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H2O AMERICA（HTO）与OneStream, Inc.（OS）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OneStream, Inc.的1.2倍（$199.4M vs $163.7M），H2O AMERICA净利率更高（8.1% vs 0.6%，领先7.5%），OneStream, Inc.同比增速更快（23.6% vs 1.5%），过去两年OneStream, Inc.的营收复合增速更高（21.8% vs 15.3%）
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。
Blue Stream面向美国佛罗里达州科勒尔斯普林斯、韦斯顿两地的居民及商业客户，提供有线电视、有线固话、数字录像服务，以及最高速率达1G的宽带互联网接入服务，深耕当地通信市场，为用户提供稳定可靠的多元通信解决方案。
HTO vs OS — 直观对比
营收规模更大
HTO
是对方的1.2倍
$163.7M
营收增速更快
OS
高出22.1%
1.5%
净利率更高
HTO
高出7.5%
0.6%
两年增速更快
OS
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $163.7M |
| 净利润 | $16.2M | $999.0K |
| 毛利率 | — | 69.8% |
| 营业利润率 | 16.6% | -3.2% |
| 净利率 | 8.1% | 0.6% |
| 营收同比 | 1.5% | 23.6% |
| 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HTOOS
| Q4 25 | $199.4M | $163.7M | ||
| Q3 25 | $243.5M | $154.3M | ||
| Q2 25 | $197.8M | $147.6M | ||
| Q1 25 | $164.9M | $136.3M | ||
| Q4 24 | $196.5M | $132.5M | ||
| Q3 24 | $216.7M | $129.1M | ||
| Q2 24 | $173.1M | $117.5M | ||
| Q1 24 | $150.0M | $110.3M |
净利润HTOOS
| Q4 25 | $16.2M | $999.0K | ||
| Q3 25 | $45.1M | $-8.8M | ||
| Q2 25 | $24.7M | $-18.4M | ||
| Q1 25 | $16.6M | $-24.0M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $-171.9M | ||
| Q2 24 | $20.7M | $-7.8M | ||
| Q1 24 | $11.7M | $-5.0M |
毛利率HTOOS
| Q4 25 | — | 69.8% | ||
| Q3 25 | — | 68.1% | ||
| Q2 25 | — | 68.6% | ||
| Q1 25 | — | 68.0% | ||
| Q4 24 | — | 66.8% | ||
| Q3 24 | — | 50.1% | ||
| Q2 24 | — | 68.5% | ||
| Q1 24 | — | 69.1% |
营业利润率HTOOS
| Q4 25 | 16.6% | -3.2% | ||
| Q3 25 | 26.5% | -11.3% | ||
| Q2 25 | 22.2% | -21.8% | ||
| Q1 25 | 21.8% | -29.3% | ||
| Q4 24 | 22.2% | -35.8% | ||
| Q3 24 | 26.9% | -197.6% | ||
| Q2 24 | 23.4% | -9.8% | ||
| Q1 24 | 18.6% | -4.9% |
净利率HTOOS
| Q4 25 | 8.1% | 0.6% | ||
| Q3 25 | 18.5% | -5.7% | ||
| Q2 25 | 12.5% | -12.5% | ||
| Q1 25 | 10.0% | -17.6% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | -133.1% | ||
| Q2 24 | 12.0% | -6.7% | ||
| Q1 24 | 7.8% | -4.5% |
每股收益（稀释后）HTOOS
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | — | ||
| Q2 25 | $0.71 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $1.17 | $-1.06 | ||
| Q2 24 | $0.64 | — | ||
| Q1 24 | $0.36 | — |
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 | $693.6M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $504.7M |
| 总资产 | $5.1B | $1.0B |
| 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HTOOS
| Q4 25 | $20.7M | $693.6M | ||
| Q3 25 | $11.3M | $653.9M | ||
| Q2 25 | $19.8M | $652.1M | ||
| Q1 25 | $23.7M | $593.9M | ||
| Q4 24 | $11.1M | $544.2M | ||
| Q3 24 | $4.0M | $495.5M | ||
| Q2 24 | $22.8M | $140.5M | ||
| Q1 24 | $4.5M | — |
总债务HTOOS
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOOS
| Q4 25 | $1.5B | $504.7M | ||
| Q3 25 | $1.5B | $472.1M | ||
| Q2 25 | $1.5B | $458.2M | ||
| Q1 25 | $1.4B | $412.9M | ||
| Q4 24 | $1.4B | $386.2M | ||
| Q3 24 | $1.3B | $458.2M | ||
| Q2 24 | $1.3B | $97.5M | ||
| Q1 24 | $1.2B | $102.5M |
总资产HTOOS
| Q4 25 | $5.1B | $1.0B | ||
| Q3 25 | $5.0B | $949.4M | ||
| Q2 25 | $4.8B | $910.5M | ||
| Q1 25 | $4.7B | $867.3M | ||
| Q4 24 | $4.7B | $823.2M | ||
| Q3 24 | $4.6B | $750.1M | ||
| Q2 24 | $4.4B | $379.7M | ||
| Q1 24 | $4.4B | — |
负债/权益比HTOOS
| 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 | $25.8M |
| 自由现金流经营现金流 - 资本支出 | — | $25.6M |
| 自由现金流率自由现金流/营收 | — | 15.7% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 3.92× | 25.79× |
| 过去12个月自由现金流最近4个季度 | — | $95.6M |
8季度趋势，按日历期对齐
经营现金流HTOOS
| Q4 25 | $63.5M | $25.8M | ||
| Q3 25 | $77.3M | $5.0M | ||
| Q2 25 | $60.8M | $29.7M | ||
| Q1 25 | $43.2M | $36.2M | ||
| Q4 24 | $41.5M | — | ||
| Q3 24 | $53.5M | $2.4M | ||
| Q2 24 | $49.3M | $8.1M | ||
| Q1 24 | $51.2M | $25.5M |
自由现金流HTOOS
| Q4 25 | — | $25.6M | ||
| Q3 25 | — | $4.8M | ||
| Q2 25 | — | $29.4M | ||
| Q1 25 | — | $35.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.3M | ||
| Q2 24 | — | $7.7M | ||
| Q1 24 | — | $24.9M |
自由现金流率HTOOS
| Q4 25 | — | 15.7% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 19.9% | ||
| Q1 25 | — | 26.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 22.5% |
资本支出强度HTOOS
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.6% |
现金转化率HTOOS
| Q4 25 | 3.92× | 25.79× | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| 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% |
OS
| Subscription And Circulation | $150.3M | 92% |
| Professional Services And Other | $9.4M | 6% |
| License | $4.0M | 2% |
