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FTAI Infrastructure Inc.（FIP）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FTAI Infrastructure Inc.的1.4倍（$199.4M vs $143.5M），H2O AMERICA净利率更高（8.1% vs -68.1%，领先76.2%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 1.5%），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 15.3%）
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
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。
FIP vs HTO — 直观对比
营收规模更大
HTO
是对方的1.4倍
$143.5M
营收增速更快
FIP
高出76.2%
1.5%
净利率更高
HTO
高出76.2%
-68.1%
两年增速更快
FIP
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $199.4M |
| 净利润 | $-97.7M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | -45.7% | 16.6% |
| 净利率 | -68.1% | 8.1% |
| 营收同比 | 77.7% | 1.5% |
| 净利润同比 | 21.6% | -29.2% |
| 每股收益（稀释后） | $-1.04 | $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FIPHTO
| Q4 25 | $143.5M | $199.4M | ||
| Q3 25 | $140.6M | $243.5M | ||
| Q2 25 | $122.3M | $197.8M | ||
| Q1 25 | $96.2M | $164.9M | ||
| Q4 24 | $80.8M | $196.5M | ||
| Q3 24 | $83.3M | $216.7M | ||
| Q2 24 | $84.9M | $173.1M | ||
| Q1 24 | $82.5M | $150.0M |
净利润FIPHTO
| Q4 25 | $-97.7M | $16.2M | ||
| Q3 25 | $-104.5M | $45.1M | ||
| Q2 25 | $-70.0M | $24.7M | ||
| Q1 25 | $120.2M | $16.6M | ||
| Q4 24 | $-124.7M | $22.9M | ||
| Q3 24 | $-43.0M | $38.7M | ||
| Q2 24 | $-48.1M | $20.7M | ||
| Q1 24 | $-50.3M | $11.7M |
营业利润率FIPHTO
| Q4 25 | -45.7% | 16.6% | ||
| Q3 25 | -70.8% | 26.5% | ||
| Q2 25 | -56.4% | 22.2% | ||
| Q1 25 | 81.8% | 21.8% | ||
| Q4 24 | -152.7% | 22.2% | ||
| Q3 24 | -51.7% | 26.9% | ||
| Q2 24 | -56.4% | 23.4% | ||
| Q1 24 | -58.8% | 18.6% |
净利率FIPHTO
| Q4 25 | -68.1% | 8.1% | ||
| Q3 25 | -74.4% | 18.5% | ||
| Q2 25 | -57.2% | 12.5% | ||
| Q1 25 | 125.0% | 10.0% | ||
| Q4 24 | -154.4% | 11.7% | ||
| Q3 24 | -51.6% | 17.8% | ||
| Q2 24 | -56.7% | 12.0% | ||
| Q1 24 | -60.9% | 7.8% |
每股收益（稀释后）FIPHTO
| Q4 25 | $-1.04 | $0.45 | ||
| Q3 25 | $-1.38 | $1.27 | ||
| Q2 25 | $-0.73 | $0.71 | ||
| Q1 25 | $0.89 | $0.49 | ||
| Q4 24 | $-1.21 | $0.70 | ||
| Q3 24 | $-0.45 | $1.17 | ||
| Q2 24 | $-0.52 | $0.64 | ||
| Q1 24 | $-0.54 | $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 | $57.4M | $20.7M |
| 总债务越低越好 | $3.8B | $1.9B |
| 股东权益账面价值 | $21.3M | $1.5B |
| 总资产 | $5.7B | $5.1B |
| 负债/权益比越低杠杆越低 | 176.99× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资FIPHTO
| Q4 25 | $57.4M | $20.7M | ||
| Q3 25 | $34.7M | $11.3M | ||
| Q2 25 | $33.6M | $19.8M | ||
| Q1 25 | $26.3M | $23.7M | ||
| Q4 24 | $27.8M | $11.1M | ||
| Q3 24 | $20.3M | $4.0M | ||
| Q2 24 | $33.1M | $22.8M | ||
| Q1 24 | $23.0M | $4.5M |
总债务FIPHTO
| Q4 25 | $3.8B | $1.9B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
股东权益FIPHTO
| Q4 25 | $21.3M | $1.5B | ||
| Q3 25 | $181.1M | $1.5B | ||
| Q2 25 | $375.5M | $1.5B | ||
| Q1 25 | $476.2M | $1.4B | ||
| Q4 24 | $202.7M | $1.4B | ||
| Q3 24 | $370.8M | $1.3B | ||
| Q2 24 | $394.8M | $1.3B | ||
| Q1 24 | $402.5M | $1.2B |
总资产FIPHTO
| Q4 25 | $5.7B | $5.1B | ||
| Q3 25 | $5.5B | $5.0B | ||
| Q2 25 | $4.4B | $4.8B | ||
| Q1 25 | $4.1B | $4.7B | ||
| Q4 24 | $2.4B | $4.7B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $2.5B | $4.4B | ||
| Q1 24 | $2.3B | $4.4B |
负债/权益比FIPHTO
| Q4 25 | 176.99× | 1.23× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | 1.26× | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $63.5M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | — |
| 自由现金流率自由现金流/营收 | -47.8% | — |
| 资本支出强度资本支出/营收 | 45.9% | — |
| 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 | $-398.5M | — |
8季度趋势，按日历期对齐
经营现金流FIPHTO
| Q4 25 | $-2.8M | $63.5M | ||
| Q3 25 | $-24.4M | $77.3M | ||
| Q2 25 | $-5.2M | $60.8M | ||
| Q1 25 | $-85.7M | $43.2M | ||
| Q4 24 | $-8.1M | $41.5M | ||
| Q3 24 | $14.2M | $53.5M | ||
| Q2 24 | $-17.6M | $49.3M | ||
| Q1 24 | $-3.9M | $51.2M |
自由现金流FIPHTO
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | — | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $-11.7M | — | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-16.7M | — |
自由现金流率FIPHTO
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | — | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | — | ||
| Q4 24 | -42.4% | — | ||
| Q3 24 | -14.0% | — | ||
| Q2 24 | -37.9% | — | ||
| Q1 24 | -20.3% | — |
资本支出强度FIPHTO
| Q4 25 | 45.9% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 67.3% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 32.5% | — | ||
| Q3 24 | 31.1% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 15.6% | — |
现金转化率FIPHTO
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | -0.71× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
