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CASELLA WASTE SYSTEMS INC（CWST）与Mativ Holdings, Inc.（MATV）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Mativ Holdings, Inc.的1.2倍（$557.2M vs $463.1M），Mativ Holdings, Inc.净利率更高（21.8% vs -1.0%，领先22.8%），CASELLA WASTE SYSTEMS INC同比增速更快（9.6% vs 1.0%），CASELLA WASTE SYSTEMS INC自由现金流更多（$30.7M vs $8.0M），过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（21.5% vs -3.8%）
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。
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
CWST vs MATV — 直观对比
营收规模更大
CWST
是对方的1.2倍
$463.1M
营收增速更快
CWST
高出8.7%
1.0%
净利率更高
MATV
高出22.8%
-1.0%
自由现金流更多
CWST
多$22.7M
$8.0M
两年增速更快
CWST
近两年复合增速
-3.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $557.2M | $463.1M |
| 净利润 | $-5.5M | $100.8M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 0.9% | 2.2% |
| 净利率 | -1.0% | 21.8% |
| 营收同比 | 9.6% | 1.0% |
| 净利润同比 | -15.2% | 6620.0% |
| 每股收益（稀释后） | $-0.09 | $1.87 |
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CWSTMATV
| Q1 26 | $557.2M | — | ||
| Q4 25 | $469.1M | $463.1M | ||
| Q3 25 | $485.4M | $513.7M | ||
| Q2 25 | $465.3M | $525.4M | ||
| Q1 25 | $417.1M | $484.8M | ||
| Q4 24 | $427.5M | $458.6M | ||
| Q3 24 | $411.6M | $498.5M | ||
| Q2 24 | $377.2M | $523.8M |
净利润CWSTMATV
| Q1 26 | $-5.5M | — | ||
| Q4 25 | $-2.5M | $100.8M | ||
| Q3 25 | $10.0M | $-3.2M | ||
| Q2 25 | $5.2M | $-9.5M | ||
| Q1 25 | $-4.8M | $-425.5M | ||
| Q4 24 | $4.9M | $1.5M | ||
| Q3 24 | $5.8M | $-20.8M | ||
| Q2 24 | $7.0M | $-1.4M |
毛利率CWSTMATV
| Q1 26 | — | — | ||
| Q4 25 | 33.3% | 18.8% | ||
| Q3 25 | 35.0% | 19.3% | ||
| Q2 25 | 33.8% | 19.7% | ||
| Q1 25 | 32.8% | 15.0% | ||
| Q4 24 | 33.2% | 16.9% | ||
| Q3 24 | 35.1% | 18.8% | ||
| Q2 24 | 35.4% | 20.8% |
营业利润率CWSTMATV
| Q1 26 | 0.9% | — | ||
| Q4 25 | 2.5% | 2.2% | ||
| Q3 25 | 6.1% | 3.1% | ||
| Q2 25 | 4.1% | 3.8% | ||
| Q1 25 | 0.8% | -88.8% | ||
| Q4 24 | 4.3% | 0.6% | ||
| Q3 24 | 5.9% | 1.4% | ||
| Q2 24 | 6.1% | 2.0% |
净利率CWSTMATV
| Q1 26 | -1.0% | — | ||
| Q4 25 | -0.5% | 21.8% | ||
| Q3 25 | 2.1% | -0.6% | ||
| Q2 25 | 1.1% | -1.8% | ||
| Q1 25 | -1.2% | -87.8% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 1.4% | -4.2% | ||
| Q2 24 | 1.9% | -0.3% |
每股收益（稀释后）CWSTMATV
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $-0.04 | $1.87 | ||
| Q3 25 | $0.16 | $-0.06 | ||
| Q2 25 | $0.08 | $-0.18 | ||
| Q1 25 | $-0.08 | $-7.82 | ||
| Q4 24 | $0.08 | $0.03 | ||
| Q3 24 | $0.10 | $-0.38 | ||
| Q2 24 | $0.12 | $-0.03 |
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 | $84.2M |
| 总债务越低越好 | — | $1.0B |
| 股东权益账面价值 | $1.6B | $498.7M |
| 总资产 | $3.3B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资CWSTMATV
| Q1 26 | $126.9M | — | ||
