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H2O AMERICA（HTO）与IBEX Ltd（IBEX）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IBEX Ltd的1.2倍（$199.4M vs $164.2M），H2O AMERICA净利率更高（8.1% vs 7.4%，领先0.7%），IBEX Ltd同比增速更快（16.7% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 13.8%）
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。
IBEX 35是西班牙主要交易所马德里证券交易所的基准股票指数，该指数始创于1992年，由西班牙证券市场集团BME旗下的交易所公司负责计算与管理。它以市值加权编制，涵盖马德里证券交易所流动性最高的35只西班牙股票，每年进行两次成分股调整。
HTO vs IBEX — 直观对比
营收规模更大
HTO
是对方的1.2倍
$164.2M
营收增速更快
IBEX
高出15.3%
1.5%
净利率更高
HTO
高出0.7%
7.4%
两年增速更快
HTO
近两年复合增速
13.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $164.2M |
| 净利润 | $16.2M | $12.2M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | 9.3% |
| 净利率 | 8.1% | 7.4% |
| 营收同比 | 1.5% | 16.7% |
| 净利润同比 | -29.2% | 31.8% |
| 每股收益（稀释后） | $0.45 | $0.83 |
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HTOIBEX
| Q4 25 | $199.4M | $164.2M | ||
| Q3 25 | $243.5M | $151.2M | ||
| Q2 25 | $197.8M | $147.1M | ||
| Q1 25 | $164.9M | $140.7M | ||
| Q4 24 | $196.5M | $140.7M | ||
| Q3 24 | $216.7M | $129.7M | ||
| Q2 24 | $173.1M | $124.5M | ||
| Q1 24 | $150.0M | $126.8M |
净利润HTOIBEX
| Q4 25 | $16.2M | $12.2M | ||
| Q3 25 | $45.1M | $12.0M | ||
| Q2 25 | $24.7M | $9.6M | ||
| Q1 25 | $16.6M | $10.5M | ||
| Q4 24 | $22.9M | $9.3M | ||
| Q3 24 | $38.7M | $7.5M | ||
| Q2 24 | $20.7M | $9.8M | ||
| Q1 24 | $11.7M | $10.3M |
营业利润率HTOIBEX
| Q4 25 | 16.6% | 9.3% | ||
| Q3 25 | 26.5% | 9.1% | ||
| Q2 25 | 22.2% | 8.3% | ||
| Q1 25 | 21.8% | 9.5% | ||
| Q4 24 | 22.2% | 8.5% | ||
| Q3 24 | 26.9% | 7.0% | ||
| Q2 24 | 23.4% | 10.3% | ||
| Q1 24 | 18.6% | 8.9% |
净利率HTOIBEX
| Q4 25 | 8.1% | 7.4% | ||
| Q3 25 | 18.5% | 8.0% | ||
| Q2 25 | 12.5% | 6.5% | ||
| Q1 25 | 10.0% | 7.4% | ||
| Q4 24 | 11.7% | 6.6% | ||
| Q3 24 | 17.8% | 5.8% | ||
| Q2 24 | 12.0% | 7.9% | ||
| Q1 24 | 7.8% | 8.1% |
每股收益（稀释后）HTOIBEX
| Q4 25 | $0.45 | $0.83 | ||
| Q3 25 | $1.27 | $0.82 | ||
| Q2 25 | $0.71 | $0.63 | ||
| Q1 25 | $0.49 | $0.73 | ||
| Q4 24 | $0.70 | $0.57 | ||
| Q3 24 | $1.17 | $0.43 | ||
| Q2 24 | $0.64 | $0.55 | ||
| Q1 24 | $0.36 | $0.57 |
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 | $20.7M | $15.5M |
| 总债务越低越好 | $1.9B | $594.0K |
| 股东权益账面价值 | $1.5B | $154.5M |
| 总资产 | $5.1B | $295.8M |
| 负债/权益比越低杠杆越低 | 1.23× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HTOIBEX
