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加拿大国家铁路（CP）与Wabtec（WAB）财务数据对比。点击上方公司名可切换其他公司
Wabtec的季度营收约是加拿大国家铁路的1.0倍（$3.0B vs $2.8B），加拿大国家铁路净利率更高（27.7% vs 12.3%，领先15.4%），Wabtec同比增速更快（13.0% vs 1.3%），过去两年加拿大国家铁路的营收复合增速更高（5.6% vs 5.6%）
加拿大国家铁路是加拿大一级货运铁路企业，总部位于魁北克省蒙特利尔市，业务覆盖加拿大全境及美国中西部、南部区域，是加拿大两大主力货运铁路运营商之一，与加拿大太平洋堪萨斯城铁路公司齐名。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
CP vs WAB — 直观对比
营收规模更大
WAB
是对方的1.0倍
$2.8B
营收增速更快
WAB
高出11.7%
1.3%
净利率更高
CP
高出15.4%
12.3%
两年增速更快
CP
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.0B |
| 净利润 | $786.2M | $363.0M |
| 毛利率 | — | 36.0% |
| 营业利润率 | 41.4% | 17.5% |
| 净利率 | 27.7% | 12.3% |
| 营收同比 | 1.3% | 13.0% |
| 净利润同比 | -10.3% | 11.0% |
| 每股收益（稀释后） | — | $2.12 |
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CPWAB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.8B | $3.0B | ||
| Q3 25 | $2.7B | $2.9B | ||
| Q2 25 | $2.7B | $2.7B | ||
| Q1 25 | $2.8B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.6B | $2.7B | ||
| Q2 24 | $2.6B | $2.6B |
净利润CPWAB
| Q1 26 | — | $363.0M | ||
| Q4 25 | $786.2M | $202.0M | ||
| Q3 25 | $671.6M | $310.0M | ||
| Q2 25 | $900.8M | $336.0M | ||
| Q1 25 | $664.3M | $322.0M | ||
| Q4 24 | $876.7M | $212.0M | ||
| Q3 24 | $611.0M | $283.0M | ||
| Q2 24 | $660.6M | $289.0M |
毛利率CPWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 34.7% | ||
| Q1 25 | — | 34.5% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 33.1% |
营业利润率CPWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | 41.4% | 12.0% | ||
| Q3 25 | 36.8% | 17.0% | ||
| Q2 25 | 36.6% | 17.4% | ||
| Q1 25 | 35.0% | 18.2% | ||
| Q4 24 | 40.6% | 12.9% | ||
| Q3 24 | 34.3% | 16.3% | ||
| Q2 24 | 35.4% | 16.3% |
净利率CPWAB
| Q1 26 | — | 12.3% | ||
| Q4 25 | 27.7% | 6.8% | ||
| Q3 25 | 25.3% | 10.7% | ||
| Q2 25 | 33.6% | 12.4% | ||
| Q1 25 | 24.2% | 12.3% | ||
| Q4 24 | 31.2% | 8.2% | ||
| Q3 24 | 23.9% | 10.6% | ||
| Q2 24 | 25.3% | 10.9% |
每股收益（稀释后）CPWAB
| Q1 26 | — | $2.12 | ||
| Q4 25 | — | $1.18 | ||
| Q3 25 | — | $1.81 | ||
| Q2 25 | — | $1.96 | ||
| Q1 25 | — | $1.88 | ||
| Q4 24 | — | $1.24 | ||
| Q3 24 | — | $1.63 | ||
| Q2 24 | — | $1.64 |
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 | $134.3M | — |
| 总债务越低越好 | $14.6B | $4.7B |
| 股东权益账面价值 | $33.5B | $11.1B |
| 总资产 | $62.7B | $23.2B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CPWAB
| Q1 26 | — | — | ||
| Q4 25 | $134.3M | — | ||
| Q3 25 | $300.0M | — | ||
| Q2 25 | $583.3M | — | ||
| Q1 25 | $507.4M | — | ||
| Q4 24 | $539.5M | — | ||
| Q3 24 | $338.0M | — | ||
| Q2 24 | $406.6M | — |
