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SELECTIVE INSURANCE GROUP INC（SIGI）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SELECTIVE INSURANCE GROUP INC的1.7倍（$2.4B vs $1.4B），Waste Connections, Inc.净利率更高（10.9% vs 7.2%，领先3.7%），SELECTIVE INSURANCE GROUP INC同比增速更快（5.7% vs 5.0%），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% vs 6.6%）
Selective保险集团是总部位于美国的保险控股企业，提供财产险、意外伤害险等多元保险产品，涵盖个人车险、住宅险、商业财产险、责任险、工伤补偿险等品类，主要服务美国境内的中小型企业、个人消费者及非营利组织，通过独立保险代理网络分销。
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。
SIGI vs WCN — 直观对比
营收规模更大
WCN
是对方的1.7倍
$1.4B
营收增速更快
SIGI
高出0.7%
5.0%
净利率更高
WCN
高出3.7%
7.2%
两年增速更快
WCN
近两年复合增速
6.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.4B |
| 净利润 | $97.7M | $258.5M |
| 毛利率 | — | 42.5% |
| 营业利润率 | — | 17.7% |
| 净利率 | 7.2% | 10.9% |
| 营收同比 | 5.7% | 5.0% |
| 净利润同比 | -37.0% | 231.9% |
| 每股收益（稀释后） | $1.58 | $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SIGIWCN
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.2B | $2.2B |
净利润SIGIWCN
| Q1 26 | $97.7M | — | ||
| Q4 25 | $155.2M | $258.5M | ||
| Q3 25 | $115.3M | $286.3M | ||
| Q2 25 | $85.9M | $290.3M | ||
| Q1 25 | $109.9M | $241.5M | ||
| Q4 24 | $95.5M | $-196.0M | ||
| Q3 24 | $92.3M | $308.0M | ||
| Q2 24 | $-63.3M | $275.5M |
毛利率SIGIWCN
| 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SIGIWCN
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 17.7% | ||
| Q3 25 | 10.7% | 17.9% | ||
| Q2 25 | 8.2% | 19.1% | ||
| Q1 25 | 10.8% | 17.5% | ||
| Q4 24 | 9.5% | -8.8% | ||
| Q3 24 | 9.4% | 20.3% | ||
| Q2 24 | -6.7% | 18.9% |
净利率SIGIWCN
| Q1 26 | 7.2% | — | ||
| Q4 25 | 11.4% | 10.9% | ||
| Q3 25 | 8.5% | 11.6% | ||
| Q2 25 | 6.5% | 12.1% | ||
| Q1 25 | 8.6% | 10.8% | ||
| Q4 24 | 7.6% | -8.7% | ||
| Q3 24 | 7.4% | 13.2% | ||
| Q2 24 | -5.3% | 12.3% |
每股收益（稀释后）SIGIWCN
| Q1 26 | $1.58 | — | ||
| Q4 25 | $2.52 | $1.01 | ||
| Q3 25 | $1.85 | $1.11 | ||
| Q2 25 | $1.36 | $1.12 | ||
| Q1 25 | $1.76 | $0.93 | ||
| Q4 24 | $1.53 | $-0.76 | ||
| Q3 24 | $1.47 | $1.19 | ||
| Q2 24 | $-1.08 | $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 | $451.8M | $46.0M |
| 总债务越低越好 | $901.4M | $8.8B |
| 股东权益账面价值 | $3.6B | $8.2B |
| 总资产 | $15.3B | $21.1B |
| 负债/权益比越低杠杆越低 | 0.25× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资SIGIWCN
| Q1 26 | $451.8M | — | ||
| Q4 25 | — | $46.0M | ||
| Q3 25 | — | $117.6M | ||
| Q2 25 | — | $110.2M | ||
| Q1 25 | — | $111.2M | ||
| Q4 24 | — | $62.4M | ||
| Q3 24 | — | $115.3M | ||
| Q2 24 | — | $78.7M |
总债务SIGIWCN
| Q1 26 | $901.4M | — | ||
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $8.6B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | $507.9M | $8.1B | ||
| Q3 24 | $508.2M | $8.2B | ||
| Q2 24 | $508.8M | $7.7B |
股东权益SIGIWCN
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $8.2B | ||
| Q3 25 | $3.5B | $8.1B | ||
| Q2 25 | $3.4B | $8.4B | ||
| Q1 25 | $3.3B | $8.0B | ||
| Q4 24 | $3.1B | $7.9B | ||
| Q3 24 | $3.2B | $8.3B | ||
| Q2 24 | $2.9B | $8.0B |
总资产SIGIWCN
| Q1 26 | $15.3B | — | ||
| Q4 25 | $15.2B | $21.1B | ||
| Q3 25 | $15.0B | $20.8B | ||
| Q2 25 | $14.5B | $20.7B | ||
| Q1 25 | $14.2B | $20.3B | ||
| Q4 24 | $13.5B | $19.8B | ||
| Q3 24 | $13.5B | $20.1B | ||
| Q2 24 | $12.6B | $19.3B |
负债/权益比SIGIWCN
| Q1 26 | 0.25× | — | ||
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 0.16× | 1.03× | ||
| Q3 24 | 0.16× | 0.99× | ||
| Q2 24 | 0.17× | 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 | — | 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SIGIWCN
| Q1 26 | — | — | ||
| Q4 25 | $376.3M | $556.9M | ||
| Q3 25 | $405.8M | $677.4M | ||
| Q2 25 | $166.9M | $638.2M | ||
| Q1 25 | $284.0M | $541.5M | ||
| Q4 24 | $332.2M | $568.9M | ||
| Q3 24 | $387.4M | $558.3M | ||
| Q2 24 | $266.1M | $611.4M |
自由现金流SIGIWCN
| Q1 26 | — | — | ||
| Q4 25 | $366.3M | $172.6M | ||
| Q3 25 | $397.3M | $380.3M | ||
| Q2 25 | $159.7M | $352.9M | ||
| Q1 25 | $271.0M | $329.1M | ||
| Q4 24 | $324.7M | $172.2M | ||
| Q3 24 | $378.0M | $286.2M | ||
| Q2 24 | $258.4M | $394.2M |
自由现金流率SIGIWCN
| Q1 26 | — | — | ||
| Q4 25 | 26.8% | 7.3% | ||
| Q3 25 | 29.2% | 15.5% | ||
| Q2 25 | 12.0% | 14.7% | ||
| Q1 25 | 21.1% | 14.8% | ||
| Q4 24 | 25.8% | 7.6% | ||
| Q3 24 | 30.4% | 12.2% | ||
| Q2 24 | 21.6% | 17.5% |
资本支出强度SIGIWCN
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | 16.2% | ||
| Q3 25 | 0.6% | 12.1% | ||
| Q2 25 | 0.5% | 11.9% | ||
| Q1 25 | 1.0% | 9.5% | ||
| Q4 24 | 0.6% | 17.6% | ||
| Q3 24 | 0.8% | 11.6% | ||
| Q2 24 | 0.6% | 9.7% |
现金转化率SIGIWCN
| Q1 26 | — | — | ||
| Q4 25 | 2.42× | 2.15× | ||
| Q3 25 | 3.52× | 2.37× | ||
| Q2 25 | 1.94× | 2.20× | ||
| Q1 25 | 2.58× | 2.24× | ||
| Q4 24 | 3.48× | — | ||
| Q3 24 | 4.20× | 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
SIGI
暂无分部数据
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% |
