Waste Management (WM)财务
NYSE · Industrials · Waste Management · 员工60,500人 · CEO James C. Fish Jr.
- 股价
- $233.45 +1.10%
- 市值
- $928亿
- 企业价值
- $1160亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-01-27 EPS预期 $2.07
营收(TTM)$261亿+5.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)18.5%+0.9 百分点 对比去年同期营业利润 $48.2亿
净利润(TTM)$30.7亿+19.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)$37.4亿+55.7% 对比去年同期资本支出 $28.3亿
稀释EPS(TTM)$7.62+20.0% 对比去年同期最近4个季度之和
净现金-$231亿+0.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $928亿 EV $1160亿
- 营收
- $261亿 过去12个月
- 营收增速
- +5% FY2026年一致预期
- 净利润率
- 11.8% 净利润 / 营收,TTM
- P/E
- 30.5× 预期 29.0×(FY2026)
- P/S
- 3.6× 股价 / 营收,TTM
- EV / EBITDA
- 14.6× TTM
- 自由现金流
- $37.4亿 过去12个月
- 净利润
- $30.7亿 过去12个月
- 营收预期
- $265亿 FY2026年一致预期
- 盈利
- 2027-01-27 营收预期 $67.1亿
- 股息
- $3.66 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-27):营收符合预期,EPS 低于预期1.4%营收$68.5亿,预期$68.1亿(+0.5%);EPS $2.15,预期$2.18(-1.4%)。
- 营收增长放缓:同比6.3%Q3 '26营收$68.5亿,此前四个季度的平均值为7.4%。
- 营业利润率18.5%(TTM),较去年同期+0.9 百分点营收增长5.2%,营业利润增长10.3%。
- 税前利润的23.8%被营业外亏损吞噬税前利润$38.9亿,营业利润$48.2亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的10.8%(去年为13.9%)最近4个季度投入$28.3亿(同比-18.2%)。自由现金流$37.4亿,相当于净利润的121.8%。
- 股东回报$30.6亿 = 自由现金流的81.8%回购$15.8亿(去年为$0),股息$14.7亿,股权激励$4100万(TTM)。
- 稀释股数一年内减少1.1%Q3 '26稀释股数4亿,一年前为4.04亿。
- 净债务 $231亿现金 + 短期投资 $2.47亿,含租赁债务 $234亿;一年前净债务 $232亿。
- Renewable Energy Segment:营收+45.2%,利润率22.2%(此前为18.3%)Q3 '26增长最快的披露分部:营收$1.67亿,营业利润$3700万(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $68.5亿 | $64.4亿 | +6.3% |
| 毛利率 | 18.7% | 29.2% | -10.5 百分点 |
| 营业利润 | $12.8亿 | $12.2亿 | +5.2% |
| 营业利润率 | 18.7% | 18.9% | -0.2 百分点 |
| 净利润 | $8.2亿 | $6.03亿 | +36.0% |
| 稀释EPS | $2.05 | $1.49 | +37.6% |
| 经营现金流 | $16.4亿 | $15.9亿 | +3.0% |
| 资本支出 | $6.57亿 | $7.76亿 | -15.3% |
| 自由现金流 | $9.83亿 | $8.16亿 | +20.5% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $4100万 | $0 | – |
实际 vs 一致预期
2026-10-27| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $68.5亿 | $68.1亿 | +0.5% |
| EPS(一致预期口径) | $2.15 | $2.18 | -1.4% |
来自2026-10-27发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Collection and Disposal | $17.4亿 | – | 57.5% | – | – | |
| Landfill | – | – | – | – | – | |
| Commercial | – | – | – | – | – | |
| Industrial | – | – | – | – | – | |
| Transfer | – | – | – | – | – | |
| Other Collection | – | – | – | – | – | |
| Healthcare Solutions | $7.52亿 | +19.7% | 24.9% | $30.6亿 | +33.4% | |
| Residential | – | – | – | – | – | |
| Recycling Processing and Sales | $5.3亿 | +42.5% | 17.6% | $20.3亿 | +32.2% | |
| Renewable Energy | – | – | – | – | – | |
| Corporate and Other | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Eastern | $30.9亿 | – | 51.1% | – | – | |
| Western | $29.5亿 | +5.9% | 48.9% | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Collection And Disposal | $55.8亿 | +4.8% | $15.4亿 | +5.0% | 27.6% | 27.6% | $60.7亿 |
| East Tier | $24.2亿 | +3.5% | $7.71亿 | +4.2% | 31.9% | 31.7% | – |
| East Tier Region Areas | – | – | – | – | – | – | – |
| West Tier Region Areas | $23.5亿 | +5.7% | $7.66亿 | +5.2% | 32.5% | 32.7% | $30亿 |
| All other segments | $8.08亿 | +6.7% | $500万 | – | 0.6% | 0.0% | – |
| Healthcare Solutions | $6.51亿 | +3.7% | $2000万 | +195.2% | 3.1% | -3.3% | -$1100万 |
| Recycling Processing And Sales | $4.41亿 | +18.5% | $3600万 | +126.3% | 8.2% | -36.8% | $1.06亿 |
