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Public Storage（PSA）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Public Storage的2.0倍（$2.4B vs $1.2B），Public Storage净利率更高（41.7% vs 10.9%，领先30.8%），Waste Connections, Inc.同比增速更快（5.0% vs 3.3%），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% vs 2.5%）
Public Storage总部位于美国加利福尼亚州格伦代尔，是主营自助仓储业务的房地产投资信托，也是美国最大的自助仓储服务品牌，持有美国约9%的自助仓储面积。截至2024年12月31日，公司运营3073处自助仓储设施，总可出租净面积达2.21亿平方英尺。
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。
PSA vs WCN — 直观对比
营收规模更大
WCN
是对方的2.0倍
$1.2B
营收增速更快
WCN
高出1.7%
3.3%
净利率更高
PSA
高出30.8%
10.9%
两年增速更快
WCN
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.4B |
| 净利润 | $507.1M | $258.5M |
| 毛利率 | — | 42.5% |
| 营业利润率 | 40.7% | 17.7% |
| 净利率 | 41.7% | 10.9% |
| 营收同比 | 3.3% | 5.0% |
| 净利润同比 | -17.5% | 231.9% |
| 每股收益（稀释后） | $2.59 | $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PSAWCN
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.5B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.2B | $2.2B | ||
| Q1 24 | $1.2B | $2.1B |
净利润PSAWCN
| Q4 25 | $507.1M | $258.5M | ||
| Q3 25 | $511.1M | $286.3M | ||
| Q2 25 | $358.4M | $290.3M | ||
| Q1 25 | $407.8M | $241.5M | ||
| Q4 24 | $614.6M | $-196.0M | ||
| Q3 24 | $430.3M | $308.0M | ||
| Q2 24 | $518.1M | $275.5M | ||
| Q1 24 | $508.9M | $230.1M |
毛利率PSAWCN
| 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PSAWCN
| Q4 25 | 40.7% | 17.7% | ||
| Q3 25 | 42.3% | 17.9% | ||
| Q2 25 | 30.4% | 19.1% | ||
| Q1 25 | 34.8% | 17.5% | ||
| Q4 24 | 52.4% | -8.8% | ||
| Q3 24 | 36.7% | 20.3% | ||
| Q2 24 | 44.6% | 18.9% | ||
| Q1 24 | 44.3% | 17.7% |
净利率PSAWCN
| Q4 25 | 41.7% | 10.9% | ||
| Q3 25 | 41.8% | 11.6% | ||
| Q2 25 | 29.8% | 12.1% | ||
| Q1 25 | 34.5% | 10.8% | ||
| Q4 24 | 52.2% | -8.7% | ||
| Q3 24 | 36.2% | 13.2% | ||
| Q2 24 | 44.2% | 12.3% | ||
| Q1 24 | 44.0% | 11.1% |
每股收益（稀释后）PSAWCN
| Q4 25 | $2.59 | $1.01 | ||
| Q3 25 | $2.62 | $1.11 | ||
| Q2 25 | $1.76 | $1.12 | ||
| Q1 25 | $2.04 | $0.93 | ||
| Q4 24 | $3.22 | $-0.76 | ||
| Q3 24 | $2.16 | $1.19 | ||
| Q2 24 | $2.66 | $1.07 | ||
| Q1 24 | $2.60 | $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 | $318.1M | $46.0M |
| 总债务越低越好 | $10.3B | $8.8B |
| 股东权益账面价值 | $9.2B | $8.2B |
| 总资产 | $20.2B | $21.1B |
| 负债/权益比越低杠杆越低 | 1.11× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资PSAWCN
| Q4 25 | $318.1M | $46.0M | ||
| Q3 25 | $296.5M | $117.6M | ||
| Q2 25 | $1.1B | $110.2M | ||
| Q1 25 | $287.2M | $111.2M | ||
| Q4 24 | $447.4M | $62.4M | ||
| Q3 24 | $599.0M | $115.3M | ||
