vs
H2O AMERICA（HTO）与IPG PHOTONICS CORP（IPGP）财务数据对比。点击上方公司名可切换其他公司
IPG PHOTONICS CORP的季度营收约是H2O AMERICA的1.4倍（$274.5M vs $199.4M），H2O AMERICA净利率更高（8.1% vs 4.8%，领先3.3%），IPG PHOTONICS CORP同比增速更快（17.1% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 4.4%）
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。
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
HTO vs IPGP — 直观对比
营收规模更大
IPGP
是对方的1.4倍
$199.4M
营收增速更快
IPGP
高出15.7%
1.5%
净利率更高
HTO
高出3.3%
4.8%
两年增速更快
HTO
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $274.5M |
| 净利润 | $16.2M | $13.3M |
| 毛利率 | — | 36.1% |
| 营业利润率 | 16.6% | 1.2% |
| 净利率 | 8.1% | 4.8% |
| 营收同比 | 1.5% | 17.1% |
| 净利润同比 | -29.2% | 69.8% |
| 每股收益（稀释后） | $0.45 | $0.30 |
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HTOIPGP
| Q4 25 | $199.4M | $274.5M | ||
| Q3 25 | $243.5M | $250.8M | ||
| Q2 25 | $197.8M | $250.7M | ||
| Q1 25 | $164.9M | $227.8M | ||
| Q4 24 | $196.5M | $234.3M | ||
| Q3 24 | $216.7M | $233.1M | ||
| Q2 24 | $173.1M | $257.6M | ||
| Q1 24 | $150.0M | $252.0M |
净利润HTOIPGP
| Q4 25 | $16.2M | $13.3M | ||
| Q3 25 | $45.1M | $7.5M | ||
| Q2 25 | $24.7M | $6.6M | ||
| Q1 25 | $16.6M | $3.8M | ||
| Q4 24 | $22.9M | $7.8M | ||
| Q3 24 | $38.7M | $-233.6M | ||
| Q2 24 | $20.7M | $20.2M | ||
| Q1 24 | $11.7M | $24.1M |
毛利率HTOIPGP
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
营业利润率HTOIPGP
| Q4 25 | 16.6% | 1.2% | ||
| Q3 25 | 26.5% | 3.1% | ||
| Q2 25 | 22.2% | 0.0% | ||
| Q1 25 | 21.8% | 0.8% | ||
| Q4 24 | 22.2% | 6.0% | ||
| Q3 24 | 26.9% | -108.7% | ||
| Q2 24 | 23.4% | 4.7% | ||
| Q1 24 | 18.6% | 7.6% |
净利率HTOIPGP
| Q4 25 | 8.1% | 4.8% | ||
| Q3 25 | 18.5% | 3.0% | ||
| Q2 25 | 12.5% | 2.6% | ||
| Q1 25 | 10.0% | 1.6% | ||
| Q4 24 | 11.7% | 3.3% | ||
| Q3 24 | 17.8% | -100.2% | ||
| Q2 24 | 12.0% | 7.8% | ||
| Q1 24 | 7.8% | 9.6% |
每股收益（稀释后）HTOIPGP
| Q4 25 | $0.45 | $0.30 | ||
| Q3 25 | $1.27 | $0.18 | ||
| Q2 25 | $0.71 | $0.16 | ||
| Q1 25 | $0.49 | $0.09 | ||
| Q4 24 | $0.70 | $0.27 | ||
| Q3 24 | $1.17 | $-5.33 | ||
| Q2 24 | $0.64 | $0.45 | ||
| Q1 24 | $0.36 | $0.52 |
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 | $839.3M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $2.1B |
| 总资产 | $5.1B | $2.4B |
| 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HTOIPGP
| Q4 25 | $20.7M | $839.3M | ||
| Q3 25 | $11.3M | $870.4M | ||
| Q2 25 | $19.8M | $899.6M | ||
| Q1 25 | $23.7M | $926.9M | ||
| Q4 24 | $11.1M | $930.2M | ||
| Q3 24 | $4.0M | $1.0B | ||
| Q2 24 | $22.8M | $1.1B | ||
| Q1 24 | $4.5M | $1.1B |
总债务HTOIPGP
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOIPGP
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $2.0B | ||
| Q3 24 | $1.3B | $2.1B | ||
| Q2 24 | $1.3B | $2.3B | ||
| Q1 24 | $1.2B | $2.3B |
总资产HTOIPGP
| Q4 25 | $5.1B | $2.4B | ||
| Q3 25 | $5.0B | $2.4B | ||
| Q2 25 | $4.8B | $2.4B | ||
| Q1 25 | $4.7B | $2.3B | ||
| Q4 24 | $4.7B | $2.3B | ||
| Q3 24 | $4.6B | $2.4B | ||
| Q2 24 | $4.4B | $2.5B | ||
| Q1 24 | $4.4B | $2.6B |
负债/权益比HTOIPGP
| 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 | $28.8M |
| 自由现金流经营现金流 - 资本支出 | — | $10.9M |
| 自由现金流率自由现金流/营收 | — | 4.0% |
| 资本支出强度资本支出/营收 | — | 6.5% |
| 现金转化率经营现金流/净利润 | 3.92× | 2.17× |
| 过去12个月自由现金流最近4个季度 | — | $-3.5M |
8季度趋势，按日历期对齐
经营现金流HTOIPGP
| Q4 25 | $63.5M | $28.8M | ||
| Q3 25 | $77.3M | $35.3M | ||
| Q2 25 | $60.8M | $-2.2M | ||
| Q1 25 | $43.2M | $13.4M | ||
| Q4 24 | $41.5M | $73.8M | ||
| Q3 24 | $53.5M | $66.1M | ||
| Q2 24 | $49.3M | $53.5M | ||
| Q1 24 | $51.2M | $54.6M |
自由现金流HTOIPGP
| Q4 25 | — | $10.9M | ||
| Q3 25 | — | $14.6M | ||
| Q2 25 | — | $-17.6M | ||
| Q1 25 | — | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | — | $43.0M | ||
| Q2 24 | — | $29.2M | ||
| Q1 24 | — | $26.5M |
自由现金流率HTOIPGP
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | -7.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 10.5% |
资本支出强度HTOIPGP
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.4% | ||
| Q1 24 | — | 11.1% |
现金转化率HTOIPGP
| Q4 25 | 3.92× | 2.17× | ||
| Q3 25 | 1.71× | 4.73× | ||
| Q2 25 | 2.47× | -0.34× | ||
| Q1 25 | 2.61× | 3.58× | ||
| Q4 24 | 1.81× | 9.44× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 2.65× | ||
| Q1 24 | 4.38× | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
