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CASELLA WASTE SYSTEMS INC（CWST）与Healthpeak Properties（DOC）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是CASELLA WASTE SYSTEMS INC的1.3倍（$702.9M vs $557.2M），Healthpeak Properties净利率更高（51.6% vs -1.0%，领先52.6%），CASELLA WASTE SYSTEMS INC同比增速更快（9.6% vs -6.6%），过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（21.5% vs 0.5%）
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。
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
CWST vs DOC — 直观对比
营收规模更大
DOC
是对方的1.3倍
$557.2M
营收增速更快
CWST
高出16.3%
-6.6%
净利率更高
DOC
高出52.6%
-1.0%
两年增速更快
CWST
近两年复合增速
0.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $557.2M | $702.9M |
| 净利润 | $-5.5M | $363.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.9% | 0.7% |
| 净利率 | -1.0% | 51.6% |
| 营收同比 | 9.6% | -6.6% |
| 净利润同比 | -15.2% | 28.3% |
| 每股收益（稀释后） | $-0.09 | $0.28 |
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CWSTDOC
| Q1 26 | $557.2M | $702.9M | ||
| Q4 25 | $469.1M | $719.4M | ||
| Q3 25 | $485.4M | $705.9M | ||
| Q2 25 | $465.3M | $694.3M | ||
| Q1 25 | $417.1M | $702.9M | ||
| Q4 24 | $427.5M | $698.0M | ||
| Q3 24 | $411.6M | $700.4M | ||
| Q2 24 | $377.2M | $695.5M |
净利润CWSTDOC
| Q1 26 | $-5.5M | $363.0M | ||
| Q4 25 | $-2.5M | $114.0M | ||
| Q3 25 | $10.0M | $-117.1M | ||
| Q2 25 | $5.2M | $31.7M | ||
| Q1 25 | $-4.8M | $42.8M | ||
| Q4 24 | $4.9M | $4.5M | ||
| Q3 24 | $5.8M | $85.9M | ||
| Q2 24 | $7.0M | $146.0M |
毛利率CWSTDOC
| Q1 26 | — | — | ||
| Q4 25 | 33.3% | — | ||
| Q3 25 | 35.0% | 58.6% | ||
| Q2 25 | 33.8% | 60.2% | ||
| Q1 25 | 32.8% | 61.1% | ||
| Q4 24 | 33.2% | 60.3% | ||
| Q3 24 | 35.1% | 60.0% | ||
| Q2 24 | 35.4% | 60.6% |
营业利润率CWSTDOC
| Q1 26 | 0.9% | 0.7% | ||
| Q4 25 | 2.5% | 17.4% | ||
| Q3 25 | 6.1% | 9.2% | ||
| Q2 25 | 4.1% | 5.7% | ||
| Q1 25 | 0.8% | 7.7% | ||
| Q4 24 | 4.3% | -2.2% | ||
| Q3 24 | 5.9% | 14.1% | ||
| Q2 24 | 6.1% | 22.3% |
净利率CWSTDOC
| Q1 26 | -1.0% | 51.6% | ||
| Q4 25 | -0.5% | 73.2% | ||
| Q3 25 | 2.1% | -16.6% | ||
| Q2 25 | 1.1% | 4.6% | ||
| Q1 25 | -1.2% | 6.1% | ||
| Q4 24 | 1.1% | 0.7% | ||
| Q3 24 | 1.4% | 12.3% | ||
| Q2 24 | 1.9% | 21.0% |
每股收益（稀释后）CWSTDOC
| Q1 26 | $-0.09 | $0.28 | ||
| Q4 25 | $-0.04 | $0.16 | ||
| Q3 25 | $0.16 | $-0.17 | ||
| Q2 25 | $0.08 | $0.05 | ||
| Q1 25 | $-0.08 | $0.06 | ||
| Q4 24 | $0.08 | $0.02 | ||
| Q3 24 | $0.10 | $0.12 | ||
| Q2 24 | $0.12 | $0.21 |
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 | $126.9M | $-1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.6B | $7.8B |
| 总资产 | $3.3B | $21.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CWSTDOC
| Q1 26 | $126.9M | $-1.2B | ||
| Q4 25 | $123.8M | $467.5M | ||
| Q3 25 | $192.7M | $91.0M | ||
| Q2 25 | $217.8M | $89.4M | ||
| Q1 25 | $267.7M | $70.6M | ||
