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H2O AMERICA（HTO）与KADANT INC（KAI）财务数据对比。点击上方公司名可切换其他公司
KADANT INC的季度营收约是H2O AMERICA的1.4倍（$271.6M vs $199.4M），KADANT INC净利率更高（10.2% vs 8.1%，领先2.1%），H2O AMERICA同比增速更快（1.5% vs -0.0%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 6.7%）
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。
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
HTO vs KAI — 直观对比
营收规模更大
KAI
是对方的1.4倍
$199.4M
营收增速更快
HTO
高出1.5%
-0.0%
净利率更高
KAI
高出2.1%
8.1%
两年增速更快
HTO
近两年复合增速
6.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $271.6M |
| 净利润 | $16.2M | $27.7M |
| 毛利率 | — | 45.2% |
| 营业利润率 | 16.6% | 15.7% |
| 净利率 | 8.1% | 10.2% |
| 营收同比 | 1.5% | -0.0% |
| 净利润同比 | -29.2% | -12.2% |
| 每股收益（稀释后） | $0.45 | $2.35 |
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HTOKAI
| Q4 25 | $199.4M | — | ||
| Q3 25 | $243.5M | $271.6M | ||
| Q2 25 | $197.8M | $255.3M | ||
| Q1 25 | $164.9M | $239.2M | ||
| Q4 24 | $196.5M | $258.0M | ||
| Q3 24 | $216.7M | $271.6M | ||
| Q2 24 | $173.1M | $274.8M | ||
| Q1 24 | $150.0M | $249.0M |
净利润HTOKAI
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $27.7M | ||
| Q2 25 | $24.7M | $26.2M | ||
| Q1 25 | $16.6M | $24.1M | ||
| Q4 24 | $22.9M | $24.0M | ||
| Q3 24 | $38.7M | $31.6M | ||
| Q2 24 | $20.7M | $31.3M | ||
| Q1 24 | $11.7M | $24.7M |
毛利率HTOKAI
| Q4 25 | — | — | ||
| Q3 25 | — | 45.2% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.1% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | — | 44.7% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 44.6% |
营业利润率HTOKAI
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | 15.7% | ||
| Q2 25 | 22.2% | 15.4% | ||
| Q1 25 | 21.8% | 14.9% | ||
| Q4 24 | 22.2% | 14.3% | ||
| Q3 24 | 26.9% | 18.0% | ||
| Q2 24 | 23.4% | 17.6% | ||
| Q1 24 | 18.6% | 14.8% |
净利率HTOKAI
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 10.2% | ||
| Q2 25 | 12.5% | 10.2% | ||
| Q1 25 | 10.0% | 10.1% | ||
| Q4 24 | 11.7% | 9.3% | ||
| Q3 24 | 17.8% | 11.6% | ||
| Q2 24 | 12.0% | 11.4% | ||
| Q1 24 | 7.8% | 9.9% |
每股收益（稀释后）HTOKAI
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | $2.35 | ||
| Q2 25 | $0.71 | $2.22 | ||
| Q1 25 | $0.49 | $2.04 | ||
| Q4 24 | $0.70 | $2.04 | ||
| Q3 24 | $1.17 | $2.68 | ||
| Q2 24 | $0.64 | $2.66 | ||
| Q1 24 | $0.36 | $2.10 |
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 | $124.5M |
| 总债务越低越好 | $1.9B | $254.6M |
| 股东权益账面价值 | $1.5B | $949.8M |
| 总资产 | $5.1B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资HTOKAI
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | $124.5M | ||
| Q2 25 | $19.8M | $95.3M | ||
| Q1 25 | $23.7M | $91.7M | ||
| Q4 24 | $11.1M | $94.7M | ||
| Q3 24 | $4.0M | $88.4M | ||
| Q2 24 | $22.8M | $73.8M | ||
| Q1 24 | $4.5M | $81.4M |
总债务HTOKAI
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | $254.6M | ||
| Q2 25 | — | $245.7M | ||
| Q1 25 | — | $273.5M | ||
| Q4 24 | $1.7B | $285.2M | ||
| Q3 24 | — | $323.2M | ||
| Q2 24 | — | $342.0M | ||
| Q1 24 | — | $306.8M |
股东权益HTOKAI
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $949.8M | ||
| Q2 25 | $1.5B | $926.0M | ||
| Q1 25 | $1.4B | $876.0M | ||
| Q4 24 | $1.4B | $847.1M | ||
| Q3 24 | $1.3B | $851.7M | ||
| Q2 24 | $1.3B | $807.7M | ||
| Q1 24 | $1.2B | $782.7M |
总资产HTOKAI
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | $1.5B | ||
| Q2 25 | $4.8B | $1.5B | ||
| Q1 25 | $4.7B | $1.4B | ||
| Q4 24 | $4.7B | $1.4B | ||
| Q3 24 | $4.6B | $1.5B | ||
| Q2 24 | $4.4B | $1.5B | ||
| Q1 24 | $4.4B | $1.4B |
负债/权益比HTOKAI
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | 1.26× | 0.34× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.42× | ||
| Q1 24 | — | 0.39× |
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 | $47.3M |
| 自由现金流经营现金流 - 资本支出 | — | $44.1M |
| 自由现金流率自由现金流/营收 | — | 16.2% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 3.92× | 1.70× |
| 过去12个月自由现金流最近4个季度 | — | $145.9M |
8季度趋势，按日历期对齐
经营现金流HTOKAI
| Q4 25 | $63.5M | — | ||
| Q3 25 | $77.3M | $47.3M | ||
| Q2 25 | $60.8M | $40.5M | ||
| Q1 25 | $43.2M | $22.8M | ||
| Q4 24 | $41.5M | $51.9M | ||
| Q3 24 | $53.5M | $52.5M | ||
| Q2 24 | $49.3M | $28.1M | ||
| Q1 24 | $51.2M | $22.8M |
自由现金流HTOKAI
| Q4 25 | — | — | ||
| Q3 25 | — | $44.1M | ||
| Q2 25 | — | $36.5M | ||
| Q1 25 | — | $19.0M | ||
| Q4 24 | — | $46.3M | ||
| Q3 24 | — | $48.3M | ||
| Q2 24 | — | $23.1M | ||
| Q1 24 | — | $16.6M |
自由现金流率HTOKAI
| Q4 25 | — | — | ||
| Q3 25 | — | 16.2% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | 17.9% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 8.4% | ||
| Q1 24 | — | 6.7% |
资本支出强度HTOKAI
| Q4 25 | — | — | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 2.5% |
现金转化率HTOKAI
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 1.70× | ||
| Q2 25 | 2.47× | 1.55× | ||
| Q1 25 | 2.61× | 0.95× | ||
| Q4 24 | 1.81× | 2.16× | ||
| Q3 24 | 1.39× | 1.66× | ||
| Q2 24 | 2.38× | 0.90× | ||
| Q1 24 | 4.38× | 0.92× |
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% |
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
