24 | 10.0% | 16.0% |
现金转化率CLHMLM
| Q4 25 | 4.10× | 2.25× | ||
| Q3 25 | 2.54× | 1.33× | ||
| Q2 25 | 1.64× | 1.18× | ||
| Q1 25 | 0.03× | 1.88× | ||
| Q4 24 | 3.62× | 2.34× | ||
| Q3 24 | 2.08× | 1.65× | ||
| Q2 24 | 1.62× | 0.00× | ||
| Q1 24 | 0.27× | 0.16× |
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
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
