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Leidos（LDOS）与Republic Services（RSG）财务数据对比。点击上方公司名可切换其他公司
Leidos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 7.8%，领先5.4%），Republic Services同比增速更快（2.2% vs -3.5%），Leidos自由现金流更多（$452.0M vs $404.0M），过去两年Republic Services的营收复合增速更高（3.5% vs 3.1%）
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
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。
LDOS vs RSG — 直观对比
营收规模更大
LDOS
是对方的1.0倍
$4.1B
营收增速更快
RSG
高出5.7%
-3.5%
净利率更高
RSG
高出5.4%
7.8%
自由现金流更多
LDOS
多$48.0M
$404.0M
两年增速更快
RSG
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.1B |
| 净利润 | $327.0M | $544.7M |
| 毛利率 | 17.4% | 41.9% |
| 营业利润率 | 11.3% | 19.4% |
| 净利率 | 7.8% | 13.2% |
| 营收同比 | -3.5% | 2.2% |
| 净利润同比 | 15.1% | 6.3% |
| 每股收益（稀释后） | $2.54 | $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LDOSRSG
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.4B | $4.1B | ||
| Q3 25 | $4.2B | $4.2B | ||
| Q2 25 | $4.2B | $4.2B | ||
| Q1 25 | $4.3B | $4.0B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $4.2B | $4.1B | ||
| Q2 24 | $4.1B | $4.0B |
净利润LDOSRSG
| Q1 26 | $327.0M | — | ||
| Q4 25 | $367.0M | $544.7M | ||
| Q3 25 | $391.0M | $549.7M | ||
| Q2 25 | $363.0M | $549.9M | ||
| Q1 25 | $284.0M | $495.0M | ||
| Q4 24 | — | $512.2M | ||
| Q3 24 | $364.0M | $565.7M | ||
| Q2 24 | $322.0M | $511.5M |
毛利率LDOSRSG
| Q1 26 | 17.4% | — | ||
| Q4 25 | 18.0% | 41.9% | ||
| Q3 25 | 18.0% | 41.5% | ||
| Q2 25 | 17.5% | 42.2% | ||
| Q1 25 | 15.6% | 42.3% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | 17.8% | 41.9% | ||
| Q2 24 | 16.6% | 41.1% |
营业利润率LDOSRSG
| Q1 26 | 11.3% | — | ||
| Q4 25 | 12.0% | 19.4% | ||
| Q3 25 | 13.5% | 19.8% | ||
| Q2 25 | 12.5% | 20.3% | ||
| Q1 25 | 9.7% | 20.1% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | 12.4% | 20.8% | ||
| Q2 24 | 11.6% | 20.1% |
净利率LDOSRSG
| Q1 26 | 7.8% | — | ||
| Q4 25 | 8.2% | 13.2% | ||
| Q3 25 | 9.2% | 13.1% | ||
| Q2 25 | 8.6% | 13.0% | ||
| Q1 25 | 6.5% | 12.3% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | 8.7% | 13.9% | ||
| Q2 24 | 7.8% | 12.6% |
每股收益（稀释后）LDOSRSG
| Q1 26 | $2.54 | — | ||
| Q4 25 | $2.82 | $1.76 | ||
| Q3 25 | $3.01 | $1.76 | ||
| Q2 25 | $2.77 | $1.75 | ||
| Q1 25 | $2.10 | $1.58 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | $2.68 | $1.80 | ||
| Q2 24 | $2.37 | $1.62 |
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 | $1.1B | $76.0M |
| 总债务越低越好 | $4.6B | $13.0B |
| 股东权益账面价值 | $4.9B | $12.0B |
| 总资产 | $13.5B | $34.4B |
| 负债/权益比越低杠杆越低 | 0.94× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资LDOSRSG
| Q1 26 | $1.1B | — | ||
| Q4 25 | $974.0M | $76.0M | ||
| Q3 25 | $930.0M | $84.0M | ||
| Q2 25 | $842.0M | $122.0M | ||
| Q1 25 | $943.0M | $83.0M | ||
| Q4 24 | — | $74.0M | ||
