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H2O AMERICA（HTO）与MADRIGAL PHARMACEUTICALS, INC.（MDGL）财务数据对比。点击上方公司名可切换其他公司
MADRIGAL PHARMACEUTICALS, INC.的季度营收约是H2O AMERICA的1.6倍（$321.1M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -18.2%，领先26.4%），MADRIGAL PHARMACEUTICALS, INC.同比增速更快（210.8% vs 1.5%）
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。
本公司是一家美国生物制药企业，成立于2002年，专注于研发新型合成胆汁酸类似物，可用于治疗原发性胆汁性胆管炎、非酒精性脂肪肝、肝硬化等慢性肝病，以及胆汁酸性腹泻等肠道疾病。
HTO vs MDGL — 直观对比
营收规模更大
MDGL
是对方的1.6倍
$199.4M
营收增速更快
MDGL
高出209.3%
1.5%
净利率更高
HTO
高出26.4%
-18.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $321.1M |
| 净利润 | $16.2M | $-58.6M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | -18.6% |
| 净利率 | 8.1% | -18.2% |
| 营收同比 | 1.5% | 210.8% |
| 净利润同比 | -29.2% | 1.4% |
| 每股收益（稀释后） | $0.45 | $-2.55 |
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HTOMDGL
| Q4 25 | $199.4M | $321.1M | ||
| Q3 25 | $243.5M | $287.3M | ||
| Q2 25 | $197.8M | $212.8M | ||
| Q1 25 | $164.9M | $137.3M | ||
| Q4 24 | $196.5M | $103.3M | ||
| Q3 24 | $216.7M | $62.2M | ||
| Q2 24 | $173.1M | — | ||
| Q1 24 | $150.0M | $0 |
净利润HTOMDGL
| Q4 25 | $16.2M | $-58.6M | ||
| Q3 25 | $45.1M | $-114.2M | ||
| Q2 25 | $24.7M | $-42.3M | ||
| Q1 25 | $16.6M | $-73.2M | ||
| Q4 24 | $22.9M | $-59.4M | ||
| Q3 24 | $38.7M | $-107.0M | ||
| Q2 24 | $20.7M | — | ||
| Q1 24 | $11.7M | $-147.5M |
毛利率HTOMDGL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 96.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率HTOMDGL
| Q4 25 | 16.6% | -18.6% | ||
| Q3 25 | 26.5% | -39.7% | ||
| Q2 25 | 22.2% | -22.2% | ||
| Q1 25 | 21.8% | -57.8% | ||
| Q4 24 | 22.2% | -64.8% | ||
| Q3 24 | 26.9% | -187.1% | ||
| Q2 24 | 23.4% | — | ||
| Q1 24 | 18.6% | — |
净利率HTOMDGL
| Q4 25 | 8.1% | -18.2% | ||
| Q3 25 | 18.5% | -39.8% | ||
| Q2 25 | 12.5% | -19.9% | ||
| Q1 25 | 10.0% | -53.4% | ||
| Q4 24 | 11.7% | -57.5% | ||
| Q3 24 | 17.8% | -172.0% | ||
| Q2 24 | 12.0% | — | ||
| Q1 24 | 7.8% | — |
每股收益（稀释后）HTOMDGL
| Q4 25 | $0.45 | $-2.55 | ||
| Q3 25 | $1.27 | $-5.08 | ||
| Q2 25 | $0.71 | $-1.90 | ||
| Q1 25 | $0.49 | $-3.32 | ||
| Q4 24 | $0.70 | $-2.50 | ||
| Q3 24 | $1.17 | $-4.92 | ||
| Q2 24 | $0.64 | — | ||
| Q1 24 | $0.36 | $-7.38 |
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 | $198.7M |
| 总债务越低越好 | $1.9B | $339.9M |
| 股东权益账面价值 | $1.5B | $602.7M |
| 总资产 | $5.1B | $1.3B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资HTOMDGL
| Q4 25 | $20.7M | $198.7M | ||
| Q3 25 | $11.3M | $295.7M | ||
| Q2 25 | $19.8M | $186.2M | ||
| Q1 25 | $23.7M | $183.6M | ||
| Q4 24 | $11.1M | $100.0M | ||
| Q3 24 | $4.0M | $232.7M | ||
| Q2 24 | $22.8M | — | ||
| Q1 24 | $4.5M | $622.5M |
总债务HTOMDGL
| Q4 25 | $1.9B | $339.9M | ||
| Q3 25 | — | $339.8M | ||
| Q2 25 | — | $118.4M | ||
| Q1 25 | — | $118.0M | ||
| Q4 24 | $1.7B | $117.6M | ||
| Q3 24 | — | $117.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $116.1M |
股东权益HTOMDGL
| Q4 25 | $1.5B | $602.7M | ||
| Q3 25 | $1.5B | $625.7M | ||
| Q2 25 | $1.5B | $696.0M | ||
| Q1 25 | $1.4B | $710.6M | ||
| Q4 24 | $1.4B | $754.4M | ||
| Q3 24 | $1.3B | $777.2M | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.2B | $850.8M |
总资产HTOMDGL
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $5.0B | $1.4B | ||
| Q2 25 | $4.8B | $1.0B | ||
| Q1 25 | $4.7B | $996.6M | ||
| Q4 24 | $4.7B | $1.0B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.4B | $1.1B |
负债/权益比HTOMDGL
| Q4 25 | 1.23× | 0.56× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | 1.26× | 0.16× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.14× |
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 | $-133.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-133.8M |
| 自由现金流率自由现金流/营收 | — | -41.7% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 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HTOMDGL
| Q4 25 | $63.5M | $-133.5M | ||
| Q3 25 | $77.3M | $79.8M | ||
| Q2 25 | $60.8M | $-47.1M | ||
| Q1 25 | $43.2M | $-88.9M | ||
| Q4 24 | $41.5M | $-104.5M | ||
| Q3 24 | $53.5M | $-67.0M | ||
| Q2 24 | $49.3M | — | ||
| Q1 24 | $51.2M | $-149.2M |
自由现金流HTOMDGL
| Q4 25 | — | $-133.8M | ||
| Q3 25 | — | $79.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-104.7M | ||
| Q3 24 | — | $-67.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-149.5M |
自由现金流率HTOMDGL
| Q4 25 | — | -41.7% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -101.3% | ||
| Q3 24 | — | -109.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度HTOMDGL
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率HTOMDGL
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| 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% |
MDGL
| Rebates Customer Fees Credits Co Pay Assistance And Other | $208.5M | 65% |
| Other | $76.0M | 24% |
| Chargebacks Discounts For Prompt Pay And Other Allowances | $36.6M | 11% |
