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H2O AMERICA（HTO）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
H2O AMERICA的季度营收约是微策略的1.6倍（$199.4M vs $123.0M），微策略同比增速更快（1.9% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 3.3%）
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。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
HTO vs MSTR — 直观对比
营收规模更大
HTO
是对方的1.6倍
$123.0M
营收增速更快
MSTR
高出0.4%
1.5%
两年增速更快
HTO
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $123.0M |
| 净利润 | $16.2M | — |
| 毛利率 | — | 66.1% |
| 营业利润率 | 16.6% | — |
| 净利率 | 8.1% | — |
| 营收同比 | 1.5% | 1.9% |
| 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HTOMSTR
| Q4 25 | $199.4M | $123.0M | ||
| Q3 25 | $243.5M | $128.7M | ||
| Q2 25 | $197.8M | $114.5M | ||
| Q1 25 | $164.9M | $111.1M | ||
| Q4 24 | $196.5M | $120.7M | ||
| Q3 24 | $216.7M | $116.1M | ||
| Q2 24 | $173.1M | $111.4M | ||
| Q1 24 | $150.0M | $115.2M |
净利润HTOMSTR
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $2.8B | ||
| Q2 25 | $24.7M | $10.0B | ||
| Q1 25 | $16.6M | $-4.2B | ||
| Q4 24 | $22.9M | $-670.8M | ||
| Q3 24 | $38.7M | $-340.2M | ||
| Q2 24 | $20.7M | $-102.6M | ||
| Q1 24 | $11.7M | $-53.1M |
毛利率HTOMSTR
| Q4 25 | — | 66.1% | ||
| Q3 25 | — | 70.5% | ||
| Q2 25 | — | 68.8% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 71.7% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 72.2% | ||
| Q1 24 | — | 74.0% |
营业利润率HTOMSTR
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 21.8% | -5331.4% | ||
| Q4 24 | 22.2% | -842.1% | ||
| Q3 24 | 26.9% | -372.7% | ||
| Q2 24 | 23.4% | -179.7% | ||
| Q1 24 | 18.6% | -176.8% |
净利率HTOMSTR
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 2164.1% | ||
| Q2 25 | 12.5% | 8752.7% | ||
| Q1 25 | 10.0% | -3797.2% | ||
| Q4 24 | 11.7% | -555.8% | ||
| Q3 24 | 17.8% | -293.1% | ||
| Q2 24 | 12.0% | -92.0% | ||
| Q1 24 | 7.8% | -46.1% |
每股收益（稀释后）HTOMSTR
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | $8.42 | ||
| Q2 25 | $0.71 | $32.60 | ||
| Q1 25 | $0.49 | $-16.49 | ||
| Q4 24 | $0.70 | $4.49 | ||
| Q3 24 | $1.17 | $-1.72 | ||
| Q2 24 | $0.64 | $-0.57 | ||
| Q1 24 | $0.36 | $-0.31 |
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 | $2.3B |
| 总债务越低越好 | $1.9B | $8.2B |
| 股东权益账面价值 | $1.5B | $44.1B |
| 总资产 | $5.1B | $61.6B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资HTOMSTR
| Q4 25 | $20.7M | $2.3B | ||
| Q3 25 | $11.3M | $54.3M | ||
| Q2 25 | $19.8M | $50.1M | ||
| Q1 25 | $23.7M | $60.3M | ||
| Q4 24 | $11.1M | $38.1M | ||
| Q3 24 | $4.0M | $46.3M | ||
| Q2 24 | $22.8M | $66.9M | ||
| Q1 24 | $4.5M | $81.3M |
总债务HTOMSTR
| Q4 25 | $1.9B | $8.2B | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | $1.7B | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B |
股东权益HTOMSTR
| Q4 25 | $1.5B | $44.1B | ||
| Q3 25 | $1.5B | $52.3B | ||
| Q2 25 | $1.5B | $47.5B | ||
| Q1 25 | $1.4B | $32.2B | ||
| Q4 24 | $1.4B | $18.2B | ||
| Q3 24 | $1.3B | $3.8B | ||
| Q2 24 | $1.3B | $2.8B | ||
| Q1 24 | $1.2B | $2.4B |
总资产HTOMSTR
| Q4 25 | $5.1B | $61.6B | ||
| Q3 25 | $5.0B | $73.6B | ||
| Q2 25 | $4.8B | $64.8B | ||
| Q1 25 | $4.7B | $43.9B | ||
| Q4 24 | $4.7B | $25.8B | ||
| Q3 24 | $4.6B | $8.3B | ||
| Q2 24 | $4.4B | $7.1B | ||
| Q1 24 | $4.4B | $6.4B |
负债/权益比HTOMSTR
| Q4 25 | 1.23× | 0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 1.26× | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.48× |
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 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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HTOMSTR
| Q4 25 | $63.5M | — | ||
| Q3 25 | $77.3M | $-8.3M | ||
| Q2 25 | $60.8M | $-34.9M | ||
| Q1 25 | $43.2M | $-2.4M | ||
| Q4 24 | $41.5M | $-17.3M | ||
| Q3 24 | $53.5M | $-41.0M | ||
| Q2 24 | $49.3M | $-23.3M | ||
| Q1 24 | $51.2M | $28.6M |
自由现金流HTOMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | $-11.1M | ||
| Q2 25 | — | $-37.0M | ||
| Q1 25 | — | $-5.1M | ||
| Q4 24 | — | $-17.6M | ||
| Q3 24 | — | $-41.4M | ||
| Q2 24 | — | $-24.1M | ||
| Q1 24 | — | $27.0M |
自由现金流率HTOMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | -8.6% | ||
| Q2 25 | — | -32.3% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | -14.6% | ||
| Q3 24 | — | -35.7% | ||
| Q2 24 | — | -21.6% | ||
| Q1 24 | — | 23.5% |
资本支出强度HTOMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.3% |
现金转化率HTOMSTR
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | -0.00× | ||
| Q2 25 | 2.47× | -0.00× | ||
| 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% |
MSTR
暂无分部数据
