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艾默生（EMR）与Republic Services（RSG）财务数据对比。点击上方公司名可切换其他公司
艾默生的季度营收约是Republic Services的1.1倍（$4.3B vs $4.1B），艾默生净利率更高（13.9% vs 13.2%，领先0.7%），艾默生同比增速更快（4.1% vs 2.2%），艾默生自由现金流更多（$602.0M vs $404.0M），过去两年Republic Services的营收复合增速更高（3.5% vs -0.3%）
艾默生是总部位于美国密苏里州圣路易斯的世界500强跨国企业，业务涵盖工业自动化设备、暖通控制系统、精密测量仪器的研发制造，同时面向工业、商业、消费级市场提供工程服务及对应软件工程解决方案。
Republic Services是北美头部垃圾处理企业，业务涵盖非危险固体废物收集、转运、处置、资源回收及能源服务，是美国仅次于废物管理公司的第二大垃圾处理服务商，核心运营聚焦非危固废全流程管理、可回收物资源化利用及相关能源服务。
EMR vs RSG — 直观对比
营收规模更大
EMR
是对方的1.1倍
$4.1B
营收增速更快
EMR
高出1.9%
2.2%
净利率更高
EMR
高出0.7%
13.2%
自由现金流更多
EMR
多$198.0M
$404.0M
两年增速更快
RSG
近两年复合增速
-0.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.1B |
| 净利润 | $605.0M | $544.7M |
| 毛利率 | 53.2% | 41.9% |
| 营业利润率 | 17.8% | 19.4% |
| 净利率 | 13.9% | 13.2% |
| 营收同比 | 4.1% | 2.2% |
| 净利润同比 | 3.4% | 6.3% |
| 每股收益（稀释后） | $1.07 | $1.76 |
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EMRRSG
| Q4 25 | $4.3B | $4.1B | ||
| Q3 25 | $4.9B | $4.2B | ||
| Q2 25 | $4.6B | $4.2B | ||
| Q1 25 | $4.4B | $4.0B | ||
| Q4 24 | $4.2B | $4.0B | ||
| Q3 24 | $4.6B | $4.1B | ||
| Q2 24 | $4.4B | $4.0B | ||
| Q1 24 | $4.4B | $3.9B |
净利润EMRRSG
| Q4 25 | $605.0M | $544.7M | ||
| Q3 25 | $637.0M | $549.7M | ||
| Q2 25 | $586.0M | $549.9M | ||
| Q1 25 | $485.0M | $495.0M | ||
| Q4 24 | $585.0M | $512.2M | ||
| Q3 24 | $996.0M | $565.7M | ||
| Q2 24 | $329.0M | $511.5M | ||
| Q1 24 | $501.0M | $453.8M |
毛利率EMRRSG
| Q4 25 | 53.2% | 41.9% | ||
| Q3 25 | 51.9% | 41.5% | ||
| Q2 25 | 52.6% | 42.2% | ||
| Q1 25 | 53.5% | 42.3% | ||
| Q4 24 | 53.5% | 42.7% | ||
| Q3 24 | 51.3% | 41.9% | ||
| Q2 24 | 52.8% | 41.1% | ||
| Q1 24 | 52.2% | 40.9% |
营业利润率EMRRSG
| Q4 25 | 17.8% | 19.4% | ||
| Q3 25 | 16.4% | 19.8% | ||
| Q2 25 | 16.1% | 20.3% | ||
| Q1 25 | 14.2% | 20.1% | ||
| Q4 24 | 18.6% | 19.9% | ||
| Q3 24 | 14.7% | 20.8% | ||
| Q2 24 | 10.4% | 20.1% | ||
| Q1 24 | 16.2% | 19.0% |
净利率EMRRSG
| Q4 25 | 13.9% | 13.2% | ||
| Q3 25 | 13.1% | 13.1% | ||
| Q2 25 | 12.9% | 13.0% | ||
| Q1 25 | 10.9% | 12.3% | ||
| Q4 24 | 14.0% | 12.7% | ||
| Q3 24 | 21.6% | 13.9% | ||
| Q2 24 | 7.5% | 12.6% | ||
| Q1 24 | 11.4% | 11.8% |
每股收益（稀释后）EMRRSG
| Q4 25 | $1.07 | $1.76 | ||
| Q3 25 | $1.12 | $1.76 | ||
| Q2 25 | $1.04 | $1.75 | ||
| Q1 25 | $0.86 | $1.58 | ||
| Q4 24 | $1.02 | $1.63 | ||
| Q3 24 | $1.74 | $1.80 | ||
| Q2 24 | $0.57 | $1.62 | ||
| Q1 24 | $0.87 | $1.44 |
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 | — | $76.0M |
| 总债务越低越好 | $7.6B | $13.0B |
| 股东权益账面价值 | $20.3B | $12.0B |
| 总资产 | $41.9B | $34.4B |
| 负债/权益比越低杠杆越低 | 0.37× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资EMRRSG
| Q4 25 | — | $76.0M | ||
| Q3 25 | — | $84.0M | ||
| Q2 25 | — | $122.0M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | — | $74.0M | ||
| Q3 24 | — | $83.4M | ||
| Q2 24 | — | $490.6M | ||
| Q1 24 | — | $91.6M |
总债务EMRRSG
| Q4 25 | $7.6B | $13.0B | ||
| Q3 25 | $8.9B | $12.4B | ||
| Q2 25 | $8.3B | $12.5B | ||
| Q1 25 | $8.2B | $12.9B | ||
