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孩之宝（HAS）与Waste Connections, Inc.（WCN）财务数据对比。点击上方公司名可切换其他公司
Waste Connections, Inc.的季度营收约是孩之宝的1.6倍（$2.4B vs $1.4B），孩之宝净利率更高（13.9% vs 10.9%，领先3.1%），孩之宝同比增速更快（31.3% vs 5.0%），孩之宝自由现金流更多（$389.5M vs $172.6M），过去两年孩之宝的营收复合增速更高（38.2% vs 7.0%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
Waste Connections, Inc.是北美综合废弃物服务企业，总部位于美国得克萨斯州伍德兰兹，业务范围覆盖美国与加拿大，主营固体废弃物的收集、转运、处理及回收服务，是北美第三大废弃物管理企业。
HAS vs WCN — 直观对比
营收规模更大
WCN
是对方的1.6倍
$1.4B
营收增速更快
HAS
高出26.3%
5.0%
净利率更高
HAS
高出3.1%
10.9%
自由现金流更多
HAS
多$216.9M
$172.6M
两年增速更快
HAS
近两年复合增速
7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.4B |
| 净利润 | $201.6M | $258.5M |
| 毛利率 | 68.7% | 42.5% |
| 营业利润率 | 20.6% | 17.7% |
| 净利率 | 13.9% | 10.9% |
| 营收同比 | 31.3% | 5.0% |
| 净利润同比 | 687.8% | 231.9% |
| 每股收益（稀释后） | $1.46 | $1.01 |
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HASWCN
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $980.8M | $2.4B | ||
| Q1 25 | $887.1M | $2.2B | ||
| Q4 24 | $1.1B | $2.3B | ||
| Q3 24 | $1.3B | $2.3B | ||
| Q2 24 | $995.3M | $2.2B | ||
| Q1 24 | $757.3M | $2.1B |
净利润HASWCN
| Q4 25 | $201.6M | $258.5M | ||
| Q3 25 | $233.2M | $286.3M | ||
| Q2 25 | $-855.8M | $290.3M | ||
| Q1 25 | $98.6M | $241.5M | ||
| Q4 24 | $-34.3M | $-196.0M | ||
| Q3 24 | $223.2M | $308.0M | ||
| Q2 24 | $138.5M | $275.5M | ||
| Q1 24 | $58.2M | $230.1M |
毛利率HASWCN
| Q4 25 | 68.7% | 42.5% | ||
| Q3 25 | 70.1% | 42.8% | ||
| Q2 25 | 77.0% | 42.1% | ||
| Q1 25 | 76.9% | 42.0% | ||
| Q4 24 | 67.4% | 41.4% | ||
| Q3 24 | 70.4% | 42.5% | ||
| Q2 24 | 76.1% | 42.1% | ||
| Q1 24 | 73.0% | 41.1% |
营业利润率HASWCN
| Q4 25 | 20.6% | 17.7% | ||
| Q3 25 | 24.6% | 17.9% | ||
| Q2 25 | -81.4% | 19.1% | ||
| Q1 25 | 19.2% | 17.5% | ||
| Q4 24 | 5.4% | -8.8% | ||
| Q3 24 | 23.6% | 20.3% | ||
| Q2 24 | 21.3% | 18.9% | ||
| Q1 24 | 15.3% | 17.7% |
净利率HASWCN
| Q4 25 | 13.9% | 10.9% | ||
| Q3 25 | 16.8% | 11.6% | ||
| Q2 25 | -87.3% | 12.1% | ||
| Q1 25 | 11.1% | 10.8% | ||
| Q4 24 | -3.1% | -8.7% | ||
| Q3 24 | 17.4% | 13.2% | ||
| Q2 24 | 13.9% | 12.3% | ||
| Q1 24 | 7.7% | 11.1% |
每股收益（稀释后）HASWCN
| Q4 25 | $1.46 | $1.01 | ||
| Q3 25 | $1.64 | $1.11 | ||
| Q2 25 | $-6.10 | $1.12 | ||
| Q1 25 | $0.70 | $0.93 | ||
| Q4 24 | $-0.25 | $-0.76 | ||
| Q3 24 | $1.59 | $1.19 | ||
| Q2 24 | $0.99 | $1.07 | ||
| Q1 24 | $0.42 | $0.89 |
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 | — | $46.0M |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | $565.5M | $8.2B |
| 总资产 | $5.6B | $21.1B |
| 负债/权益比越低杠杆越低 | — | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资HASWCN
