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CALIFORNIA WATER SERVICE GROUP（CWT）与H2O AMERICA（HTO）财务数据对比。点击上方公司名可切换其他公司
CALIFORNIA WATER SERVICE GROUP的季度营收约是H2O AMERICA的1.1倍（$210.7M vs $199.4M）。H2O AMERICA净利率更高（8.1% vs 5.4%，领先2.7%）。H2O AMERICA同比增速更快（1.5% vs -3.3%）。过去两年CALIFORNIA WATER SERVICE GROUP的营收复合增速更高（16.6% vs 15.3%）
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
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。
CWT vs HTO — 直观对比
营收规模更大
CWT
是对方的1.1倍
$199.4M
营收增速更快
HTO
高出4.8%
-3.3%
净利率更高
HTO
高出2.7%
5.4%
两年增速更快
CWT
近两年复合增速
15.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $199.4M |
| 净利润 | $11.5M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | 12.2% | 16.6% |
| 净利率 | 5.4% | 8.1% |
| 营收同比 | -3.3% | 1.5% |
| 净利润同比 | -41.0% | -29.2% |
| 每股收益（稀释后） | $0.19 | $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CWTHTO
| Q4 25 | $210.7M | $199.4M | ||
| Q3 25 | $314.1M | $243.5M | ||
| Q2 25 | $256.2M | $197.8M | ||
| Q1 25 | $182.7M | $164.9M | ||
| Q4 24 | $217.8M | $196.5M | ||
| Q3 24 | $306.2M | $216.7M | ||
| Q2 24 | $226.7M | $173.1M | ||
| Q1 24 | $154.9M | $150.0M |
净利润CWTHTO
| Q4 25 | $11.5M | $16.2M | ||
| Q3 25 | $61.2M | $45.1M | ||
| Q2 25 | $42.2M | $24.7M | ||
| Q1 25 | $13.3M | $16.6M | ||
| Q4 24 | $19.5M | $22.9M | ||
| Q3 24 | $60.7M | $38.7M | ||
| Q2 24 | $40.6M | $20.7M | ||
| Q1 24 | $69.9M | $11.7M |
营业利润率CWTHTO
| Q4 25 | 12.2% | 16.6% | ||
| Q3 25 | 22.5% | 26.5% | ||
| Q2 25 | 20.2% | 22.2% | ||
| Q1 25 | 12.2% | 21.8% | ||
| Q4 24 | 14.8% | 22.2% | ||
| Q3 24 | 21.8% | 26.9% | ||
| Q2 24 | 21.2% | 23.4% | ||
| Q1 24 | 50.3% | 18.6% |
净利率CWTHTO
| Q4 25 | 5.4% | 8.1% | ||
| Q3 25 | 19.5% | 18.5% | ||
| Q2 25 | 16.5% | 12.5% | ||
| Q1 25 | 7.3% | 10.0% | ||
| Q4 24 | 8.9% | 11.7% | ||
| Q3 24 | 19.8% | 17.8% | ||
| Q2 24 | 17.9% | 12.0% | ||
| Q1 24 | 45.1% | 7.8% |
每股收益（稀释后）CWTHTO
| Q4 25 | $0.19 | $0.45 | ||
| Q3 25 | $1.03 | $1.27 | ||
| Q2 25 | $0.71 | $0.71 | ||
| Q1 25 | $0.22 | $0.49 | ||
| Q4 24 | $0.31 | $0.70 | ||
| Q3 24 | $1.03 | $1.17 | ||
| Q2 24 | $0.70 | $0.64 | ||
| Q1 24 | $1.21 | $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 | $51.8M | $20.7M |
| 总债务越低越好 | $1.5B | $1.9B |
| 股东权益账面价值 | $1.7B | $1.5B |
| 总资产 | $5.7B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.87× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资CWTHTO
| Q4 25 | $51.8M | $20.7M | ||
| Q3 25 | $76.0M | $11.3M | ||
| Q2 25 | $50.5M | $19.8M | ||
| Q1 25 | $44.5M | $23.7M | ||
| Q4 24 | $50.1M | $11.1M | ||
| Q3 24 | $59.6M | $4.0M | ||
| Q2 24 | $37.3M | $22.8M | ||
| Q1 24 | $42.8M | $4.5M |
总债务CWTHTO
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CWTHTO
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.5B | $1.2B |
总资产CWTHTO
| Q4 25 | $5.7B | $5.1B | ||
| Q3 25 | $5.5B | $5.0B | ||
| Q2 25 | $5.4B | $4.8B | ||
| Q1 25 | $5.3B | $4.7B | ||
| Q4 24 | $5.2B | $4.7B | ||
| Q3 24 | $5.0B | $4.6B | ||
| Q2 24 | $4.9B | $4.4B | ||
| Q1 24 | $4.8B | $4.4B |
负债/权益比CWTHTO
| Q4 25 | 0.87× | 1.23× | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.67× | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $47.9M | $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 | 4.17× | 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CWTHTO
| Q4 25 | $47.9M | $63.5M | ||
| Q3 25 | $167.3M | $77.3M | ||
| Q2 25 | $48.9M | $60.8M | ||
| Q1 25 | $38.4M | $43.2M | ||
| Q4 24 | $68.1M | $41.5M | ||
| Q3 24 | $101.8M | $53.5M | ||
| Q2 24 | $94.4M | $49.3M | ||
| Q1 24 | $26.5M | $51.2M |
现金转化率CWTHTO
| Q4 25 | 4.17× | 3.92× | ||
| Q3 25 | 2.73× | 1.71× | ||
| Q2 25 | 1.16× | 2.47× | ||
| Q1 25 | 2.88× | 2.61× | ||
| Q4 24 | 3.50× | 1.81× | ||
| Q3 24 | 1.68× | 1.39× | ||
| Q2 24 | 2.33× | 2.38× | ||
| Q1 24 | 0.38× | 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
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 1% |
HTO
暂无分部数据
