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Public Service Enterprise Group（PEG）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
Public Service Enterprise Group的季度营收约是Waste Connections, Inc.的1.2倍（$2.9B vs $2.4B），Waste Connections, Inc.净利率更高（10.9% vs 10.8%，领先0.1%），Public Service Enterprise Group同比增速更快（18.3% vs 5.0%），Waste Connections, Inc.自由现金流更多（$172.6M vs $-408.0M），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% vs 2.8%）
PSEG（Public Service Enterprise Group）是一家公开上市的能源企业，1985年正式成立，发展渊源可追溯至1903年，自创立以来总部始终位于美国新泽西州纽瓦克市，深耕能源领域多年，在北美能源市场拥有稳定的行业地位与市场份额。
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。
PEG vs WCN — 直观对比
营收规模更大
PEG
是对方的1.2倍
$2.4B
营收增速更快
PEG
高出13.3%
5.0%
净利率更高
WCN
高出0.1%
10.8%
自由现金流更多
WCN
多$580.6M
$-408.0M
两年增速更快
WCN
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $2.4B |
| 净利润 | $315.0M | $258.5M |
| 毛利率 | — | 42.5% |
| 营业利润率 | 17.5% | 17.7% |
| 净利率 | 10.8% | 10.9% |
| 营收同比 | 18.3% | 5.0% |
| 净利润同比 | 10.1% | 231.9% |
| 每股收益（稀释后） | $0.63 | $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PEGWCN
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $3.2B | $2.5B | ||
| Q2 25 | $2.8B | $2.4B | ||
| Q1 25 | $3.2B | $2.2B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.6B | $2.3B | ||
| Q2 24 | $2.4B | $2.2B | ||
| Q1 24 | $2.8B | $2.1B |
净利润PEGWCN
| Q4 25 | $315.0M | $258.5M | ||
| Q3 25 | $622.0M | $286.3M | ||
| Q2 25 | $585.0M | $290.3M | ||
| Q1 25 | $589.0M | $241.5M | ||
| Q4 24 | $286.0M | $-196.0M | ||
| Q3 24 | $520.0M | $308.0M | ||
| Q2 24 | $434.0M | $275.5M | ||
| Q1 24 | $532.0M | $230.1M |
毛利率PEGWCN
| Q4 25 | — | 42.5% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 42.1% | ||
| Q1 24 | — | 41.1% |
营业利润率PEGWCN
| Q4 25 | 17.5% | 17.7% | ||
| Q3 25 | 26.5% | 17.9% | ||
| Q2 25 | 29.1% | 19.1% | ||
| Q1 25 | 24.7% | 17.5% | ||
| Q4 24 | 18.1% | -8.8% | ||
| Q3 24 | 24.3% | 20.3% | ||
| Q2 24 | 24.0% | 18.9% | ||
| Q1 24 | 24.8% | 17.7% |
净利率PEGWCN
| Q4 25 | 10.8% | 10.9% | ||
| Q3 25 | 19.3% | 11.6% | ||
| Q2 25 | 20.9% | 12.1% | ||
| Q1 25 | 18.3% | 10.8% | ||
| Q4 24 | 11.6% | -8.7% | ||
| Q3 24 | 19.7% | 13.2% | ||
| Q2 24 | 17.9% | 12.3% | ||
| Q1 24 | 19.3% | 11.1% |
每股收益（稀释后）PEGWCN
| Q4 25 | $0.63 | $1.01 | ||
| Q3 25 | $1.24 | $1.11 | ||
| Q2 25 | $1.17 | $1.12 | ||
| Q1 25 | $1.18 | $0.93 | ||
| Q4 24 | $0.57 | $-0.76 | ||
| Q3 24 | $1.04 | $1.19 | ||
| Q2 24 | $0.87 | $1.07 | ||
| Q1 24 | $1.06 | $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 | $132.0M | $46.0M |
| 总债务越低越好 | $22.5B | $8.8B |
| 股东权益账面价值 | $17.0B | $8.2B |
| 总资产 | $57.6B | $21.1B |
| 负债/权益比越低杠杆越低 | 1.33× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资PEGWCN
| Q4 25 | $132.0M | $46.0M | ||
| Q3 25 | $334.0M | $117.6M | ||
| Q2 25 | $186.0M | $110.2M | ||
| Q1 25 | $894.0M | $111.2M | ||
| Q4 24 | $125.0M | $62.4M | ||
| Q3 24 | $203.0M | $115.3M | ||
| Q2 24 | $113.0M | $78.7M | ||
