vs
H2O AMERICA（HTO）与JOHNSON OUTDOORS INC（JOUT）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JOHNSON OUTDOORS INC的1.4倍（$199.4M vs $140.9M），H2O AMERICA净利率更高（8.1% vs -2.3%，领先10.5%），JOHNSON OUTDOORS INC同比增速更快（30.9% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -10.5%）
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。
强生户外公司（Johnson Outdoors）主营水上载具、潜水装备、露营用具、户外服饰等户外休闲用品的研发生产，业务网点遍布全球24个地区，现有员工约1400人，年销售额超3.15亿美元，自1999年起由海伦·约翰逊-莱波尔德执掌公司。
HTO vs JOUT — 直观对比
营收规模更大
HTO
是对方的1.4倍
$140.9M
营收增速更快
JOUT
高出29.4%
1.5%
净利率更高
HTO
高出10.5%
-2.3%
两年增速更快
HTO
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $140.9M |
| 净利润 | $16.2M | $-3.3M |
| 毛利率 | — | 36.6% |
| 营业利润率 | 16.6% | -2.1% |
| 净利率 | 8.1% | -2.3% |
| 营收同比 | 1.5% | 30.9% |
| 净利润同比 | -29.2% | 78.4% |
| 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HTOJOUT
| Q1 26 | — | $140.9M | ||
| Q4 25 | $199.4M | $135.8M | ||
| Q3 25 | $243.5M | — | ||
| Q2 25 | $197.8M | $180.7M | ||
| Q1 25 | $164.9M | $168.3M | ||
| Q4 24 | $196.5M | $107.6M | ||
| Q3 24 | $216.7M | $105.9M | ||
| Q2 24 | $173.1M | $172.5M |
净利润HTOJOUT
| Q1 26 | — | $-3.3M | ||
| Q4 25 | $16.2M | $-29.1M | ||
| Q3 25 | $45.1M | — | ||
| Q2 25 | $24.7M | $7.7M | ||
| Q1 25 | $16.6M | $2.3M | ||
| Q4 24 | $22.9M | $-15.3M | ||
| Q3 24 | $38.7M | $-34.3M | ||
| Q2 24 | $20.7M | $1.6M |
毛利率HTOJOUT
| Q1 26 | — | 36.6% | ||
| Q4 25 | — | 36.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 23.5% | ||
| Q2 24 | — | 35.8% |
营业利润率HTOJOUT
| Q1 26 | — | -2.1% | ||
| Q4 25 | 16.6% | -6.0% | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 22.2% | 4.1% | ||
| Q1 25 | 21.8% | 2.9% | ||
| Q4 24 | 22.2% | -18.8% | ||
| Q3 24 | 26.9% | -40.4% | ||
| Q2 24 | 23.4% | -0.3% |
净利率HTOJOUT
| Q1 26 | — | -2.3% | ||
| Q4 25 | 8.1% | -21.4% | ||
| Q3 25 | 18.5% | — | ||
| Q2 25 | 12.5% | 4.3% | ||
| Q1 25 | 10.0% | 1.4% | ||
| Q4 24 | 11.7% | -14.2% | ||
| Q3 24 | 17.8% | -32.4% | ||
| Q2 24 | 12.0% | 0.9% |
每股收益（稀释后）HTOJOUT
| Q1 26 | — | — | ||
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | — | ||
| Q2 25 | $0.71 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $1.17 | — | ||
| Q2 24 | $0.64 | — |
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 | $130.7M |
| 总债务越低越好 | $1.9B | $0 |
| 股东权益账面价值 | $1.5B | $413.5M |
| 总资产 | $5.1B | $600.1M |
| 负债/权益比越低杠杆越低 | 1.23× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HTOJOUT
| Q1 26 | — | $130.7M | ||
| Q4 25 | $20.7M | $176.4M | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | $161.0M | ||
| Q1 25 | $23.7M | $94.0M | ||
| Q4 24 | $11.1M | $101.6M | ||
| Q3 24 | $4.0M | $162.0M | ||
| Q2 24 | $22.8M | $148.4M |
总债务HTOJOUT
| Q1 26 | — | $0 | ||
| Q4 25 | $1.9B | $0 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | $1.7B | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 |
股东权益HTOJOUT
| Q1 26 | — | $413.5M | ||
| Q4 25 | $1.5B | $418.4M | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | $450.5M | ||
| Q1 25 | $1.4B | $441.1M | ||
| Q4 24 | $1.4B | $440.3M | ||
| Q3 24 | $1.3B | $463.4M | ||
| Q2 24 | $1.3B | $498.7M |
总资产HTOJOUT
| Q1 26 | — | $600.1M | ||
| Q4 25 | $5.1B | $604.1M | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.8B | $634.5M | ||
| Q1 25 | $4.7B | $624.5M | ||
| Q4 24 | $4.7B | $612.9M | ||
| Q3 24 | $4.6B | $635.2M | ||
| Q2 24 | $4.4B | $679.8M |
负债/权益比HTOJOUT
| Q1 26 | — | 0.00× | ||
| Q4 25 | 1.23× | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 1.26× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× |
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 | $-38.4M |
| 自由现金流经营现金流 - 资本支出 | — | $-42.7M |
| 自由现金流率自由现金流/营收 | — | -30.3% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 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 | — | $38.5M |
8季度趋势，按日历期对齐
经营现金流HTOJOUT
| Q1 26 | — | $-38.4M | ||
| Q4 25 | $63.5M | $23.4M | ||
| Q3 25 | $77.3M | — | ||
| Q2 25 | $60.8M | $71.4M | ||
| Q1 25 | $43.2M | $-1.7M | ||
| Q4 24 | $41.5M | $-36.9M | ||
| Q3 24 | $53.5M | $19.1M | ||
| Q2 24 | $49.3M | $73.7M |
自由现金流HTOJOUT
| Q1 26 | — | $-42.7M | ||
| Q4 25 | — | $19.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $66.9M | ||
| Q1 25 | — | $-5.0M | ||
| Q4 24 | — | $-41.0M | ||
| Q3 24 | — | $13.5M | ||
| Q2 24 | — | $67.4M |
自由现金流率HTOJOUT
| Q1 26 | — | -30.3% | ||
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | -38.1% | ||
| Q3 24 | — | 12.8% | ||
| Q2 24 | — | 39.1% |
资本支出强度HTOJOUT
| Q1 26 | — | 3.0% | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 3.6% |
现金转化率HTOJOUT
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | 9.22× | ||
| Q1 25 | 2.61× | -0.72× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 45.41× |
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% |
JOUT
| Fishing Segment | $112.1M | 80% |
| Diving Segment | $18.0M | 13% |
| Camping Watercraft Recreation Segment | $10.6M | 8% |
