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CALIFORNIA WATER SERVICE GROUP（CWT）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是CALIFORNIA WATER SERVICE GROUP的1.8倍（$375.3M vs $210.7M），ROYAL GOLD INC净利率更高（24.9% vs 5.4%，领先19.5%），ROYAL GOLD INC同比增速更快（85.3% vs -3.3%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 16.6%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
CWT vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.8倍
$210.7M
营收增速更快
RGLD
高出88.6%
-3.3%
净利率更高
RGLD
高出19.5%
5.4%
两年增速更快
RGLD
近两年复合增速
16.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $375.3M |
| 净利润 | $11.5M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 12.2% | 56.2% |
| 净利率 | 5.4% | 24.9% |
| 营收同比 | -3.3% | 85.3% |
| 净利润同比 | -41.0% | -12.8% |
| 每股收益（稀释后） | $0.19 | $1.04 |
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CWTRGLD
| Q4 25 | $210.7M | $375.3M | ||
| Q3 25 | $314.1M | $252.1M | ||
| Q2 25 | $256.2M | $209.6M | ||
| Q1 25 | $182.7M | $193.4M | ||
| Q4 24 | $217.8M | $202.6M | ||
| Q3 24 | $306.2M | $193.8M | ||
| Q2 24 | $226.7M | $174.1M | ||
| Q1 24 | $154.9M | $148.9M |
净利润CWTRGLD
| Q4 25 | $11.5M | $93.6M | ||
| Q3 25 | $61.2M | $126.8M | ||
| Q2 25 | $42.2M | $132.3M | ||
| Q1 25 | $13.3M | $113.5M | ||
| Q4 24 | $19.5M | $107.4M | ||
| Q3 24 | $60.7M | $96.2M | ||
| Q2 24 | $40.6M | $81.2M | ||
| Q1 24 | $69.9M | $47.2M |
毛利率CWTRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率CWTRGLD
| Q4 25 | 12.2% | 56.2% | ||
| Q3 25 | 22.5% | 64.4% | ||
| Q2 25 | 20.2% | 67.7% | ||
| Q1 25 | 12.2% | 63.6% | ||
| Q4 24 | 14.8% | 65.9% | ||
| Q3 24 | 21.8% | 61.3% | ||
| Q2 24 | 21.2% | 58.6% | ||
| Q1 24 | 50.3% | 50.7% |
净利率CWTRGLD
| Q4 25 | 5.4% | 24.9% | ||
| Q3 25 | 19.5% | 50.3% | ||
| Q2 25 | 16.5% | 63.1% | ||
| Q1 25 | 7.3% | 58.7% | ||
| Q4 24 | 8.9% | 53.0% | ||
| Q3 24 | 19.8% | 49.7% | ||
| Q2 24 | 17.9% | 46.6% | ||
| Q1 24 | 45.1% | 31.7% |
每股收益（稀释后）CWTRGLD
| Q4 25 | $0.19 | $1.04 | ||
| Q3 25 | $1.03 | $1.92 | ||
| Q2 25 | $0.71 | $2.01 | ||
| Q1 25 | $0.22 | $1.72 | ||
| Q4 24 | $0.31 | $1.63 | ||
| Q3 24 | $1.03 | $1.46 | ||
| Q2 24 | $0.70 | $1.23 | ||
| Q1 24 | $1.21 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $1.7B | $7.2B |
| 总资产 | $5.7B | $9.5B |
| 负债/权益比越低杠杆越低 | 0.87× | — |
8季度趋势，按日历期对齐
现金及短期投资CWTRGLD
| Q4 25 | $51.8M | $233.7M | ||
| Q3 25 | $76.0M | $172.8M | ||
| Q2 25 | $50.5M | $248.2M | ||
| Q1 25 | $44.5M | $240.8M | ||
| Q4 24 | $50.1M | $195.5M | ||
| Q3 24 | $59.6M | $127.9M | ||
| Q2 24 | $37.3M | $74.2M | ||
| Q1 24 | $42.8M | $137.9M |
总债务CWTRGLD
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益CWTRGLD
| Q4 25 | $1.7B | $7.2B | ||
| Q3 25 | $1.7B | $3.4B | ||
| Q2 25 | $1.7B | $3.3B | ||
| Q1 25 | $1.6B | $3.2B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.0B | ||
| Q2 24 | $1.5B | $3.0B | ||
| Q1 24 | $1.5B | $2.9B |
总资产CWTRGLD
| Q4 25 | $5.7B | $9.5B | ||
| Q3 25 | $5.5B | $4.5B | ||
| Q2 25 | $5.4B | $3.6B | ||
| Q1 25 | $5.3B | $3.5B | ||
| Q4 24 | $5.2B | $3.4B | ||
| Q3 24 | $5.0B | $3.3B | ||
| Q2 24 | $4.9B | $3.3B | ||
| Q1 24 | $4.8B | $3.3B |
负债/权益比CWTRGLD
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 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× | 2.58× |
| 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CWTRGLD
| Q4 25 | $47.9M | $241.7M | ||
| Q3 25 | $167.3M | $174.0M | ||
| Q2 25 | $48.9M | $152.8M | ||
| Q1 25 | $38.4M | $136.4M | ||
| Q4 24 | $68.1M | $141.1M | ||
| Q3 24 | $101.8M | $136.7M | ||
| Q2 24 | $94.4M | $113.5M | ||
| Q1 24 | $26.5M | $138.3M |
现金转化率CWTRGLD
| Q4 25 | 4.17× | 2.58× | ||
| Q3 25 | 2.73× | 1.37× | ||
| Q2 25 | 1.16× | 1.15× | ||
| Q1 25 | 2.88× | 1.20× | ||
| Q4 24 | 3.50× | 1.31× | ||
| Q3 24 | 1.68× | 1.42× | ||
| Q2 24 | 2.33× | 1.40× | ||
| Q1 24 | 0.38× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
