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费森尤斯医疗（FMS）与Waste Management（WM）财务数据对比。点击上方公司名可切换其他公司
Waste Management的季度营收约是费森尤斯医疗的1.1倍（$6.2B vs $5.5B），Waste Management净利率更高（11.6% vs 7.9%，领先3.7%），Waste Management同比增速更快（3.5% vs -0.3%）
费森尤斯医疗是德国知名医疗保健企业，核心业务为肾脏透析服务，在全球运营4171家门诊透析中心，服务约34.54万名患者。公司主要为终末期肾病患者提供治疗服务，该类患者需终身每周接受3次透析治疗以维持生命。
Waste Management是专业的废弃物管理服务提供商，业务覆盖废弃物从产生到最终处置的全流程，包含垃圾收集、运输、处理、处置等核心环节，同时涉及废弃物管理流程监督、相关法规合规、技术应用及商业机制优化等相关业务。
FMS vs WM — 直观对比
营收规模更大
WM
是对方的1.1倍
$5.5B
营收增速更快
WM
高出3.8%
-0.3%
净利率更高
WM
高出3.7%
7.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $6.2B |
| 净利润 | $434.2M | $723.0M |
| 毛利率 | 27.4% | — |
| 营业利润率 | 11.7% | 17.9% |
| 净利率 | 7.9% | 11.6% |
| 营收同比 | -0.3% | 3.5% |
| 净利润同比 | 240.4% | 13.5% |
| 每股收益（稀释后） | — | $1.79 |
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FMSWM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $5.5B | $6.3B | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | $5.5B | $5.9B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $5.4B |
净利润FMSWM
| Q1 26 | — | $723.0M | ||
| Q4 25 | $434.2M | $742.0M | ||
| Q3 25 | — | $603.0M | ||
| Q2 25 | — | $726.0M | ||
| Q1 25 | — | $637.0M | ||
| Q4 24 | $127.6M | $598.0M | ||
| Q3 24 | — | $760.0M | ||
| Q2 24 | — | $680.0M |
毛利率FMSWM
| Q1 26 | — | — | ||
| Q4 25 | 27.4% | 41.5% | ||
| Q3 25 | — | 40.5% | ||
| Q2 25 | — | 40.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | 25.0% | 39.7% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 39.1% |
营业利润率FMSWM
| Q1 26 | — | 17.9% | ||
| Q4 25 | 11.7% | 18.3% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | 5.1% | 15.6% | ||
| Q3 24 | — | 20.0% | ||
| Q2 24 | — | 18.7% |
净利率FMSWM
| Q1 26 | — | 11.6% | ||
| Q4 25 | 7.9% | 11.8% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 11.3% | ||
| Q1 25 | — | 10.6% | ||
| Q4 24 | 2.3% | 10.1% | ||
| Q3 24 | — | 13.5% | ||
| Q2 24 | — | 12.6% |
每股收益（稀释后）FMSWM
| Q1 26 | — | $1.79 | ||
| Q4 25 | — | $1.83 | ||
| Q3 25 | — | $1.49 | ||
| Q2 25 | — | $1.80 | ||
| Q1 25 | — | $1.58 | ||
| Q4 24 | — | $1.49 | ||
| Q3 24 | — | $1.88 | ||
| Q2 24 | — | $1.69 |
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 | $1.7B | $158.0M |
| 总债务越低越好 | — | $22.9B |
| 股东权益账面价值 | $15.4B | $10.0B |
| 总资产 | $33.5B | $45.7B |
| 负债/权益比越低杠杆越低 | — | 2.28× |
8季度趋势，按日历期对齐
现金及短期投资FMSWM
| Q1 26 | — | $158.0M | ||
| Q4 25 | $1.7B | $201.0M | ||
| Q3 25 | — | $175.0M | ||
| Q2 25 | — | $440.0M | ||
| Q1 25 | — | $216.0M | ||
| Q4 24 | $1.3B | $414.0M | ||
| Q3 24 | — | $614.0M | ||
| Q2 24 | — | $172.0M |
总债务FMSWM
| Q1 26 | — | $22.9B | ||
| Q4 25 | — | $22.2B | ||
| Q3 25 | — | $22.5B | ||
| Q2 25 | — | $23.1B | ||
| Q1 25 | — | $22.9B | ||
| Q4 24 | — | $22.5B | ||
| Q3 24 | — | $16.0B | ||
| Q2 24 | — | $16.5B |
股东权益FMSWM
| Q1 26 | — | $10.0B | ||
| Q4 25 | $15.4B | $10.0B | ||
| Q3 25 | — | $9.5B | ||
| Q2 25 | — | $9.2B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | $17.0B | $8.3B | ||
| Q3 24 | — | $8.0B | ||
| Q2 24 | — | $7.5B |
总资产FMSWM
| Q1 26 | — | $45.7B | ||
| Q4 25 | $33.5B | $45.8B | ||
| Q3 25 | — | $45.6B | ||
| Q2 25 | — | $45.7B | ||
| Q1 25 | — | $44.5B | ||
| Q4 24 | $36.3B | $44.6B | ||
| Q3 24 | — | $34.7B | ||
| Q2 24 | — | $34.0B |
负债/权益比FMSWM
| Q1 26 | — | 2.28× | ||
| Q4 25 | — | 2.22× | ||
| Q3 25 | — | 2.36× | ||
| Q2 25 | — | 2.51× | ||
| Q1 25 | — | 2.65× | ||
| Q4 24 | — | 2.73× | ||
| Q3 24 | — | 2.00× | ||
| Q2 24 | — | 2.21× |
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 | $2.9B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $981.0M |
| 自由现金流率自由现金流/营收 | — | 15.8% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 6.67× | 2.08× |
| 过去12个月自由现金流最近4个季度 | — | $3.4B |
8季度趋势，按日历期对齐
经营现金流FMSWM
| Q1 26 | — | $1.5B | ||
| Q4 25 | $2.9B | $1.7B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $2.6B | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.2B |
自由现金流FMSWM
| Q1 26 | — | $981.0M | ||
| Q4 25 | — | $810.0M | ||
| Q3 25 | — | $816.0M | ||
| Q2 25 | — | $813.0M | ||
| Q1 25 | — | $377.0M | ||
| Q4 24 | — | $396.0M | ||
| Q3 24 | — | $577.0M | ||
| Q2 24 | — | $487.0M |
自由现金流率FMSWM
| Q1 26 | — | 15.8% | ||
| Q4 25 | — | 12.8% | ||
| Q3 25 | — | 12.7% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | — | 6.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 9.0% |
资本支出强度FMSWM
| Q1 26 | — | — | ||
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 11.4% | ||
| Q1 25 | — | 13.8% | ||
| Q4 24 | — | 18.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 12.3% |
现金转化率FMSWM
| Q1 26 | — | 2.08× | ||
| Q4 25 | 6.67× | 2.29× | ||
| Q3 25 | — | 2.64× | ||
| Q2 25 | — | 2.13× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | 20.20× | 2.53× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.70× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