| Renewable Energy Segment | $1.67亿 | +45.2% | $3700万 | +76.2% | 22.2% | 18.3% | $1.89亿 |
| Corporate And Other | $800万 | +14.3% | -$3.56亿 | -4.1% | -4,450.0% | -4,885.7% | -$15.6亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $65.7亿
- 资本支出
- -$28.3亿
- 股票回购
- -$15.8亿
- 股息
- -$14.7亿
- 收购
- -$7600万
- 债务净发行
- -$5.41亿
- 股权激励费用
- $4100万
- 自由现金流
- $37.4亿
- 股东回报 / FCF
- 81.8%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 30.5× | 32.3× | 28.9× – 38.6× |
| EV / EBITDA | 14.6× | 17.1× | 14.6× – 21.9× |
| EV / 营收 | 4.4× | 4.4× | 4.0× – 4.7× |
| 股价 / FCF | 24.8× | 34.2× | 28.8× – 39.8× |
| 股价 / 净资产 | 9.4× | 9.7× | 8.9× – 10.5× |
| FCF收益率 | 4.0% | 3.0% | 2.5% – 3.5% |
| 投入资本回报率 | 9.1% | 9.2% | 8.3% – 10.0% |
| 净资产收益率 | 30.9% | 30.4% | 25.5% – 33.4% |
分析师
一致目标价 $257.20 (+10.2%)
区间 $225.00 – $280.00 · 评级 Buy
强烈买入0
买入19
持有17
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $265亿 | +5.0% | $8.06 | +20.3% | 29.0× | 16 |
| FY2027 | $279亿 | +5.3% | $8.89 | +10.3% | 26.3× | 17 |
| FY2028 | $291亿 | +4.3% | $9.78 | +10.0% | 23.9× | 12 |
| FY2029 | $309亿 | +6.4% | $10.86 | +11.1% | 21.5× | 9 |
| FY2030 | $325亿 | +5.1% | $11.86 | +9.2% | 19.7× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Waste Management, Inc.在近期10-Q / 10-K文件中标记的全部287项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $20.1亿 | $20.8亿 | -3.3% | $18.7亿 | $20.5亿 | -8.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $36.6亿 | $34亿 | +7.8% | $34.4亿 | $32.7亿 | +5.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $8500万 | $1.22亿 | -30.3% | $8700万 | $1.65亿 | -47.3% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $1.71亿 | $5500万 | +210.9% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $8500万 | $6500万 | +30.8% |
| Accretion Expense, Including Asset Retirement Obligations | $3600万2025-12-31 | $3400万 | +5.9% | $1.42亿 | $1.33亿 | +6.8% |
| Accrual for Environmental Loss Contingencies | $2.2亿 | $2.15亿 | +2.3% | $2.31亿 | $2.22亿 | +4.1% |
| Accrual for Environmental Loss Contingencies, Revision in Estimates | – | – | – | $6100万2010-12-31 | -$700万 | +971.4% |
| Accrued Capping, Closure, Post-closure and Environmental Costs | $2.15亿 | $2.18亿 | -1.4% | $2.58亿 | $2.31亿 | +11.7% |
| Accrued Capping, Closure, Post-closure and Environmental Costs, Noncurrent | $33.7亿 | $31.3亿 | +7.6% | $32.8亿 | $30.5亿 | +7.5% |
| Accrued Liabilities, Current | $20.7亿 | $20.8亿 | -0.3% | $22.1亿 | $21.8亿 | +1.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $258亿 | $248亿 | +4.3% | $251亿 | $238亿 | +5.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$9000万 | -$3100万 | -190.3% | -$1000万 | -$1.15亿 | +91.3% |
| Additional Paid in Capital, Common Stock | $59.4亿 | $56.4亿 | +5.3% | $56.8亿 | $55亿 | +3.3% |
| Allowance for Doubtful Other Receivables, Current | $300万 | $300万 | 0.0% | $300万 | $400万 | -25.0% |
| Amortization Method Qualified Affordable Housing Project Investments | $6.24亿2025-12-31 | $7.07亿 | -11.7% | $6.24亿 | $7.07亿 | -11.7% |
| Amortization of Intangible Assets | – | – | – | $4.21亿 | $1.8亿 | +133.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 120万 | 110万 | +9.1% | 80万 | 120万 | -33.3% |
| Asset Impairment Charges | – | – | – | $2.32亿 | $9000万 | +157.8% |
