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H2O AMERICA（HTO）与OCTAVE SPECIALTY GROUP INC（OSG）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OCTAVE SPECIALTY GROUP INC的1.9倍（$199.4M vs $104.2M），H2O AMERICA净利率更高（8.1% vs -6.6%，领先14.7%），OCTAVE SPECIALTY GROUP INC同比增速更快（66.0% vs 1.5%），过去两年OCTAVE SPECIALTY GROUP INC的营收复合增速更高（42.9% 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。
奥克塔夫专业集团是一家专业保险控股企业，主营定制化财产与意外伤害保险产品，核心业务聚焦超额剩余保险领域，为北美地区的商业及个人客户提供定制化风险保障解决方案。
HTO vs OSG — 直观对比
营收规模更大
HTO
是对方的1.9倍
$104.2M
营收增速更快
OSG
高出64.5%
1.5%
净利率更高
HTO
高出14.7%
-6.6%
两年增速更快
OSG
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $104.2M |
| 净利润 | $16.2M | $-6.9M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | — |
| 净利率 | 8.1% | -6.6% |
| 营收同比 | 1.5% | 66.0% |
| 净利润同比 | -29.2% | — |
| 每股收益（稀释后） | $0.45 | $-0.13 |
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HTOOSG
| Q1 26 | — | $104.2M | ||
| Q4 25 | $199.4M | $66.9M | ||
| Q3 25 | $243.5M | $66.6M | ||
| Q2 25 | $197.8M | $55.0M | ||
| Q1 25 | $164.9M | $62.8M | ||
| Q4 24 | $196.5M | $65.2M | ||
| Q3 24 | $216.7M | $70.0M | ||
| Q2 24 | $173.1M | $51.0M |
净利润HTOOSG
| Q1 26 | — | $-6.9M | ||
| Q4 25 | $16.2M | $-29.7M | ||
| Q3 25 | $45.1M | $-112.6M | ||
| Q2 25 | $24.7M | $-72.7M | ||
| Q1 25 | $16.6M | $-44.7M | ||
| Q4 24 | $22.9M | $-20.9M | ||
| Q3 24 | $38.7M | $-27.5M | ||
| Q2 24 | $20.7M | $-750.0K |
营业利润率HTOOSG
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | -76.7% | ||
| Q3 25 | 26.5% | -48.2% | ||
| Q2 25 | 22.2% | -41.8% | ||
| Q1 25 | 21.8% | -24.1% | ||
| Q4 24 | 22.2% | -55.5% | ||
| Q3 24 | 26.9% | -29.7% | ||
| Q2 24 | 23.4% | -28.9% |
净利率HTOOSG
| Q1 26 | — | -6.6% | ||
| Q4 25 | 8.1% | -73.8% | ||
| Q3 25 | 18.5% | -169.1% | ||
| Q2 25 | 12.5% | -132.3% | ||
| Q1 25 | 10.0% | -71.3% | ||
| Q4 24 | 11.7% | -55.1% | ||
| Q3 24 | 17.8% | -39.3% | ||
| Q2 24 | 12.0% | -1.5% |
每股收益（稀释后）HTOOSG
| Q1 26 | — | $-0.13 | ||
| Q4 25 | $0.45 | $-0.82 | ||
| Q3 25 | $1.27 | $-2.35 | ||
| Q2 25 | $0.71 | $-1.54 | ||
| Q1 25 | $0.49 | $-1.22 | ||
| Q4 24 | $0.70 | $-11.75 | ||
| Q3 24 | $1.17 | $-0.63 | ||
| Q2 24 | $0.64 | $-0.02 |
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 | $117.1M |
| 股东权益账面价值 | $1.5B | $833.6M |
| 总资产 | $5.1B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资HTOOSG
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | $146.4M | ||
| Q3 25 | $11.3M | $27.5M | ||
| Q2 25 | $19.8M | $22.5M | ||
| Q1 25 | $23.7M | $34.1M | ||
| Q4 24 | $11.1M | $157.2M | ||
| Q3 24 | $4.0M | $40.8M | ||
| Q2 24 | $22.8M | $14.6M |
总债务HTOOSG
| Q1 26 | — | $117.1M | ||
| Q4 25 | $1.9B | $117.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $0 | ||
| Q3 24 | — | $518.0M | ||
| Q2 24 | — | $515.0M |
股东权益HTOOSG
| Q1 26 | — | $833.6M | ||
| Q4 25 | $1.5B | $715.8M | ||
| Q3 25 | $1.5B | $843.4M | ||
| Q2 25 | $1.5B | $859.8M | ||
| Q1 25 | $1.4B | $852.2M | ||
| Q4 24 | $1.4B | $798.4M | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.4B |
总资产HTOOSG
| Q1 26 | — | $2.3B | ||
| Q4 25 | $5.1B | $2.2B | ||
| Q3 25 | $5.0B | $2.1B | ||
| Q2 25 | $4.8B | $8.5B | ||
| Q1 25 | $4.7B | $8.3B | ||
| Q4 24 | $4.7B | $8.1B | ||
| Q3 24 | $4.6B | $9.3B | ||
| Q2 24 | $4.4B | $8.2B |
负债/权益比HTOOSG
| Q1 26 | — | 0.14× | ||
| Q4 25 | 1.23× | 0.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 0.00× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.38× |
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HTOOSG
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $-52.3M | ||
| Q3 25 | $77.3M | $-41.2M | ||
| Q2 25 | $60.8M | $2.1M | ||
| Q1 25 | $43.2M | $-12.6M | ||
| Q4 24 | $41.5M | $762.0K | ||
| Q3 24 | $53.5M | $48.9M | ||
| Q2 24 | $49.3M | $20.4M |
现金转化率HTOOSG
| 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× | — |
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% |
OSG
| Commissions | $68.2M | 65% |
| Other | $20.6M | 20% |
| Servicing and other fees | $9.4M | 9% |
| Program fees | $3.6M | 3% |
| Investment income | $2.4M | 2% |
