vs
H2O AMERICA（HTO）与铱星通信（IRDM）财务数据对比。点击上方公司名可切换其他公司
铱星通信的季度营收约是H2O AMERICA的1.1倍（$219.1M vs $199.4M），铱星通信净利率更高（9.9% vs 8.1%，领先1.7%），铱星通信同比增速更快（1.9% 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。
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
HTO vs IRDM — 直观对比
营收规模更大
IRDM
是对方的1.1倍
$199.4M
营收增速更快
IRDM
高出0.5%
1.5%
净利率更高
IRDM
高出1.7%
8.1%
两年增速更快
HTO
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $219.1M |
| 净利润 | $16.2M | $21.6M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | 23.2% |
| 净利率 | 8.1% | 9.9% |
| 营收同比 | 1.5% | 1.9% |
| 净利润同比 | -29.2% | — |
| 每股收益（稀释后） | $0.45 | — |
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HTOIRDM
| Q1 26 | — | $219.1M | ||
| Q4 25 | $199.4M | $212.9M | ||
| Q3 25 | $243.5M | $226.9M | ||
| Q2 25 | $197.8M | $216.9M | ||
| Q1 25 | $164.9M | $214.9M | ||
| Q4 24 | $196.5M | $213.0M | ||
| Q3 24 | $216.7M | $212.8M | ||
| Q2 24 | $173.1M | $201.1M |
净利润HTOIRDM
| Q1 26 | — | $21.6M | ||
| Q4 25 | $16.2M | $24.9M | ||
| Q3 25 | $45.1M | $37.1M | ||
| Q2 25 | $24.7M | $22.0M | ||
| Q1 25 | $16.6M | $30.4M | ||
| Q4 24 | $22.9M | $36.3M | ||
| Q3 24 | $38.7M | $24.4M | ||
| Q2 24 | $20.7M | $32.3M |
营业利润率HTOIRDM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 16.6% | 25.9% | ||
| Q3 25 | 26.5% | 30.9% | ||
| Q2 25 | 22.2% | 23.2% | ||
| Q1 25 | 21.8% | 28.1% | ||
| Q4 24 | 22.2% | 24.5% | ||
| Q3 24 | 26.9% | 25.8% | ||
| Q2 24 | 23.4% | 21.7% |
净利率HTOIRDM
| Q1 26 | — | 9.9% | ||
| Q4 25 | 8.1% | 11.7% | ||
| Q3 25 | 18.5% | 16.4% | ||
| Q2 25 | 12.5% | 10.1% | ||
| Q1 25 | 10.0% | 14.2% | ||
| Q4 24 | 11.7% | 17.1% | ||
| Q3 24 | 17.8% | 11.5% | ||
| Q2 24 | 12.0% | 16.1% |
每股收益（稀释后）HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | $0.45 | $0.24 | ||
| Q3 25 | $1.27 | $0.35 | ||
| Q2 25 | $0.71 | $0.20 | ||
| Q1 25 | $0.49 | $0.27 | ||
| Q4 24 | $0.70 | $0.30 | ||
| Q3 24 | $1.17 | $0.21 | ||
| Q2 24 | $0.64 | $0.27 |
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 | — |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $5.1B | — |
| 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HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | $96.5M | ||
| Q3 25 | $11.3M | $88.5M | ||
| Q2 25 | $19.8M | $79.3M | ||
| Q1 25 | $23.7M | $50.9M | ||
| Q4 24 | $11.1M | $93.5M | ||
| Q3 24 | $4.0M | $159.6M | ||
| Q2 24 | $22.8M | $63.5M |
总债务HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $462.6M | ||
| Q3 25 | $1.5B | $450.5M | ||
| Q2 25 | $1.5B | $473.6M | ||
| Q1 25 | $1.4B | $518.4M | ||
| Q4 24 | $1.4B | $576.6M | ||
| Q3 24 | $1.3B | $663.8M | ||
| Q2 24 | $1.3B | $786.7M |
总资产HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $2.5B | ||
| Q3 25 | $5.0B | $2.6B | ||
| Q2 25 | $4.8B | $2.6B | ||
| Q1 25 | $4.7B | $2.6B | ||
| Q4 24 | $4.7B | $2.7B | ||
| Q3 24 | $4.6B | $2.8B | ||
| Q2 24 | $4.4B | $2.7B |
负债/权益比HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 13.7% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $108.6M | ||
| Q3 25 | $77.3M | $100.8M | ||
| Q2 25 | $60.8M | $129.6M | ||
| Q1 25 | $43.2M | $61.1M | ||
| Q4 24 | $41.5M | $104.8M | ||
| Q3 24 | $53.5M | $118.6M | ||
| Q2 24 | $49.3M | $81.1M |
自由现金流HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | $75.1M | ||
| Q3 25 | — | $79.2M | ||
| Q2 25 | — | $108.9M | ||
| Q1 25 | — | $36.5M | ||
| Q4 24 | — | $80.5M | ||
| Q3 24 | — | $100.0M | ||
| Q2 24 | — | $68.7M |
自由现金流率HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | 35.3% | ||
| Q3 25 | — | 34.9% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | 34.2% |
资本支出强度HTOIRDM
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 6.2% |
现金转化率HTOIRDM
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | 4.37× | ||
| Q3 25 | 1.71× | 2.71× | ||
| Q2 25 | 2.47× | 5.90× | ||
| Q1 25 | 2.61× | 2.01× | ||
| Q4 24 | 1.81× | 2.88× | ||
| Q3 24 | 1.39× | 4.85× | ||
| Q2 24 | 2.38× | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
