vs
H2O AMERICA（HTO）与J&J SNACK FOODS CORP（JJSF）财务数据对比。点击上方公司名可切换其他公司
J&J SNACK FOODS CORP的季度营收约是H2O AMERICA的1.7倍（$343.8M vs $199.4M），H2O AMERICA净利率更高（8.1% vs 0.3%，领先7.9%），H2O AMERICA同比增速更快（1.5% vs -5.2%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -2.2%）
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。
强生休闲食品公司（J&J Snack Foods Corp.）是美国知名的品牌休闲食品与冷冻饮品生产商、营销商及分销商，总部位于新泽西州芒特劳雷尔，在全美44个州、墨西哥及加拿大设有超175个生产、仓储及配送设施，于纳斯达克全球精选市场上市，业务覆盖国内外市场。
HTO vs JJSF — 直观对比
营收规模更大
JJSF
是对方的1.7倍
$199.4M
营收增速更快
HTO
高出6.7%
-5.2%
净利率更高
HTO
高出7.9%
0.3%
两年增速更快
HTO
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $343.8M |
| 净利润 | $16.2M | $883.0K |
| 毛利率 | — | 27.9% |
| 营业利润率 | 16.6% | 0.2% |
| 净利率 | 8.1% | 0.3% |
| 营收同比 | 1.5% | -5.2% |
| 净利润同比 | -29.2% | -82.8% |
| 每股收益（稀释后） | $0.45 | $0.05 |
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HTOJJSF
| Q4 25 | $199.4M | $343.8M | ||
| Q3 25 | $243.5M | $410.2M | ||
| Q2 25 | $197.8M | $454.3M | ||
| Q1 25 | $164.9M | $356.1M | ||
| Q4 24 | $196.5M | $362.6M | ||
| Q3 24 | $216.7M | $426.8M | ||
| Q2 24 | $173.1M | $440.0M | ||
| Q1 24 | $150.0M | $359.7M |
净利润HTOJJSF
| Q4 25 | $16.2M | $883.0K | ||
| Q3 25 | $45.1M | $11.4M | ||
| Q2 25 | $24.7M | $44.2M | ||
| Q1 25 | $16.6M | $4.8M | ||
| Q4 24 | $22.9M | $5.1M | ||
| Q3 24 | $38.7M | $29.6M | ||
| Q2 24 | $20.7M | $36.3M | ||
| Q1 24 | $11.7M | $13.3M |
毛利率HTOJJSF
| Q4 25 | — | 27.9% | ||
| Q3 25 | — | 31.7% | ||
| Q2 25 | — | 33.0% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | — | 31.8% | ||
| Q2 24 | — | 33.6% | ||
| Q1 24 | — | 30.1% |
营业利润率HTOJJSF
| Q4 25 | 16.6% | 0.2% | ||
| Q3 25 | 26.5% | 2.8% | ||
| Q2 25 | 22.2% | 13.3% | ||
| Q1 25 | 21.8% | 1.7% | ||
| Q4 24 | 22.2% | 1.7% | ||
| Q3 24 | 26.9% | 9.3% | ||
| Q2 24 | 23.4% | 11.4% | ||
| Q1 24 | 18.6% | 5.0% |
净利率HTOJJSF
| Q4 25 | 8.1% | 0.3% | ||
| Q3 25 | 18.5% | 2.8% | ||
| Q2 25 | 12.5% | 9.7% | ||
| Q1 25 | 10.0% | 1.4% | ||
| Q4 24 | 11.7% | 1.4% | ||
| Q3 24 | 17.8% | 6.9% | ||
| Q2 24 | 12.0% | 8.3% | ||
| Q1 24 | 7.8% | 3.7% |
每股收益（稀释后）HTOJJSF
| Q4 25 | $0.45 | $0.05 | ||
| Q3 25 | $1.27 | $0.59 | ||
| Q2 25 | $0.71 | $2.26 | ||
| Q1 25 | $0.49 | $0.25 | ||
| Q4 24 | $0.70 | $0.26 | ||
| Q3 24 | $1.17 | $1.52 | ||
| Q2 24 | $0.64 | $1.87 | ||
| Q1 24 | $0.36 | $0.69 |
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 | $66.8M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $912.9M |
