vs
Republic Services（RSG）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
德事隆的季度营收约是Republic Services的1.0倍（$4.2B vs $4.1B），Republic Services净利率更高（13.2% vs 5.6%，领先7.5%），德事隆同比增速更快（15.6% vs 2.2%），德事隆自由现金流更多（$527.0M vs $404.0M），过去两年德事隆的营收复合增速更高（15.4% vs 3.5%）
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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
RSG vs TXT — 直观对比
营收规模更大
TXT
是对方的1.0倍
$4.1B
营收增速更快
TXT
高出13.4%
2.2%
净利率更高
RSG
高出7.5%
5.6%
自由现金流更多
TXT
多$123.0M
$404.0M
两年增速更快
TXT
近两年复合增速
3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $4.2B |
| 净利润 | $544.7M | $235.0M |
| 毛利率 | 41.9% | — |
| 营业利润率 | 19.4% | — |
| 净利率 | 13.2% | 5.6% |
| 营收同比 | 2.2% | 15.6% |
| 净利润同比 | 6.3% | 66.7% |
| 每股收益（稀释后） | $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RSGTXT
| Q4 25 | $4.1B | $4.2B | ||
| Q3 25 | $4.2B | $3.6B | ||
| Q2 25 | $4.2B | $3.7B | ||
| Q1 25 | $4.0B | $3.3B | ||
| Q4 24 | $4.0B | $3.6B | ||
| Q3 24 | $4.1B | $3.4B | ||
| Q2 24 | $4.0B | $3.5B | ||
| Q1 24 | $3.9B | $3.1B |
净利润RSGTXT
| Q4 25 | $544.7M | $235.0M | ||
| Q3 25 | $549.7M | $234.0M | ||
| Q2 25 | $549.9M | $245.0M | ||
| Q1 25 | $495.0M | $207.0M | ||
| Q4 24 | $512.2M | $141.0M | ||
| Q3 24 | $565.7M | $223.0M | ||
| Q2 24 | $511.5M | $259.0M | ||
| Q1 24 | $453.8M | $201.0M |
毛利率RSGTXT
| Q4 25 | 41.9% | — | ||
| Q3 25 | 41.5% | — | ||
| Q2 25 | 42.2% | — | ||
| Q1 25 | 42.3% | — | ||
| Q4 24 | 42.7% | — | ||
| Q3 24 | 41.9% | — | ||
| Q2 24 | 41.1% | — | ||
| Q1 24 | 40.9% | — |
营业利润率RSGTXT
| Q4 25 | 19.4% | — | ||
| Q3 25 | 19.8% | — | ||
| Q2 25 | 20.3% | — | ||
| Q1 25 | 20.1% | — | ||
| Q4 24 | 19.9% | 3.6% | ||
| Q3 24 | 20.8% | 7.4% | ||
| Q2 24 | 20.1% | 9.2% | ||
| Q1 24 | 19.0% | 7.6% |
净利率RSGTXT
| Q4 25 | 13.2% | 5.6% | ||
| Q3 25 | 13.1% | 6.5% | ||
| Q2 25 | 13.0% | 6.6% | ||
| Q1 25 | 12.3% | 6.3% | ||
| Q4 24 | 12.7% | 3.9% | ||
| Q3 24 | 13.9% | 6.5% | ||
| Q2 24 | 12.6% | 7.3% | ||
| Q1 24 | 11.8% | 6.4% |
每股收益（稀释后）RSGTXT
| Q4 25 | $1.76 | — | ||
| Q3 25 | $1.76 | — | ||
| Q2 25 | $1.75 | — | ||
| Q1 25 | $1.58 | $1.13 | ||
| Q4 24 | $1.63 | — | ||
| Q3 24 | $1.80 | — | ||
| Q2 24 | $1.62 | — | ||
| Q1 24 | $1.44 | $1.03 |
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 | $76.0M | — |
| 总债务越低越好 | $13.0B | — |
| 股东权益账面价值 | $12.0B | — |
| 总资产 | $34.4B | — |
| 负债/权益比越低杠杆越低 | 1.08× | — |
8季度趋势，按日历期对齐
现金及短期投资RSGTXT
| Q4 25 | $76.0M | — | ||
| Q3 25 | $84.0M | — | ||
| Q2 25 | $122.0M | — | ||
| Q1 25 | $83.0M | — | ||
| Q4 24 | $74.0M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $490.6M | — | ||
| Q1 24 | $91.6M | — |
总债务RSGTXT
