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CLEAN HARBORS INC（CLH）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是CLEAN HARBORS INC的4.0倍（$6.0B vs $1.5B）。3M净利率更高（10.8% vs 5.8%，领先5.1%）。CLEAN HARBORS INC同比增速更快（4.8% vs 1.3%）。3M自由现金流更多（$2.0B vs $233.3M）。过去两年CLEAN HARBORS INC的营收复合增速更高（4.4% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
CLH vs MMM — 直观对比
营收规模更大
MMM
是对方的4.0倍
$1.5B
营收增速更快
CLH
高出3.5%
1.3%
净利率更高
MMM
高出5.1%
5.8%
自由现金流更多
MMM
多$1.8B
$233.3M
两年增速更快
CLH
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $6.0B |
| 净利润 | $86.6M | $653.0M |
| 毛利率 | 30.6% | 40.7% |
| 营业利润率 | 10.6% | 23.2% |
| 净利率 | 5.8% | 10.8% |
| 营收同比 | 4.8% | 1.3% |
| 净利润同比 | 3.1% | -41.5% |
| 每股收益（稀释后） | $1.62 | $1.23 |
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CLHMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $1.5B | $6.1B | ||
| Q3 25 | $1.5B | $6.5B | ||
| Q2 25 | $1.5B | $6.3B | ||
| Q1 25 | $1.4B | $6.0B | ||
| Q4 24 | $1.4B | $6.0B | ||
| Q3 24 | $1.5B | $6.3B | ||
| Q2 24 | $1.6B | $6.3B |
净利润CLHMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $86.6M | $577.0M | ||
| Q3 25 | $118.8M | $834.0M | ||
| Q2 25 | $126.9M | $723.0M | ||
| Q1 25 | $58.7M | $1.1B | ||
| Q4 24 | $84.0M | $728.0M | ||
| Q3 24 | $115.2M | $1.4B | ||
| Q2 24 | $133.3M | $1.1B |
毛利率CLHMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 30.6% | 33.6% | ||
| Q3 25 | 32.3% | 41.8% | ||
| Q2 25 | 33.3% | 42.5% | ||
| Q1 25 | 28.6% | 41.6% | ||
| Q4 24 | 29.9% | 51.7% | ||
| Q3 24 | 31.0% | 42.1% | ||
| Q2 24 | 33.3% | 42.9% |
营业利润率CLHMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 10.6% | 13.0% | ||
| Q3 25 | 12.5% | 22.2% | ||
| Q2 25 | 13.6% | 18.0% | ||
| Q1 25 | 7.8% | 20.9% | ||
| Q4 24 | 9.6% | 12.2% | ||
| Q3 24 | 12.6% | 20.9% | ||
| Q2 24 | 13.9% | 20.3% |
净利率CLHMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 5.8% | 9.4% | ||
| Q3 25 | 7.7% | 12.8% | ||
| Q2 25 | 8.2% | 11.4% | ||
| Q1 25 | 4.1% | 18.7% | ||
| Q4 24 | 5.9% | 12.1% | ||
| Q3 24 | 7.5% | 21.8% | ||
| Q2 24 | 8.6% | 18.3% |
每股收益（稀释后）CLHMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $1.62 | $1.07 | ||
| Q3 25 | $2.21 | $1.55 | ||
| Q2 25 | $2.36 | $1.34 | ||
| Q1 25 | $1.09 | $2.04 | ||
| Q4 24 | $1.55 | $1.33 | ||
| Q3 24 | $2.12 | $2.48 | ||
| Q2 24 | $2.46 | $2.07 |
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 | $127.4M | $3.7B |
| 总债务越低越好 | — | $10.9B |
| 股东权益账面价值 | $2.7B | $3.3B |
| 总资产 | $7.6B | $35.4B |
| 负债/权益比越低杠杆越低 | — | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资CLHMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $127.4M | — | ||
| Q3 25 | $91.2M | — | ||
| Q2 25 | $98.9M | — | ||
| Q1 25 | $105.9M | — | ||
| Q4 24 | $102.6M | — | ||
| Q3 24 | $82.4M | — | ||
| Q2 24 | $91.3M | — |
总债务CLHMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | — | $12.6B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | — | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益CLHMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $2.7B | $4.7B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.7B | $4.3B | ||
| Q1 25 | $2.6B | $4.5B | ||
| Q4 24 | $2.6B | $3.8B | ||
| Q3 24 | $2.5B | $4.6B | ||
| Q2 24 | $2.4B | $3.9B |
总资产CLHMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $7.6B | $37.7B | ||
| Q3 25 | $7.5B | $37.6B | ||
| Q2 25 | $7.4B | $38.0B | ||
| Q1 25 | $7.2B | $40.0B | ||
| Q4 24 | $7.4B | $39.9B | ||
| Q3 24 | $7.3B | $40.9B | ||
| Q2 24 | $7.1B | $43.4B |
负债/权益比CLHMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | — | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $233.3M | $2.0B |
| 自由现金流率自由现金流/营收 | 15.6% | 33.6% |
| 资本支出强度资本支出/营收 | 8.1% | — |
| 现金转化率经营现金流/净利润 | 4.10× | — |
| 过去12个月自由现金流最近4个季度 | $441.8M | $3.7B |
8季度趋势，按日历期对齐
经营现金流CLHMMM
| Q1 26 | — | — | ||
| Q4 25 | $355.1M | $1.6B | ||
| Q3 25 | $302.0M | $1.8B | ||
| Q2 25 | $208.0M | $-954.0M | ||
| Q1 25 | $1.6M | $-79.0M | ||
| Q4 24 | $303.9M | $1.8B | ||
| Q3 24 | $239.2M | $-1.8B | ||
| Q2 24 | $216.0M | $1.0B |
自由现金流CLHMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $233.3M | $1.3B | ||
| Q3 25 | $207.5M | $1.5B | ||
| Q2 25 | $118.0M | $-1.2B | ||
| Q1 25 | $-117.1M | $-315.0M | ||
| Q4 24 | $241.5M | $1.5B | ||
| Q3 24 | $142.4M | $-2.0B | ||
| Q2 24 | $80.9M | $752.0M |
自由现金流率CLHMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 15.6% | 21.8% | ||
| Q3 25 | 13.4% | 23.6% | ||
| Q2 25 | 7.6% | -18.3% | ||
| Q1 25 | -8.2% | -5.3% | ||
| Q4 24 | 16.9% | 25.4% | ||
| Q3 24 | 9.3% | -32.3% | ||
| Q2 24 | 5.2% | 12.0% |
资本支出强度CLHMMM
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | 4.0% | ||
| Q3 25 | 6.1% | 3.3% | ||
| Q2 25 | 5.8% | 3.3% | ||
| Q1 25 | 8.3% | 4.0% | ||
| Q4 24 | 4.4% | 4.8% | ||
| Q3 24 | 6.3% | 3.9% | ||
| Q2 24 | 8.7% | 4.3% |
现金转化率CLHMMM
| Q1 26 | — | — | ||
| Q4 25 | 4.10× | 2.74× | ||
| Q3 25 | 2.54× | 2.11× | ||
| Q2 25 | 1.64× | -1.32× | ||
| Q1 25 | 0.03× | -0.07× | ||
| Q4 24 | 3.62× | 2.50× | ||
| Q3 24 | 2.08× | -1.30× | ||
| Q2 24 | 1.62× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
