vs
CALIFORNIA WATER SERVICE GROUP（CWT）与Select Water Solutions, Inc.（WTTR）财务数据对比。点击上方公司名可切换其他公司
Select Water Solutions, Inc.的季度营收约是CALIFORNIA WATER SERVICE GROUP的1.6倍（$346.5M vs $210.7M），CALIFORNIA WATER SERVICE GROUP净利率更高（5.4% vs -0.1%，领先5.5%），Select Water Solutions, Inc.同比增速更快（-0.7% vs -3.3%），过去两年CALIFORNIA WATER SERVICE GROUP的营收复合增速更高（16.6% vs -2.8%）
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。
Select Water Solutions是一家专注于油气领域的水务及环保解决方案供应商，主要服务北美陆上油气开采市场，核心业务涵盖水资源获取、处理、回收、处置及化学品解决方案，可帮助客户降低运营成本、减少环境影响。
CWT vs WTTR — 直观对比
营收规模更大
WTTR
是对方的1.6倍
$210.7M
营收增速更快
WTTR
高出2.5%
-3.3%
净利率更高
CWT
高出5.5%
-0.1%
两年增速更快
CWT
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $346.5M |
| 净利润 | $11.5M | $-346.0K |
| 毛利率 | — | 13.1% |
| 营业利润率 | 12.2% | -0.1% |
| 净利率 | 5.4% | -0.1% |
| 营收同比 | -3.3% | -0.7% |
| 净利润同比 | -41.0% | 78.9% |
| 每股收益（稀释后） | $0.19 | — |
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CWTWTTR
| Q4 25 | $210.7M | $346.5M | ||
| Q3 25 | $314.1M | $322.2M | ||
| Q2 25 | $256.2M | $364.2M | ||
| Q1 25 | $182.7M | $374.4M | ||
| Q4 24 | $217.8M | $349.0M | ||
| Q3 24 | $306.2M | $371.3M | ||
| Q2 24 | $226.7M | $365.1M | ||
| Q1 24 | $154.9M | $366.5M |
净利润CWTWTTR
| Q4 25 | $11.5M | $-346.0K | ||
| Q3 25 | $61.2M | $2.7M | ||
| Q2 25 | $42.2M | $10.6M | ||
| Q1 25 | $13.3M | $8.2M | ||
| Q4 24 | $19.5M | $-1.6M | ||
| Q3 24 | $60.7M | $15.8M | ||
| Q2 24 | $40.6M | $12.9M | ||
| Q1 24 | $69.9M | $3.6M |
毛利率CWTWTTR
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 13.5% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 16.5% | ||
| Q1 24 | — | 14.4% |
营业利润率CWTWTTR
| Q4 25 | 12.2% | -0.1% | ||
| Q3 25 | 22.5% | -0.5% | ||
| Q2 25 | 20.2% | 4.2% | ||
| Q1 25 | 12.2% | 4.2% | ||
| Q4 24 | 14.8% | 0.7% | ||
| Q3 24 | 21.8% | 6.6% | ||
| Q2 24 | 21.2% | 5.6% | ||
| Q1 24 | 50.3% | 1.9% |
净利率CWTWTTR
| Q4 25 | 5.4% | -0.1% | ||
| Q3 25 | 19.5% | 0.8% | ||
| Q2 25 | 16.5% | 2.9% | ||
| Q1 25 | 7.3% | 2.2% | ||
| Q4 24 | 8.9% | -0.5% | ||
| Q3 24 | 19.8% | 4.3% | ||
| Q2 24 | 17.9% | 3.5% | ||
| Q1 24 | 45.1% | 1.0% |
每股收益（稀释后）CWTWTTR
| Q4 25 | $0.19 | — | ||
| Q3 25 | $1.03 | — | ||
| Q2 25 | $0.71 | — | ||
| Q1 25 | $0.22 | — | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $1.03 | — | ||
| Q2 24 | $0.70 | — | ||
| Q1 24 | $1.21 | — |
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 | $18.1M |
| 总债务越低越好 | $1.5B | $320.0M |
| 股东权益账面价值 | $1.7B | $805.6M |
| 总资产 | $5.7B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.87× | 0.40× |
8季度趋势，按日历期对齐
现金及短期投资CWTWTTR
| Q4 25 | $51.8M | $18.1M | ||
| Q3 25 | $76.0M | $17.8M | ||
| Q2 25 | $50.5M | $51.2M | ||
| Q1 25 | $44.5M | $27.9M | ||
| Q4 24 | $50.1M | $20.0M | ||
| Q3 24 | $59.6M | $10.9M | ||
