vs
摩森康胜饮品公司（TAP）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
摩森康胜饮品公司的季度营收约是Waste Connections, Inc.的1.3倍（$3.1B vs $2.4B），Waste Connections, Inc.净利率更高（10.9% vs 7.6%，领先3.3%），Waste Connections, Inc.同比增速更快（5.0% vs -3.6%），摩森康胜饮品公司自由现金流更多（$357.8M vs $172.6M），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% vs 1.2%）
摩森康胜饮品公司是一家美加合资的跨国饮料酿造企业，旗下拥有多款知名酒精及非酒精饮品产品线，业务覆盖全球多个国家和地区，目前在伊利诺伊州芝加哥与魁北克省蒙特利尔设有双总部。
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。
TAP vs WCN — 直观对比
营收规模更大
TAP
是对方的1.3倍
$2.4B
营收增速更快
WCN
高出8.6%
-3.6%
净利率更高
WCN
高出3.3%
7.6%
自由现金流更多
TAP
多$185.2M
$172.6M
两年增速更快
WCN
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $2.4B |
| 净利润 | $238.3M | $258.5M |
| 毛利率 | 31.0% | 42.5% |
| 营业利润率 | 10.4% | 17.7% |
| 净利率 | 7.6% | 10.9% |
| 营收同比 | -3.6% | 5.0% |
| 净利润同比 | -17.2% | 231.9% |
| 每股收益（稀释后） | $1.32 | $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TAPWCN
| Q4 25 | $3.1B | $2.4B | ||
| Q3 25 | $3.5B | $2.5B | ||
| Q2 25 | $3.7B | $2.4B | ||
| Q1 25 | $2.7B | $2.2B | ||
| Q4 24 | $3.2B | $2.3B | ||
| Q3 24 | $3.6B | $2.3B | ||
| Q2 24 | $3.8B | $2.2B | ||
| Q1 24 | $3.0B | $2.1B |
净利润TAPWCN
| Q4 25 | $238.3M | $258.5M | ||
| Q3 25 | $-2.9B | $286.3M | ||
| Q2 25 | $428.7M | $290.3M | ||
| Q1 25 | $121.0M | $241.5M | ||
| Q4 24 | $287.8M | $-196.0M | ||
| Q3 24 | $199.8M | $308.0M | ||
| Q2 24 | $427.0M | $275.5M | ||
| Q1 24 | $207.8M | $230.1M |
毛利率TAPWCN
| Q4 25 | 31.0% | 42.5% | ||
| Q3 25 | 33.7% | 42.8% | ||
| Q2 25 | 34.3% | 42.1% | ||
| Q1 25 | 31.6% | 42.0% | ||
| Q4 24 | 32.0% | 41.4% | ||
| Q3 24 | 33.4% | 42.5% | ||
| Q2 24 | 34.6% | 42.1% | ||
| Q1 24 | 31.6% | 41.1% |
营业利润率TAPWCN
| Q4 25 | 10.4% | 17.7% | ||
| Q3 25 | -98.5% | 17.9% | ||
| Q2 25 | 15.6% | 19.1% | ||
| Q1 25 | 6.9% | 17.5% | ||
| Q4 24 | 12.0% | -8.8% | ||
| Q3 24 | 12.5% | 20.3% | ||
| Q2 24 | 15.6% | 18.9% | ||
| Q1 24 | 10.3% | 17.7% |
净利率TAPWCN
| Q4 25 | 7.6% | 10.9% | ||
| Q3 25 | -84.0% | 11.6% | ||
| Q2 25 | 11.5% | 12.1% | ||
| Q1 25 | 4.5% | 10.8% | ||
| Q4 24 | 8.9% | -8.7% | ||
| Q3 24 | 5.5% | 13.2% | ||
| Q2 24 | 11.1% | 12.3% | ||
| Q1 24 | 6.8% | 11.1% |
每股收益（稀释后）TAPWCN
| Q4 25 | $1.32 | $1.01 | ||
| Q3 25 | $-14.79 | $1.11 | ||
| Q2 25 | $2.13 | $1.12 | ||
| Q1 25 | $0.59 | $0.93 | ||
| Q4 24 | $1.39 | $-0.76 | ||
| Q3 24 | $0.96 | $1.19 | ||
| Q2 24 | $2.03 | $1.07 | ||
| Q1 24 | $0.97 | $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 | $896.5M | $46.0M |
| 总债务越低越好 | $6.3B | $8.8B |
| 股东权益账面价值 | $10.2B | $8.2B |
| 总资产 | $22.7B | $21.1B |
| 负债/权益比越低杠杆越低 | 0.61× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资TAPWCN
| Q4 25 | $896.5M | $46.0M | ||
| Q3 25 | $950.2M | $117.6M | ||
| Q2 25 | $613.8M | $110.2M | ||
| Q1 25 | $412.7M | $111.2M | ||
