vs
化石集团（FOSL）与H2O AMERICA（HTO）财务数据对比。点击上方公司名可切换其他公司
化石集团的季度营收约是H2O AMERICA的1.4倍（$270.2M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -14.8%，领先23.0%），H2O AMERICA同比增速更快（1.5% vs -21.1%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -11.4%）
化石集团是1984年成立的美国时尚设计制造企业，总部位于得克萨斯州理查森。集团旗下拥有Fossil、Relic、Michele Watch、Skagen、Zodiac Watches等多个品牌，同时也为宝马、彪马、阿玛尼、迈克高仕、DKNY等多个知名品牌代工生产授权配饰。
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。
FOSL vs HTO — 直观对比
营收规模更大
FOSL
是对方的1.4倍
$199.4M
营收增速更快
HTO
高出22.5%
-21.1%
净利率更高
HTO
高出23.0%
-14.8%
两年增速更快
HTO
近两年复合增速
-11.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $270.2M | $199.4M |
| 净利润 | $-40.0M | $16.2M |
| 毛利率 | 49.0% | — |
| 营业利润率 | -8.0% | 16.6% |
| 净利率 | -14.8% | 8.1% |
| 营收同比 | -21.1% | 1.5% |
| 净利润同比 | -257.8% | -29.2% |
| 每股收益（稀释后） | $-0.76 | $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FOSLHTO
| Q4 25 | $270.2M | $199.4M | ||
| Q3 25 | $220.4M | $243.5M | ||
| Q2 25 | $233.3M | $197.8M | ||
| Q1 25 | — | $164.9M | ||
| Q4 24 | $342.3M | $196.5M | ||
| Q3 24 | $287.8M | $216.7M | ||
| Q2 24 | $260.0M | $173.1M | ||
| Q1 24 | $254.9M | $150.0M |
净利润FOSLHTO
| Q4 25 | $-40.0M | $16.2M | ||
| Q3 25 | $-2.1M | $45.1M | ||
| Q2 25 | $-17.9M | $24.7M | ||
| Q1 25 | — | $16.6M | ||
| Q4 24 | $-11.2M | $22.9M | ||
| Q3 24 | $-31.9M | $38.7M | ||
| Q2 24 | $-38.8M | $20.7M | ||
| Q1 24 | $-24.3M | $11.7M |
毛利率FOSLHTO
| Q4 25 | 49.0% | — | ||
| Q3 25 | 57.5% | — | ||
| Q2 25 | 61.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 53.9% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 52.6% | — | ||
| Q1 24 | 52.4% | — |
营业利润率FOSLHTO
| Q4 25 | -8.0% | 16.6% | ||
| Q3 25 | 3.9% | 26.5% | ||
| Q2 25 | -2.9% | 22.2% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | -4.8% | 22.2% | ||
| Q3 24 | -8.5% | 26.9% | ||
| Q2 24 | -13.1% | 23.4% | ||
| Q1 24 | -11.5% | 18.6% |
净利率FOSLHTO
| Q4 25 | -14.8% | 8.1% | ||
| Q3 25 | -1.0% | 18.5% | ||
| Q2 25 | -7.7% | 12.5% | ||
| Q1 25 | — | 10.0% | ||
| Q4 24 | -3.3% | 11.7% | ||
| Q3 24 | -11.1% | 17.8% | ||
| Q2 24 | -14.9% | 12.0% | ||
| Q1 24 | -9.5% | 7.8% |
每股收益（稀释后）FOSLHTO
| Q4 25 | $-0.76 | $0.45 | ||
| Q3 25 | $-0.04 | $1.27 | ||
| Q2 25 | $-0.33 | $0.71 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | $-0.15 | $0.70 | ||
| Q3 24 | $-0.60 | $1.17 | ||
| Q2 24 | $-0.73 | $0.64 | ||
| Q1 24 | $-0.46 | $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 | $79.2M | $20.7M |
| 总债务越低越好 | $169.1M | $1.9B |
| 股东权益账面价值 | $112.6M | $1.5B |
| 总资产 | $701.0M | $5.1B |
| 负债/权益比越低杠杆越低 | 1.50× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资FOSLHTO
| Q4 25 | $79.2M | $20.7M | ||
| Q3 25 | $109.9M | $11.3M | ||
| Q2 25 | $78.3M | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | $123.6M | $11.1M | ||
| Q3 24 | $106.3M | $4.0M | ||
| Q2 24 | $104.9M | $22.8M | ||
| Q1 24 | $112.9M | $4.5M |
总债务FOSLHTO
| Q4 25 | $169.1M | $1.9B | ||
| Q3 25 | $165.6M | — | ||
| Q2 25 | $167.2M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $162.7M | $1.7B | ||
| Q3 24 | $173.4M | — | ||
| Q2 24 | $156.5M | — | ||
| Q1 24 | $202.9M | — |
股东权益FOSLHTO
| Q4 25 | $112.6M | $1.5B | ||
| Q3 25 | $150.3M | $1.5B | ||
| Q2 25 | $140.6M | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $148.7M | $1.4B | ||
| Q3 24 | $164.4M | $1.3B | ||
| Q2 24 | $189.6M | $1.3B | ||
| Q1 24 | $229.1M | $1.2B |
总资产FOSLHTO
| Q4 25 | $701.0M | $5.1B | ||
| Q3 25 | $704.5M | $5.0B | ||
| Q2 25 | $686.0M | $4.8B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $763.6M | $4.7B | ||
| Q3 24 | $812.4M | $4.6B | ||
| Q2 24 | $785.7M | $4.4B | ||
| Q1 24 | $891.0M | $4.4B |
负债/权益比FOSLHTO
| Q4 25 | 1.50× | 1.23× | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.09× | 1.26× | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 0.89× | — |
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 | $-22.2M | $63.5M |
| 自由现金流经营现金流 - 资本支出 | $-22.5M | — |
| 自由现金流率自由现金流/营收 | -8.3% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | $-46.0M | — |
8季度趋势，按日历期对齐
经营现金流FOSLHTO
| Q4 25 | $-22.2M | $63.5M | ||
| Q3 25 | $9.4M | $77.3M | ||
| Q2 25 | $-60.4M | $60.8M | ||
| Q1 25 | — | $43.2M | ||
| Q4 24 | $30.5M | $41.5M | ||
| Q3 24 | $-22.8M | $53.5M | ||
| Q2 24 | $38.4M | $49.3M | ||
| Q1 24 | $622.0K | $51.2M |
自由现金流FOSLHTO
| Q4 25 | $-22.5M | — | ||
| Q3 25 | $8.6M | — | ||
| Q2 25 | $-60.6M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $28.5M | — | ||
| Q3 24 | $-24.1M | — | ||
| Q2 24 | $36.6M | — | ||
| Q1 24 | $-1.1M | — |
自由现金流率FOSLHTO
| Q4 25 | -8.3% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | -26.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | -8.4% | — | ||
| Q2 24 | 14.1% | — | ||
| Q1 24 | -0.4% | — |
资本支出强度FOSLHTO
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.7% | — |
现金转化率FOSLHTO
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 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
FOSL
| Transferred At Point In Time | $109.7M | 41% |
| Traditional Watches | $91.3M | 34% |
| Other | $50.8M | 19% |
| Leathers | $9.5M | 4% |
| Jewelry | $4.0M | 1% |
| Smartwatches | $3.3M | 1% |
| Products Other | $1.6M | 1% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
