vs
H2O AMERICA（HTO）与PAMT CORP（PAMT）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PAMT CORP的1.4倍（$199.4M vs $141.3M），H2O AMERICA净利率更高（8.1% vs -20.7%，领先28.8%），H2O AMERICA同比增速更快（1.5% vs -15.1%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -12.0%）
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。
HTO vs PAMT — 直观对比
营收规模更大
HTO
是对方的1.4倍
$141.3M
营收增速更快
HTO
高出16.6%
-15.1%
净利率更高
HTO
高出28.8%
-20.7%
两年增速更快
HTO
近两年复合增速
-12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $141.3M |
| 净利润 | $16.2M | $-29.3M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | -27.0% |
| 净利率 | 8.1% | -20.7% |
| 营收同比 | 1.5% | -15.1% |
| 净利润同比 | -29.2% | 7.4% |
| 每股收益（稀释后） | $0.45 | $-1.38 |
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HTOPAMT
| Q4 25 | $199.4M | $141.3M | ||
| Q3 25 | $243.5M | $150.3M | ||
| Q2 25 | $197.8M | $151.1M | ||
| Q1 25 | $164.9M | $155.3M | ||
| Q4 24 | $196.5M | $166.5M | ||
| Q3 24 | $216.7M | $182.6M | ||
| Q2 24 | $173.1M | $182.9M | ||
| Q1 24 | $150.0M | $182.6M |
净利润HTOPAMT
| Q4 25 | $16.2M | $-29.3M | ||
| Q3 25 | $45.1M | $-5.6M | ||
| Q2 25 | $24.7M | $-9.6M | ||
| Q1 25 | $16.6M | $-8.1M | ||
| Q4 24 | $22.9M | $-31.6M | ||
| Q3 24 | $38.7M | $2.4M | ||
| Q2 24 | $20.7M | $-2.9M | ||
| Q1 24 | $11.7M | $281.0K |
营业利润率HTOPAMT
| Q4 25 | 16.6% | -27.0% | ||
| Q3 25 | 26.5% | -3.8% | ||
| Q2 25 | 22.2% | -7.3% | ||
| Q1 25 | 21.8% | -5.9% | ||
| Q4 24 | 22.2% | -22.6% | ||
| Q3 24 | 26.9% | 1.3% | ||
| Q2 24 | 23.4% | -0.4% | ||
| Q1 24 | 18.6% | -0.4% |
净利率HTOPAMT
| Q4 25 | 8.1% | -20.7% | ||
| Q3 25 | 18.5% | -3.7% | ||
| Q2 25 | 12.5% | -6.4% | ||
| Q1 25 | 10.0% | -5.2% | ||
| Q4 24 | 11.7% | -19.0% | ||
| Q3 24 | 17.8% | 1.3% | ||
| Q2 24 | 12.0% | -1.6% | ||
| Q1 24 | 7.8% | 0.2% |
每股收益（稀释后）HTOPAMT
| Q4 25 | $0.45 | $-1.38 | ||
| Q3 25 | $1.27 | $-0.27 | ||
| Q2 25 | $0.71 | $-0.46 | ||
| Q1 25 | $0.49 | $-0.37 | ||
| Q4 24 | $0.70 | $-1.44 | ||
| Q3 24 | $1.17 | $0.11 | ||
| Q2 24 | $0.64 | $-0.13 | ||
| Q1 24 | $0.36 | $0.01 |
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 | $83.7M |
| 总债务越低越好 | $1.9B | $333.9M |
| 股东权益账面价值 | $1.5B | $210.5M |
| 总资产 | $5.1B | $697.9M |
| 负债/权益比越低杠杆越低 | 1.23× | 1.59× |
8季度趋势，按日历期对齐
现金及短期投资HTOPAMT
| Q4 25 | $20.7M | $83.7M | ||
| Q3 25 | $11.3M | $115.6M | ||
| Q2 25 | $19.8M | $117.3M | ||
| Q1 25 | $23.7M | $102.7M | ||
| Q4 24 | $11.1M | $110.7M | ||
| Q3 24 | $4.0M | $92.3M | ||
| Q2 24 | $22.8M | $114.0M | ||
| Q1 24 | $4.5M | $125.8M |
总债务HTOPAMT
| Q4 25 | $1.9B | $333.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOPAMT
| Q4 25 | $1.5B | $210.5M | ||
| Q3 25 | $1.5B | $239.5M | ||
| Q2 25 | $1.5B | $244.9M | ||
| Q1 25 | $1.4B | $269.6M | ||
| Q4 24 | $1.4B | $277.5M | ||
| Q3 24 | $1.3B | $308.9M | ||
| Q2 24 | $1.3B | $306.7M | ||
| Q1 24 | $1.2B | $314.6M |
总资产HTOPAMT
| Q4 25 | $5.1B | $697.9M | ||
| Q3 25 | $5.0B | $715.2M | ||
| Q2 25 | $4.8B | $707.9M | ||
| Q1 25 | $4.7B | $712.6M | ||
| Q4 24 | $4.7B | $741.7M | ||
| Q3 24 | $4.6B | $756.7M | ||
| Q2 24 | $4.4B | $733.5M | ||
| Q1 24 | $4.4B | $746.4M |
负债/权益比HTOPAMT
| Q4 25 | 1.23× | 1.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 1.17× | ||
| 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 | $-5.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-25.0M |
| 自由现金流率自由现金流/营收 | — | -17.7% |
| 资本支出强度资本支出/营收 | — | 13.6% |
| 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 | — | $-23.4M |
8季度趋势，按日历期对齐
经营现金流HTOPAMT
| Q4 25 | $63.5M | $-5.8M | ||
| Q3 25 | $77.3M | $5.9M | ||
| Q2 25 | $60.8M | $12.2M | ||
| Q1 25 | $43.2M | $5.0M | ||
| Q4 24 | $41.5M | $15.2M | ||
| Q3 24 | $53.5M | $15.5M | ||
| Q2 24 | $49.3M | $18.7M | ||
| Q1 24 | $51.2M | $9.6M |
自由现金流HTOPAMT
| Q4 25 | — | $-25.0M | ||
| Q3 25 | — | $2.5M | ||
| Q2 25 | — | $5.9M | ||
| Q1 25 | — | $-6.8M | ||
| Q4 24 | — | $-39.9M | ||
| Q3 24 | — | $-33.6M | ||
| Q2 24 | — | $4.1M | ||
| Q1 24 | — | $-12.2M |
自由现金流率HTOPAMT
| Q4 25 | — | -17.7% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | — | -24.0% | ||
| Q3 24 | — | -18.4% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | -6.7% |
资本支出强度HTOPAMT
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | — | 33.1% | ||
| Q3 24 | — | 26.9% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | — | 12.0% |
现金转化率HTOPAMT
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 6.44× | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | 34.11× |
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% |
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