| Q4 25 | $13.0B | — | ||
| Q3 25 | $12.4B | — | ||
| Q2 25 | $12.5B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $11.9B | — | ||
| Q3 24 | $12.0B | — | ||
| Q2 24 | $11.5B | — | ||
| Q1 24 | $11.4B | — |
股东权益RSGTXT
| Q4 25 | $12.0B | — | ||
| Q3 25 | $11.9B | $7.5B | ||
| Q2 25 | $12.1B | $7.4B | ||
| Q1 25 | $11.7B | $7.3B | ||
| Q4 24 | $11.4B | $7.2B | ||
| Q3 24 | $11.2B | $7.0B | ||
| Q2 24 | $11.0B | $6.9B | ||
| Q1 24 | $10.8B | $6.9B |
总资产RSGTXT
| Q4 25 | $34.4B | — | ||
| Q3 25 | $33.8B | $17.4B | ||
| Q2 25 | $33.4B | $17.1B | ||
| Q1 25 | $33.1B | $16.9B | ||
| Q4 24 | $32.4B | $16.8B | ||
| Q3 24 | $31.8B | $16.5B | ||
| Q2 24 | $31.9B | $16.4B | ||
| Q1 24 | $31.4B | $16.4B |
负债/权益比RSGTXT
| Q4 25 | 1.08× | — | ||
| Q3 25 | 1.04× | — | ||
| Q2 25 | 1.04× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.04× | — | ||
| Q3 24 | 1.07× | — | ||
| Q2 24 | 1.05× | — | ||
| Q1 24 | 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 | $981.0M | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $404.0M | $527.0M |
| 自由现金流率自由现金流/营收 | 9.8% | 12.6% |
| 资本支出强度资本支出/营收 | 14.0% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.80× | 2.98× |
| 过去12个月自由现金流最近4个季度 | $2.4B | $929.0M |
8季度趋势，按日历期对齐
经营现金流RSGTXT
| Q4 25 | $981.0M | $700.0M | ||
| Q3 25 | $1.2B | $349.0M | ||
| Q2 25 | $1.1B | $387.0M | ||
| Q1 25 | $1.0B | $-124.0M | ||
| Q4 24 | $1.0B | $446.0M | ||
| Q3 24 | $1.0B | $208.0M | ||
| Q2 24 | $1.1B | $367.0M | ||
| Q1 24 | $811.5M | $-7.0M |
自由现金流RSGTXT
| Q4 25 | $404.0M | $527.0M | ||
| Q3 25 | $737.0M | $273.0M | ||
| Q2 25 | $702.0M | $309.0M | ||
| Q1 25 | $566.0M | $-180.0M | ||
| Q4 24 | $524.4M | $293.0M | ||
| Q3 24 | $563.6M | $137.0M | ||
| Q2 24 | $696.0M | $293.0M | ||
| Q1 24 | $297.0M | $-73.0M |
自由现金流率RSGTXT
| Q4 25 | 9.8% | 12.6% | ||
| Q3 25 | 17.5% | 7.6% | ||
| Q2 25 | 16.6% | 8.3% | ||
| Q1 25 | 14.1% | -5.4% | ||
| Q4 24 | 13.0% | 8.1% | ||
| Q3 24 | 13.8% | 4.0% | ||
| Q2 24 | 17.2% | 8.3% | ||
| Q1 24 | 7.7% | -2.3% |
资本支出强度RSGTXT
| Q4 25 | 14.0% | 4.1% | ||
| Q3 25 | 10.5% | 2.1% | ||
| Q2 25 | 9.6% | 2.1% | ||
| Q1 25 | 11.4% | 1.7% | ||
| Q4 24 | 12.3% | 4.2% | ||
| Q3 24 | 10.8% | 2.1% | ||
| Q2 24 | 10.0% | 2.1% | ||
| Q1 24 | 13.3% | 2.1% |
现金转化率RSGTXT
| Q4 25 | 1.80× | 2.98× | ||
| Q3 25 | 2.15× | 1.49× | ||
| Q2 25 | 2.02× | 1.58× | ||
| Q1 25 | 2.07× | -0.60× | ||
| Q4 24 | 2.00× | 3.16× | ||
| Q3 24 | 1.77× | 0.93× | ||
| Q2 24 | 2.15× | 1.42× | ||
| Q1 24 | 1.79× | -0.03× |
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
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