| Q2 24 | $37.3M | $16.4M | ||
| Q1 24 | $42.8M | $12.8M |
总债务CWTWTTR
| Q4 25 | $1.5B | $320.0M | ||
| Q3 25 | $1.1B | $305.0M | ||
| Q2 25 | $1.1B | $275.0M | ||
| Q1 25 | $1.1B | $250.0M | ||
| Q4 24 | $1.1B | $85.0M | ||
| Q3 24 | — | $80.0M | ||
| Q2 24 | — | $90.0M | ||
| Q1 24 | — | $75.0M |
股东权益CWTWTTR
| Q4 25 | $1.7B | $805.6M | ||
| Q3 25 | $1.7B | $808.1M | ||
| Q2 25 | $1.7B | $799.3M | ||
| Q1 25 | $1.6B | $793.1M | ||
| Q4 24 | $1.6B | $793.5M | ||
| Q3 24 | $1.6B | $796.5M | ||
| Q2 24 | $1.5B | $782.0M | ||
| Q1 24 | $1.5B | $770.0M |
总资产CWTWTTR
| Q4 25 | $5.7B | $1.6B | ||
| Q3 25 | $5.5B | $1.6B | ||
| Q2 25 | $5.4B | $1.5B | ||
| Q1 25 | $5.3B | $1.5B | ||
| Q4 24 | $5.2B | $1.4B | ||
| Q3 24 | $5.0B | $1.3B | ||
| Q2 24 | $4.9B | $1.3B | ||
| Q1 24 | $4.8B | $1.3B |
负债/权益比CWTWTTR
| Q4 25 | 0.87× | 0.40× | ||
| Q3 25 | 0.65× | 0.38× | ||
| Q2 25 | 0.67× | 0.34× | ||
| Q1 25 | 0.68× | 0.32× | ||
| Q4 24 | 0.67× | 0.11× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.10× |
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 | $65.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -1.7% |
| 资本支出强度资本支出/营收 | — | 20.6% |
| 现金转化率经营现金流/净利润 | 4.17× | — |
| 过去12个月自由现金流最近4个季度 | — | $-79.9M |
8季度趋势，按日历期对齐
经营现金流CWTWTTR
| Q4 25 | $47.9M | $65.5M | ||
| Q3 25 | $167.3M | $71.7M | ||
| Q2 25 | $48.9M | $82.6M | ||
| Q1 25 | $38.4M | $-5.1M | ||
| Q4 24 | $68.1M | $67.8M | ||
| Q3 24 | $101.8M | $51.9M | ||
| Q2 24 | $94.4M | $83.1M | ||
| Q1 24 | $26.5M | $32.1M |
自由现金流CWTWTTR
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $-23.5M | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | — | $-53.5M | ||
| Q4 24 | — | $12.7M | ||
| Q3 24 | — | $16.7M | ||
| Q2 24 | — | $34.0M | ||
| Q1 24 | — | $-1.6M |
自由现金流率CWTWTTR
| Q4 25 | — | -1.7% | ||
| Q3 25 | — | -7.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | -14.3% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | -0.4% |
资本支出强度CWTWTTR
| Q4 25 | — | 20.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 21.8% | ||
| Q1 25 | — | 12.9% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | — | 9.5% | ||
| Q2 24 | — | 13.5% | ||
| Q1 24 | — | 9.2% |
现金转化率CWTWTTR
| Q4 25 | 4.17× | — | ||
| Q3 25 | 2.73× | 26.72× | ||
| Q2 25 | 1.16× | 7.76× | ||
| Q1 25 | 2.88× | -0.61× | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.68× | 3.29× | ||
| Q2 24 | 2.33× | 6.46× | ||
| Q1 24 | 0.38× | 8.86× |
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% |
WTTR
| Water Services | $178.3M | 51% |
| Marcellus Utica | $38.6M | 11% |
| Rockies | $38.3M | 11% |
| Eagle Ford | $28.2M | 8% |
| Midcon | $23.0M | 7% |
| Haynesville E.Texas | $19.1M | 6% |
| Bakken | $17.3M | 5% |
| Eliminations And Other Geographical Regions | $3.6M | 1% |
