vs
H2O AMERICA（HTO）与IMAX（IMAX）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IMAX的1.6倍（$199.4M vs $125.2M），H2O AMERICA净利率更高（8.1% vs 0.5%，领先7.6%），IMAX同比增速更快（35.1% vs 1.5%），过去两年IMAX的营收复合增速更高（25.8% vs 15.3%）
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。
IMAX公司是加拿大的影视放映技术企业，1967年创立于蒙特利尔，总部位于多伦多地区，在纽约、洛杉矶均设有业务点。核心业务包括IMAX摄影机与放映系统的设计制造，同时面向全球合作影院提供影片开发、制作、后期及发行服务，是沉浸式观影技术领域的领先企业。
HTO vs IMAX — 直观对比
营收规模更大
HTO
是对方的1.6倍
$125.2M
营收增速更快
IMAX
高出33.6%
1.5%
净利率更高
HTO
高出7.6%
0.5%
两年增速更快
IMAX
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $125.2M |
| 净利润 | $16.2M | $637.0K |
| 毛利率 | — | 57.6% |
| 营业利润率 | 16.6% | 19.3% |
| 净利率 | 8.1% | 0.5% |
| 营收同比 | 1.5% | 35.1% |
| 净利润同比 | -29.2% | -88.0% |
| 每股收益（稀释后） | $0.45 | $0.02 |
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HTOIMAX
| Q4 25 | $199.4M | $125.2M | ||
| Q3 25 | $243.5M | $106.7M | ||
| Q2 25 | $197.8M | $91.7M | ||
| Q1 25 | $164.9M | $86.7M | ||
| Q4 24 | $196.5M | $92.7M | ||
| Q3 24 | $216.7M | $91.5M | ||
| Q2 24 | $173.1M | $89.0M | ||
| Q1 24 | $150.0M | $79.1M |
净利润HTOIMAX
| Q4 25 | $16.2M | $637.0K | ||
| Q3 25 | $45.1M | $20.7M | ||
| Q2 25 | $24.7M | $11.3M | ||
| Q1 25 | $16.6M | $2.3M | ||
| Q4 24 | $22.9M | $5.3M | ||
| Q3 24 | $38.7M | $13.9M | ||
| Q2 24 | $20.7M | $3.6M | ||
| Q1 24 | $11.7M | $3.3M |
毛利率HTOIMAX
| Q4 25 | — | 57.6% | ||
| Q3 25 | — | 63.1% | ||
| Q2 25 | — | 58.5% | ||
| Q1 25 | — | 61.4% | ||
| Q4 24 | — | 52.2% | ||
| Q3 24 | — | 55.8% | ||
| Q2 24 | — | 49.4% | ||
| Q1 24 | — | 59.3% |
营业利润率HTOIMAX
| Q4 25 | 16.6% | 19.3% | ||
| Q3 25 | 26.5% | 27.2% | ||
| Q2 25 | 22.2% | 15.6% | ||
| Q1 25 | 21.8% | 19.3% | ||
| Q4 24 | 22.2% | 10.3% | ||
| Q3 24 | 26.9% | 21.2% | ||
| Q2 24 | 23.4% | 3.2% | ||
| Q1 24 | 18.6% | 15.3% |
净利率HTOIMAX
| Q4 25 | 8.1% | 0.5% | ||
| Q3 25 | 18.5% | 19.4% | ||
| Q2 25 | 12.5% | 12.3% | ||
| Q1 25 | 10.0% | 2.7% | ||
| Q4 24 | 11.7% | 5.7% | ||
| Q3 24 | 17.8% | 15.2% | ||
| Q2 24 | 12.0% | 4.0% | ||
| Q1 24 | 7.8% | 4.1% |
每股收益（稀释后）HTOIMAX
| Q4 25 | $0.45 | $0.02 | ||
| Q3 25 | $1.27 | $0.37 | ||
| Q2 25 | $0.71 | $0.20 | ||
| Q1 25 | $0.49 | $0.04 | ||
| Q4 24 | $0.70 | $0.09 | ||
| Q3 24 | $1.17 | $0.26 | ||
| Q2 24 | $0.64 | $0.07 | ||
| Q1 24 | $0.36 | $0.06 |
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 | $151.2M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $337.9M |
| 总资产 | $5.1B | $894.0M |
| 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HTOIMAX
| Q4 25 | $20.7M | $151.2M | ||
| Q3 25 | $11.3M | $143.1M | ||
| Q2 25 | $19.8M | $109.3M | ||
| Q1 25 | $23.7M | $97.1M | ||
| Q4 24 | $11.1M | $100.6M | ||
| Q3 24 | $4.0M | $104.5M | ||
| Q2 24 | $22.8M | $91.6M | ||
| Q1 24 | $4.5M | $81.0M |
总债务HTOIMAX
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOIMAX
| Q4 25 | $1.5B | $337.9M | ||
| Q3 25 | $1.5B | $349.5M | ||
| Q2 25 | $1.5B | $320.4M | ||
| Q1 25 | $1.4B | $299.5M | ||
| Q4 24 | $1.4B | $299.5M | ||
| Q3 24 | $1.3B | $289.4M | ||
| Q2 24 | $1.3B | $267.2M | ||
| Q1 24 | $1.2B | $258.8M |
总资产HTOIMAX
| Q4 25 | $5.1B | $894.0M | ||
| Q3 25 | $5.0B | $889.6M | ||
| Q2 25 | $4.8B | $868.6M | ||
| Q1 25 | $4.7B | $848.3M | ||
| Q4 24 | $4.7B | $830.4M | ||
| Q3 24 | $4.6B | $847.6M | ||
| Q2 24 | $4.4B | $827.4M | ||
| Q1 24 | $4.4B | $824.1M |
负债/权益比HTOIMAX
| 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 | $29.4M |
| 自由现金流经营现金流 - 资本支出 | — | $28.0M |
| 自由现金流率自由现金流/营收 | — | 22.3% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | 3.92× | 46.11× |
| 过去12个月自由现金流最近4个季度 | — | $118.9M |
8季度趋势，按日历期对齐
经营现金流HTOIMAX
| Q4 25 | $63.5M | $29.4M | ||
| Q3 25 | $77.3M | $67.5M | ||
| Q2 25 | $60.8M | $23.2M | ||
| Q1 25 | $43.2M | $7.0M | ||
| Q4 24 | $41.5M | $11.5M | ||
| Q3 24 | $53.5M | $35.3M | ||
| Q2 24 | $49.3M | $35.0M | ||
| Q1 24 | $51.2M | $-11.0M |
自由现金流HTOIMAX
| Q4 25 | — | $28.0M | ||
| Q3 25 | — | $64.8M | ||
| Q2 25 | — | $20.9M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $34.2M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $-12.1M |
自由现金流率HTOIMAX
| Q4 25 | — | 22.3% | ||
| Q3 25 | — | 60.7% | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 37.6% | ||
| Q1 24 | — | -15.3% |
资本支出强度HTOIMAX
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.4% |
现金转化率HTOIMAX
| Q4 25 | 3.92× | 46.11× | ||
| Q3 25 | 1.71× | 3.27× | ||
| Q2 25 | 2.47× | 2.06× | ||
| Q1 25 | 2.61× | 2.99× | ||
| Q4 24 | 1.81× | 2.16× | ||
| Q3 24 | 1.39× | 2.54× | ||
| Q2 24 | 2.38× | 9.78× | ||
| Q1 24 | 4.38× | -3.35× |
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% |
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
