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Braemar Hotels & Resorts Inc.（BHR）与H2O AMERICA（HTO）财务数据对比。点击上方公司名可切换其他公司
H2O AMERICA的季度营收约是Braemar Hotels & Resorts Inc.的1.2倍（$199.4M vs $165.6M），H2O AMERICA净利率更高（8.1% vs -20.3%，领先28.4%），H2O AMERICA同比增速更快（1.5% vs -4.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -13.1%）
Braemar Hotels & Resorts Inc.是一家主打高端奢华酒店及度假村持有运营的房地产投资信托，主要布局美国市场，服务高端休闲旅客、企业活动主办方及商务差旅群体，通过住宿预订、配套消费及活动承办获得收益。
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。
BHR vs HTO — 直观对比
营收规模更大
HTO
是对方的1.2倍
$165.6M
营收增速更快
HTO
高出6.0%
-4.5%
净利率更高
HTO
高出28.4%
-20.3%
两年增速更快
HTO
近两年复合增速
-13.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $165.6M | $199.4M |
| 净利润 | $-33.6M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | -7.3% | 16.6% |
| 净利率 | -20.3% | 8.1% |
| 营收同比 | -4.5% | 1.5% |
| 净利润同比 | -80.1% | -29.2% |
| 每股收益（稀释后） | $-0.67 | $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BHRHTO
| Q4 25 | $165.6M | $199.4M | ||
| Q3 25 | $143.6M | $243.5M | ||
| Q2 25 | $179.1M | $197.8M | ||
| Q1 25 | $215.8M | $164.9M | ||
| Q4 24 | $173.3M | $196.5M | ||
| Q3 24 | $148.4M | $216.7M | ||
| Q2 24 | $187.6M | $173.1M | ||
| Q1 24 | $219.1M | $150.0M |
净利润BHRHTO
| Q4 25 | $-33.6M | $16.2M | ||
| Q3 25 | $5.7M | $45.1M | ||
| Q2 25 | $-5.5M | $24.7M | ||
| Q1 25 | $11.0M | $16.6M | ||
| Q4 24 | $-18.7M | $22.9M | ||
| Q3 24 | $12.6M | $38.7M | ||
| Q2 24 | $-11.6M | $20.7M | ||
| Q1 24 | $15.9M | $11.7M |
营业利润率BHRHTO
| Q4 25 | -7.3% | 16.6% | ||
| Q3 25 | 20.8% | 26.5% | ||
| Q2 25 | 10.0% | 22.2% | ||
| Q1 25 | 17.0% | 21.8% | ||
| Q4 24 | 2.2% | 22.2% | ||
| Q3 24 | 47.4% | 26.9% | ||
| Q2 24 | 6.5% | 23.4% | ||
| Q1 24 | 19.4% | 18.6% |
净利率BHRHTO
| Q4 25 | -20.3% | 8.1% | ||
| Q3 25 | 4.0% | 18.5% | ||
| Q2 25 | -3.1% | 12.5% | ||
| Q1 25 | 5.1% | 10.0% | ||
| Q4 24 | -10.8% | 11.7% | ||
| Q3 24 | 8.5% | 17.8% | ||
| Q2 24 | -6.2% | 12.0% | ||
| Q1 24 | 7.3% | 7.8% |
每股收益（稀释后）BHRHTO
| Q4 25 | $-0.67 | $0.45 | ||
| Q3 25 | $-0.12 | $1.27 | ||
| Q2 25 | $-0.24 | $0.71 | ||
| Q1 25 | $-0.04 | $0.49 | ||
| Q4 24 | $-0.47 | $0.70 | ||
| Q3 24 | $-0.02 | $1.17 | ||
| Q2 24 | $-0.33 | $0.64 | ||
| Q1 24 | $0.05 | $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 | $124.4M | $20.7M |
| 总债务越低越好 | $1.1B | $1.9B |
| 股东权益账面价值 | $138.7M | $1.5B |
| 总资产 | $1.9B | $5.1B |
| 负债/权益比越低杠杆越低 | 7.96× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资BHRHTO
| Q4 25 | $124.4M | $20.7M | ||
| Q3 25 | $116.3M | $11.3M | ||
| Q2 25 | $80.2M | $19.8M | ||
