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H2O AMERICA（HTO）与MGP INGREDIENTS INC（MGPI）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MGP INGREDIENTS INC的1.4倍（$199.4M vs $138.3M），H2O AMERICA净利率更高（8.1% vs -97.3%，领先105.5%），H2O AMERICA同比增速更快（1.5% vs -23.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -9.9%）
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。
MGP配料公司是总部位于美国的优质蒸馏酒、特种小麦和玉米基淀粉及蛋白质配料供应商，服务食品饮料制造、餐饮及工业客户领域，为北美及部分全球市场客户提供定制化配料解决方案。
HTO vs MGPI — 直观对比
营收规模更大
HTO
是对方的1.4倍
$138.3M
营收增速更快
HTO
高出25.0%
-23.5%
净利率更高
HTO
高出105.5%
-97.3%
两年增速更快
HTO
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $138.3M |
| 净利润 | $16.2M | $-134.6M |
| 毛利率 | — | 34.9% |
| 营业利润率 | 16.6% | -97.7% |
| 净利率 | 8.1% | -97.3% |
| 营收同比 | 1.5% | -23.5% |
| 净利润同比 | -29.2% | -220.8% |
| 每股收益（稀释后） | $0.45 | $-6.23 |
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HTOMGPI
| Q4 25 | $199.4M | $138.3M | ||
| Q3 25 | $243.5M | $130.9M | ||
| Q2 25 | $197.8M | $145.5M | ||
| Q1 25 | $164.9M | $121.7M | ||
| Q4 24 | $196.5M | $180.8M | ||
| Q3 24 | $216.7M | $161.5M | ||
| Q2 24 | $173.1M | $190.8M | ||
| Q1 24 | $150.0M | $170.6M |
净利润HTOMGPI
| Q4 25 | $16.2M | $-134.6M | ||
| Q3 25 | $45.1M | $15.4M | ||
| Q2 25 | $24.7M | $14.4M | ||
| Q1 25 | $16.6M | $-3.0M | ||
| Q4 24 | $22.9M | $-42.0M | ||
| Q3 24 | $38.7M | $23.9M | ||
| Q2 24 | $20.7M | $32.1M | ||
| Q1 24 | $11.7M | $20.6M |
毛利率HTOMGPI
| Q4 25 | — | 34.9% | ||
| Q3 25 | — | 37.8% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 40.8% | ||
| Q2 24 | — | 43.6% | ||
| Q1 24 | — | 36.8% |
营业利润率HTOMGPI
| Q4 25 | 16.6% | -97.7% | ||
| Q3 25 | 26.5% | 16.1% | ||
| Q2 25 | 22.2% | 14.0% | ||
| Q1 25 | 21.8% | -0.6% | ||
| Q4 24 | 22.2% | -16.8% | ||
| Q3 24 | 26.9% | 20.2% | ||
| Q2 24 | 23.4% | 22.7% | ||
| Q1 24 | 18.6% | 17.0% |
净利率HTOMGPI
| Q4 25 | 8.1% | -97.3% | ||
| Q3 25 | 18.5% | 11.8% | ||
| Q2 25 | 12.5% | 9.9% | ||
| Q1 25 | 10.0% | -2.5% | ||
| Q4 24 | 11.7% | -23.2% | ||
| Q3 24 | 17.8% | 14.8% | ||
| Q2 24 | 12.0% | 16.8% | ||
| Q1 24 | 7.8% | 12.1% |
每股收益（稀释后）HTOMGPI
| Q4 25 | $0.45 | $-6.23 | ||
| Q3 25 | $1.27 | $0.71 | ||
| Q2 25 | $0.71 | $0.67 | ||
| Q1 25 | $0.49 | $-0.14 | ||
| Q4 24 | $0.70 | $-1.86 | ||
| Q3 24 | $1.17 | $1.07 | ||
| Q2 24 | $0.64 | $1.43 | ||
| Q1 24 | $0.36 | $0.92 |
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 | $18.5M |
| 总债务越低越好 | $1.9B | $245.9M |
| 股东权益账面价值 | $1.5B | $718.4M |
| 总资产 | $5.1B | $1.2B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资HTOMGPI
| Q4 25 | $20.7M | $18.5M | ||
| Q3 25 | $11.3M | $13.4M | ||
| Q2 25 | $19.8M | $17.3M | ||
