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福陆（FLR）与Republic Services（RSG）财务数据对比。点击上方公司名可切换其他公司
福陆的季度营收约是Republic Services的1.0倍（$4.2B vs $4.1B），Republic Services净利率更高（13.2% vs -37.7%，领先50.8%），Republic Services同比增速更快（2.2% vs -2.0%），Republic Services自由现金流更多（$404.0M vs $-378.0M），过去两年福陆的营收复合增速更高（5.7% vs 3.5%）
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
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。
FLR vs RSG — 直观对比
营收规模更大
FLR
是对方的1.0倍
$4.1B
营收增速更快
RSG
高出4.2%
-2.0%
净利率更高
RSG
高出50.8%
-37.7%
自由现金流更多
RSG
多$782.0M
$-378.0M
两年增速更快
FLR
近两年复合增速
3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.1B |
| 净利润 | $-1.6B | $544.7M |
| 毛利率 | 3.2% | 41.9% |
| 营业利润率 | 1.3% | 19.4% |
| 净利率 | -37.7% | 13.2% |
| 营收同比 | -2.0% | 2.2% |
| 净利润同比 | -184.4% | 6.3% |
| 每股收益（稀释后） | $-9.40 | $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FLRRSG
| Q4 25 | $4.2B | $4.1B | ||
| Q3 25 | $3.4B | $4.2B | ||
| Q2 25 | $4.0B | $4.2B | ||
| Q1 25 | $4.0B | $4.0B | ||
| Q4 24 | $4.3B | $4.0B | ||
| Q3 24 | $4.1B | $4.1B | ||
| Q2 24 | $4.2B | $4.0B | ||
| Q1 24 | $3.7B | $3.9B |
净利润FLRRSG
| Q4 25 | $-1.6B | $544.7M | ||
| Q3 25 | $-697.0M | $549.7M | ||
| Q2 25 | $2.5B | $549.9M | ||
| Q1 25 | $-241.0M | $495.0M | ||
| Q4 24 | $1.9B | $512.2M | ||
| Q3 24 | $54.0M | $565.7M | ||
| Q2 24 | $169.0M | $511.5M | ||
| Q1 24 | $59.0M | $453.8M |
毛利率FLRRSG
| Q4 25 | 3.2% | 41.9% | ||
| Q3 25 | -13.3% | 41.5% | ||
| Q2 25 | 1.4% | 42.2% | ||
| Q1 25 | 3.5% | 42.3% | ||
| Q4 24 | 4.9% | 42.7% | ||
| Q3 24 | 2.1% | 41.9% | ||
| Q2 24 | 4.2% | 41.1% | ||
| Q1 24 | 2.7% | 40.9% |
营业利润率FLRRSG
| Q4 25 | 1.3% | 19.4% | ||
| Q3 25 | -14.7% | 19.8% | ||
| Q2 25 | -0.7% | 20.3% | ||
| Q1 25 | 2.3% | 20.1% | ||
| Q4 24 | 4.4% | 19.9% | ||
| Q3 24 | 1.2% | 20.8% | ||
| Q2 24 | 4.2% | 20.1% | ||
| Q1 24 | 1.4% | 19.0% |
净利率FLRRSG
| Q4 25 | -37.7% | 13.2% | ||
| Q3 25 | -20.7% | 13.1% | ||
| Q2 25 | 61.8% | 13.0% | ||
| Q1 25 | -6.1% | 12.3% | ||
| Q4 24 | 43.7% | 12.7% | ||
| Q3 24 | 1.3% | 13.9% | ||
| Q2 24 | 4.0% | 12.6% | ||
| Q1 24 | 1.6% | 11.8% |
每股收益（稀释后）FLRRSG
| Q4 25 | $-9.40 | $1.76 | ||
| Q3 25 | $-4.30 | $1.76 | ||
| Q2 25 | $14.81 | $1.75 | ||
| Q1 25 | $-1.42 | $1.58 | ||
| Q4 24 | $10.68 | $1.63 | ||
| Q3 24 | $0.31 | $1.80 | ||
| Q2 24 | $0.97 | $1.62 | ||
| Q1 24 | $0.34 | $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 | $2.2B | $76.0M |
| 总债务越低越好 | — | $13.0B |
| 股东权益账面价值 | $3.2B | $12.0B |
| 总资产 | $8.2B | $34.4B |
| 负债/权益比越低杠杆越低 | — | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资FLRRSG
| Q4 25 | $2.2B | $76.0M | ||
| Q3 25 | $2.8B | $84.0M | ||
| Q2 25 | $2.3B | $122.0M | ||
