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H2O AMERICA（HTO）与Natural Grocers by Vitamin Cottage, Inc.（NGVC）财务数据对比。点击上方公司名可切换其他公司
Natural Grocers by Vitamin Cottage, Inc.的季度营收约是H2O AMERICA的1.7倍（$335.6M vs $199.4M），H2O AMERICA净利率更高（8.1% vs 3.4%，领先4.8%），Natural Grocers by Vitamin Cottage, Inc.同比增速更快（1.6% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 4.4%）
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。
Natural Grocers by Vitamin Cottage, Inc.是美国本土的特色零售连锁企业，主营认证有机食品、膳食补充剂、天然个护及环保家居类产品，面向健康意识较强的消费群体，门店覆盖美国多州，执行严格品控标准，拒绝售卖含人工添加剂的商品。
HTO vs NGVC — 直观对比
营收规模更大
NGVC
是对方的1.7倍
$199.4M
营收增速更快
NGVC
高出0.1%
1.5%
净利率更高
HTO
高出4.8%
3.4%
两年增速更快
HTO
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $335.6M |
| 净利润 | $16.2M | $11.3M |
| 毛利率 | — | 29.5% |
| 营业利润率 | 16.6% | 4.4% |
| 净利率 | 8.1% | 3.4% |
| 营收同比 | 1.5% | 1.6% |
| 净利润同比 | -29.2% | 14.0% |
| 每股收益（稀释后） | $0.45 | $0.49 |
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HTONGVC
| Q4 25 | $199.4M | $335.6M | ||
| Q3 25 | $243.5M | $336.1M | ||
| Q2 25 | $197.8M | $328.7M | ||
| Q1 25 | $164.9M | $335.8M | ||
| Q4 24 | $196.5M | $330.2M | ||
| Q3 24 | $216.7M | $322.7M | ||
| Q2 24 | $173.1M | $309.1M | ||
| Q1 24 | $150.0M | $308.1M |
净利润HTONGVC
| Q4 25 | $16.2M | $11.3M | ||
| Q3 25 | $45.1M | $11.8M | ||
| Q2 25 | $24.7M | $11.6M | ||
| Q1 25 | $16.6M | $13.1M | ||
| Q4 24 | $22.9M | $9.9M | ||
| Q3 24 | $38.7M | $9.0M | ||
| Q2 24 | $20.7M | $9.2M | ||
| Q1 24 | $11.7M | $8.0M |
毛利率HTONGVC
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
营业利润率HTONGVC
| Q4 25 | 16.6% | 4.4% | ||
| Q3 25 | 26.5% | 4.6% | ||
| Q2 25 | 22.2% | 4.7% | ||
| Q1 25 | 21.8% | 5.2% | ||
| Q4 24 | 22.2% | 4.0% | ||
| Q3 24 | 26.9% | 3.7% | ||
| Q2 24 | 23.4% | 4.2% | ||
| Q1 24 | 18.6% | 3.7% |
净利率HTONGVC
| Q4 25 | 8.1% | 3.4% | ||
| Q3 25 | 18.5% | 3.5% | ||
| Q2 25 | 12.5% | 3.5% | ||
| Q1 25 | 10.0% | 3.9% | ||
| Q4 24 | 11.7% | 3.0% | ||
| Q3 24 | 17.8% | 2.8% | ||
| Q2 24 | 12.0% | 3.0% | ||
| Q1 24 | 7.8% | 2.6% |
每股收益（稀释后）HTONGVC
| Q4 25 | $0.45 | $0.49 | ||
| Q3 25 | $1.27 | $0.51 | ||
| Q2 25 | $0.71 | $0.50 | ||
| Q1 25 | $0.49 | $0.56 | ||
| Q4 24 | $0.70 | $0.43 | ||
| Q3 24 | $1.17 | $0.38 | ||
| Q2 24 | $0.64 | $0.40 | ||
| Q1 24 | $0.36 | $0.35 |
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 | $23.2M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $220.0M |
| 总资产 | $5.1B | $668.6M |
| 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HTONGVC
| Q4 25 | $20.7M | $23.2M | ||
| Q3 25 | $11.3M | $17.1M | ||
| Q2 25 | $19.8M | $13.2M | ||
| Q1 25 | $23.7M | $21.2M | ||
| Q4 24 | $11.1M | $6.3M | ||
| Q3 24 | $4.0M | $8.9M | ||
| Q2 24 | $22.8M | $13.9M | ||
| Q1 24 | $4.5M | $11.0M |
总债务HTONGVC
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTONGVC
| Q4 25 | $1.5B | $220.0M | ||
| Q3 25 | $1.5B | $212.4M | ||
| Q2 25 | $1.5B | $202.5M | ||
| Q1 25 | $1.4B | $193.0M | ||
| Q4 24 | $1.4B | $181.9M | ||
| Q3 24 | $1.3B | $174.3M | ||
| Q2 24 | $1.3B | $167.8M | ||
| Q1 24 | $1.2B | $160.0M |
总资产HTONGVC
| Q4 25 | $5.1B | $668.6M | ||
| Q3 25 | $5.0B | $670.5M | ||
| Q2 25 | $4.8B | $659.0M | ||
| Q1 25 | $4.7B | $664.6M | ||
| Q4 24 | $4.7B | $648.9M | ||
| Q3 24 | $4.6B | $655.5M | ||
| Q2 24 | $4.4B | $654.4M | ||
| Q1 24 | $4.4B | $656.6M |
负债/权益比HTONGVC
| 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 | $21.1M |
| 自由现金流经营现金流 - 资本支出 | — | $11.6M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 2.9% |
| 现金转化率经营现金流/净利润 | 3.92× | 1.86× |
| 过去12个月自由现金流最近4个季度 | — | $42.6M |
8季度趋势，按日历期对齐
经营现金流HTONGVC
| Q4 25 | $63.5M | $21.1M | ||
| Q3 25 | $77.3M | $15.6M | ||
| Q2 25 | $60.8M | $2.9M | ||
| Q1 25 | $43.2M | $34.1M | ||
| Q4 24 | $41.5M | $2.7M | ||
| Q3 24 | $53.5M | $24.5M | ||
| Q2 24 | $49.3M | $12.4M | ||
| Q1 24 | $51.2M | $20.2M |
自由现金流HTONGVC
| Q4 25 | — | $11.6M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | — | $18.0M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $9.8M |
自由现金流率HTONGVC
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 3.2% |
资本支出强度HTONGVC
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.4% |
现金转化率HTONGVC
| Q4 25 | 3.92× | 1.86× | ||
| Q3 25 | 1.71× | 1.32× | ||
| Q2 25 | 2.47× | 0.25× | ||
| Q1 25 | 2.61× | 2.60× | ||
| Q4 24 | 1.81× | 0.27× | ||
| Q3 24 | 1.39× | 2.72× | ||
| Q2 24 | 2.38× | 1.35× | ||
| Q1 24 | 4.38× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