总债务CPWAB
| Q1 26 | — | $4.7B | ||
| Q4 25 | $14.6B | $5.5B | ||
| Q3 25 | $15.8B | $5.3B | ||
| Q2 25 | $15.5B | $4.8B | ||
| Q1 25 | $15.4B | $4.0B | ||
| Q4 24 | $14.5B | $4.0B | ||
| Q3 24 | $13.7B | $4.0B | ||
| Q2 24 | $13.8B | $4.0B |
股东权益CPWAB
| Q1 26 | — | $11.1B | ||
| Q4 25 | $33.5B | $11.1B | ||
| Q3 25 | $33.4B | $11.0B | ||
| Q2 25 | $33.7B | $10.8B | ||
| Q1 25 | $35.2B | $10.4B | ||
| Q4 24 | $35.0B | $10.1B | ||
| Q3 24 | $32.2B | $10.3B | ||
| Q2 24 | $32.0B | $10.5B |
总资产CPWAB
| Q1 26 | — | $23.2B | ||
| Q4 25 | $62.7B | $22.1B | ||
| Q3 25 | $63.3B | $21.5B | ||
| Q2 25 | $62.2B | $20.4B | ||
| Q1 25 | $64.3B | $19.1B | ||
| Q4 24 | $64.1B | $18.7B | ||
| Q3 24 | $60.0B | $18.6B | ||
| Q2 24 | $60.4B | $18.9B |
负债/权益比CPWAB
| Q1 26 | — | 0.42× | ||
| Q4 25 | 0.43× | 0.50× | ||
| Q3 25 | 0.47× | 0.48× | ||
| Q2 25 | 0.46× | 0.44× | ||
| Q1 25 | 0.44× | 0.39× | ||
| Q4 24 | 0.41× | 0.39× | ||
| Q3 24 | 0.42× | 0.39× | ||
| Q2 24 | 0.43× | 0.38× |
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 | $1.1B | $199.0M |
| 自由现金流经营现金流 - 资本支出 | $537.3M | — |
| 自由现金流率自由现金流/营收 | 18.9% | — |
| 资本支出强度资本支出/营收 | 20.2% | — |
| 现金转化率经营现金流/净利润 | 1.42× | 0.55× |
| 过去12个月自由现金流最近4个季度 | $1.6B | — |
8季度趋势，按日历期对齐
经营现金流CPWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $1.1B | $992.0M | ||
| Q3 25 | $930.0M | $367.0M | ||
| Q2 25 | $989.1M | $209.0M | ||
| Q1 25 | $843.9M | $191.0M | ||
| Q4 24 | $1.2B | $723.0M | ||
| Q3 24 | $928.6M | $542.0M | ||
| Q2 24 | $932.9M | $235.0M |
自由现金流CPWAB
| Q1 26 | — | — | ||
| Q4 25 | $537.3M | $870.0M | ||
| Q3 25 | $302.2M | $312.0M | ||
| Q2 25 | $446.8M | $170.0M | ||
| Q1 25 | $324.9M | $147.0M | ||
| Q4 24 | $702.3M | $639.0M | ||
| Q3 24 | $382.5M | $496.0M | ||
| Q2 24 | $343.1M | $189.0M |
自由现金流率CPWAB
| Q1 26 | — | — | ||
| Q4 25 | 18.9% | 29.3% | ||
| Q3 25 | 11.4% | 10.8% | ||
| Q2 25 | 16.7% | 6.3% | ||
| Q1 25 | 11.8% | 5.6% | ||
| Q4 24 | 25.0% | 24.7% | ||
| Q3 24 | 15.0% | 18.6% | ||
| Q2 24 | 13.1% | 7.1% |
资本支出强度CPWAB
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | 4.1% | ||
| Q3 25 | 23.7% | 1.9% | ||
| Q2 25 | 20.2% | 1.4% | ||
| Q1 25 | 18.9% | 1.7% | ||
| Q4 24 | 19.3% | 3.3% | ||
| Q3 24 | 21.4% | 1.7% | ||
| Q2 24 | 22.6% | 1.7% |
现金转化率CPWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | 1.42× | 4.91× | ||
| Q3 25 | 1.38× | 1.18× | ||
| Q2 25 | 1.10× | 0.62× | ||
| Q1 25 | 1.27× | 0.59× | ||
| Q4 24 | 1.42× | 3.41× | ||
| Q3 24 | 1.52× | 1.92× | ||
| Q2 24 | 1.41× | 0.81× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
