vs
H2O AMERICA（HTO）与Merchants Bancorp（MBIN）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Merchants Bancorp的1.1倍（$199.4M vs $175.2M），Merchants Bancorp净利率更高（38.6% vs 8.1%，领先30.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 4.8%）
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。
Ameris Bancorp是总部位于美国佐治亚州亚特兰大的银行控股企业，旗下设有Ameris Bank子公司，在佐治亚州、阿拉巴马州、佛罗里达州、北卡罗来纳州、南卡罗来纳州运营全服务网点，同时在上述五州及弗吉尼亚州、马里兰州、田纳西州设立仅办理抵押贷款业务的网点，为个人和企业客户提供线上及移动端银行服务。
HTO vs MBIN — 直观对比
营收规模更大
HTO
是对方的1.1倍
$175.2M
净利率更高
MBIN
高出30.5%
8.1%
两年增速更快
HTO
近两年复合增速
4.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $175.2M |
| 净利润 | $16.2M | $67.7M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | — |
| 净利率 | 8.1% | 38.6% |
| 营收同比 | 1.5% | — |
| 净利润同比 | -29.2% | 16.3% |
| 每股收益（稀释后） | $0.45 | $1.25 |
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HTOMBIN
| Q1 26 | — | $175.2M | ||
| Q4 25 | $199.4M | $185.3M | ||
| Q3 25 | $243.5M | $171.1M | ||
| Q2 25 | $197.8M | $179.2M | ||
| Q1 25 | $164.9M | $145.9M | ||
| Q4 24 | $196.5M | $193.8M | ||
| Q3 24 | $216.7M | $149.6M | ||
| Q2 24 | $173.1M | $159.5M |
净利润HTOMBIN
| Q1 26 | — | $67.7M | ||
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $54.7M | ||
| Q2 25 | $24.7M | $38.0M | ||
| Q1 25 | $16.6M | $58.2M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $61.3M | ||
| Q2 24 | $20.7M | $76.4M |
营业利润率HTOMBIN
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | 39.9% | ||
| Q3 25 | 26.5% | 37.8% | ||
| Q2 25 | 22.2% | 27.3% | ||
| Q1 25 | 21.8% | 52.4% | ||
| Q4 24 | 22.2% | 66.0% | ||
| Q3 24 | 26.9% | 54.4% | ||
| Q2 24 | 23.4% | 62.2% |
净利率HTOMBIN
| Q1 26 | — | 38.6% | ||
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 32.0% | ||
| Q2 25 | 12.5% | 21.2% | ||
| Q1 25 | 10.0% | 39.9% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | 41.0% | ||
| Q2 24 | 12.0% | 47.9% |
每股收益（稀释后）HTOMBIN
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.45 | $1.28 | ||
| Q3 25 | $1.27 | $0.97 | ||
| Q2 25 | $0.71 | $0.60 | ||
| Q1 25 | $0.49 | $0.93 | ||
| Q4 24 | $0.70 | $1.84 | ||
| Q3 24 | $1.17 | $1.17 | ||
| Q2 24 | $0.64 | $1.49 |
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 | $83.2M |
| 总债务越低越好 | $1.9B | $32.0M |
| 股东权益账面价值 | $1.5B | $2.3B |
| 总资产 | $5.1B | $20.3B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资HTOMBIN
| Q1 26 | — | $83.2M | ||
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — |
总债务HTOMBIN
| Q1 26 | — | $32.0M | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HTOMBIN
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $1.3B | $1.9B |
总资产HTOMBIN
| Q1 26 | — | $20.3B | ||
| Q4 25 | $5.1B | $19.4B | ||
| Q3 25 | $5.0B | $19.4B | ||
| Q2 25 | $4.8B | $19.1B | ||
| Q1 25 | $4.7B | $18.8B | ||
| Q4 24 | $4.7B | $18.8B | ||
| Q3 24 | $4.6B | $18.7B | ||
| Q2 24 | $4.4B | $18.2B |
负债/权益比HTOMBIN
| Q1 26 | — | 0.01× | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| 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 | — | — |
| 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HTOMBIN
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $-341.2M | ||
| Q3 25 | $77.3M | $29.8M | ||
| Q2 25 | $60.8M | $-121.2M | ||
| Q1 25 | $43.2M | $148.0M | ||
| Q4 24 | $41.5M | $-835.3M | ||
| Q3 24 | $53.5M | $-492.6M | ||
| Q2 24 | $49.3M | $51.1M |
自由现金流HTOMBIN
| Q1 26 | — | — | ||
| Q4 25 | — | $-362.2M | ||
| Q3 25 | — | $24.0M | ||
| Q2 25 | — | $-125.7M | ||
| Q1 25 | — | $141.2M | ||
| Q4 24 | — | $-853.7M | ||
| Q3 24 | — | $-497.2M | ||
| Q2 24 | — | $45.8M |
自由现金流率HTOMBIN
| Q1 26 | — | — | ||
| Q4 25 | — | -195.5% | ||
| Q3 25 | — | 14.0% | ||
| Q2 25 | — | -70.1% | ||
| Q1 25 | — | 96.8% | ||
| Q4 24 | — | -440.6% | ||
| Q3 24 | — | -332.4% | ||
| Q2 24 | — | 28.7% |
资本支出强度HTOMBIN
| Q1 26 | — | — | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 3.3% |
现金转化率HTOMBIN
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 0.54× | ||
| Q2 25 | 2.47× | -3.19× | ||
| Q1 25 | 2.61× | 2.54× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | -8.04× | ||
| Q2 24 | 2.38× | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