| Asset Retirement Obligation | $33.7亿 | – | – | $12.7亿2010-12-31 | $12.7亿 | -0.1% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $1.03亿2020-12-31 | $9800万 | +5.1% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $4700万2010-12-31 | $3900万 | +20.5% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $3300万2021-12-31 | – | – |
| Assets | $465亿 | $456亿 | +2.0% | $458亿 | $446亿 | +2.8% |
| Assets, Current | $52.5亿 | $48.4亿 | +8.5% | $49.1亿 | $47.7亿 | +2.8% |
| Assets, Fair Value Disclosure | $7.83亿 | – | – | $1.62亿2013-12-31 | $1.9亿 | -14.7% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | – | – | – | -$4600万2023-12-31 | – | – |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $4.65亿 | $6.2亿 | -25.0% |
| Capitalized Contract Cost, Amortization | – | – | – | $3100万 | $2800万 | +10.7% |
| Capitalized Contract Cost, Net | $2.46亿 | $2.35亿 | +4.7% | $2.37亿 | $2.18亿 | +8.7% |
| Cash and Cash Equivalents, at Carrying Value | $2.47亿 | $1.75亿 | +41.1% | $2.01亿 | $4.14亿 | -51.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.32亿 | $3.08亿 | +7.8% | $2.97亿 | $4.87亿 | -39.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$3.06亿 | -$2.44亿 | -25.4% | -$1.9亿 | -$6500万 | -192.3% |
| Common Stock, Dividends, Per Share, Cash Paid | – | – | – | $3.30 | $3.00 | +10.0% |
| Common Stock, Dividends, Per Share, Declared | $0.95 | $0.83 | +14.5% | $3.30 | $3.00 | +10.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 15亿 | 15亿 | 0.0% | 15亿 | 15亿 | 0.0% |
| Common Stock, Shares, Issued | 6.3亿 | 6.3亿 | 0.0% | 6.3亿 | 6.3亿 | 0.0% |
| Common Stock, Shares, Outstanding | 3.98亿 | 4.03亿 | -1.3% | 4.03亿 | 4.02亿 | +0.3% |
| Common Stock, Value, Issued | $600万 | $600万 | 0.0% | $600万 | $600万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $0 | $0 | – | $100万 | -$100万 | +200.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $8.01亿 | $5.63亿 | +42.3% | $28.1亿 | $26.7亿 | +5.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $8.01亿 | $5.63亿 | +42.3% | $28.1亿 | $26.7亿 | +5.5% |
| Contract with Customer, Liability, Current | $7.77亿 | $6.98亿 | +11.3% | $7.35亿 | $6.73亿 | +9.2% |
| Cost of Goods and Services Sold | $40.9亿 | $38亿 | +7.8% | $150亿 | $134亿 | +12.2% |
| Costs and Expenses | $55.7亿 | $54.5亿 | +2.1% | $209亿 | $180亿 | +16.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.93亿 | $4.19亿 | -53.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4000万 | $3700万 | +8.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.54亿 | $5.89亿 | -39.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.21亿 | $1.33亿 | -9.0% |
| Debt and Lease Obligation | $234亿2026-06-30 | $240亿 | -2.8% | $229亿 | $239亿 | -4.2% |
| Debt Instrument, Fair Value Disclosure | $234亿2026-06-30 | – | – | – | – | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.47亿 | $1.62亿 | -9.3% | $1.56亿 | $1.79亿 | -12.8% |
| Debt, Current | $15.2亿 | $8.8亿 | +73.2% | $7.11亿 | $13.6亿 | -47.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $3.08亿 | $9800万 | +214.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$900万 | $700万 | -228.6% |
| Deferred Income Tax Expense (Benefit) | $5300万 | $1.62亿 | -67.3% | $3.63亿 | $1.24亿 | +192.7% |
| Deferred Income Tax Liabilities, Net | $33.6亿 | $30.3亿 | +10.9% | $31.6亿 | $28.2亿 | +12.3% |
| Deferred Sale Inducement Cost | $1.93亿 | $1.73亿 | +11.6% | – | – | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $6400万 | $1900万 | +236.8% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01