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汉瑞祥（HSIC）与Republic Services（RSG）财务数据对比。点击上方公司名可切换其他公司
Republic Services的季度营收约是汉瑞祥的1.2倍（$4.1B vs $3.4B），Republic Services净利率更高（13.2% vs 2.9%，领先10.2%），汉瑞祥同比增速更快（7.7% vs 2.2%），Republic Services自由现金流更多（$404.0M vs $338.0M），过去两年汉瑞祥的营收复合增速更高（4.1% vs 3.5%）
汉瑞祥（Henry Schein, Inc.）是美国的医疗保健产品及服务分销商，业务覆盖全球33个国家和地区，是全球面向诊所类牙科及医疗从业者的最大医疗解决方案供应商。公司连续14年入选Ethisphere评选的「全球最具道德企业」榜单，2025年再次登榜。
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。
HSIC vs RSG — 直观对比
营收规模更大
RSG
是对方的1.2倍
$3.4B
营收增速更快
HSIC
高出5.5%
2.2%
净利率更高
RSG
高出10.2%
2.9%
自由现金流更多
RSG
多$66.0M
$338.0M
两年增速更快
HSIC
近两年复合增速
3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $4.1B |
| 净利润 | $101.0M | $544.7M |
| 毛利率 | 30.9% | 41.9% |
| 营业利润率 | 4.7% | 19.4% |
| 净利率 | 2.9% | 13.2% |
| 营收同比 | 7.7% | 2.2% |
| 净利润同比 | 7.4% | 6.3% |
| 每股收益（稀释后） | $0.85 | $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HSICRSG
| Q4 25 | $3.4B | $4.1B | ||
| Q3 25 | $3.3B | $4.2B | ||
| Q2 25 | $3.2B | $4.2B | ||
| Q1 25 | $3.2B | $4.0B | ||
| Q4 24 | $3.2B | $4.0B | ||
| Q3 24 | $3.2B | $4.1B | ||
| Q2 24 | $3.1B | $4.0B | ||
| Q1 24 | $3.2B | $3.9B |
净利润HSICRSG
| Q4 25 | $101.0M | $544.7M | ||
| Q3 25 | $101.0M | $549.7M | ||
| Q2 25 | $86.0M | $549.9M | ||
| Q1 25 | $110.0M | $495.0M | ||
| Q4 24 | $94.0M | $512.2M | ||
| Q3 24 | $99.0M | $565.7M | ||
| Q2 24 | $104.0M | $511.5M | ||
| Q1 24 | $93.0M | $453.8M |
毛利率HSICRSG
| Q4 25 | 30.9% | 41.9% | ||
| Q3 25 | 30.7% | 41.5% | ||
| Q2 25 | 31.4% | 42.2% | ||
| Q1 25 | 31.6% | 42.3% | ||
| Q4 24 | 31.1% | 42.7% | ||
| Q3 24 | 31.3% | 41.9% | ||
| Q2 24 | 32.5% | 41.1% | ||
| Q1 24 | 31.9% | 40.9% |
营业利润率HSICRSG
| Q4 25 | 4.7% | 19.4% | ||
| Q3 25 | 4.9% | 19.8% | ||
| Q2 25 | 4.7% | 20.3% | ||
| Q1 25 | 5.5% | 20.1% | ||
| Q4 24 | 4.9% | 19.9% | ||
| Q3 24 | 4.9% | 20.8% | ||
| Q2 24 | 5.1% | 20.1% | ||
| Q1 24 | 4.7% | 19.0% |
净利率HSICRSG
| Q4 25 | 2.9% | 13.2% | ||
| Q3 25 | 3.0% | 13.1% | ||
| Q2 25 | 2.7% | 13.0% | ||
| Q1 25 | 3.5% | 12.3% | ||
| Q4 24 | 2.9% | 12.7% | ||
| Q3 24 | 3.1% | 13.9% | ||
| Q2 24 | 3.3% | 12.6% | ||
| Q1 24 | 2.9% | 11.8% |
每股收益（稀释后）HSICRSG
| Q4 25 | $0.85 | $1.76 | ||
| Q3 25 | $0.84 | $1.76 | ||
| Q2 25 | $0.70 | $1.75 | ||
| Q1 25 | $0.88 | $1.58 | ||
| Q4 24 | $0.75 | $1.63 | ||
| Q3 24 | $0.78 | $1.80 | ||
| Q2 24 | $0.80 | $1.62 | ||
| Q1 24 | $0.72 | $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 | $156.0M | $76.0M |
| 总债务越低越好 | $2.3B | $13.0B |
| 股东权益账面价值 | $3.2B | $12.0B |
| 总资产 | $11.2B | $34.4B |
| 负债/权益比越低杠杆越低 | 0.71× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资HSICRSG
| Q4 25 | $156.0M | $76.0M | ||
| Q3 25 | $136.0M | $84.0M | ||
| Q2 25 | $145.0M | $122.0M | ||
| Q1 25 | $127.0M | $83.0M | ||
| Q4 24 | $122.0M | $74.0M | ||
| Q3 24 | $126.0M | $83.4M | ||
| Q2 24 | $138.0M | $490.6M | ||
| Q1 24 | $159.0M | $91.6M |
总债务HSICRSG
