<p>在 2015 年初购买 <strong>特斯拉</strong>、<strong>Strategy</strong>（前称 MicroStrategy）和 <strong>亚马逊</strong> 的股票，将是任何投资者能够做出的最伟大的决定之一。对这三家公司各投资 10,000 美元，现在的价值分别超过 150,000 美元、147,000 美元和 124,000 美元。换句话说，这个简单的三只股票组合在短短 10 年多一点的时间里，从 30,000 美元增长到超过 420,000 美元。</p>
<p>然而，在此期间，有一个单只股票组合的表现超过了这个三只股票组合。如果你投资 10,000 美元购买 <strong>Casella Waste Systems</strong>（CWST 1.07%）的股票，今天你将拥有 269,000 美元。</p>
<p>在过去 10 年中，Casella 的股票上涨了近 2600%，在过去五年中上涨了 123%，在过去一年中上涨了 16%。这只鲜为人知的股票继续大幅超越市场。</p>
<p>需要明确的是，Casella 确实是一只鲜为人知的股票。只需考虑一下它的专业覆盖情况。许多知名分析师定期对特斯拉、Strategy 和亚马逊等顶级股票进行评论。但在 TipRanks 跟踪的分析师中，最近只有五位对 Casella 发表了看法。</p>
<p>鉴于其在市场上大幅超越的记录以及持续低调的能力，Casella Waste Systems 是一家我无法抗拒深入研究的公司。</p>
<h2>Casella Waste Systems 如何赚钱</h2>
<p>对于熟悉 <strong>WM</strong>（前称 Waste Management）的投资者来说，Casella 是一项简单的业务。它提供住宅和商业垃圾服务，包括收集垃圾、转运到垃圾填埋场、回收等。该公司在 10 个相邻州运营，其中五个位于新英格兰地区。</p>
<p>在 2024 年，Casella 通过收集垃圾产生了 9.62 亿美元的收入，同比增长 35%。这一部分占其总收入的 62%，是业务中最大的部分。但请对这一增长率持保留态度，因为公司在 2024 年进行了八项收购。</p>
<p>实际上，合并和收购是 Casella 增长战略的主要组成部分。毕竟，这种业务在成熟市场中客户基础有限。通过提高价格也只能增长到一定程度。而且全国每个市场都有垃圾解决方案。</p>
<p>然而，垃圾收集是一项优秀的业务，因为它在很大程度上具有抗衰退能力——无论经济状况如何，社区仍然会产生垃圾。此外，这项业务通常在其运营的地区对竞争具有抵抗力。</p>
<p>拥有垃圾填埋场的公司也有竞争壁垒，因为这是一个受监管的领域，新场地难以获得。截至 2024 年底，WM 拥有 262 个垃圾填埋场，使其成为全国最大的参与者。</p>
<p>就 Casella 而言，它只有八个垃圾填埋场——规模显著较小。但在该公司的辖区内，垃圾填埋场相对较少，许多垃圾需要运出州外。这使得它拥有的八个垃圾填埋场非常有价值。这意味着 Casella 能够定期提高价格。</p>
<h2>Casella Waste Systems 的股票值得购买吗？</h2>
<p>为了简洁起见，我认为如果 Casella Waste Systems 继续增长、利润改善，并且股票可以以有吸引力的估值购买，那么它的股票可能是一个不错的投资。我将逐一考虑每个要点。</p>
<p>Casella 现有的收入来源是可预测的，因为它在服务区域签订了长期合同。它可以通过持续的价格上涨实现低个位数的增长。但最大的增长潜力将来自收购。</p>
<p>在过去三年中，Casella 收购了 29 家公司，花费 14 亿美元。虽然通常对增长型收购战略持怀疑态度，但在这里可能是个好主意。首先，这些企业的售价往往比炫目的科技股合理得多。此外，通过收购相邻地区的类似企业，Casella 可以提高效率并改善盈利能力。</p>
<p>我预计 Casella 在 2025 年及以后会有更多收购。如果利润改善，这可能是件好事。此外，公司确实还有其他提升利润率的在建项目，例如升级设施。</p>
<p>因此，Casella 可以在长期内实现收入和利润的增长，即使增幅适中。至于第三个考虑，股票的交易估值略高于正常水平，如图所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png"/></p>
<p>CWST EV 与 EBITDA 数据来源于 YCharts</p>
<p>作为一家增长较慢的公司，我认为投资者应该关注 Casella 股票的估值。我认为大约 15% 的回调将使股票回到更具吸引力的水平。</p>
<p>这对今天的投资者来说可能是个好消息。<strong>标准普尔 500 指数</strong>（^GSPC -1.39%）突然接近修正区域。在市场恐慌时期，像 Casella 这样极其稳定、可靠的企业往往会降价。这只股票在之前的市场修正中回调了 20%，我不会感到惊讶如果这再次发生。</p>
<p>Casella Waste Systems 的股票在市场上有着令人难以置信的超越回报记录。这些公司在降价时尤其值得购买。而降价可能就在眼前。</p>

Casella废物处理系统

<p>Casella 废物处理系统在过去十年中表现显著优于特斯拉和亚马逊等主要股票，增长了 2600%。该公司在 2024 年的收入为 9.62 亿美元，主要来自垃圾收集，并且其增长战略侧重于收购。尽管该股票目前的估值较高，但如果利润改善且股价变得更具吸引力，可能是一个不错的投资。Casella 的商业模式具有韧性，受益于长期合同和其运营领域内有限的竞争</p>

<p>Buying shares of <strong>Tesla</strong>, <strong>Strategy</strong>(formerly known as MicroStrategy), and <strong>Amazon</strong> at the beginning of 2015 would have been one of the greatest decisions any investor could have ever made. A $10,000 investment in each of these companies would now be worth over $150,000, $147,000, and $124,000, respectively. In other words, this simple three-stock portfolio would have gone from $30,000 to over $420,000 in just a little over 10 years.</p>
