vs
H2O AMERICA（HTO）与IONIS PHARMACEUTICALS INC（IONS）财务数据对比。点击上方公司名可切换其他公司
IONIS PHARMACEUTICALS INC的季度营收约是H2O AMERICA的1.0倍（$203.3M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -112.8%，领先121.0%），H2O AMERICA同比增速更快（1.5% vs -10.3%），过去两年IONIS PHARMACEUTICALS INC的营收复合增速更高（30.4% 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。
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
HTO vs IONS — 直观对比
营收规模更大
IONS
是对方的1.0倍
$199.4M
营收增速更快
HTO
高出11.7%
-10.3%
净利率更高
HTO
高出121.0%
-112.8%
两年增速更快
IONS
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $203.3M |
| 净利润 | $16.2M | $-229.4M |
| 毛利率 | — | 96.1% |
| 营业利润率 | 16.6% | -105.5% |
| 净利率 | 8.1% | -112.8% |
| 营收同比 | 1.5% | -10.3% |
| 净利润同比 | -29.2% | -119.8% |
| 每股收益（稀释后） | $0.45 | $-1.35 |
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HTOIONS
| Q4 25 | $199.4M | $203.3M | ||
| Q3 25 | $243.5M | $156.7M | ||
| Q2 25 | $197.8M | $452.0M | ||
| Q1 25 | $164.9M | $131.6M | ||
| Q4 24 | $196.5M | $226.6M | ||
| Q3 24 | $216.7M | $133.8M | ||
| Q2 24 | $173.1M | $225.3M | ||
| Q1 24 | $150.0M | $119.5M |
净利润HTOIONS
| Q4 25 | $16.2M | $-229.4M | ||
| Q3 25 | $45.1M | $-128.6M | ||
| Q2 25 | $24.7M | $123.6M | ||
| Q1 25 | $16.6M | $-146.9M | ||
| Q4 24 | $22.9M | $-104.3M | ||
| Q3 24 | $38.7M | $-140.5M | ||
| Q2 24 | $20.7M | $-66.3M | ||
| Q1 24 | $11.7M | $-142.8M |
毛利率HTOIONS
| Q4 25 | — | 96.1% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.9% | ||
| Q4 24 | — | 98.3% | ||
| Q3 24 | — | 99.2% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.2% |
营业利润率HTOIONS
| Q4 25 | 16.6% | -105.5% | ||
| Q3 25 | 26.5% | -102.2% | ||
| Q2 25 | 22.2% | 30.9% | ||
| Q1 25 | 21.8% | -111.6% | ||
| Q4 24 | 22.2% | -48.9% | ||
| Q3 24 | 26.9% | -111.1% | ||
| Q2 24 | 23.4% | -29.3% | ||
| Q1 24 | 18.6% | -125.1% |
净利率HTOIONS
| Q4 25 | 8.1% | -112.8% | ||
| Q3 25 | 18.5% | -82.1% | ||
| Q2 25 | 12.5% | 27.3% | ||
| Q1 25 | 10.0% | -111.6% | ||
| Q4 24 | 11.7% | -46.1% | ||
| Q3 24 | 17.8% | -105.0% | ||
| Q2 24 | 12.0% | -29.4% | ||
| Q1 24 | 7.8% | -119.5% |
每股收益（稀释后）HTOIONS
| Q4 25 | $0.45 | $-1.35 | ||
| Q3 25 | $1.27 | $-0.80 | ||
| Q2 25 | $0.71 | $0.70 | ||
| Q1 25 | $0.49 | $-0.93 | ||
| Q4 24 | $0.70 | $-0.66 | ||
| Q3 24 | $1.17 | $-0.95 | ||
| Q2 24 | $0.64 | $-0.45 | ||
| Q1 24 | $0.36 | $-0.98 |
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 | $2.7B |
| 总债务越低越好 | $1.9B | $1.8B |
| 股东权益账面价值 | $1.5B | $489.1M |
| 总资产 | $5.1B | $3.5B |
| 负债/权益比越低杠杆越低 | 1.23× | 3.71× |
8季度趋势，按日历期对齐
现金及短期投资HTOIONS
| Q4 25 | $20.7M | $2.7B | ||
| Q3 25 | $11.3M | $2.2B | ||
| Q2 25 | $19.8M | $2.3B | ||
| Q1 25 | $23.7M | $2.1B | ||
| Q4 24 | $11.1M | $2.3B | ||
| Q3 24 | $4.0M | $2.5B | ||
| Q2 24 | $22.8M | $2.1B | ||
| Q1 24 | $4.5M | $2.2B |
总债务HTOIONS
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOIONS
| Q4 25 | $1.5B | $489.1M | ||
| Q3 25 | $1.5B | $618.0M | ||
| Q2 25 | $1.5B | $631.7M | ||
| Q1 25 | $1.4B | $475.7M | ||
| Q4 24 | $1.4B | $588.4M | ||
| Q3 24 | $1.3B | $662.5M | ||
| Q2 24 | $1.3B | $263.7M | ||
| Q1 24 | $1.2B | $296.5M |
总资产HTOIONS
| Q4 25 | $5.1B | $3.5B | ||
| Q3 25 | $5.0B | $3.0B | ||
| Q2 25 | $4.8B | $3.0B | ||
| Q1 25 | $4.7B | $2.8B | ||
| Q4 24 | $4.7B | $3.0B | ||
| Q3 24 | $4.6B | $3.1B | ||
| Q2 24 | $4.4B | $2.7B | ||
| Q1 24 | $4.4B | $2.8B |
负债/权益比HTOIONS
| Q4 25 | 1.23× | 3.71× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 2.13× | ||
| 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 | $-137.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-159.0M |
| 自由现金流率自由现金流/营收 | — | -78.2% |
| 资本支出强度资本支出/营收 | — | 10.5% |
| 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 | — | $-320.0M |
8季度趋势，按日历期对齐
经营现金流HTOIONS
| Q4 25 | $63.5M | $-137.7M | ||
| Q3 25 | $77.3M | $-131.4M | ||
| Q2 25 | $60.8M | $151.3M | ||
| Q1 25 | $43.2M | $-150.8M | ||
| Q4 24 | $41.5M | $-116.1M | ||
| Q3 24 | $53.5M | $-115.0M | ||
| Q2 24 | $49.3M | $-119.9M | ||
| Q1 24 | $51.2M | $-149.9M |
自由现金流HTOIONS
| Q4 25 | — | $-159.0M | ||
| Q3 25 | — | $-136.7M | ||
| Q2 25 | — | $139.0M | ||
| Q1 25 | — | $-163.4M | ||
| Q4 24 | — | $-141.6M | ||
| Q3 24 | — | $-124.0M | ||
| Q2 24 | — | $-126.1M | ||
| Q1 24 | — | $-154.4M |
自由现金流率HTOIONS
| Q4 25 | — | -78.2% | ||
| Q3 25 | — | -87.2% | ||
| Q2 25 | — | 30.8% | ||
| Q1 25 | — | -124.1% | ||
| Q4 24 | — | -62.5% | ||
| Q3 24 | — | -92.7% | ||
| Q2 24 | — | -56.0% | ||
| Q1 24 | — | -129.2% |
资本支出强度HTOIONS
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.7% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 3.8% |
现金转化率HTOIONS
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | 1.22× | ||
| 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
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