| Q4 25 | $2.3B | $13.0B | ||
| Q3 25 | $2.2B | $12.4B | ||
| Q2 25 | $2.1B | $12.5B | ||
| Q1 25 | $2.0B | $12.9B | ||
| Q4 24 | $1.8B | $11.9B | ||
| Q3 24 | $1.9B | $12.0B | ||
| Q2 24 | $1.9B | $11.5B | ||
| Q1 24 | $2.0B | $11.4B |
股东权益HSICRSG
| Q4 25 | $3.2B | $12.0B | ||
| Q3 25 | $3.4B | $11.9B | ||
| Q2 25 | $3.4B | $12.1B | ||
| Q1 25 | $3.3B | $11.7B | ||
| Q4 24 | $3.4B | $11.4B | ||
| Q3 24 | $3.5B | $11.2B | ||
| Q2 24 | $3.5B | $11.0B | ||
| Q1 24 | $3.6B | $10.8B |
总资产HSICRSG
| Q4 25 | $11.2B | $34.4B | ||
| Q3 25 | $11.1B | $33.8B | ||
| Q2 25 | $10.9B | $33.4B | ||
| Q1 25 | $10.5B | $33.1B | ||
| Q4 24 | $10.2B | $32.4B | ||
| Q3 24 | $10.6B | $31.8B | ||
| Q2 24 | $10.3B | $31.9B | ||
| Q1 24 | $10.1B | $31.4B |
负债/权益比HSICRSG
| Q4 25 | 0.71× | 1.08× | ||
| Q3 25 | 0.64× | 1.04× | ||
| Q2 25 | 0.61× | 1.04× | ||
| Q1 25 | 0.59× | 1.10× | ||
| Q4 24 | 0.54× | 1.04× | ||
| Q3 24 | 0.54× | 1.07× | ||
| Q2 24 | 0.54× | 1.05× | ||
| Q1 24 | 0.56× | 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 | $381.0M | $981.0M |
| 自由现金流经营现金流 - 资本支出 | $338.0M | $404.0M |
| 自由现金流率自由现金流/营收 | 9.8% | 9.8% |
| 资本支出强度资本支出/营收 | 1.3% | 14.0% |
| 现金转化率经营现金流/净利润 | 3.77× | 1.80× |
| 过去12个月自由现金流最近4个季度 | $573.0M | $2.4B |
8季度趋势，按日历期对齐
经营现金流HSICRSG
| Q4 25 | $381.0M | $981.0M | ||
| Q3 25 | $174.0M | $1.2B | ||
| Q2 25 | $120.0M | $1.1B | ||
| Q1 25 | $37.0M | $1.0B | ||
| Q4 24 | $204.0M | $1.0B | ||
| Q3 24 | $151.0M | $1.0B | ||
| Q2 24 | $296.0M | $1.1B | ||
| Q1 24 | $197.0M | $811.5M |
自由现金流HSICRSG
| Q4 25 | $338.0M | $404.0M | ||
| Q3 25 | $141.0M | $737.0M | ||
| Q2 25 | $88.0M | $702.0M | ||
| Q1 25 | $6.0M | $566.0M | ||
| Q4 24 | $168.0M | $524.4M | ||
| Q3 24 | $117.0M | $563.6M | ||
| Q2 24 | $259.0M | $696.0M | ||
| Q1 24 | $156.0M | $297.0M |
自由现金流率HSICRSG
| Q4 25 | 9.8% | 9.8% | ||
| Q3 25 | 4.2% | 17.5% | ||
| Q2 25 | 2.7% | 16.6% | ||
| Q1 25 | 0.2% | 14.1% | ||
| Q4 24 | 5.3% | 13.0% | ||
| Q3 24 | 3.7% | 13.8% | ||
| Q2 24 | 8.3% | 17.2% | ||
| Q1 24 | 4.9% | 7.7% |
资本支出强度HSICRSG
| Q4 25 | 1.3% | 14.0% | ||
| Q3 25 | 1.0% | 10.5% | ||
| Q2 25 | 1.0% | 9.6% | ||
| Q1 25 | 1.0% | 11.4% | ||
| Q4 24 | 1.1% | 12.3% | ||
| Q3 24 | 1.1% | 10.8% | ||
| Q2 24 | 1.2% | 10.0% | ||
| Q1 24 | 1.3% | 13.3% |
现金转化率HSICRSG
| Q4 25 | 3.77× | 1.80× | ||
| Q3 25 | 1.72× | 2.15× | ||
| Q2 25 | 1.40× | 2.02× | ||
| Q1 25 | 0.34× | 2.07× | ||
| Q4 24 | 2.17× | 2.00× | ||
| Q3 24 | 1.53× | 1.77× | ||
| Q2 24 | 2.85× | 2.15× | ||
| Q1 24 | 2.12× | 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
HSIC
| Global Dental Merchandise | $1.2B | 35% |
| Global Medical | $1.1B | 31% |
| Global Dental Equipment | $536.0M | 16% |
| Global Specialty Products | $422.0M | 12% |
| Global Technology | $173.0M | 5% |
| Global Value Added Services | $64.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
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% |
