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CASELLA WASTE SYSTEMS INC（CWST）与Tyler Technologies（TYL）财务数据对比。点击上方公司名可切换其他公司
Tyler Technologies的季度营收约是CASELLA WASTE SYSTEMS INC的1.2倍（$575.2M vs $469.1M），Tyler Technologies净利率更高（11.4% vs -0.5%，领先11.9%），CASELLA WASTE SYSTEMS INC同比增速更快（9.7% vs 6.3%），Tyler Technologies自由现金流更多（$239.6M vs $39.3M），过去两年CASELLA WASTE SYSTEMS INC的营收复合增速更高（17.3% vs 6.0%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
CWST vs TYL — 直观对比
营收规模更大
TYL
是对方的1.2倍
$469.1M
营收增速更快
CWST
高出3.4%
6.3%
净利率更高
TYL
高出11.9%
-0.5%
自由现金流更多
TYL
多$200.3M
$39.3M
两年增速更快
CWST
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $469.1M | $575.2M |
| 净利润 | $-2.5M | $65.5M |
| 毛利率 | 33.3% | 45.5% |
| 营业利润率 | 2.5% | 13.0% |
| 净利率 | -0.5% | 11.4% |
| 营收同比 | 9.7% | 6.3% |
| 净利润同比 | -151.5% | 0.5% |
| 每股收益（稀释后） | $-0.04 | $1.50 |
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CWSTTYL
| Q4 25 | $469.1M | $575.2M | ||
| Q3 25 | $485.4M | $595.9M | ||
| Q2 25 | $465.3M | $596.1M | ||
| Q1 25 | $417.1M | $565.2M | ||
| Q4 24 | $427.5M | $541.1M | ||
| Q3 24 | $411.6M | $543.3M | ||
| Q2 24 | $377.2M | $541.0M | ||
| Q1 24 | $341.0M | $512.4M |
净利润CWSTTYL
| Q4 25 | $-2.5M | $65.5M | ||
| Q3 25 | $10.0M | $84.4M | ||
| Q2 25 | $5.2M | $84.6M | ||
| Q1 25 | $-4.8M | $81.1M | ||
| Q4 24 | $4.9M | $65.2M | ||
| Q3 24 | $5.8M | $75.9M | ||
| Q2 24 | $7.0M | $67.7M | ||
| Q1 24 | $-4.1M | $54.2M |
毛利率CWSTTYL
| Q4 25 | 33.3% | 45.5% | ||
| Q3 25 | 35.0% | 47.2% | ||
| Q2 25 | 33.8% | 45.8% | ||
| Q1 25 | 32.8% | 47.3% | ||
| Q4 24 | 33.2% | 43.8% | ||
| Q3 24 | 35.1% | 43.7% | ||
| Q2 24 | 35.4% | 44.0% | ||
| Q1 24 | 32.3% | 43.7% |
营业利润率CWSTTYL
| Q4 25 | 2.5% | 13.0% | ||
| Q3 25 | 6.1% | 16.4% | ||
| Q2 25 | 4.1% | 16.0% | ||
| Q1 25 | 0.8% | 15.8% | ||
| Q4 24 | 4.3% | 13.2% | ||
| Q3 24 | 5.9% | 15.2% | ||
| Q2 24 | 6.1% | 14.4% | ||
| Q1 24 | 2.0% | 13.1% |
净利率CWSTTYL
| Q4 25 | -0.5% | 11.4% | ||
| Q3 25 | 2.1% | 14.2% | ||
| Q2 25 | 1.1% | 14.2% | ||
| Q1 25 | -1.2% | 14.3% | ||
| Q4 24 | 1.1% | 12.1% | ||
| Q3 24 | 1.4% | 14.0% | ||
| Q2 24 | 1.9% | 12.5% | ||
| Q1 24 | -1.2% | 10.6% |
每股收益（稀释后）CWSTTYL
| Q4 25 | $-0.04 | $1.50 | ||
| Q3 25 | $0.16 | $1.93 | ||
| Q2 25 | $0.08 | $1.93 | ||
| Q1 25 | $-0.08 | $1.84 | ||
| Q4 24 | $0.08 | $1.48 | ||
| Q3 24 | $0.10 | $1.74 | ||
| Q2 24 | $0.12 | $1.57 | ||
| Q1 24 | $-0.07 | $1.26 |
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 | $1.1B |
| 总债务越低越好 | $1.1B | $599.7M |
| 股东权益账面价值 | $1.6B | $3.7B |
| 总资产 | $3.3B | $5.6B |
| 负债/权益比越低杠杆越低 | 0.72× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资CWSTTYL
| Q4 25 | $123.8M | $1.1B | ||
| Q3 25 | $192.7M | $950.8M | ||
| Q2 25 | $217.8M | $892.3M | ||
| Q1 25 | $267.7M | $807.4M | ||
| Q4 24 | $358.3M | $768.0M | ||
| Q3 24 | $519.0M | $544.3M | ||
| Q2 24 | $208.5M | $258.0M | ||
