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CASELLA WASTE SYSTEMS INC（CWST）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CASELLA WASTE SYSTEMS INC的12.9倍（$6.0B vs $469.1M）。3M净利率更高（10.8% vs -0.5%，领先11.4%）。CASELLA WASTE SYSTEMS INC同比增速更快（9.7% vs 1.3%）。3M自由现金流更多（$2.0B vs $39.3M）。过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（17.3% vs -1.8%）
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。
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。
CWST vs MMM — 直观对比
营收规模更大
MMM
是对方的12.9倍
$469.1M
营收增速更快
CWST
高出8.4%
1.3%
净利率更高
MMM
高出11.4%
-0.5%
自由现金流更多
MMM
多$2.0B
$39.3M
两年增速更快
CWST
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $469.1M | $6.0B |
| 净利润 | $-2.5M | $653.0M |
| 毛利率 | 33.3% | 40.7% |
| 营业利润率 | 2.5% | 23.2% |
| 净利率 | -0.5% | 10.8% |
| 营收同比 | 9.7% | 1.3% |
| 净利润同比 | -151.5% | -41.5% |
| 每股收益（稀释后） | $-0.04 | $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CWSTMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $469.1M | $6.1B | ||
| Q3 25 | $485.4M | $6.5B | ||
| Q2 25 | $465.3M | $6.3B | ||
| Q1 25 | $417.1M | $6.0B | ||
| Q4 24 | $427.5M | $6.0B | ||
| Q3 24 | $411.6M | $6.3B | ||
| Q2 24 | $377.2M | $6.3B |
净利润CWSTMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-2.5M | $577.0M | ||
| Q3 25 | $10.0M | $834.0M | ||
| Q2 25 | $5.2M | $723.0M | ||
| Q1 25 | $-4.8M | $1.1B | ||
| Q4 24 | $4.9M | $728.0M | ||
| Q3 24 | $5.8M | $1.4B | ||
| Q2 24 | $7.0M | $1.1B |
毛利率CWSTMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 33.3% | 33.6% | ||
| Q3 25 | 35.0% | 41.8% | ||
| Q2 25 | 33.8% | 42.5% | ||
| Q1 25 | 32.8% | 41.6% | ||
| Q4 24 | 33.2% | 51.7% | ||
| Q3 24 | 35.1% | 42.1% | ||
| Q2 24 | 35.4% | 42.9% |
营业利润率CWSTMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 2.5% | 13.0% | ||
| Q3 25 | 6.1% | 22.2% | ||
| Q2 25 | 4.1% | 18.0% | ||
| Q1 25 | 0.8% | 20.9% | ||
| Q4 24 | 4.3% | 12.2% | ||
| Q3 24 | 5.9% | 20.9% | ||
| Q2 24 | 6.1% | 20.3% |
净利率CWSTMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -0.5% | 9.4% | ||
| Q3 25 | 2.1% | 12.8% | ||
| Q2 25 | 1.1% | 11.4% | ||
| Q1 25 | -1.2% | 18.7% | ||
| Q4 24 | 1.1% | 12.1% | ||
| Q3 24 | 1.4% | 21.8% | ||
| Q2 24 | 1.9% | 18.3% |
每股收益（稀释后）CWSTMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $-0.04 | $1.07 | ||
| Q3 25 | $0.16 | $1.55 | ||
| Q2 25 | $0.08 | $1.34 | ||
| Q1 25 | $-0.08 | $2.04 | ||
| Q4 24 | $0.08 | $1.33 | ||
| Q3 24 | $0.10 | $2.48 | ||
| Q2 24 | $0.12 | $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 | $123.8M | $3.7B |
| 总债务越低越好 | $1.1B | $10.9B |
| 股东权益账面价值 | $1.6B | $3.3B |
| 总资产 | $3.3B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.72× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资CWSTMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $123.8M | — | ||
| Q3 25 | $192.7M | — | ||
| Q2 25 | $217.8M | — | ||
| Q1 25 | $267.7M | — | ||
| Q4 24 | $358.3M | — | ||
| Q3 24 | $519.0M | — | ||
| Q2 24 | $208.5M | — |