| Q4 24 | $358.3M | $119.8M | ||
| Q3 24 | $519.0M | $180.4M | ||
| Q2 24 | $208.5M | $106.9M |
总债务CWSTDOC
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $9.8B | ||
| Q3 25 | $1.1B | $9.1B | ||
| Q2 25 | $1.1B | $9.0B | ||
| Q1 25 | $1.1B | $8.9B | ||
| Q4 24 | $1.1B | $8.7B | ||
| Q3 24 | $1.0B | $8.6B | ||
| Q2 24 | $976.6M | $8.6B |
股东权益CWSTDOC
| Q1 26 | $1.6B | $7.8B | ||
| Q4 25 | $1.6B | $7.5B | ||
| Q3 25 | $1.6B | $7.6B | ||
| Q2 25 | $1.6B | $7.9B | ||
| Q1 25 | $1.5B | $8.2B | ||
| Q4 24 | $1.6B | $8.4B | ||
| Q3 24 | $1.5B | $8.6B | ||
| Q2 24 | $1.0B | $8.8B |
总资产CWSTDOC
| Q1 26 | $3.3B | $21.6B | ||
| Q4 25 | $3.3B | $20.3B | ||
| Q3 25 | $3.3B | $19.6B | ||
| Q2 25 | $3.3B | $19.8B | ||
| Q1 25 | $3.2B | $19.8B | ||
| Q4 24 | $3.2B | $19.9B | ||
| Q3 24 | $3.1B | $20.0B | ||
| Q2 24 | $2.5B | $20.2B |
负债/权益比CWSTDOC
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | 1.31× | ||
| Q3 25 | 0.72× | 1.20× | ||
| Q2 25 | 0.72× | 1.14× | ||
| Q1 25 | 0.72× | 1.08× | ||
| Q4 24 | 0.70× | 1.04× | ||
| Q3 24 | 0.68× | 1.00× | ||
| Q2 24 | 0.94× | 0.98× |
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 | $62.3M | — |
| 自由现金流经营现金流 - 资本支出 | $30.7M | — |
| 自由现金流率自由现金流/营收 | 5.5% | — |
| 资本支出强度资本支出/营收 | 9.0% | 3.4% |
| 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 | $120.7M | — |
8季度趋势，按日历期对齐
经营现金流CWSTDOC
| Q1 26 | $62.3M | — | ||
| Q4 25 | $96.6M | $1.3B | ||
| Q3 25 | $93.6M | $315.0M | ||
| Q2 25 | $89.5M | $363.5M | ||
| Q1 25 | $50.1M | $279.4M | ||
| Q4 24 | $109.8M | $1.1B | ||
| Q3 24 | $91.8M | $318.2M | ||
| Q2 24 | $72.1M | $316.2M |
自由现金流CWSTDOC
| Q1 26 | $30.7M | — | ||
| Q4 25 | $39.3M | $357.0M | ||
| Q3 25 | $27.6M | — | ||
| Q2 25 | $23.1M | — | ||
| Q1 25 | $-5.4M | — | ||
| Q4 24 | $32.9M | $333.7M | ||
| Q3 24 | $40.4M | — | ||
| Q2 24 | $27.5M | — |
自由现金流率CWSTDOC
| Q1 26 | 5.5% | — | ||
| Q4 25 | 8.4% | 49.6% | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 5.0% | — | ||
| Q1 25 | -1.3% | — | ||
| Q4 24 | 7.7% | 47.8% | ||
| Q3 24 | 9.8% | — | ||
| Q2 24 | 7.3% | — |
资本支出强度CWSTDOC
| Q1 26 | 9.0% | 3.4% | ||
| Q4 25 | 12.2% | 124.4% | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 18.0% | 105.6% | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 11.8% | — |
现金转化率CWSTDOC
| Q1 26 | — | — | ||
| Q4 25 | — | 10.99× | ||
| Q3 25 | 9.37× | — | ||
| Q2 25 | 17.19× | 11.48× | ||
| Q1 25 | — | 6.52× | ||
| Q4 24 | 22.51× | 235.43× | ||
| Q3 24 | 15.91× | 3.71× | ||
| Q2 24 | 10.29× | 2.17× |
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
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% |
DOC
| Outpatient Medical | $320.5M | 46% |
| Lab | $217.6M | 31% |
| Senior Housing | $148.9M | 21% |
| Other | $14.3M | 2% |
| Corporate Non-segment | $1.5M | 0% |