| Q1 24 | $1.2B | $112.0M |
总债务PEGWCN
| Q4 25 | $22.5B | $8.8B | ||
| Q3 25 | $22.5B | $8.6B | ||
| Q2 25 | $22.6B | $8.3B | ||
| Q1 25 | $23.0B | $8.4B | ||
| Q4 24 | $21.1B | $8.1B | ||
| Q3 24 | $21.4B | $8.2B | ||
| Q2 24 | $20.5B | $7.7B | ||
| Q1 24 | $21.3B | $7.8B |
股东权益PEGWCN
| Q4 25 | $17.0B | $8.2B | ||
| Q3 25 | $17.0B | $8.1B | ||
| Q2 25 | $16.7B | $8.4B | ||
| Q1 25 | $16.4B | $8.0B | ||
| Q4 24 | $16.1B | $7.9B | ||
| Q3 24 | $16.1B | $8.3B | ||
| Q2 24 | $15.8B | $8.0B | ||
| Q1 24 | $15.7B | $7.8B |
总资产PEGWCN
| Q4 25 | $57.6B | $21.1B | ||
| Q3 25 | $56.9B | $20.8B | ||
| Q2 25 | $56.0B | $20.7B | ||
| Q1 25 | $55.6B | $20.3B | ||
| Q4 24 | $54.6B | $19.8B | ||
| Q3 24 | $54.1B | $20.1B | ||
| Q2 24 | $52.4B | $19.3B | ||
| Q1 24 | $52.4B | $19.1B |
负债/权益比PEGWCN
| Q4 25 | 1.33× | 1.07× | ||
| Q3 25 | 1.33× | 1.07× | ||
| Q2 25 | 1.36× | 1.00× | ||
| Q1 25 | 1.40× | 1.05× | ||
| Q4 24 | 1.31× | 1.03× | ||
| Q3 24 | 1.33× | 0.99× | ||
| Q2 24 | 1.30× | 0.96× | ||
| Q1 24 | 1.35× | 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 | $721.0M | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $-408.0M | $172.6M |
| 自由现金流率自由现金流/营收 | -14.0% | 7.3% |
| 资本支出强度资本支出/营收 | 38.7% | 16.2% |
| 现金转化率经营现金流/净利润 | 2.29× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $26.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流PEGWCN
| Q4 25 | $721.0M | $556.9M | ||
| Q3 25 | $1.1B | $677.4M | ||
| Q2 25 | $478.0M | $638.2M | ||
| Q1 25 | $1.0B | $541.5M | ||
| Q4 24 | $367.0M | $568.9M | ||
| Q3 24 | $623.0M | $558.3M | ||
| Q2 24 | $482.0M | $611.4M | ||
| Q1 24 | $661.0M | $490.3M |
自由现金流PEGWCN
| Q4 25 | $-408.0M | $172.6M | ||
| Q3 25 | $322.0M | $380.3M | ||
| Q2 25 | $-309.0M | $352.9M | ||
| Q1 25 | $421.0M | $329.1M | ||
| Q4 24 | $-611.0M | $172.2M | ||
| Q3 24 | $-145.0M | $286.2M | ||
| Q2 24 | $-355.0M | $394.2M | ||
| Q1 24 | $-136.0M | $320.4M |
自由现金流率PEGWCN
| Q4 25 | -14.0% | 7.3% | ||
| Q3 25 | 10.0% | 15.5% | ||
| Q2 25 | -11.0% | 14.7% | ||
| Q1 25 | 13.1% | 14.8% | ||
| Q4 24 | -24.8% | 7.6% | ||
| Q3 24 | -5.5% | 12.2% | ||
| Q2 24 | -14.7% | 17.5% | ||
| Q1 24 | -4.9% | 15.5% |
资本支出强度PEGWCN
| Q4 25 | 38.7% | 16.2% | ||
| Q3 25 | 22.6% | 12.1% | ||
| Q2 25 | 28.1% | 11.9% | ||
| Q1 25 | 19.5% | 9.5% | ||
| Q4 24 | 39.7% | 17.6% | ||
| Q3 24 | 29.1% | 11.6% | ||
| Q2 24 | 34.5% | 9.7% | ||
| Q1 24 | 28.9% | 8.2% |
现金转化率PEGWCN
| Q4 25 | 2.29× | 2.15× | ||
| Q3 25 | 1.69× | 2.37× | ||
| Q2 25 | 0.82× | 2.20× | ||
| Q1 25 | 1.78× | 2.24× | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.20× | 1.81× | ||
| Q2 24 | 1.11× | 2.22× | ||
| Q1 24 | 1.24× | 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
PEG
| PSEG Power Other | $1.1B | 37% |
| Electric Distribution Contracts | $929.0M | 32% |
| Gas Distribution Contracts | $840.0M | 29% |
| Other | $71.0M | 2% |
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% |
