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H2O AMERICA（HTO）与MARCUS CORP（MCS）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MARCUS CORP的1.0倍（$199.4M vs $193.5M），MARCUS CORP同比增速更快（2.8% vs 1.5%），过去两年MARCUS CORP的营收复合增速更高（18.2% vs 15.3%）
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。
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
HTO vs MCS — 直观对比
营收规模更大
HTO
是对方的1.0倍
$193.5M
营收增速更快
MCS
高出1.3%
1.5%
两年增速更快
MCS
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $193.5M |
| 净利润 | $16.2M | — |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | 0.9% |
| 净利率 | 8.1% | — |
| 营收同比 | 1.5% | 2.8% |
| 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HTOMCS
| Q4 25 | $199.4M | $193.5M | ||
| Q3 25 | $243.5M | $210.2M | ||
| Q2 25 | $197.8M | $206.0M | ||
| Q1 25 | $164.9M | $148.8M | ||
| Q4 24 | $196.5M | $188.3M | ||
| Q3 24 | $216.7M | $232.7M | ||
| Q2 24 | $173.1M | $176.0M | ||
| Q1 24 | $150.0M | $138.5M |
净利润HTOMCS
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $16.2M | ||
| Q2 25 | $24.7M | $7.3M | ||
| Q1 25 | $16.6M | $-16.8M | ||
| Q4 24 | $22.9M | $986.0K | ||
| Q3 24 | $38.7M | $23.3M | ||
| Q2 24 | $20.7M | $-20.2M | ||
| Q1 24 | $11.7M | $-11.9M |
营业利润率HTOMCS
| Q4 25 | 16.6% | 0.9% | ||
| Q3 25 | 26.5% | 10.8% | ||
| Q2 25 | 22.2% | 6.3% | ||
| Q1 25 | 21.8% | -13.7% | ||
| Q4 24 | 22.2% | -1.2% | ||
| Q3 24 | 26.9% | 14.1% | ||
| Q2 24 | 23.4% | 1.3% | ||
| Q1 24 | 18.6% | -12.0% |
净利率HTOMCS
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 7.7% | ||
| Q2 25 | 12.5% | 3.6% | ||
| Q1 25 | 10.0% | -11.3% | ||
| Q4 24 | 11.7% | 0.5% | ||
| Q3 24 | 17.8% | 10.0% | ||
| Q2 24 | 12.0% | -11.5% | ||
| Q1 24 | 7.8% | -8.6% |
每股收益（稀释后）HTOMCS
| 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 | — | ||
| Q1 24 | $0.36 | — |
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 | $23.4M |
| 总债务越低越好 | $1.9B | $159.0M |
| 股东权益账面价值 | $1.5B | $457.4M |
| 总资产 | $5.1B | $1.0B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资HTOMCS
| Q4 25 | $20.7M | $23.4M | ||
| Q3 25 | $11.3M | $7.4M | ||
| Q2 25 | $19.8M | $14.9M | ||
| Q1 25 | $23.7M | $11.9M | ||
| Q4 24 | $11.1M | $40.8M | ||
| Q3 24 | $4.0M | $28.4M | ||
| Q2 24 | $22.8M | $32.8M | ||
| Q1 24 | $4.5M | $17.3M |
总债务HTOMCS
| Q4 25 | $1.9B | $159.0M | ||
| Q3 25 | — | $162.0M | ||
| Q2 25 | — | $179.9M | ||
| Q1 25 | — | $198.9M | ||
| Q4 24 | $1.7B | $159.1M | ||
| Q3 24 | — | $173.1M | ||
| Q2 24 | — | $175.7M | ||
| Q1 24 | — | $169.8M |
股东权益HTOMCS
| Q4 25 | $1.5B | $457.4M | ||
| Q3 25 | $1.5B | $454.3M | ||
| Q2 25 | $1.5B | $448.4M | ||
| Q1 25 | $1.4B | $441.8M | ||
| Q4 24 | $1.4B | $464.9M | ||
| Q3 24 | $1.3B | $462.3M | ||
| Q2 24 | $1.3B | $449.4M | ||
| Q1 24 | $1.2B | $459.3M |
总资产HTOMCS
| Q4 25 | $5.1B | $1.0B | ||
| Q3 25 | $5.0B | $1.0B | ||
| Q2 25 | $4.8B | $1.0B | ||
| Q1 25 | $4.7B | $1.0B | ||
| Q4 24 | $4.7B | $1.0B | ||
| Q3 24 | $4.6B | $1.0B | ||
| Q2 24 | $4.4B | $1.1B | ||
| Q1 24 | $4.4B | $1.0B |
负债/权益比HTOMCS
| Q4 25 | 1.23× | 0.35× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | 1.26× | 0.34× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.37× |
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 | $48.8M |
| 自由现金流经营现金流 - 资本支出 | — | $26.4M |
| 自由现金流率自由现金流/营收 | — | 13.6% |
| 资本支出强度资本支出/营收 | — | 11.6% |
| 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 | — | $989.0K |
8季度趋势，按日历期对齐
经营现金流HTOMCS
| Q4 25 | $63.5M | $48.8M | ||
| Q3 25 | $77.3M | $39.1M | ||
| Q2 25 | $60.8M | $31.6M | ||
| Q1 25 | $43.2M | $-35.3M | ||
| Q4 24 | $41.5M | $52.6M | ||
| Q3 24 | $53.5M | $30.5M | ||
| Q2 24 | $49.3M | $36.0M | ||
| Q1 24 | $51.2M | $-15.1M |
自由现金流HTOMCS
| Q4 25 | — | $26.4M | ||
| Q3 25 | — | $18.2M | ||
| Q2 25 | — | $14.7M | ||
| Q1 25 | — | $-58.3M | ||
| Q4 24 | — | $27.1M | ||
| Q3 24 | — | $12.0M | ||
| Q2 24 | — | $16.1M | ||
| Q1 24 | — | $-30.5M |
自由现金流率HTOMCS
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | — | 7.1% | ||
| Q1 25 | — | -39.2% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | -22.0% |
资本支出强度HTOMCS
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 13.5% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.1% |
现金转化率HTOMCS
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 2.41× | ||
| Q2 25 | 2.47× | 4.32× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | 53.31× | ||
| Q3 24 | 1.39× | 1.31× | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
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% |
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