| Q3 24 | $1.2B | $83.4M | ||
| Q2 24 | $823.0M | $490.6M |
总债务LDOSRSG
| Q1 26 | $4.6B | — | ||
| Q4 25 | $4.6B | $13.0B | ||
| Q3 25 | $5.0B | $12.4B | ||
| Q2 25 | $5.0B | $12.5B | ||
| Q1 25 | $4.1B | $12.9B | ||
| Q4 24 | — | $11.9B | ||
| Q3 24 | $4.1B | $12.0B | ||
| Q2 24 | $4.1B | $11.5B |
股东权益LDOSRSG
| Q1 26 | $4.9B | — | ||
| Q4 25 | $4.9B | $12.0B | ||
| Q3 25 | $4.7B | $11.9B | ||
| Q2 25 | $4.3B | $12.1B | ||
| Q1 25 | $4.4B | $11.7B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | $4.6B | $11.2B | ||
| Q2 24 | $4.5B | $11.0B |
总资产LDOSRSG
| Q1 26 | $13.5B | — | ||
| Q4 25 | $13.5B | $34.4B | ||
| Q3 25 | $13.5B | $33.8B | ||
| Q2 25 | $13.2B | $33.4B | ||
| Q1 25 | $13.1B | $33.1B | ||
| Q4 24 | — | $32.4B | ||
| Q3 24 | $13.3B | $31.8B | ||
| Q2 24 | $12.9B | $31.9B |
负债/权益比LDOSRSG
| Q1 26 | 0.94× | — | ||
| Q4 25 | 0.94× | 1.08× | ||
| Q3 25 | 1.07× | 1.04× | ||
| Q2 25 | 1.18× | 1.04× | ||
| Q1 25 | 0.92× | 1.10× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | 0.88× | 1.07× | ||
| Q2 24 | 0.92× | 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 | $495.0M | $981.0M |
| 自由现金流经营现金流 - 资本支出 | $452.0M | $404.0M |
| 自由现金流率自由现金流/营收 | 10.8% | 9.8% |
| 资本支出强度资本支出/营收 | 1.0% | 14.0% |
| 现金转化率经营现金流/净利润 | 1.51× | 1.80× |
| 过去12个月自由现金流最近4个季度 | — | $2.4B |
8季度趋势，按日历期对齐
经营现金流LDOSRSG
| Q1 26 | $495.0M | — | ||
| Q4 25 | — | $981.0M | ||
| Q3 25 | $711.0M | $1.2B | ||
| Q2 25 | $58.0M | $1.1B | ||
| Q1 25 | $299.0M | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $656.0M | $1.0B | ||
| Q2 24 | $374.0M | $1.1B |
自由现金流LDOSRSG
| Q1 26 | $452.0M | — | ||
| Q4 25 | — | $404.0M | ||
| Q3 25 | $680.0M | $737.0M | ||
| Q2 25 | $36.0M | $702.0M | ||
| Q1 25 | $213.0M | $566.0M | ||
| Q4 24 | — | $524.4M | ||
| Q3 24 | $633.0M | $563.6M | ||
| Q2 24 | $351.0M | $696.0M |
自由现金流率LDOSRSG
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | 9.8% | ||
| Q3 25 | 16.1% | 17.5% | ||
| Q2 25 | 0.9% | 16.6% | ||
| Q1 25 | 4.9% | 14.1% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | 15.2% | 13.8% | ||
| Q2 24 | 8.5% | 17.2% |
资本支出强度LDOSRSG
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | 14.0% | ||
| Q3 25 | 0.7% | 10.5% | ||
| Q2 25 | 0.5% | 9.6% | ||
| Q1 25 | 2.0% | 11.4% | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | 0.6% | 10.8% | ||
| Q2 24 | 0.6% | 10.0% |
现金转化率LDOSRSG
| Q1 26 | 1.51× | — | ||
| Q4 25 | — | 1.80× | ||
| Q3 25 | 1.82× | 2.15× | ||
| Q2 25 | 0.16× | 2.02× | ||
| Q1 25 | 1.05× | 2.07× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 1.80× | 1.77× | ||
| Q2 24 | 1.16× | 2.15× |
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
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
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% |