| Q4 25 | $123.8M | $84.2M | ||
| Q3 25 | $192.7M | $97.1M | ||
| Q2 25 | $217.8M | $95.6M | ||
| Q1 25 | $267.7M | $84.0M | ||
| Q4 24 | $358.3M | $94.3M | ||
| Q3 24 | $519.0M | $162.2M | ||
| Q2 24 | $208.5M | $133.4M |
总债务CWSTMATV
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $976.6M | $1.2B |
股东权益CWSTMATV
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $498.7M | ||
| Q3 25 | $1.6B | $397.4M | ||
| Q2 25 | $1.6B | $416.6M | ||
| Q1 25 | $1.5B | $428.2M | ||
| Q4 24 | $1.6B | $858.5M | ||
| Q3 24 | $1.5B | $882.3M | ||
| Q2 24 | $1.0B | $898.0M |
总资产CWSTMATV
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.3B | $2.1B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.3B | $2.1B | ||
| Q1 25 | $3.2B | $2.1B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $2.5B | $2.6B |
负债/权益比CWSTMATV
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | 2.07× | ||
| Q3 25 | 0.72× | 2.63× | ||
| Q2 25 | 0.72× | 2.66× | ||
| Q1 25 | 0.72× | 2.67× | ||
| Q4 24 | 0.70× | 1.30× | ||
| Q3 24 | 0.68× | 1.32× | ||
| Q2 24 | 0.94× | 1.29× |
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 | $19.3M |
| 自由现金流经营现金流 - 资本支出 | $30.7M | $8.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 1.7% |
| 资本支出强度资本支出/营收 | 9.0% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.19× |
| 过去12个月自由现金流最近4个季度 | $120.7M | $93.8M |
8季度趋势，按日历期对齐
经营现金流CWSTMATV
| Q1 26 | $62.3M | — | ||
| Q4 25 | $96.6M | $19.3M | ||
| Q3 25 | $93.6M | $72.8M | ||
| Q2 25 | $89.5M | $57.6M | ||
| Q1 25 | $50.1M | $-15.9M | ||
| Q4 24 | $109.8M | $24.1M | ||
| Q3 24 | $91.8M | $37.6M | ||
| Q2 24 | $72.1M | $46.1M |
自由现金流CWSTMATV
| Q1 26 | $30.7M | — | ||
| Q4 25 | $39.3M | $8.0M | ||
| Q3 25 | $27.6M | $66.7M | ||
| Q2 25 | $23.1M | $48.9M | ||
| Q1 25 | $-5.4M | $-29.8M | ||
| Q4 24 | $32.9M | $2.0M | ||
| Q3 24 | $40.4M | $25.5M | ||
| Q2 24 | $27.5M | $37.4M |
自由现金流率CWSTMATV
| Q1 26 | 5.5% | — | ||
| Q4 25 | 8.4% | 1.7% | ||
| Q3 25 | 5.7% | 13.0% | ||
| Q2 25 | 5.0% | 9.3% | ||
| Q1 25 | -1.3% | -6.1% | ||
| Q4 24 | 7.7% | 0.4% | ||
| Q3 24 | 9.8% | 5.1% | ||
| Q2 24 | 7.3% | 7.1% |
资本支出强度CWSTMATV
| Q1 26 | 9.0% | — | ||
| Q4 25 | 12.2% | 2.4% | ||
| Q3 25 | 13.6% | 1.2% | ||
| Q2 25 | 14.3% | 1.7% | ||
| Q1 25 | 13.3% | 2.9% | ||
| Q4 24 | 18.0% | 4.8% | ||
| Q3 24 | 12.5% | 2.4% | ||
| Q2 24 | 11.8% | 1.7% |
现金转化率CWSTMATV
| Q1 26 | — | — | ||
| Q4 25 | — | 0.19× | ||
| Q3 25 | 9.37× | — | ||
| Q2 25 | 17.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 22.51× | 16.07× | ||
| Q3 24 | 15.91× | — | ||
| Q2 24 | 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
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% |
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