| Q4 25 | — | $46.0M | ||
| Q3 25 | — | $117.6M | ||
| Q2 25 | — | $110.2M | ||
| Q1 25 | — | $111.2M | ||
| Q4 24 | — | $62.4M | ||
| Q3 24 | — | $115.3M | ||
| Q2 24 | — | $78.7M | ||
| Q1 24 | — | $112.0M |
总债务HASWCN
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $8.6B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | — | $8.2B | ||
| Q2 24 | — | $7.7B | ||
| Q1 24 | — | $7.8B |
股东权益HASWCN
| Q4 25 | $565.5M | $8.2B | ||
| Q3 25 | $433.8M | $8.1B | ||
| Q2 25 | $269.7M | $8.4B | ||
| Q1 25 | $1.2B | $8.0B | ||
| Q4 24 | $1.2B | $7.9B | ||
| Q3 24 | $1.3B | $8.3B | ||
| Q2 24 | $1.2B | $8.0B | ||
| Q1 24 | $1.0B | $7.8B |
总资产HASWCN
| Q4 25 | $5.6B | $21.1B | ||
| Q3 25 | $5.5B | $20.8B | ||
| Q2 25 | $5.2B | $20.7B | ||
| Q1 25 | $6.0B | $20.3B | ||
| Q4 24 | $6.3B | $19.8B | ||
| Q3 24 | $7.2B | $20.1B | ||
| Q2 24 | $6.9B | $19.3B | ||
| Q1 24 | $6.2B | $19.1B |
负债/权益比HASWCN
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.00× |
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 | $403.2M | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $172.6M |
| 自由现金流率自由现金流/营收 | 26.9% | 7.3% |
| 资本支出强度资本支出/营收 | 0.9% | 16.2% |
| 现金转化率经营现金流/净利润 | 2.00× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $1.2B |
8季度趋势，按日历期对齐
经营现金流HASWCN
| Q4 25 | $403.2M | $556.9M | ||
| Q3 25 | $280.6M | $677.4M | ||
| Q2 25 | $71.3M | $638.2M | ||
| Q1 25 | $138.1M | $541.5M | ||
| Q4 24 | $259.8M | $568.9M | ||
| Q3 24 | $222.5M | $558.3M | ||
| Q2 24 | $187.3M | $611.4M | ||
| Q1 24 | $177.8M | $490.3M |
自由现金流HASWCN
| Q4 25 | $389.5M | $172.6M | ||
| Q3 25 | $260.9M | $380.3M | ||
| Q2 25 | $55.2M | $352.9M | ||
| Q1 25 | $124.3M | $329.1M | ||
| Q4 24 | $200.8M | $172.2M | ||
| Q3 24 | $174.0M | $286.2M | ||
| Q2 24 | $135.4M | $394.2M | ||
| Q1 24 | $132.0M | $320.4M |
自由现金流率HASWCN
| Q4 25 | 26.9% | 7.3% | ||
| Q3 25 | 18.8% | 15.5% | ||
| Q2 25 | 5.6% | 14.7% | ||
| Q1 25 | 14.0% | 14.8% | ||
| Q4 24 | 18.2% | 7.6% | ||
| Q3 24 | 13.6% | 12.2% | ||
| Q2 24 | 13.6% | 17.5% | ||
| Q1 24 | 17.4% | 15.5% |
资本支出强度HASWCN
| Q4 25 | 0.9% | 16.2% | ||
| Q3 25 | 1.4% | 12.1% | ||
| Q2 25 | 1.6% | 11.9% | ||
| Q1 25 | 1.6% | 9.5% | ||
| Q4 24 | 5.4% | 17.6% | ||
| Q3 24 | 3.8% | 11.6% | ||
| Q2 24 | 5.2% | 9.7% | ||
| Q1 24 | 6.0% | 8.2% |
现金转化率HASWCN
| Q4 25 | 2.00× | 2.15× | ||
| Q3 25 | 1.20× | 2.37× | ||
| Q2 25 | — | 2.20× | ||
| Q1 25 | 1.40× | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | 1.81× | ||
| Q2 24 | 1.35× | 2.22× | ||
| Q1 24 | 3.05× | 2.13× |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