| Q1 25 | $2.5B | $83.0M | ||
| Q4 24 | $3.0B | $74.0M | ||
| Q3 24 | $3.0B | $83.4M | ||
| Q2 24 | $2.7B | $490.6M | ||
| Q1 24 | $2.4B | $91.6M |
总债务FLRRSG
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | $12.4B | ||
| Q2 25 | — | $12.5B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.9B | ||
| Q3 24 | — | $12.0B | ||
| Q2 24 | — | $11.5B | ||
| Q1 24 | — | $11.4B |
股东权益FLRRSG
| Q4 25 | $3.2B | $12.0B | ||
| Q3 25 | $5.2B | $11.9B | ||
| Q2 25 | $5.9B | $12.1B | ||
| Q1 25 | $3.6B | $11.7B | ||
| Q4 24 | $3.9B | $11.4B | ||
| Q3 24 | $2.3B | $11.2B | ||
| Q2 24 | $2.1B | $11.0B | ||
| Q1 24 | $2.0B | $10.8B |
总资产FLRRSG
| Q4 25 | $8.2B | $34.4B | ||
| Q3 25 | $11.5B | $33.8B | ||
| Q2 25 | $11.8B | $33.4B | ||
| Q1 25 | $8.4B | $33.1B | ||
| Q4 24 | $9.1B | $32.4B | ||
| Q3 24 | $7.1B | $31.8B | ||
| Q2 24 | $6.8B | $31.9B | ||
| Q1 24 | $6.7B | $31.4B |
负债/权益比FLRRSG
| Q4 25 | — | 1.08× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 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 | $-366.0M | $981.0M |
| 自由现金流经营现金流 - 资本支出 | $-378.0M | $404.0M |
| 自由现金流率自由现金流/营收 | -9.1% | 9.8% |
| 资本支出强度资本支出/营收 | 0.3% | 14.0% |
| 现金转化率经营现金流/净利润 | — | 1.80× |
| 过去12个月自由现金流最近4个季度 | $-437.0M | $2.4B |
8季度趋势，按日历期对齐
经营现金流FLRRSG
| Q4 25 | $-366.0M | $981.0M | ||
| Q3 25 | $286.0M | $1.2B | ||
| Q2 25 | $-21.0M | $1.1B | ||
| Q1 25 | $-286.0M | $1.0B | ||
| Q4 24 | $327.0M | $1.0B | ||
| Q3 24 | $330.0M | $1.0B | ||
| Q2 24 | $282.0M | $1.1B | ||
| Q1 24 | $-111.0M | $811.5M |
自由现金流FLRRSG
| Q4 25 | $-378.0M | $404.0M | ||
| Q3 25 | $273.0M | $737.0M | ||
| Q2 25 | $-35.0M | $702.0M | ||
| Q1 25 | $-297.0M | $566.0M | ||
| Q4 24 | $296.0M | $524.4M | ||
| Q3 24 | $279.0M | $563.6M | ||
| Q2 24 | $234.0M | $696.0M | ||
| Q1 24 | $-145.0M | $297.0M |
自由现金流率FLRRSG
| Q4 25 | -9.1% | 9.8% | ||
| Q3 25 | 8.1% | 17.5% | ||
| Q2 25 | -0.9% | 16.6% | ||
| Q1 25 | -7.5% | 14.1% | ||
| Q4 24 | 6.9% | 13.0% | ||
| Q3 24 | 6.8% | 13.8% | ||
| Q2 24 | 5.5% | 17.2% | ||
| Q1 24 | -3.9% | 7.7% |
资本支出强度FLRRSG
| Q4 25 | 0.3% | 14.0% | ||
| Q3 25 | 0.4% | 10.5% | ||
| Q2 25 | 0.4% | 9.6% | ||
| Q1 25 | 0.3% | 11.4% | ||
| Q4 24 | 0.7% | 12.3% | ||
| Q3 24 | 1.2% | 10.8% | ||
| Q2 24 | 1.1% | 10.0% | ||
| Q1 24 | 0.9% | 13.3% |
现金转化率FLRRSG
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 2.15× | ||
| Q2 25 | -0.01× | 2.02× | ||
| Q1 25 | — | 2.07× | ||
| Q4 24 | 0.18× | 2.00× | ||
| Q3 24 | 6.11× | 1.77× | ||
| Q2 24 | 1.67× | 2.15× | ||
| Q1 24 | -1.88× | 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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
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% |
