vs
Artisan Partners Asset Management Inc.（APAM）与H2O AMERICA（HTO）财务数据对比。点击上方公司名可切换其他公司
Artisan Partners Asset Management Inc.的季度营收约是H2O AMERICA的1.7倍（$335.5M vs $199.4M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs 8.1%，领先27.1%），Artisan Partners Asset Management Inc.同比增速更快（12.9% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 12.7%）
阿蒂森伙伴资产管理公司（Artisan Partners）是总部位于美国威斯康星州密尔沃基的资产管理机构，除美国本土外，还在都柏林、香港、伦敦、新加坡、悉尼设有办公室，为全球客户提供专业的资产管理服务。
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
APAM vs HTO — 直观对比
营收规模更大
APAM
是对方的1.7倍
$199.4M
营收增速更快
APAM
高出11.5%
1.5%
净利率更高
APAM
高出27.1%
8.1%
两年增速更快
HTO
近两年复合增速
12.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $199.4M |
| 净利润 | $118.1M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | 16.6% |
| 净利率 | 35.2% | 8.1% |
| 营收同比 | 12.9% | 1.5% |
| 净利润同比 | 34.9% | -29.2% |
| 每股收益（稀释后） | $1.36 | $0.45 |
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APAMHTO
| Q4 25 | $335.5M | $199.4M | ||
| Q3 25 | $301.3M | $243.5M | ||
| Q2 25 | $282.7M | $197.8M | ||
| Q1 25 | $277.1M | $164.9M | ||
| Q4 24 | $297.1M | $196.5M | ||
| Q3 24 | $279.6M | $216.7M | ||
| Q2 24 | $270.8M | $173.1M | ||
| Q1 24 | $264.4M | $150.0M |
净利润APAMHTO
| Q4 25 | $118.1M | $16.2M | ||
| Q3 25 | $66.8M | $45.1M | ||
| Q2 25 | $67.6M | $24.7M | ||
| Q1 25 | $61.1M | $16.6M | ||
| Q4 24 | $87.5M | $22.9M | ||
| Q3 24 | $73.0M | $38.7M | ||
| Q2 24 | $57.6M | $20.7M | ||
| Q1 24 | $59.5M | $11.7M |
营业利润率APAMHTO
| Q4 25 | 39.2% | 16.6% | ||
| Q3 25 | 33.8% | 26.5% | ||
| Q2 25 | 28.2% | 22.2% | ||
| Q1 25 | 31.2% | 21.8% | ||
| Q4 24 | 36.7% | 22.2% | ||
| Q3 24 | 33.3% | 26.9% | ||
| Q2 24 | 32.0% | 23.4% | ||
| Q1 24 | 29.4% | 18.6% |
净利率APAMHTO
| Q4 25 | 35.2% | 8.1% | ||
| Q3 25 | 22.2% | 18.5% | ||
| Q2 25 | 23.9% | 12.5% | ||
| Q1 25 | 22.1% | 10.0% | ||
| Q4 24 | 29.5% | 11.7% | ||
| Q3 24 | 26.1% | 17.8% | ||
| Q2 24 | 21.3% | 12.0% | ||
| Q1 24 | 22.5% | 7.8% |
每股收益（稀释后）APAMHTO
| Q4 25 | $1.36 | $0.45 | ||
| Q3 25 | $0.93 | $1.27 | ||
| Q2 25 | $0.94 | $0.71 | ||
| Q1 25 | $0.82 | $0.49 | ||
| Q4 24 | $0.99 | $0.70 | ||
| Q3 24 | $1.03 | $1.17 | ||
| Q2 24 | $0.80 | $0.64 | ||
| Q1 24 | $0.84 | $0.36 |
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 | — | $20.7M |
| 总债务越低越好 | $190.0M | $1.9B |
| 股东权益账面价值 | $438.8M | $1.5B |
| 总资产 | $1.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.43× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资APAMHTO
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $11.3M | ||
| Q2 25 | — | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $11.1M | ||
| Q3 24 | — | $4.0M | ||
| Q2 24 | — | $22.8M | ||
| Q1 24 | — | $4.5M |
总债务APAMHTO
| Q4 25 | $190.0M | $1.9B | ||
| Q3 25 | $190.0M | — | ||
| Q2 25 | $200.0M | — | ||
| Q1 25 | $200.0M | — | ||
| Q4 24 | $200.0M | $1.7B | ||
| Q3 24 | $200.0M | — | ||
| Q2 24 | $200.0M | — | ||
| Q1 24 | $200.0M | — |
股东权益APAMHTO
| Q4 25 | $438.8M | $1.5B | ||
| Q3 25 | $402.1M | $1.5B | ||
| Q2 25 | $381.8M | $1.5B | ||
| Q1 25 | $356.5M | $1.4B | ||
| Q4 24 | $388.9M | $1.4B | ||
| Q3 24 | $372.1M | $1.3B | ||
| Q2 24 | $341.2M | $1.3B | ||
| Q1 24 | $320.3M | $1.2B |
总资产APAMHTO
| Q4 25 | $1.6B | $5.1B | ||
| Q3 25 | $1.6B | $5.0B | ||
| Q2 25 | $1.4B | $4.8B | ||
| Q1 25 | $1.4B | $4.7B | ||
| Q4 24 | $1.6B | $4.7B | ||
| Q3 24 | $1.6B | $4.6B | ||
| Q2 24 | $1.5B | $4.4B | ||
| Q1 24 | $1.5B | $4.4B |
负债/权益比APAMHTO
| Q4 25 | 0.43× | 1.23× | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.51× | 1.26× | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.62× | — |
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 | $172.0M | $63.5M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | — |
| 自由现金流率自由现金流/营收 | 51.2% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 1.46× | 3.92× |
| 过去12个月自由现金流最近4个季度 | $420.6M | — |
8季度趋势，按日历期对齐
经营现金流APAMHTO
| Q4 25 | $172.0M | $63.5M | ||
| Q3 25 | $40.4M | $77.3M | ||
| Q2 25 | $50.9M | $60.8M | ||
| Q1 25 | $157.9M | $43.2M | ||
| Q4 24 | $372.8M | $41.5M | ||
| Q3 24 | $112.8M | $53.5M | ||
| Q2 24 | $75.9M | $49.3M | ||
| Q1 24 | $147.0M | $51.2M |
自由现金流APAMHTO
| Q4 25 | $171.6M | — | ||
| Q3 25 | $40.4M | — | ||
| Q2 25 | $50.9M | — | ||
| Q1 25 | $157.7M | — | ||
| Q4 24 | $371.3M | — | ||
| Q3 24 | $112.4M | — | ||
| Q2 24 | $75.2M | — | ||
| Q1 24 | $146.9M | — |
自由现金流率APAMHTO
| Q4 25 | 51.2% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 56.9% | — | ||
| Q4 24 | 125.0% | — | ||
| Q3 24 | 40.2% | — | ||
| Q2 24 | 27.8% | — | ||
| Q1 24 | 55.6% | — |
资本支出强度APAMHTO
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.0% | — |
现金转化率APAMHTO
| Q4 25 | 1.46× | 3.92× | ||
| Q3 25 | 0.60× | 1.71× | ||
| Q2 25 | 0.75× | 2.47× | ||
| Q1 25 | 2.58× | 2.61× | ||
| Q4 24 | 4.26× | 1.81× | ||
| Q3 24 | 1.54× | 1.39× | ||
| Q2 24 | 1.32× | 2.38× | ||
| Q1 24 | 2.47× | 4.38× |
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
APAM
暂无分部数据
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