| Q1 25 | $23.7M | $20.1M | ||
| Q4 24 | $11.1M | $25.3M | ||
| Q3 24 | $4.0M | $20.8M | ||
| Q2 24 | $22.8M | $21.0M | ||
| Q1 24 | $4.5M | $19.5M |
总债务HTOMGPI
| Q4 25 | $1.9B | $245.9M | ||
| Q3 25 | — | $262.3M | ||
| Q2 25 | — | $290.7M | ||
| Q1 25 | — | $290.7M | ||
| Q4 24 | $1.7B | $317.1M | ||
| Q3 24 | — | $283.6M | ||
| Q2 24 | — | $303.0M | ||
| Q1 24 | — | $294.4M |
股东权益HTOMGPI
| Q4 25 | $1.5B | $718.4M | ||
| Q3 25 | $1.5B | $855.2M | ||
| Q2 25 | $1.5B | $841.8M | ||
| Q1 25 | $1.4B | $828.3M | ||
| Q4 24 | $1.4B | $834.2M | ||
| Q3 24 | $1.3B | $914.5M | ||
| Q2 24 | $1.3B | $894.5M | ||
| Q1 24 | $1.2B | $867.0M |
总资产HTOMGPI
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.0B | $1.4B | ||
| Q2 25 | $4.8B | $1.4B | ||
| Q1 25 | $4.7B | $1.4B | ||
| Q4 24 | $4.7B | $1.4B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $4.4B | $1.4B | ||
| Q1 24 | $4.4B | $1.4B |
负债/权益比HTOMGPI
| Q4 25 | 1.23× | 0.34× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | 1.26× | 0.38× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.34× | ||
| Q1 24 | — | 0.34× |
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 | $29.1M |
| 自由现金流经营现金流 - 资本支出 | — | $24.3M |
| 自由现金流率自由现金流/营收 | — | 17.5% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 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 | — | $76.0M |
8季度趋势，按日历期对齐
经营现金流HTOMGPI
| Q4 25 | $63.5M | $29.1M | ||
| Q3 25 | $77.3M | $36.1M | ||
| Q2 25 | $60.8M | $11.7M | ||
| Q1 25 | $43.2M | $44.7M | ||
| Q4 24 | $41.5M | $28.8M | ||
| Q3 24 | $53.5M | $43.9M | ||
| Q2 24 | $49.3M | $5.0M | ||
| Q1 24 | $51.2M | $24.6M |
自由现金流HTOMGPI
| Q4 25 | — | $24.3M | ||
| Q3 25 | — | $27.6M | ||
| Q2 25 | — | $-557.0K | ||
| Q1 25 | — | $24.8M | ||
| Q4 24 | — | $10.4M | ||
| Q3 24 | — | $24.5M | ||
| Q2 24 | — | $-1.4M | ||
| Q1 24 | — | $-2.4M |
自由现金流率HTOMGPI
| Q4 25 | — | 17.5% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | — | -0.7% | ||
| Q1 24 | — | -1.4% |
资本支出强度HTOMGPI
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 16.4% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 15.8% |
现金转化率HTOMGPI
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 2.34× | ||
| Q2 25 | 2.47× | 0.81× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 1.84× | ||
| Q2 24 | 2.38× | 0.15× | ||
| Q1 24 | 4.38× | 1.19× |
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% |
MGPI
| Branded Spirits | $63.4M | 46% |
| Ingredient Solutions | $31.3M | 23% |
| Specialty Wheat Starches | $16.8M | 12% |
| Mid Spirits | $16.1M | 12% |
| Other Branded Spirits | $8.0M | 6% |
| Commodity Wheat Starch | $2.3M | 2% |