<div class="lb-trans"><p>在 2015 年初购买 <strong>特斯拉</strong>、<strong>Strategy</strong>（前称 MicroStrategy）和 <strong>亚马逊</strong> 的股票，将是任何投资者能够做出的最伟大的决定之一。对这三家公司各投资 10,000 美元，现在的价值分别超过 150,000 美元、147,000 美元和 124,000 美元。换句话说，这个简单的三只股票组合在短短 10 年多一点的时间里，从 30,000 美元增长到超过 420,000 美元。</p>
</div><p>However, there was a one-stock portfolio that outperformed this three-stock portfolio during this time. If you invested $10,000 in shares of <strong>Casella Waste Systems</strong>(CWST 1.07%), you'd have $269,000 today.</p>
<div class="lb-trans"><p>然而，在此期间，有一个单只股票组合的表现超过了这个三只股票组合。如果你投资 10,000 美元购买 <strong>Casella Waste Systems</strong>（CWST 1.07%）的股票，今天你将拥有 269,000 美元。</p>
</div><p>Not only is Casella stock up nearly 2,600% in the last 10 years, it's also up 123% over the past five years and up 16% in the past year. This little-known stock just continues to crush the market.</p>
<div class="lb-trans"><p>在过去 10 年中，Casella 的股票上涨了近 2600%，在过去五年中上涨了 123%，在过去一年中上涨了 16%。这只鲜为人知的股票继续大幅超越市场。</p>
</div><p>And to be clear, Casella <em>is</em> a little-known stock. Just consider how it's covered professionally. There are dozens of prominent analysts providing regular commentary for top stocks such as Tesla, Strategy, and Amazon. But among the analysts tracked by TipRanks, only five have recently weighed in on Casella.</p>
<div class="lb-trans"><p>需要明确的是，Casella 确实是一只鲜为人知的股票。只需考虑一下它的专业覆盖情况。许多知名分析师定期对特斯拉、Strategy 和亚马逊等顶级股票进行评论。但在 TipRanks 跟踪的分析师中，最近只有五位对 Casella 发表了看法。</p>
</div><p>Given its track record of crushing the market and its ongoing ability to fly under the radar, Casella Waste Systems is a company that I couldn't resist digging deeper.</p>
<div class="lb-trans"><p>鉴于其在市场上大幅超越的记录以及持续低调的能力，Casella Waste Systems 是一家我无法抗拒深入研究的公司。</p>
</div><h2>How Casella Waste Systems makes money</h2>
<div class="lb-trans"><h2>Casella Waste Systems 如何赚钱</h2>
</div><p>For investors familiar with <strong>WM</strong> (formerly known as Waste Management), Casella is a straightforward business. It provides residential and commercial garbage services, picking it up, transferring it to landfills, recycling it, and more. The company operates in 10 adjacent states, five of which are in the New England region.</p>
<div class="lb-trans"><p>对于熟悉 <strong>WM</strong>（前称 Waste Management）的投资者来说，Casella 是一项简单的业务。它提供住宅和商业垃圾服务，包括收集垃圾、转运到垃圾填埋场、回收等。该公司在 10 个相邻州运营，其中五个位于新英格兰地区。</p>
</div><p>In 2024, Casella generated revenue of $962 million by collecting trash, which was up 35% year over year. This segment accounted for 62% of its total revenue, which makes this the biggest part of the business. But take this growth rate with a grain of salt, because the company made eight acquisitions in 2024.</p>
