vs
CASELLA WASTE SYSTEMS INC（CWST）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.2倍（$469.1M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -0.5%，领先25.5%），ROYAL GOLD INC同比增速更快（85.3% vs 9.7%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 17.3%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
CWST vs RGLD — 直观对比
营收规模更大
CWST
是对方的1.2倍
$375.3M
营收增速更快
RGLD
高出75.6%
9.7%
净利率更高
RGLD
高出25.5%
-0.5%
两年增速更快
RGLD
近两年复合增速
17.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $469.1M | $375.3M |
| 净利润 | $-2.5M | $93.6M |
| 毛利率 | 33.3% | 64.6% |
| 营业利润率 | 2.5% | 56.2% |
| 净利率 | -0.5% | 24.9% |
| 营收同比 | 9.7% | 85.3% |
| 净利润同比 | -151.5% | -12.8% |
| 每股收益（稀释后） | $-0.04 | $1.04 |
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CWSTRGLD
| Q4 25 | $469.1M | $375.3M | ||
| Q3 25 | $485.4M | $252.1M | ||
| Q2 25 | $465.3M | $209.6M | ||
| Q1 25 | $417.1M | $193.4M | ||
| Q4 24 | $427.5M | $202.6M | ||
| Q3 24 | $411.6M | $193.8M | ||
| Q2 24 | $377.2M | $174.1M | ||
| Q1 24 | $341.0M | $148.9M |
净利润CWSTRGLD
| Q4 25 | $-2.5M | $93.6M | ||
| Q3 25 | $10.0M | $126.8M | ||
| Q2 25 | $5.2M | $132.3M | ||
| Q1 25 | $-4.8M | $113.5M | ||
| Q4 24 | $4.9M | $107.4M | ||
| Q3 24 | $5.8M | $96.2M | ||
| Q2 24 | $7.0M | $81.2M | ||
| Q1 24 | $-4.1M | $47.2M |
毛利率CWSTRGLD
| Q4 25 | 33.3% | 64.6% | ||
| Q3 25 | 35.0% | 73.6% | ||
| Q2 25 | 33.8% | 72.6% | ||
| Q1 25 | 32.8% | 69.4% | ||
| Q4 24 | 33.2% | 70.3% | ||
| Q3 24 | 35.1% | 66.6% | ||
| Q2 24 | 35.4% | 64.7% | ||
| Q1 24 | 32.3% | 58.4% |
营业利润率CWSTRGLD
| Q4 25 | 2.5% | 56.2% | ||
| Q3 25 | 6.1% | 64.4% | ||
| Q2 25 | 4.1% | 67.7% | ||
| Q1 25 | 0.8% | 63.6% | ||
| Q4 24 | 4.3% | 65.9% | ||
| Q3 24 | 5.9% | 61.3% | ||
| Q2 24 | 6.1% | 58.6% | ||
| Q1 24 | 2.0% | 50.7% |
净利率CWSTRGLD
| Q4 25 | -0.5% | 24.9% | ||
| Q3 25 | 2.1% | 50.3% | ||
| Q2 25 | 1.1% | 63.1% | ||
| Q1 25 | -1.2% | 58.7% | ||
| Q4 24 | 1.1% | 53.0% | ||
| Q3 24 | 1.4% | 49.7% | ||
| Q2 24 | 1.9% | 46.6% | ||
| Q1 24 | -1.2% | 31.7% |
每股收益（稀释后）CWSTRGLD
| Q4 25 | $-0.04 | $1.04 | ||
| Q3 25 | $0.16 | $1.92 | ||
| Q2 25 | $0.08 | $2.01 | ||
| Q1 25 | $-0.08 | $1.72 | ||
| Q4 24 | $0.08 | $1.63 | ||
| Q3 24 | $0.10 | $1.46 | ||
| Q2 24 | $0.12 | $1.23 | ||
| Q1 24 | $-0.07 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $1.6B | $7.2B |
| 总资产 | $3.3B | $9.5B |
| 负债/权益比越低杠杆越低 | 0.72× | — |
8季度趋势，按日历期对齐
现金及短期投资CWSTRGLD
| Q4 25 | $123.8M | $233.7M | ||
| Q3 25 | $192.7M | $172.8M | ||
| Q2 25 | $217.8M | $248.2M | ||
| Q1 25 | $267.7M | $240.8M | ||
| Q4 24 | $358.3M | $195.5M | ||
| Q3 24 | $519.0M | $127.9M | ||
| Q2 24 | $208.5M | $74.2M | ||
| Q1 24 | $189.5M | $137.9M |
总债务CWSTRGLD
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | $0 | ||
| Q2 24 | $976.6M | $50.0M | ||
| Q1 24 | $980.9M | — |
股东权益CWSTRGLD
| Q4 25 | $1.6B | $7.2B | ||
| Q3 25 | $1.6B | $3.4B | ||
| Q2 25 | $1.6B | $3.3B | ||
| Q1 25 | $1.5B | $3.2B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.5B | $3.0B | ||
| Q2 24 | $1.0B | $3.0B | ||
| Q1 24 | $1.0B | $2.9B |
总资产CWSTRGLD
| Q4 25 | $3.3B | $9.5B | ||
| Q3 25 | $3.3B | $4.5B | ||
| Q2 25 | $3.3B | $3.6B | ||
| Q1 25 | $3.2B | $3.5B | ||
| Q4 24 | $3.2B | $3.4B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $2.5B | $3.3B | ||
| Q1 24 | $2.5B | $3.3B |
负债/权益比CWSTRGLD
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.68× | 0.00× | ||
| Q2 24 | 0.94× | 0.02× | ||
| Q1 24 | 0.96× | — |
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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $39.3M | — |
| 自由现金流率自由现金流/营收 | 8.4% | — |
| 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 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $84.7M | — |
8季度趋势，按日历期对齐
经营现金流CWSTRGLD
| Q4 25 | $96.6M | $241.7M | ||
| Q3 25 | $93.6M | $174.0M | ||
| Q2 25 | $89.5M | $152.8M | ||
| Q1 25 | $50.1M | $136.4M | ||
| Q4 24 | $109.8M | $141.1M | ||
| Q3 24 | $91.8M | $136.7M | ||
| Q2 24 | $72.1M | $113.5M | ||
| Q1 24 | $7.7M | $138.3M |
自由现金流CWSTRGLD
| Q4 25 | $39.3M | — | ||
| Q3 25 | $27.6M | — | ||
| Q2 25 | $23.1M | — | ||
| Q1 25 | $-5.4M | — | ||
| Q4 24 | $32.9M | — | ||
| Q3 24 | $40.4M | — | ||
| Q2 24 | $27.5M | — | ||
| Q1 24 | $-22.6M | — |
自由现金流率CWSTRGLD
| Q4 25 | 8.4% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 5.0% | — | ||
| Q1 25 | -1.3% | — | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 9.8% | — | ||
| Q2 24 | 7.3% | — | ||
| Q1 24 | -6.6% | — |
资本支出强度CWSTRGLD
| Q4 25 | 12.2% | — | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 11.8% | — | ||
| Q1 24 | 8.9% | — |
现金转化率CWSTRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | 9.37× | 1.37× | ||
| Q2 25 | 17.19× | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | 22.51× | 1.31× | ||
| Q3 24 | 15.91× | 1.42× | ||
| Q2 24 | 10.29× | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