| Q4 25 | $20.7M | $15.5M | ||
| Q3 25 | $11.3M | $22.7M | ||
| Q2 25 | $19.8M | $15.3M | ||
| Q1 25 | $23.7M | $13.0M | ||
| Q4 24 | $11.1M | $20.2M | ||
| Q3 24 | $4.0M | $62.3M | ||
| Q2 24 | $22.8M | $62.7M | ||
| Q1 24 | $4.5M | $50.7M |
总债务HTOIBEX
| Q4 25 | $1.9B | $594.0K | ||
| Q3 25 | — | $726.0K | ||
| Q2 25 | — | $796.0K | ||
| Q1 25 | — | $735.0K | ||
| Q4 24 | $1.7B | $695.0K | ||
| Q3 24 | — | $802.0K | ||
| Q2 24 | — | $867.0K | ||
| Q1 24 | — | $820.0K |
股东权益HTOIBEX
| Q4 25 | $1.5B | $154.5M | ||
| Q3 25 | $1.5B | $143.6M | ||
| Q2 25 | $1.5B | $134.3M | ||
| Q1 25 | $1.4B | $124.2M | ||
| Q4 24 | $1.4B | $108.9M | ||
| Q3 24 | $1.3B | $171.1M | ||
| Q2 24 | $1.3B | $165.8M | ||
| Q1 24 | $1.2B | $159.3M |
总资产HTOIBEX
| Q4 25 | $5.1B | $295.8M | ||
| Q3 25 | $5.0B | $283.9M | ||
| Q2 25 | $4.8B | $273.2M | ||
| Q1 25 | $4.7B | $274.7M | ||
| Q4 24 | $4.7B | $272.5M | ||
| Q3 24 | $4.6B | $306.3M | ||
| Q2 24 | $4.4B | $293.9M | ||
| Q1 24 | $4.4B | $289.6M |
负债/权益比HTOIBEX
| Q4 25 | 1.23× | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | 1.26× | 0.01× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $63.5M | $6.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-5.1M |
| 自由现金流率自由现金流/营收 | — | -3.1% |
| 资本支出强度资本支出/营收 | — | 7.1% |
| 现金转化率经营现金流/净利润 | 3.92× | 0.54× |
| 过去12个月自由现金流最近4个季度 | — | $29.3M |
8季度趋势，按日历期对齐
经营现金流HTOIBEX
| Q4 25 | $63.5M | $6.6M | ||
| Q3 25 | $77.3M | $15.7M | ||
| Q2 25 | $60.8M | $27.9M | ||
| Q1 25 | $43.2M | $8.8M | ||
| Q4 24 | $41.5M | $1.1M | ||
| Q3 24 | $53.5M | $7.8M | ||
| Q2 24 | $49.3M | $17.4M | ||
| Q1 24 | $51.2M | $11.4M |
自由现金流HTOIBEX
| Q4 25 | — | $-5.1M | ||
| Q3 25 | — | $8.0M | ||
| Q2 25 | — | $22.8M | ||
| Q1 25 | — | $3.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q3 24 | — | $4.1M | ||
| Q2 24 | — | $15.2M | ||
| Q1 24 | — | $9.7M |
自由现金流率HTOIBEX
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 12.2% | ||
| Q1 24 | — | 7.7% |
资本支出强度HTOIBEX
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.3% |
现金转化率HTOIBEX
| Q4 25 | 3.92× | 0.54× | ||
| Q3 25 | 1.71× | 1.30× | ||
| Q2 25 | 2.47× | 2.91× | ||
| Q1 25 | 2.61× | 0.84× | ||
| Q4 24 | 1.81× | 0.12× | ||
| Q3 24 | 1.39× | 1.03× | ||
| Q2 24 | 2.38× | 1.77× | ||
| Q1 24 | 4.38× | 1.11× |
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
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
