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PATHWARD FINANCIAL, INC.（CASH）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PATHWARD FINANCIAL, INC.的1.2倍（$199.4M vs $173.1M），PATHWARD FINANCIAL, INC.净利率更高（20.3% vs 8.1%，领先12.2%），H2O AMERICA同比增速更快（1.5% vs -0.2%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -18.0%）
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
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。
CASH vs HTO — 直观对比
营收规模更大
HTO
是对方的1.2倍
$173.1M
营收增速更快
HTO
高出1.7%
-0.2%
净利率更高
CASH
高出12.2%
8.1%
两年增速更快
HTO
近两年复合增速
-18.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $173.1M | $199.4M |
| 净利润 | $35.2M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | 24.6% | 16.6% |
| 净利率 | 20.3% | 8.1% |
| 营收同比 | -0.2% | 1.5% |
| 净利润同比 | 11.9% | -29.2% |
| 每股收益（稀释后） | $1.57 | $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CASHHTO
| Q4 25 | $173.1M | $199.4M | ||
| Q3 25 | $186.7M | $243.5M | ||
| Q2 25 | $195.8M | $197.8M | ||
| Q1 25 | $274.8M | $164.9M | ||
| Q4 24 | $182.6M | $196.5M | ||
| Q3 24 | $179.5M | $216.7M | ||
| Q2 24 | $188.6M | $173.1M | ||
| Q1 24 | $257.6M | $150.0M |
净利润CASHHTO
| Q4 25 | $35.2M | $16.2M | ||
| Q3 25 | $38.8M | $45.1M | ||
| Q2 25 | $42.1M | $24.7M | ||
| Q1 25 | $75.0M | $16.6M | ||
| Q4 24 | $30.0M | $22.9M | ||
| Q3 24 | $33.5M | $38.7M | ||
| Q2 24 | $44.9M | $20.7M | ||
| Q1 24 | $69.9M | $11.7M |
营业利润率CASHHTO
| Q4 25 | 24.6% | 16.6% | ||
| Q3 25 | 25.9% | 26.5% | ||
| Q2 25 | 24.1% | 22.2% | ||
| Q1 25 | 33.2% | 21.8% | ||
| Q4 24 | 19.8% | 22.2% | ||
| Q3 24 | 20.9% | 26.9% | ||
| Q2 24 | 27.1% | 23.4% | ||
| Q1 24 | 33.8% | 18.6% |
净利率CASHHTO
| Q4 25 | 20.3% | 8.1% | ||
| Q3 25 | 20.8% | 18.5% | ||
| Q2 25 | 21.5% | 12.5% | ||
| Q1 25 | 27.3% | 10.0% | ||
| Q4 24 | 16.4% | 11.7% | ||
| Q3 24 | 18.7% | 17.8% | ||
| Q2 24 | 23.8% | 12.0% | ||
| Q1 24 | 27.1% | 7.8% |
每股收益（稀释后）CASHHTO
| Q4 25 | $1.57 | $0.45 | ||
| Q3 25 | $1.69 | $1.27 | ||
| Q2 25 | $1.81 | $0.71 | ||
| Q1 25 | $3.14 | $0.49 | ||
| Q4 24 | $1.23 | $0.70 | ||
| Q3 24 | $1.34 | $1.17 | ||
| Q2 24 | $1.78 | $0.64 | ||
| Q1 24 | $2.74 | $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 | $331.2M | $20.7M |
| 总债务越低越好 | $33.5M | $1.9B |
| 股东权益账面价值 | $854.5M | $1.5B |
| 总资产 | $7.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.04× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资CASHHTO
| Q4 25 | $331.2M | $20.7M | ||
| Q3 25 | $120.6M | $11.3M | ||
| Q2 25 | $258.3M | $19.8M | ||
| Q1 25 | $254.2M | $23.7M | ||
| Q4 24 | $597.4M | $11.1M | ||
| Q3 24 | $158.3M | $4.0M | ||
| Q2 24 | $298.9M | $22.8M | ||
| Q1 24 | $347.9M | $4.5M |
总债务CASHHTO
| Q4 25 | $33.5M | $1.9B | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | $1.7B | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $33.4M | — |
股东权益CASHHTO
| Q4 25 | $854.5M | $1.5B | ||
| Q3 25 | $858.0M | $1.5B | ||
| Q2 25 | $819.0M | $1.5B | ||
| Q1 25 | $814.7M | $1.4B | ||
| Q4 24 | $758.3M | $1.4B | ||
| Q3 24 | $822.5M | $1.3B | ||
| Q2 24 | $748.4M | $1.3B | ||
| Q1 24 | $719.5M | $1.2B |
总资产CASHHTO
| Q4 25 | $7.6B | $5.1B | ||
| Q3 25 | $7.2B | $5.0B | ||
| Q2 25 | $7.2B | $4.8B | ||
| Q1 25 | $7.0B | $4.7B | ||
| Q4 24 | $7.6B | $4.7B | ||
| Q3 24 | $7.5B | $4.6B | ||
| Q2 24 | $7.5B | $4.4B | ||
| Q1 24 | $7.4B | $4.4B |
负债/权益比CASHHTO
| Q4 25 | 0.04× | 1.23× | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | 1.26× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | — |
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 | $108.3M | $63.5M |
| 自由现金流经营现金流 - 资本支出 | $104.1M | — |
| 自由现金流率自由现金流/营收 | 60.1% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 现金转化率经营现金流/净利润 | 3.08× | 3.92× |
| 过去12个月自由现金流最近4个季度 | $616.8M | — |
8季度趋势，按日历期对齐
经营现金流CASHHTO
| Q4 25 | $108.3M | $63.5M | ||
| Q3 25 | $303.7M | $77.3M | ||
| Q2 25 | $30.4M | $60.8M | ||
| Q1 25 | $188.3M | $43.2M | ||
| Q4 24 | $-71.7M | $41.5M | ||
| Q3 24 | $143.1M | $53.5M | ||
| Q2 24 | $113.2M | $49.3M | ||
| Q1 24 | $203.0M | $51.2M |
自由现金流CASHHTO
| Q4 25 | $104.1M | — | ||
| Q3 25 | $300.3M | — | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $184.7M | — | ||
| Q4 24 | $-73.8M | — | ||
| Q3 24 | $138.8M | — | ||
| Q2 24 | $111.0M | — | ||
| Q1 24 | $201.3M | — |
自由现金流率CASHHTO
| Q4 25 | 60.1% | — | ||
| Q3 25 | 160.9% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 67.2% | — | ||
| Q4 24 | -40.4% | — | ||
| Q3 24 | 77.3% | — | ||
| Q2 24 | 58.8% | — | ||
| Q1 24 | 78.1% | — |
资本支出强度CASHHTO
| Q4 25 | 2.4% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.7% | — |
现金转化率CASHHTO
| Q4 25 | 3.08× | 3.92× | ||
| Q3 25 | 7.83× | 1.71× | ||
| Q2 25 | 0.72× | 2.47× | ||
| Q1 25 | 2.51× | 2.61× | ||
| Q4 24 | -2.39× | 1.81× | ||
| Q3 24 | 4.27× | 1.39× | ||
| Q2 24 | 2.52× | 2.38× | ||
| Q1 24 | 2.90× | 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
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
