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H2O AMERICA（HTO）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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MARTIN MIDSTREAM PARTNERS L.P.的1.1倍（$199.4M vs $187.7M），H2O AMERICA净利率更高（8.1% vs 1.7%，领先6.4%），H2O AMERICA同比增速更快（1.5% vs -2.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 0.8%）
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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
HTO vs MMLP — 直观对比
营收规模更大
HTO
是对方的1.1倍
$187.7M
营收增速更快
HTO
高出4.0%
-2.5%
净利率更高
HTO
高出6.4%
1.7%
两年增速更快
HTO
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $187.7M |
| 净利润 | $16.2M | $3.2M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | 4.1% |
| 净利率 | 8.1% | 1.7% |
| 营收同比 | 1.5% | -2.5% |
| 净利润同比 | -29.2% | -37.1% |
| 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HTOMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $199.4M | $174.2M | ||
| Q3 25 | $243.5M | $168.7M | ||
| Q2 25 | $197.8M | $180.7M | ||
| Q1 25 | $164.9M | $192.5M | ||
| Q4 24 | $196.5M | $171.3M | ||
| Q3 24 | $216.7M | $170.9M | ||
| Q2 24 | $173.1M | $184.5M |
净利润HTOMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $16.2M | $-2.9M | ||
| Q3 25 | $45.1M | $-8.4M | ||
| Q2 25 | $24.7M | $-2.4M | ||
| Q1 25 | $16.6M | $-1.0M | ||
| Q4 24 | $22.9M | $-8.9M | ||
| Q3 24 | $38.7M | $-3.3M | ||
| Q2 24 | $20.7M | $3.8M |
毛利率HTOMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
营业利润率HTOMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | 16.6% | 7.3% | ||
| Q3 25 | 26.5% | 4.1% | ||
| Q2 25 | 22.2% | 8.2% | ||
| Q1 25 | 21.8% | 7.5% | ||
| Q4 24 | 22.2% | 4.0% | ||
| Q3 24 | 26.9% | 7.4% | ||
| Q2 24 | 23.4% | 10.8% |
净利率HTOMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 8.1% | -1.7% | ||
| Q3 25 | 18.5% | -5.0% | ||
| Q2 25 | 12.5% | -1.3% | ||
| Q1 25 | 10.0% | -0.5% | ||
| Q4 24 | 11.7% | -5.2% | ||
| Q3 24 | 17.8% | -1.9% | ||
| Q2 24 | 12.0% | 2.0% |
每股收益（稀释后）HTOMMLP
| Q1 26 | — | — | ||
| 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 | — |
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 | — |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $5.1B | $537.1M |
| 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HTOMMLP
| Q1 26 | — | — | ||
| 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HTOMMLP
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $428.0M | ||
| Q3 25 | — | $441.3M | ||
| Q2 25 | — | $427.8M | ||
| Q1 25 | — | $451.4M | ||
| Q4 24 | $1.7B | $437.6M | ||
| Q3 24 | — | $469.3M | ||
| Q2 24 | — | $439.4M |
股东权益HTOMMLP
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
总资产HTOMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $5.1B | $522.4M | ||
| Q3 25 | $5.0B | $510.1M | ||
| Q2 25 | $4.8B | $515.6M | ||
| Q1 25 | $4.7B | $533.4M | ||
| Q4 24 | $4.7B | $538.5M | ||
| Q3 24 | $4.6B | $554.8M | ||
| Q2 24 | $4.4B | $535.1M |
负债/权益比HTOMMLP
| Q1 26 | — | — | ||
| 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 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -3.2% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 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 | — | $27.2M |
8季度趋势，按日历期对齐
经营现金流HTOMMLP
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $22.4M | ||
| Q3 25 | $77.3M | $-1.2M | ||
| Q2 25 | $60.8M | $30.9M | ||
| Q1 25 | $43.2M | $-6.0M | ||
| Q4 24 | $41.5M | $42.2M | ||
| Q3 24 | $53.5M | $-15.8M | ||
| Q2 24 | $49.3M | $11.8M |
自由现金流HTOMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | — | $15.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $25.6M | ||
| Q1 25 | — | $-11.9M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-25.6M | ||
| Q2 24 | — | $-696.0K |
自由现金流率HTOMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | -4.7% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | -15.0% | ||
| Q2 24 | — | -0.4% |
资本支出强度HTOMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 6.8% |
现金转化率HTOMMLP
| Q1 26 | — | — | ||
| 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× | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