| 总资产 | $5.1B | $1.3B |
| 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HTOJJSF
| Q4 25 | $20.7M | $66.8M | ||
| Q3 25 | $11.3M | $105.9M | ||
| Q2 25 | $19.8M | $77.4M | ||
| Q1 25 | $23.7M | $48.5M | ||
| Q4 24 | $11.1M | $73.6M | ||
| Q3 24 | $4.0M | $73.4M | ||
| Q2 24 | $22.8M | $64.0M | ||
| Q1 24 | $4.5M | $43.6M |
总债务HTOJJSF
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOJJSF
| Q4 25 | $1.5B | $912.9M | ||
| Q3 25 | $1.5B | $966.7M | ||
| Q2 25 | $1.5B | $969.9M | ||
| Q1 25 | $1.4B | $935.0M | ||
| Q4 24 | $1.4B | $946.8M | ||
| Q3 24 | $1.3B | $957.0M | ||
| Q2 24 | $1.3B | $937.9M | ||
| Q1 24 | $1.2B | $915.7M |
总资产HTOJJSF
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $5.0B | $1.4B | ||
| Q2 25 | $4.8B | $1.4B | ||
| Q1 25 | $4.7B | $1.4B | ||
| Q4 24 | $4.7B | $1.3B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $4.4B | $1.4B | ||
| Q1 24 | $4.4B | $1.3B |
负债/权益比HTOJJSF
| 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 | $36.0M |
| 自由现金流经营现金流 - 资本支出 | — | $17.0M |
| 自由现金流率自由现金流/营收 | — | 4.9% |
| 资本支出强度资本支出/营收 | — | 5.5% |
| 现金转化率经营现金流/净利润 | 3.92× | 40.73× |
| 过去12个月自由现金流最近4个季度 | — | $83.1M |
8季度趋势，按日历期对齐
经营现金流HTOJJSF
| Q4 25 | $63.5M | $36.0M | ||
| Q3 25 | $77.3M | $66.4M | ||
| Q2 25 | $60.8M | $51.2M | ||
| Q1 25 | $43.2M | $12.3M | ||
| Q4 24 | $41.5M | $35.2M | ||
| Q3 24 | $53.5M | $46.3M | ||
| Q2 24 | $49.3M | $65.0M | ||
| Q1 24 | $51.2M | $12.7M |
自由现金流HTOJJSF
| Q4 25 | — | $17.0M | ||
| Q3 25 | — | $44.8M | ||
| Q2 25 | — | $28.5M | ||
| Q1 25 | — | $-7.2M | ||
| Q4 24 | — | $16.1M | ||
| Q3 24 | — | $29.1M | ||
| Q2 24 | — | $45.3M | ||
| Q1 24 | — | $-4.0M |
自由现金流率HTOJJSF
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | -1.1% |
资本支出强度HTOJJSF
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 5.0% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 4.6% |
现金转化率HTOJJSF
| Q4 25 | 3.92× | 40.73× | ||
| Q3 25 | 1.71× | 5.84× | ||
| Q2 25 | 2.47× | 1.16× | ||
| Q1 25 | 2.61× | 2.55× | ||
| Q4 24 | 1.81× | 6.84× | ||
| Q3 24 | 1.39× | 1.56× | ||
| Q2 24 | 2.38× | 1.79× | ||
| Q1 24 | 4.38× | 0.96× |
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% |
JJSF
| Food Service | $219.2M | 64% |
| Frozen Beverages | $78.7M | 23% |
| Repair And Maintenance Service | $22.5M | 7% |
| Other | $12.7M | 4% |
| Machine Sales | $10.7M | 3% |