<div class="lb-trans"><p>在 2024 年，Casella 通过收集垃圾产生了 9.62 亿美元的收入，同比增长 35%。这一部分占其总收入的 62%，是业务中最大的部分。但请对这一增长率持保留态度，因为公司在 2024 年进行了八项收购。</p>
</div><p>Indeed, mergers and acquisitions are a main component of Casella's growth strategy. After all, this kind of business has a limited customer base in established markets. It can also only grow so much by raising prices. And every market in the country already has a trash solution.</p>
<div class="lb-trans"><p>实际上，合并和收购是 Casella 增长战略的主要组成部分。毕竟，这种业务在成熟市场中客户基础有限。通过提高价格也只能增长到一定程度。而且全国每个市场都有垃圾解决方案。</p>
</div><p>However, trash collection is an excellent business because it's largely recession-resilient -- communities continue to create garbage regardless of economic conditions. Moreover, this business is usually resistant to competition within the areas that it operates.</p>
<div class="lb-trans"><p>然而，垃圾收集是一项优秀的业务，因为它在很大程度上具有抗衰退能力——无论经济状况如何，社区仍然会产生垃圾。此外，这项业务通常在其运营的地区对竞争具有抵抗力。</p>
</div><p>Companies that own landfills also have a competitive moat because it's a regulated space, and new sites are hard to come by. WM owns 262 landfill sites as of the end of 2024, making it the largest player in the country.</p>
<div class="lb-trans"><p>拥有垃圾填埋场的公司也有竞争壁垒，因为这是一个受监管的领域，新场地难以获得。截至 2024 年底，WM 拥有 262 个垃圾填埋场，使其成为全国最大的参与者。</p>
</div><p>For its part, Casella only has eight landfills -- significantly smaller. But there are relatively few landfills in the company's territory, with much of the trash needing to be shipped out of state. It makes the eight landfills that it does have quite valuable. And it means that Casella is able to regularly raise prices.</p>
<div class="lb-trans"><p>就 Casella 而言，它只有八个垃圾填埋场——规模显著较小。但在该公司的辖区内，垃圾填埋场相对较少，许多垃圾需要运出州外。这使得它拥有的八个垃圾填埋场非常有价值。这意味着 Casella 能够定期提高价格。</p>
</div><h2>Is Casella Waste Systems stock a buy?</h2>
<div class="lb-trans"><h2>Casella Waste Systems 的股票值得购买吗？</h2>
</div><p>For the sake of brevity, I believe that Casella Waste Systems stock could be a good investment if it continues to grow, profits improve, and shares can be purchased at an attractive valuation. I'll consider each point in turn.</p>
<div class="lb-trans"><p>为了简洁起见，我认为如果 Casella Waste Systems 继续增长、利润改善，并且股票可以以有吸引力的估值购买，那么它的股票可能是一个不错的投资。我将逐一考虑每个要点。</p>
</div><p>Casella's existing revenue stream is predictable, since it signs long-term contracts in its service areas. It can achieve low-single-digit growth with ongoing price increases. But the greatest growth potential would come from acquisitions.</p>
<div class="lb-trans"><p>Casella 现有的收入来源是可预测的，因为它在服务区域签订了长期合同。它可以通过持续的价格上涨实现低个位数的增长。但最大的增长潜力将来自收购。</p>