| Q2 24 | $542.3M | $78.7M | ||
| Q1 24 | $271.6M | $112.0M |
总债务PSAWCN
| Q4 25 | $10.3B | $8.8B | ||
| Q3 25 | $10.0B | $8.6B | ||
| Q2 25 | $10.4B | $8.3B | ||
| Q1 25 | $9.4B | $8.4B | ||
| Q4 24 | $9.4B | $8.1B | ||
| Q3 24 | $9.5B | $8.2B | ||
| Q2 24 | $9.4B | $7.7B | ||
| Q1 24 | $9.1B | $7.8B |
股东权益PSAWCN
| Q4 25 | $9.2B | $8.2B | ||
| Q3 25 | $9.3B | $8.1B | ||
| Q2 25 | $9.4B | $8.4B | ||
| Q1 25 | $9.6B | $8.0B | ||
| Q4 24 | $9.7B | $7.9B | ||
| Q3 24 | $9.6B | $8.3B | ||
| Q2 24 | $9.7B | $8.0B | ||
| Q1 24 | $9.9B | $7.8B |
总资产PSAWCN
| Q4 25 | $20.2B | $21.1B | ||
| Q3 25 | $20.1B | $20.8B | ||
| Q2 25 | $20.5B | $20.7B | ||
| Q1 25 | $19.6B | $20.3B | ||
| Q4 24 | $19.8B | $19.8B | ||
| Q3 24 | $19.8B | $20.1B | ||
| Q2 24 | $19.8B | $19.3B | ||
| Q1 24 | $19.6B | $19.1B |
负债/权益比PSAWCN
| Q4 25 | 1.11× | 1.07× | ||
| Q3 25 | 1.08× | 1.07× | ||
| Q2 25 | 1.11× | 1.00× | ||
| Q1 25 | 0.99× | 1.05× | ||
| Q4 24 | 0.96× | 1.03× | ||
| Q3 24 | 0.99× | 0.99× | ||
| Q2 24 | 0.97× | 0.96× | ||
| Q1 24 | 0.91× | 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 | $733.6M | $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 | — | 16.2% |
| 现金转化率经营现金流/净利润 | 1.45× | 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PSAWCN
| Q4 25 | $733.6M | $556.9M | ||
| Q3 25 | $875.1M | $677.4M | ||
| Q2 25 | $872.7M | $638.2M | ||
| Q1 25 | $705.1M | $541.5M | ||
| Q4 24 | $768.6M | $568.9M | ||
| Q3 24 | $798.8M | $558.3M | ||
| Q2 24 | $895.3M | $611.4M | ||
| Q1 24 | $665.6M | $490.3M |
自由现金流PSAWCN
| Q4 25 | — | $172.6M | ||
| Q3 25 | — | $380.3M | ||
| Q2 25 | — | $352.9M | ||
| Q1 25 | — | $329.1M | ||
| Q4 24 | — | $172.2M | ||
| Q3 24 | — | $286.2M | ||
| Q2 24 | — | $394.2M | ||
| Q1 24 | — | $320.4M |
自由现金流率PSAWCN
| Q4 25 | — | 7.3% | ||
| Q3 25 | — | 15.5% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | — | 14.8% | ||
| Q4 24 | — | 7.6% | ||
| Q3 24 | — | 12.2% | ||
| Q2 24 | — | 17.5% | ||
| Q1 24 | — | 15.5% |
资本支出强度PSAWCN
| Q4 25 | — | 16.2% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 11.9% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 8.2% |
现金转化率PSAWCN
| Q4 25 | 1.45× | 2.15× | ||
| Q3 25 | 1.71× | 2.37× | ||
| Q2 25 | 2.43× | 2.20× | ||
| Q1 25 | 1.73× | 2.24× | ||
| Q4 24 | 1.25× | — | ||
| Q3 24 | 1.86× | 1.81× | ||
| Q2 24 | 1.73× | 2.22× | ||
| Q1 24 | 1.31× | 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
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
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% |