| Q1 24 | $189.5M | $196.9M |
总债务CWSTTYL
| Q4 25 | $1.1B | $599.7M | ||
| Q3 25 | $1.1B | $599.2M | ||
| Q2 25 | $1.1B | $598.8M | ||
| Q1 25 | $1.1B | $598.4M | ||
| Q4 24 | $1.1B | $597.9M | ||
| Q3 24 | $1.0B | $597.5M | ||
| Q2 24 | $976.6M | $597.1M | ||
| Q1 24 | $980.9M | $596.6M |
股东权益CWSTTYL
| Q4 25 | $1.6B | $3.7B | ||
| Q3 25 | $1.6B | $3.6B | ||
| Q2 25 | $1.6B | $3.6B | ||
| Q1 25 | $1.5B | $3.5B | ||
| Q4 24 | $1.6B | $3.4B | ||
| Q3 24 | $1.5B | $3.3B | ||
| Q2 24 | $1.0B | $3.1B | ||
| Q1 24 | $1.0B | $3.0B |
总资产CWSTTYL
| Q4 25 | $3.3B | $5.6B | ||
| Q3 25 | $3.3B | $5.5B | ||
| Q2 25 | $3.3B | $5.4B | ||
| Q1 25 | $3.2B | $5.2B | ||
| Q4 24 | $3.2B | $5.2B | ||
| Q3 24 | $3.1B | $5.0B | ||
| Q2 24 | $2.5B | $4.8B | ||
| Q1 24 | $2.5B | $4.6B |
负债/权益比CWSTTYL
| Q4 25 | 0.72× | 0.16× | ||
| Q3 25 | 0.72× | 0.17× | ||
| Q2 25 | 0.72× | 0.16× | ||
| Q1 25 | 0.72× | 0.17× | ||
| Q4 24 | 0.70× | 0.18× | ||
| Q3 24 | 0.68× | 0.18× | ||
| Q2 24 | 0.94× | 0.19× | ||
| Q1 24 | 0.96× | 0.20× |
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 | $243.9M |
| 自由现金流经营现金流 - 资本支出 | $39.3M | $239.6M |
| 自由现金流率自由现金流/营收 | 8.4% | 41.7% |
| 资本支出强度资本支出/营收 | 12.2% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 3.72× |
| 过去12个月自由现金流最近4个季度 | $84.7M | $637.5M |
8季度趋势，按日历期对齐
经营现金流CWSTTYL
| Q4 25 | $96.6M | $243.9M | ||
| Q3 25 | $93.6M | $255.2M | ||
| Q2 25 | $89.5M | $98.3M | ||
| Q1 25 | $50.1M | $56.2M | ||
| Q4 24 | $109.8M | $224.8M | ||
| Q3 24 | $91.8M | $263.7M | ||
| Q2 24 | $72.1M | $64.3M | ||
| Q1 24 | $7.7M | $71.8M |
自由现金流CWSTTYL
| Q4 25 | $39.3M | $239.6M | ||
| Q3 25 | $27.6M | $251.3M | ||
| Q2 25 | $23.1M | $92.8M | ||
| Q1 25 | $-5.4M | $53.8M | ||
| Q4 24 | $32.9M | $221.0M | ||
| Q3 24 | $40.4M | $260.8M | ||
| Q2 24 | $27.5M | $57.7M | ||
| Q1 24 | $-22.6M | $64.6M |
自由现金流率CWSTTYL
| Q4 25 | 8.4% | 41.7% | ||
| Q3 25 | 5.7% | 42.2% | ||
| Q2 25 | 5.0% | 15.6% | ||
| Q1 25 | -1.3% | 9.5% | ||
| Q4 24 | 7.7% | 40.8% | ||
| Q3 24 | 9.8% | 48.0% | ||
| Q2 24 | 7.3% | 10.7% | ||
| Q1 24 | -6.6% | 12.6% |
资本支出强度CWSTTYL
| Q4 25 | 12.2% | 0.8% | ||
| Q3 25 | 13.6% | 0.7% | ||
| Q2 25 | 14.3% | 0.9% | ||
| Q1 25 | 13.3% | 0.4% | ||
| Q4 24 | 18.0% | 0.7% | ||
| Q3 24 | 12.5% | 0.5% | ||
| Q2 24 | 11.8% | 1.2% | ||
| Q1 24 | 8.9% | 1.4% |
现金转化率CWSTTYL
| Q4 25 | — | 3.72× | ||
| Q3 25 | 9.37× | 3.02× | ||
| Q2 25 | 17.19× | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 22.51× | 3.45× | ||
| Q3 24 | 15.91× | 3.47× | ||
| Q2 24 | 10.29× | 0.95× | ||
| Q1 24 | — | 1.33× |
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% |
TYL
| Saas Arrangements | $186.1M | 32% |
| Platform Technologies Segment | $143.3M | 25% |
| Maintenance | $109.4M | 19% |
| Professional Services | $55.3M | 10% |
| Nonrecurring Revenue | $51.3M | 9% |
| Other | $21.4M | 4% |
| Hardware And Other | $8.4M | 1% |
