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PENN Entertainment, Inc.（PENN）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PENN Entertainment, Inc.的1.3倍（$2.4B vs $1.8B），Waste Connections, Inc.净利率更高（10.9% vs -0.2%，领先11.0%），PENN Entertainment, Inc.同比增速更快（6.4% vs 5.0%），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% vs 3.4%）
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
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。
PENN vs WCN — 直观对比
营收规模更大
WCN
是对方的1.3倍
$1.8B
营收增速更快
PENN
高出1.4%
5.0%
净利率更高
WCN
高出11.0%
-0.2%
两年增速更快
WCN
近两年复合增速
3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.4B |
| 净利润 | $-2.8M | $258.5M |
| 毛利率 | — | 42.5% |
| 营业利润率 | 5.5% | 17.7% |
| 净利率 | -0.2% | 10.9% |
| 营收同比 | 6.4% | 5.0% |
| 净利润同比 | 66.7% | 231.9% |
| 每股收益（稀释后） | $-0.02 | $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PENNWCN
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.7B | $2.2B |
净利润PENNWCN
| Q1 26 | $-2.8M | — | ||
| Q4 25 | $-72.9M | $258.5M | ||
| Q3 25 | $-864.6M | $286.3M | ||
| Q2 25 | $-17.4M | $290.3M | ||
| Q1 25 | $111.8M | $241.5M | ||
| Q4 24 | $-133.3M | $-196.0M | ||
| Q3 24 | $-36.7M | $308.0M | ||
| Q2 24 | $-26.8M | $275.5M |
毛利率PENNWCN
| Q1 26 | — | — | ||
| 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% |
营业利润率PENNWCN
| Q1 26 | 5.5% | — | ||
| Q4 25 | -1.0% | 17.7% | ||
| Q3 25 | -45.2% | 17.9% | ||
| Q2 25 | 4.4% | 19.1% | ||
| Q1 25 | 2.6% | 17.5% | ||
| Q4 24 | -2.9% | -8.8% | ||
| Q3 24 | 4.1% | 20.3% | ||
| Q2 24 | 4.5% | 18.9% |
净利率PENNWCN
| Q1 26 | -0.2% | — | ||
| Q4 25 | -4.0% | 10.9% | ||
| Q3 25 | -50.3% | 11.6% | ||
| Q2 25 | -1.0% | 12.1% | ||
| Q1 25 | 6.7% | 10.8% | ||
| Q4 24 | -8.0% | -8.7% | ||
| Q3 24 | -2.2% | 13.2% | ||
| Q2 24 | -1.6% | 12.3% |
每股收益（稀释后）PENNWCN
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $-0.36 | $1.01 | ||
| Q3 25 | $-6.03 | $1.11 | ||
| Q2 25 | $-0.12 | $1.12 | ||
| Q1 25 | $0.68 | $0.93 | ||
| Q4 24 | $-0.87 | $-0.76 | ||
| Q3 24 | $-0.24 | $1.19 | ||
| Q2 24 | $-0.18 | $1.07 |
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 | $708.0M | $46.0M |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | — | $8.2B |
| 总资产 | — | $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PENNWCN
| Q1 26 | $708.0M | — | ||
| Q4 25 | $686.6M | $46.0M | ||
| Q3 25 | $660.1M | $117.6M | ||
| Q2 25 | $671.6M | $110.2M | ||
| Q1 25 | $591.6M | $111.2M | ||
| Q4 24 | $706.6M | $62.4M | ||
| Q3 24 | $834.0M | $115.3M | ||
| Q2 24 | $877.6M | $78.7M |
总债务PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $8.8B | ||
| Q3 25 | $2.9B | $8.6B | ||
| Q2 25 | $2.8B | $8.3B | ||
| Q1 25 | $2.6B | $8.4B | ||
| Q4 24 | $2.8B | $8.1B | ||
| Q3 24 | $2.8B | $8.2B | ||
| Q2 24 | $2.8B | $7.7B |
股东权益PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $8.2B | ||
| Q3 25 | $2.0B | $8.1B | ||
| Q2 25 | $3.0B | $8.4B | ||
| Q1 25 | $3.0B | $8.0B | ||
| Q4 24 | $2.9B | $7.9B | ||
| Q3 24 | $3.1B | $8.3B | ||
| Q2 24 | $3.1B | $8.0B |
总资产PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | $14.3B | $21.1B | ||
| Q3 25 | $14.3B | $20.8B | ||
| Q2 25 | $15.2B | $20.7B | ||
| Q1 25 | $15.1B | $20.3B | ||
| Q4 24 | $15.3B | $19.8B | ||
| Q3 24 | $15.5B | $20.1B | ||
| Q2 24 | $15.5B | $19.3B |
负债/权益比PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | 1.07× | ||
| Q3 25 | 1.46× | 1.07× | ||
| Q2 25 | 0.94× | 1.00× | ||
| Q1 25 | 0.89× | 1.05× | ||
| Q4 24 | 0.98× | 1.03× | ||
| Q3 24 | 0.91× | 0.99× | ||
| Q2 24 | 0.91× | 0.96× |
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 | — | $556.9M |
| 自由现金流经营现金流 - 资本支出 | — | $172.6M |
| 自由现金流率自由现金流/营收 | — | 7.3% |
| 资本支出强度资本支出/营收 | 5.3% | 16.2% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | $107.2M | $556.9M | ||
| Q3 25 | $180.9M | $677.4M | ||
| Q2 25 | $178.2M | $638.2M | ||
| Q1 25 | $41.9M | $541.5M | ||
| Q4 24 | $102.9M | $568.9M | ||
| Q3 24 | $174.7M | $558.3M | ||
| Q2 24 | $150.4M | $611.4M |
自由现金流PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | $-83.2M | $172.6M | ||
| Q3 25 | $8.2M | $380.3M | ||
| Q2 25 | $18.8M | $352.9M | ||
| Q1 25 | $-83.3M | $329.1M | ||
| Q4 24 | $-118.1M | $172.2M | ||
| Q3 24 | $42.6M | $286.2M | ||
| Q2 24 | $62.2M | $394.2M |
自由现金流率PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | -4.6% | 7.3% | ||
| Q3 25 | 0.5% | 15.5% | ||
| Q2 25 | 1.1% | 14.7% | ||
| Q1 25 | -5.0% | 14.8% | ||
| Q4 24 | -7.1% | 7.6% | ||
| Q3 24 | 2.6% | 12.2% | ||
| Q2 24 | 3.7% | 17.5% |
资本支出强度PENNWCN
| Q1 26 | 5.3% | — | ||
| Q4 25 | 10.5% | 16.2% | ||
| Q3 25 | 10.1% | 12.1% | ||
| Q2 25 | 9.0% | 11.9% | ||
| Q1 25 | 7.5% | 9.5% | ||
| Q4 24 | 13.2% | 17.6% | ||
| Q3 24 | 8.1% | 11.6% | ||
| Q2 24 | 5.3% | 9.7% |
现金转化率PENNWCN
| Q1 26 | — | — | ||
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 2.20× | ||
| Q1 25 | 0.37× | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 2.22× |
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
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
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% |