总债务CWSTMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $1.1B | $12.6B | ||
| Q3 25 | $1.1B | $12.6B | ||
| Q2 25 | $1.1B | $13.1B | ||
| Q1 25 | $1.1B | $13.5B | ||
| Q4 24 | $1.1B | $13.0B | ||
| Q3 24 | $1.0B | $13.2B | ||
| Q2 24 | $976.6M | $13.1B |
股东权益CWSTMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.6B | $4.7B | ||
| Q3 25 | $1.6B | $4.6B | ||
| Q2 25 | $1.6B | $4.3B | ||
| Q1 25 | $1.5B | $4.5B | ||
| Q4 24 | $1.6B | $3.8B | ||
| Q3 24 | $1.5B | $4.6B | ||
| Q2 24 | $1.0B | $3.9B |
总资产CWSTMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $3.3B | $37.7B | ||
| Q3 25 | $3.3B | $37.6B | ||
| Q2 25 | $3.3B | $38.0B | ||
| Q1 25 | $3.2B | $40.0B | ||
| Q4 24 | $3.2B | $39.9B | ||
| Q3 24 | $3.1B | $40.9B | ||
| Q2 24 | $2.5B | $43.4B |
负债/权益比CWSTMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 0.72× | 2.68× | ||
| Q3 25 | 0.72× | 2.72× | ||
| Q2 25 | 0.72× | 3.06× | ||
| Q1 25 | 0.72× | 3.02× | ||
| Q4 24 | 0.70× | 3.40× | ||
| Q3 24 | 0.68× | 2.84× | ||
| Q2 24 | 0.94× | 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 | $96.6M | — |
| 自由现金流经营现金流 - 资本支出 | $39.3M | $2.0B |
| 自由现金流率自由现金流/营收 | 8.4% | 33.6% |
| 资本支出强度资本支出/营收 | 12.2% | — |
| 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 | $84.7M | $3.7B |
8季度趋势，按日历期对齐
经营现金流CWSTMMM
| Q1 26 | — | — | ||
| Q4 25 | $96.6M | $1.6B | ||
| Q3 25 | $93.6M | $1.8B | ||
| Q2 25 | $89.5M | $-954.0M | ||
| Q1 25 | $50.1M | $-79.0M | ||
| Q4 24 | $109.8M | $1.8B | ||
| Q3 24 | $91.8M | $-1.8B | ||
| Q2 24 | $72.1M | $1.0B |
自由现金流CWSTMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $39.3M | $1.3B | ||
| Q3 25 | $27.6M | $1.5B | ||
| Q2 25 | $23.1M | $-1.2B | ||
| Q1 25 | $-5.4M | $-315.0M | ||
| Q4 24 | $32.9M | $1.5B | ||
| Q3 24 | $40.4M | $-2.0B | ||
| Q2 24 | $27.5M | $752.0M |
自由现金流率CWSTMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 8.4% | 21.8% | ||
| Q3 25 | 5.7% | 23.6% | ||
| Q2 25 | 5.0% | -18.3% | ||
| Q1 25 | -1.3% | -5.3% | ||
| Q4 24 | 7.7% | 25.4% | ||
| Q3 24 | 9.8% | -32.3% | ||
| Q2 24 | 7.3% | 12.0% |
资本支出强度CWSTMMM
| Q1 26 | — | — | ||
| Q4 25 | 12.2% | 4.0% | ||
| Q3 25 | 13.6% | 3.3% | ||
| Q2 25 | 14.3% | 3.3% | ||
| Q1 25 | 13.3% | 4.0% | ||
| Q4 24 | 18.0% | 4.8% | ||
| Q3 24 | 12.5% | 3.9% | ||
| Q2 24 | 11.8% | 4.3% |
现金转化率CWSTMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | 9.37× | 2.11× | ||
| Q2 25 | 17.19× | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | 22.51× | 2.50× | ||
| Q3 24 | 15.91× | -1.30× | ||
| Q2 24 | 10.29× | 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
CWST
| Transferred Over Time | $120.9M | 26% |
| Resource Solutions Region | $92.9M | 20% |
| Collection | $90.9M | 19% |
| Mid Atlantic Region | $89.6M | 19% |
| National Accounts | $60.9M | 13% |
| Landfill Revenue | $8.3M | 2% |
| Processing Services | $2.1M | 0% |
| Transportation | $1.4M | 0% |
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% |