| Q4 24 | $969.3M | $62.4M | ||
| Q3 24 | $1.0B | $115.3M | ||
| Q2 24 | $1.6B | $78.7M | ||
| Q1 24 | $458.4M | $112.0M |
总债务TAPWCN
| Q4 25 | $6.3B | $8.8B | ||
| Q3 25 | $6.3B | $8.6B | ||
| Q2 25 | $6.3B | $8.3B | ||
| Q1 25 | $6.2B | $8.4B | ||
| Q4 24 | $6.1B | $8.1B | ||
| Q3 24 | $6.2B | $8.2B | ||
| Q2 24 | $7.0B | $7.7B | ||
| Q1 24 | $6.2B | $7.8B |
股东权益TAPWCN
| Q4 25 | $10.2B | $8.2B | ||
| Q3 25 | $10.3B | $8.1B | ||
| Q2 25 | $13.4B | $8.4B | ||
| Q1 25 | $13.1B | $8.0B | ||
| Q4 24 | $13.1B | $7.9B | ||
| Q3 24 | $13.3B | $8.3B | ||
| Q2 24 | $13.2B | $8.0B | ||
| Q1 24 | $13.1B | $7.8B |
总资产TAPWCN
| Q4 25 | $22.7B | $21.1B | ||
| Q3 25 | $22.9B | $20.8B | ||
| Q2 25 | $26.8B | $20.7B | ||
| Q1 25 | $25.9B | $20.3B | ||
| Q4 24 | $26.1B | $19.8B | ||
| Q3 24 | $26.6B | $20.1B | ||
| Q2 24 | $27.4B | $19.3B | ||
| Q1 24 | $26.1B | $19.1B |
负债/权益比TAPWCN
| Q4 25 | 0.61× | 1.07× | ||
| Q3 25 | 0.61× | 1.07× | ||
| Q2 25 | 0.47× | 1.00× | ||
| Q1 25 | 0.47× | 1.05× | ||
| Q4 24 | 0.47× | 1.03× | ||
| Q3 24 | 0.47× | 0.99× | ||
| Q2 24 | 0.53× | 0.96× | ||
| Q1 24 | 0.47× | 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 | $540.7M | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $357.8M | $172.6M |
| 自由现金流率自由现金流/营收 | 11.4% | 7.3% |
| 资本支出强度资本支出/营收 | 5.9% | 16.2% |
| 现金转化率经营现金流/净利润 | 2.27× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流TAPWCN
| Q4 25 | $540.7M | $556.9M | ||
| Q3 25 | $616.1M | $677.4M | ||
| Q2 25 | $718.3M | $638.2M | ||
| Q1 25 | $-90.7M | $541.5M | ||
| Q4 24 | $494.5M | $568.9M | ||
| Q3 24 | $521.2M | $558.3M | ||
| Q2 24 | $869.2M | $611.4M | ||
| Q1 24 | $25.4M | $490.3M |
自由现金流TAPWCN
| Q4 25 | $357.8M | $172.6M | ||
| Q3 25 | $483.0M | $380.3M | ||
| Q2 25 | $555.0M | $352.9M | ||
| Q1 25 | $-328.0M | $329.1M | ||
| Q4 24 | $383.4M | $172.2M | ||
| Q3 24 | $350.4M | $286.2M | ||
| Q2 24 | $691.7M | $394.2M | ||
| Q1 24 | $-189.3M | $320.4M |
自由现金流率TAPWCN
| Q4 25 | 11.4% | 7.3% | ||
| Q3 25 | 13.9% | 15.5% | ||
| Q2 25 | 14.8% | 14.7% | ||
| Q1 25 | -12.2% | 14.8% | ||
| Q4 24 | 11.8% | 7.6% | ||
| Q3 24 | 9.7% | 12.2% | ||
| Q2 24 | 18.0% | 17.5% | ||
| Q1 24 | -6.2% | 15.5% |
资本支出强度TAPWCN
| Q4 25 | 5.9% | 16.2% | ||
| Q3 25 | 3.8% | 12.1% | ||
| Q2 25 | 4.4% | 11.9% | ||
| Q1 25 | 8.8% | 9.5% | ||
| Q4 24 | 3.4% | 17.6% | ||
| Q3 24 | 4.7% | 11.6% | ||
| Q2 24 | 4.6% | 9.7% | ||
| Q1 24 | 7.0% | 8.2% |
现金转化率TAPWCN
| Q4 25 | 2.27× | 2.15× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | 1.68× | 2.20× | ||
| Q1 25 | -0.75× | 2.24× | ||
| Q4 24 | 1.72× | — | ||
| Q3 24 | 2.61× | 1.81× | ||
| Q2 24 | 2.04× | 2.22× | ||
| Q1 24 | 0.12× | 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
TAP
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% |
