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H2O AMERICA（HTO）与INSTEEL INDUSTRIES INC（IIIN）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INSTEEL INDUSTRIES INC的1.2倍（$199.4M vs $159.9M），H2O AMERICA净利率更高（8.1% vs 4.7%，领先3.4%），INSTEEL INDUSTRIES INC同比增速更快（23.3% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 12.0%）
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。
Insteel Industries Inc是美国领先的钢材加固产品制造商，主营焊接钢筋网、工程结构网、钢纤维等产品，主要服务北美地区非住宅建筑、基础设施、预制混凝土构件等领域客户，提供高性能建筑加固解决方案。
HTO vs IIIN — 直观对比
营收规模更大
HTO
是对方的1.2倍
$159.9M
营收增速更快
IIIN
高出21.8%
1.5%
净利率更高
HTO
高出3.4%
4.7%
两年增速更快
HTO
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $159.9M |
| 净利润 | $16.2M | $7.6M |
| 毛利率 | — | 11.3% |
| 营业利润率 | 16.6% | 6.0% |
| 净利率 | 8.1% | 4.7% |
| 营收同比 | 1.5% | 23.3% |
| 净利润同比 | -29.2% | 602.4% |
| 每股收益（稀释后） | $0.45 | $0.39 |
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HTOIIIN
| Q4 25 | $199.4M | $159.9M | ||
| Q3 25 | $243.5M | $177.4M | ||
| Q2 25 | $197.8M | $179.9M | ||
| Q1 25 | $164.9M | $160.7M | ||
| Q4 24 | $196.5M | $129.7M | ||
| Q3 24 | $216.7M | $134.3M | ||
| Q2 24 | $173.1M | $145.8M | ||
| Q1 24 | $150.0M | $127.4M |
净利润HTOIIIN
| Q4 25 | $16.2M | $7.6M | ||
| Q3 25 | $45.1M | $14.6M | ||
| Q2 25 | $24.7M | $15.2M | ||
| Q1 25 | $16.6M | $10.2M | ||
| Q4 24 | $22.9M | $1.1M | ||
| Q3 24 | $38.7M | $4.7M | ||
| Q2 24 | $20.7M | $6.6M | ||
| Q1 24 | $11.7M | $6.9M |
毛利率HTOIIIN
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | — | 10.6% | ||
| Q1 24 | — | 12.3% |
营业利润率HTOIIIN
| Q4 25 | 16.6% | 6.0% | ||
| Q3 25 | 26.5% | 10.8% | ||
| Q2 25 | 22.2% | 11.0% | ||
| Q1 25 | 21.8% | 8.3% | ||
| Q4 24 | 22.2% | 1.1% | ||
| Q3 24 | 26.9% | 4.5% | ||
| Q2 24 | 23.4% | 6.0% | ||
| Q1 24 | 18.6% | 7.0% |
净利率HTOIIIN
| Q4 25 | 8.1% | 4.7% | ||
| Q3 25 | 18.5% | 8.2% | ||
| Q2 25 | 12.5% | 8.4% | ||
| Q1 25 | 10.0% | 6.4% | ||
| Q4 24 | 11.7% | 0.8% | ||
| Q3 24 | 17.8% | 3.5% | ||
| Q2 24 | 12.0% | 4.5% | ||
| Q1 24 | 7.8% | 5.4% |
每股收益（稀释后）HTOIIIN
| Q4 25 | $0.45 | $0.39 | ||
| Q3 25 | $1.27 | $0.74 | ||
| Q2 25 | $0.71 | $0.78 | ||
| Q1 25 | $0.49 | $0.52 | ||
| Q4 24 | $0.70 | $0.06 | ||
| Q3 24 | $1.17 | $0.24 | ||
| Q2 24 | $0.64 | $0.34 | ||
| Q1 24 | $0.36 | $0.35 |
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 | $15.6M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $358.8M |
| 总资产 | $5.1B | $456.1M |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资HTOIIIN
| Q4 25 | $20.7M | $15.6M | ||
| Q3 25 | $11.3M | $38.6M | ||
| Q2 25 | $19.8M | $53.7M | ||
| Q1 25 | $23.7M | $28.4M | ||
| Q4 24 | $11.1M | $36.0M | ||
| Q3 24 | $4.0M | $111.5M | ||
| Q2 24 | $22.8M | $97.7M | ||
| Q1 24 | $4.5M | $83.9M |
总债务HTOIIIN
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOIIIN
| Q4 25 | $1.5B | $358.8M | ||
| Q3 25 | $1.5B | $371.5M | ||
| Q2 25 | $1.5B | $356.2M | ||
| Q1 25 | $1.4B | $341.4M | ||
| Q4 24 | $1.4B | $331.6M | ||
| Q3 24 | $1.3B | $350.9M | ||
| Q2 24 | $1.3B | $346.0M | ||
| Q1 24 | $1.2B | $340.6M |
总资产HTOIIIN
| Q4 25 | $5.1B | $456.1M | ||
| Q3 25 | $5.0B | $462.6M | ||
| Q2 25 | $4.8B | $471.9M | ||
| Q1 25 | $4.7B | $421.9M | ||
| Q4 24 | $4.7B | $404.7M | ||
| Q3 24 | $4.6B | $422.6M | ||
| Q2 24 | $4.4B | $414.6M | ||
| Q1 24 | $4.4B | $397.2M |
负债/权益比HTOIIIN
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $63.5M | $-701.0K |
| 自由现金流经营现金流 - 资本支出 | — | $-2.2M |
| 自由现金流率自由现金流/营收 | — | -1.4% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | 3.92× | -0.09× |
| 过去12个月自由现金流最近4个季度 | — | $439.0K |
8季度趋势，按日历期对齐
经营现金流HTOIIIN
| Q4 25 | $63.5M | $-701.0K | ||
| Q3 25 | $77.3M | $-17.0M | ||
| Q2 25 | $60.8M | $28.5M | ||
| Q1 25 | $43.2M | $-3.3M | ||
| Q4 24 | $41.5M | $19.0M | ||
| Q3 24 | $53.5M | $16.2M | ||
| Q2 24 | $49.3M | $18.8M | ||
| Q1 24 | $51.2M | $1.4M |
自由现金流HTOIIIN
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $-18.7M | ||
| Q2 25 | — | $26.9M | ||
| Q1 25 | — | $-5.5M | ||
| Q4 24 | — | $16.3M | ||
| Q3 24 | — | $14.5M | ||
| Q2 24 | — | $15.5M | ||
| Q1 24 | — | $-580.0K |
自由现金流率HTOIIIN
| Q4 25 | — | -1.4% | ||
| Q3 25 | — | -10.6% | ||
| Q2 25 | — | 15.0% | ||
| Q1 25 | — | -3.5% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | -0.5% |
资本支出强度HTOIIIN
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.5% |
现金转化率HTOIIIN
| Q4 25 | 3.92× | -0.09× | ||
| Q3 25 | 1.71× | -1.17× | ||
| Q2 25 | 2.47× | 1.88× | ||
| Q1 25 | 2.61× | -0.32× | ||
| Q4 24 | 1.81× | 17.56× | ||
| Q3 24 | 1.39× | 3.48× | ||
| Q2 24 | 2.38× | 2.86× | ||
| Q1 24 | 4.38× | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