</div><p>Over the past three years, Casella has acquired 29 companies for $1.4 billion. While it's usually a good idea to be skeptical of the growth-by-acquisition strategy, it can be a good idea here. For starters, these businesses tend to sell for far more reasonable prices than flashier tech stocks. Moreover, by acquiring similar businesses in adjacent regions, Casella can get more efficient and improve profitability.</p>
<div class="lb-trans"><p>在过去三年中，Casella 收购了 29 家公司，花费 14 亿美元。虽然通常对增长型收购战略持怀疑态度，但在这里可能是个好主意。首先，这些企业的售价往往比炫目的科技股合理得多。此外，通过收购相邻地区的类似企业，Casella 可以提高效率并改善盈利能力。</p>
</div><p>I would expect more acquisitions from Casella in 2025 and beyond. And it could be a good thing if profits improve as well. Moreover, the company does have other margin-accretive works in progress, such as upgrading facilities.</p>
<div class="lb-trans"><p>我预计 Casella 在 2025 年及以后会有更多收购。如果利润改善，这可能是件好事。此外，公司确实还有其他提升利润率的在建项目，例如升级设施。</p>
</div><p>Therefore, Casella can grow its top and bottom line long term, even if gains are modest. To the third consideration, the stock is trading at a slightly higher-than-normal valuation, as the chart shows.</p>
<div class="lb-trans"><p>因此，Casella 可以在长期内实现收入和利润的增长，即使增幅适中。至于第三个考虑，股票的交易估值略高于正常水平，如图所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png" alt="" original-src="https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png"/></p>
<p>CWST EV to EBITDA data by YCharts</p>
<div class="lb-trans"><p>CWST EV 与 EBITDA 数据来源于 YCharts</p>
</div><p>Being a slower-growth company, I believe that investors should be mindful about the valuation of Casella stock. I would think that roughly a 15% pullback would bring shares to more attractive levels.</p>
<div class="lb-trans"><p>作为一家增长较慢的公司，我认为投资者应该关注 Casella 股票的估值。我认为大约 15% 的回调将使股票回到更具吸引力的水平。</p>
</div><p>This could actually be good news for investors today. The <strong>S&amp;P 500</strong>(^GSPC -1.39%) is suddenly approaching correction territory. During times of market panic, incredibly stable, reliable businesses such as Casella often go on sale. This stock has pulled back 20% in previous market corrections, and I wouldn't be surprised if it happened again.</p>
<div class="lb-trans"><p>这对今天的投资者来说可能是个好消息。<strong>标准普尔 500 指数</strong>（^GSPC -1.39%）突然接近修正区域。在市场恐慌时期，像 Casella 这样极其稳定、可靠的企业往往会降价。这只股票在之前的市场修正中回调了 20%，我不会感到惊讶如果这再次发生。</p>
</div><p>Casella Waste Systems stock has an incredible track record of market-crushing returns. These are the kinds of companies that can be especially good buys when they go on sale. And a sale could be right around the corner.</p>
<div class="lb-trans"><p>Casella Waste Systems 的股票在市场上有着令人难以置信的超越回报记录。这些公司在降价时尤其值得购买。而降价可能就在眼前。</p>
</div>

Meet the Monster Stock That Continues to Crush the Market -- Even Outperforming Top Stocks Such as Tesla, MicroStrategy, and Amazon

- 投资 Casella Waste Systems 股票的回报率远超特斯拉和亚马逊等公司。  
- 2024 年，Casella 收入达 9.62 亿美元，同比增长 35%。  
- 该公司通过收购扩展业务，未来有望继续增长。  

认识一下这只继续碾压市场的怪兽股票——甚至表现优于特斯拉、MicroStrategy 和亚马逊等顶级股票