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ASSOCIATED BANC-CORP（ASB）与H2O AMERICA（HTO）财务数据对比。点击上方公司名可切换其他公司
ASSOCIATED BANC-CORP的季度营收约是H2O AMERICA的1.9倍（$383.0M vs $199.4M），ASSOCIATED BANC-CORP净利率更高（31.2% vs 8.1%，领先23.1%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 9.1%）
联合银行集团（Associated Banc-Corp）是美国区域性银行控股公司，总部位于威斯康星州格林贝，深耕美国中西部地区，主营零售银行、商业银行、商业地产贷款、私人银行及特色金融服务，在威斯康星州、伊利诺伊州、明尼苏达州设有220多个营业网点，覆盖100多个社区，还在印第安纳、密歇根等多州设有贷款办事处。
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。
ASB vs HTO — 直观对比
营收规模更大
ASB
是对方的1.9倍
$199.4M
净利率更高
ASB
高出23.1%
8.1%
两年增速更快
HTO
近两年复合增速
9.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $383.0M | $199.4M |
| 净利润 | $119.6M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | — | 16.6% |
| 净利率 | 31.2% | 8.1% |
| 营收同比 | — | 1.5% |
| 净利润同比 | 566.6% | -29.2% |
| 每股收益（稀释后） | $0.70 | $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ASBHTO
| Q1 26 | $383.0M | — | ||
| Q4 25 | $310.0M | $199.4M | ||
| Q3 25 | $305.2M | $243.5M | ||
| Q2 25 | $300.0M | $197.8M | ||
| Q1 25 | $285.9M | $164.9M | ||
| Q4 24 | $270.3M | $196.5M | ||
| Q3 24 | $329.7M | $216.7M | ||
| Q2 24 | $321.8M | $173.1M |
净利润ASBHTO
| Q1 26 | $119.6M | — | ||
| Q4 25 | $137.1M | $16.2M | ||
| Q3 25 | $124.7M | $45.1M | ||
| Q2 25 | $111.2M | $24.7M | ||
| Q1 25 | $101.7M | $16.6M | ||
| Q4 24 | $-161.6M | $22.9M | ||
| Q3 24 | $88.0M | $38.7M | ||
| Q2 24 | $115.6M | $20.7M |
营业利润率ASBHTO
| Q1 26 | — | — | ||
| Q4 25 | 52.6% | 16.6% | ||
| Q3 25 | 50.5% | 26.5% | ||
| Q2 25 | 46.5% | 22.2% | ||
| Q1 25 | 42.3% | 21.8% | ||
| Q4 24 | -65.8% | 22.2% | ||
| Q3 24 | 32.8% | 26.9% | ||
| Q2 24 | 32.0% | 23.4% |
净利率ASBHTO
| Q1 26 | 31.2% | — | ||
| Q4 25 | 44.2% | 8.1% | ||
| Q3 25 | 40.9% | 18.5% | ||
| Q2 25 | 37.1% | 12.5% | ||
| Q1 25 | 35.6% | 10.0% | ||
| Q4 24 | -59.8% | 11.7% | ||
| Q3 24 | 26.7% | 17.8% | ||
| Q2 24 | 35.9% | 12.0% |
每股收益（稀释后）ASBHTO
| Q1 26 | $0.70 | — | ||
| Q4 25 | $0.80 | $0.45 | ||
| Q3 25 | $0.73 | $1.27 | ||
| Q2 25 | $0.65 | $0.71 | ||
| Q1 25 | $0.59 | $0.49 | ||
| Q4 24 | $-1.10 | $0.70 | ||
| Q3 24 | $0.56 | $1.17 | ||
| Q2 24 | $0.74 | $0.64 |
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 | — | $1.9B |
| 股东权益账面价值 | $5.0B | $1.5B |
| 总资产 | $45.6B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资ASBHTO
| Q1 26 | — | — | ||
| 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 |
总债务ASBHTO
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.9B | ||
| Q3 25 | $594.1M | — | ||
| Q2 25 | $593.5M | — | ||
| Q1 25 | $591.4M | — | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $844.3M | — | ||
| Q2 24 | $536.1M | — |
股东权益ASBHTO
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $1.5B | ||
| Q3 25 | $4.9B | $1.5B | ||
| Q2 25 | $4.8B | $1.5B | ||
| Q1 25 | $4.7B | $1.4B | ||
| Q4 24 | $4.6B | $1.4B | ||
| Q3 24 | $4.4B | $1.3B | ||
| Q2 24 | $4.2B | $1.3B |
总资产ASBHTO
| Q1 26 | $45.6B | — | ||
| Q4 25 | $45.2B | $5.1B | ||
| Q3 25 | $44.5B | $5.0B | ||
| Q2 25 | $44.0B | $4.8B | ||
| Q1 25 | $43.3B | $4.7B | ||
| Q4 24 | $43.0B | $4.7B | ||
| Q3 24 | $42.2B | $4.6B | ||
| Q2 24 | $41.6B | $4.4B |
负债/权益比ASBHTO
| Q1 26 | — | — | ||
| Q4 25 | 0.20× | 1.23× | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.31× | 1.26× | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.13× | — |
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 | — | $63.5M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 3.92× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ASBHTO
| Q1 26 | — | — | ||
| Q4 25 | $218.1M | $63.5M | ||
| Q3 25 | $158.0M | $77.3M | ||
| Q2 25 | $141.5M | $60.8M | ||
| Q1 25 | $98.2M | $43.2M | ||
| Q4 24 | $207.1M | $41.5M | ||
| Q3 24 | $105.1M | $53.5M | ||
| Q2 24 | $113.5M | $49.3M |
现金转化率ASBHTO
| Q1 26 | — | — | ||
| Q4 25 | 1.59× | 3.92× | ||
| Q3 25 | 1.27× | 1.71× | ||
| Q2 25 | 1.27× | 2.47× | ||
| Q1 25 | 0.97× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 1.19× | 1.39× | ||
| Q2 24 | 0.98× | 2.38× |
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
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
