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H2O AMERICA（HTO）与Mayville Engineering Company, Inc.（MEC）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Mayville Engineering Company, Inc.的1.5倍（$199.4M vs $134.3M），H2O AMERICA净利率更高（8.1% vs -3.2%，领先11.4%），Mayville Engineering Company, Inc.同比增速更快（10.7% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -8.8%）
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。
Mayville Engineering Company（MEC）是总部位于美国的领先金属零部件、装配组件及定制工程解决方案供应商，主要服务农业、建筑、商用运输、国防、动力运动等领域的原始设备制造商客户，提供从原型开发到大规模量产的全流程服务。
HTO vs MEC — 直观对比
营收规模更大
HTO
是对方的1.5倍
$134.3M
营收增速更快
MEC
高出9.2%
1.5%
净利率更高
HTO
高出11.4%
-3.2%
两年增速更快
HTO
近两年复合增速
-8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $134.3M |
| 净利润 | $16.2M | $-4.4M |
| 毛利率 | — | 6.8% |
| 营业利润率 | 16.6% | -4.1% |
| 净利率 | 8.1% | -3.2% |
| 营收同比 | 1.5% | 10.7% |
| 净利润同比 | -29.2% | -127.3% |
| 每股收益（稀释后） | $0.45 | $-0.22 |
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HTOMEC
| Q4 25 | $199.4M | $134.3M | ||
| Q3 25 | $243.5M | $144.3M | ||
| Q2 25 | $197.8M | $132.3M | ||
| Q1 25 | $164.9M | $135.6M | ||
| Q4 24 | $196.5M | $121.3M | ||
| Q3 24 | $216.7M | $135.4M | ||
| Q2 24 | $173.1M | $163.6M | ||
| Q1 24 | $150.0M | $161.3M |
净利润HTOMEC
| Q4 25 | $16.2M | $-4.4M | ||
| Q3 25 | $45.1M | $-2.7M | ||
| Q2 25 | $24.7M | $-1.1M | ||
| Q1 25 | $16.6M | $20.0K | ||
| Q4 24 | $22.9M | $16.0M | ||
| Q3 24 | $38.7M | $3.0M | ||
| Q2 24 | $20.7M | $3.8M | ||
| Q1 24 | $11.7M | $3.2M |
毛利率HTOMEC
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
营业利润率HTOMEC
| Q4 25 | 16.6% | -4.1% | ||
| Q3 25 | 26.5% | 0.0% | ||
| Q2 25 | 22.2% | 0.1% | ||
| Q1 25 | 21.8% | 1.2% | ||
| Q4 24 | 22.2% | 19.0% | ||
| Q3 24 | 26.9% | 4.2% | ||
| Q2 24 | 23.4% | 5.0% | ||
| Q1 24 | 18.6% | 4.7% |
净利率HTOMEC
| Q4 25 | 8.1% | -3.2% | ||
| Q3 25 | 18.5% | -1.9% | ||
| Q2 25 | 12.5% | -0.8% | ||
| Q1 25 | 10.0% | 0.0% | ||
| Q4 24 | 11.7% | 13.2% | ||
| Q3 24 | 17.8% | 2.2% | ||
| Q2 24 | 12.0% | 2.3% | ||
| Q1 24 | 7.8% | 2.0% |
每股收益（稀释后）HTOMEC
| Q4 25 | $0.45 | $-0.22 | ||
| Q3 25 | $1.27 | $-0.13 | ||
| Q2 25 | $0.71 | $-0.05 | ||
| Q1 25 | $0.49 | $0.00 | ||
| Q4 24 | $0.70 | $0.76 | ||
| Q3 24 | $1.17 | $0.14 | ||
| Q2 24 | $0.64 | $0.18 | ||
| Q1 24 | $0.36 | $0.16 |
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 | $1.5M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $240.7M |
| 总资产 | $5.1B | $563.6M |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资HTOMEC
| Q4 25 | $20.7M | $1.5M | ||
| Q3 25 | $11.3M | $1.2M | ||
| Q2 25 | $19.8M | $206.0K | ||
| Q1 25 | $23.7M | $183.0K | ||
| Q4 24 | $11.1M | $206.0K | ||
| Q3 24 | $4.0M | $178.0K | ||
| Q2 24 | $22.8M | $314.0K | ||
| Q1 24 | $4.5M | $314.0K |
总债务HTOMEC
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOMEC
| Q4 25 | $1.5B | $240.7M | ||
| Q3 25 | $1.5B | $244.8M | ||
| Q2 25 | $1.5B | $246.8M | ||
| Q1 25 | $1.4B | $250.0M | ||
| Q4 24 | $1.4B | $251.8M | ||
| Q3 24 | $1.3B | $238.4M | ||
| Q2 24 | $1.3B | $238.1M | ||
| Q1 24 | $1.2B | $234.0M |
总资产HTOMEC
| Q4 25 | $5.1B | $563.6M | ||
| Q3 25 | $5.0B | $585.6M | ||
| Q2 25 | $4.8B | $433.7M | ||
| Q1 25 | $4.7B | $447.7M | ||
| Q4 24 | $4.7B | $445.6M | ||
| Q3 24 | $4.6B | $466.0M | ||
| Q2 24 | $4.4B | $488.2M | ||
| Q1 24 | $4.4B | $499.9M |
负债/权益比HTOMEC
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $13.4M |
| 自由现金流经营现金流 - 资本支出 | — | $10.2M |
| 自由现金流率自由现金流/营收 | — | 7.6% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 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 | — | $26.9M |
8季度趋势，按日历期对齐
经营现金流HTOMEC
| Q4 25 | $63.5M | $13.4M | ||
| Q3 25 | $77.3M | $1.9M | ||
| Q2 25 | $60.8M | $15.0M | ||
| Q1 25 | $43.2M | $8.3M | ||
| Q4 24 | $41.5M | $38.0M | ||
| Q3 24 | $53.5M | $17.9M | ||
| Q2 24 | $49.3M | $23.3M | ||
| Q1 24 | $51.2M | $10.6M |
自由现金流HTOMEC
| Q4 25 | — | $10.2M | ||
| Q3 25 | — | $-1.1M | ||
| Q2 25 | — | $12.5M | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $35.6M | ||
| Q3 24 | — | $15.1M | ||
| Q2 24 | — | $19.2M | ||
| Q1 24 | — | $7.8M |
自由现金流率HTOMEC
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 11.1% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 4.9% |
资本支出强度HTOMEC
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 1.7% |
现金转化率HTOMEC
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | 416.65× | ||
| Q4 24 | 1.81× | 2.38× | ||
| Q3 24 | 1.39× | 6.03× | ||
| Q2 24 | 2.38× | 6.15× | ||
| Q1 24 | 4.38× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