| Q1 25 | $81.7M | $23.7M | ||
| Q4 24 | $135.5M | $11.1M | ||
| Q3 24 | $168.7M | $4.0M | ||
| Q2 24 | $114.6M | $22.8M | ||
| Q1 24 | $137.1M | $4.5M |
总债务BHRHTO
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.2B | — |
股东权益BHRHTO
| Q4 25 | $138.7M | $1.5B | ||
| Q3 25 | $211.9M | $1.5B | ||
| Q2 25 | $225.1M | $1.5B | ||
| Q1 25 | $238.9M | $1.4B | ||
| Q4 24 | $240.7M | $1.4B | ||
| Q3 24 | $276.9M | $1.3B | ||
| Q2 24 | $282.3M | $1.3B | ||
| Q1 24 | $307.3M | $1.2B |
总资产BHRHTO
| Q4 25 | $1.9B | $5.1B | ||
| Q3 25 | $2.0B | $5.0B | ||
| Q2 25 | $2.1B | $4.8B | ||
| Q1 25 | $2.1B | $4.7B | ||
| Q4 24 | $2.1B | $4.7B | ||
| Q3 24 | $2.2B | $4.6B | ||
| Q2 24 | $2.2B | $4.4B | ||
| Q1 24 | $2.3B | $4.4B |
负债/权益比BHRHTO
| Q4 25 | 7.96× | 1.23× | ||
| Q3 25 | 5.50× | — | ||
| Q2 25 | 5.38× | — | ||
| Q1 25 | 5.03× | — | ||
| Q4 24 | 5.03× | 1.26× | ||
| Q3 24 | 4.36× | — | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 3.98× | — |
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 | $40.8M | $63.5M |
| 自由现金流经营现金流 - 资本支出 | $-37.1M | — |
| 自由现金流率自由现金流/营收 | -22.4% | — |
| 资本支出强度资本支出/营收 | 47.1% | — |
| 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 | $-59.2M | — |
8季度趋势，按日历期对齐
经营现金流BHRHTO
| Q4 25 | $40.8M | $63.5M | ||
| Q3 25 | $-5.8M | $77.3M | ||
| Q2 25 | $23.0M | $60.8M | ||
| Q1 25 | $15.1M | $43.2M | ||
| Q4 24 | $66.8M | $41.5M | ||
| Q3 24 | $9.0K | $53.5M | ||
| Q2 24 | $24.1M | $49.3M | ||
| Q1 24 | $36.0M | $51.2M |
自由现金流BHRHTO
| Q4 25 | $-37.1M | — | ||
| Q3 25 | $-27.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $-159.0K | — | ||
| Q4 24 | $-3.8M | — | ||
| Q3 24 | $-15.6M | — | ||
| Q2 24 | $8.2M | — | ||
| Q1 24 | $12.7M | — |
自由现金流率BHRHTO
| Q4 25 | -22.4% | — | ||
| Q3 25 | -19.0% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | -0.1% | — | ||
| Q4 24 | -2.2% | — | ||
| Q3 24 | -10.5% | — | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 5.8% | — |
资本支出强度BHRHTO
| Q4 25 | 47.1% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | 10.5% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 10.7% | — |
现金转化率BHRHTO
| Q4 25 | — | 3.92× | ||
| Q3 25 | -1.00× | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | 1.38× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 0.00× | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | 2.26× | 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
BHR
| Occupancy | $97.4M | 59% |
| Food And Beverage | $45.5M | 28% |
| Hotel Other | $22.6M | 14% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