| Q4 24 | $6.6B | $11.9B | ||
| Q3 24 | $7.7B | $12.0B | ||
| Q2 24 | $7.1B | $11.5B | ||
| Q1 24 | $7.6B | $11.4B |
股东权益EMRRSG
| Q4 25 | $20.3B | $12.0B | ||
| Q3 25 | $20.3B | $11.9B | ||
| Q2 25 | $19.9B | $12.1B | ||
| Q1 25 | $19.2B | $11.7B | ||
| Q4 24 | $20.5B | $11.4B | ||
| Q3 24 | $21.6B | $11.2B | ||
| Q2 24 | $20.8B | $11.0B | ||
| Q1 24 | $20.9B | $10.8B |
总资产EMRRSG
| Q4 25 | $41.9B | $34.4B | ||
| Q3 25 | $42.0B | $33.8B | ||
| Q2 25 | $42.5B | $33.4B | ||
| Q1 25 | $42.0B | $33.1B | ||
| Q4 24 | $42.6B | $32.4B | ||
| Q3 24 | $44.2B | $31.8B | ||
| Q2 24 | $45.6B | $31.9B | ||
| Q1 24 | $46.4B | $31.4B |
负债/权益比EMRRSG
| Q4 25 | 0.37× | 1.08× | ||
| Q3 25 | 0.44× | 1.04× | ||
| Q2 25 | 0.42× | 1.04× | ||
| Q1 25 | 0.42× | 1.10× | ||
| Q4 24 | 0.32× | 1.04× | ||
| Q3 24 | 0.36× | 1.07× | ||
| Q2 24 | 0.34× | 1.05× | ||
| Q1 24 | 0.36× | 1.05× |
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 | $699.0M | $981.0M |
| 自由现金流经营现金流 - 资本支出 | $602.0M | $404.0M |
| 自由现金流率自由现金流/营收 | 13.9% | 9.8% |
| 资本支出强度资本支出/营收 | 2.2% | 14.0% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.80× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $2.4B |
8季度趋势，按日历期对齐
经营现金流EMRRSG
| Q4 25 | $699.0M | $981.0M | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $241.0M | $1.0B | ||
| Q4 24 | $777.0M | $1.0B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $743.0M | $811.5M |
自由现金流EMRRSG
| Q4 25 | $602.0M | $404.0M | ||
| Q3 25 | $2.7B | $737.0M | ||
| Q2 25 | $977.0M | $702.0M | ||
| Q1 25 | $154.0M | $566.0M | ||
| Q4 24 | $694.0M | $524.4M | ||
| Q3 24 | $2.9B | $563.6M | ||
| Q2 24 | $998.0M | $696.0M | ||
| Q1 24 | $661.0M | $297.0M |
自由现金流率EMRRSG
| Q4 25 | 13.9% | 9.8% | ||
| Q3 25 | 54.9% | 17.5% | ||
| Q2 25 | 21.5% | 16.6% | ||
| Q1 25 | 3.5% | 14.1% | ||
| Q4 24 | 16.6% | 13.0% | ||
| Q3 24 | 63.1% | 13.8% | ||
| Q2 24 | 22.8% | 17.2% | ||
| Q1 24 | 15.1% | 7.7% |
资本支出强度EMRRSG
| Q4 25 | 2.2% | 14.0% | ||
| Q3 25 | 8.9% | 10.5% | ||
| Q2 25 | 2.0% | 9.6% | ||
| Q1 25 | 2.0% | 11.4% | ||
| Q4 24 | 2.0% | 12.3% | ||
| Q3 24 | 9.1% | 10.8% | ||
| Q2 24 | 2.1% | 10.0% | ||
| Q1 24 | 1.9% | 13.3% |
现金转化率EMRRSG
| Q4 25 | 1.16× | 1.80× | ||
| Q3 25 | 4.86× | 2.15× | ||
| Q2 25 | 1.83× | 2.02× | ||
| Q1 25 | 0.50× | 2.07× | ||
| Q4 24 | 1.33× | 2.00× | ||
| Q3 24 | 3.35× | 1.77× | ||
| Q2 24 | 3.31× | 2.15× | ||
| Q1 24 | 1.48× | 1.79× |
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
EMR
| Other | $1.8B | 41% |
| Software And Systems | $1.0B | 24% |
| Intelligent Devices | $996.0M | 23% |
| Safety And Productivity | $503.0M | 12% |
RSG
| Other | $1.1B | 26% |
| Landfill Service Line | $780.0M | 19% |
| Collection Service Line Residential | $761.0M | 18% |
| Transfer Service Line | $458.0M | 11% |
| Environmental Solutions Service Line | $435.0M | 11% |
| Group3Segment | $423.0M | 10% |
| Other Service Line Sale Of Recycled Commodities | $104.0M | 3% |
| Other Service Line Other Noncore | $94.0M | 2% |
| Collection Service Line Other | $18.0M | 0% |
