vs
H2O AMERICA（HTO）与PROCORE TECHNOLOGIES, INC.（PCOR）财务数据对比。点击上方公司名可切换其他公司
PROCORE TECHNOLOGIES, INC.的季度营收约是H2O AMERICA的1.8倍（$349.1M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -10.8%，领先18.9%），PROCORE TECHNOLOGIES, INC.同比增速更快（15.6% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 13.8%）
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。
Procore Technologies是2002年成立的美国建筑管理软件即服务（SaaS）企业，总部位于加利福尼亚州卡平特里亚。公司打造的全球平台可连接建筑行业从业者，支持搭建简化工作流，统一展现建筑项目信息，覆盖任务追踪、项目流程管理、日程排期等核心功能。
HTO vs PCOR — 直观对比
营收规模更大
PCOR
是对方的1.8倍
$199.4M
营收增速更快
PCOR
高出14.1%
1.5%
净利率更高
HTO
高出18.9%
-10.8%
两年增速更快
HTO
近两年复合增速
13.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $349.1M |
| 净利润 | $16.2M | $-37.6M |
| 毛利率 | — | 80.1% |
| 营业利润率 | 16.6% | -12.3% |
| 净利率 | 8.1% | -10.8% |
| 营收同比 | 1.5% | 15.6% |
| 净利润同比 | -29.2% | 39.6% |
| 每股收益（稀释后） | $0.45 | $-0.25 |
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HTOPCOR
| Q4 25 | $199.4M | $349.1M | ||
| Q3 25 | $243.5M | $338.9M | ||
| Q2 25 | $197.8M | $323.9M | ||
| Q1 25 | $164.9M | $310.6M | ||
| Q4 24 | $196.5M | $302.0M | ||
| Q3 24 | $216.7M | $295.9M | ||
| Q2 24 | $173.1M | $284.3M | ||
| Q1 24 | $150.0M | $269.4M |
净利润HTOPCOR
| Q4 25 | $16.2M | $-37.6M | ||
| Q3 25 | $45.1M | $-9.1M | ||
| Q2 25 | $24.7M | $-21.1M | ||
| Q1 25 | $16.6M | $-33.0M | ||
| Q4 24 | $22.9M | $-62.3M | ||
| Q3 24 | $38.7M | $-26.4M | ||
| Q2 24 | $20.7M | $-6.3M | ||
| Q1 24 | $11.7M | $-11.0M |
毛利率HTOPCOR
| Q4 25 | — | 80.1% | ||
| Q3 25 | — | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
营业利润率HTOPCOR
| Q4 25 | 16.6% | -12.3% | ||
| Q3 25 | 26.5% | -4.4% | ||
| Q2 25 | 22.2% | -9.3% | ||
| Q1 25 | 21.8% | -11.7% | ||
| Q4 24 | 22.2% | -21.9% | ||
| Q3 24 | 26.9% | -12.3% | ||
| Q2 24 | 23.4% | -5.2% | ||
| Q1 24 | 18.6% | -7.0% |
净利率HTOPCOR
| Q4 25 | 8.1% | -10.8% | ||
| Q3 25 | 18.5% | -2.7% | ||
| Q2 25 | 12.5% | -6.5% | ||
| Q1 25 | 10.0% | -10.6% | ||
| Q4 24 | 11.7% | -20.6% | ||
| Q3 24 | 17.8% | -8.9% | ||
| Q2 24 | 12.0% | -2.2% | ||
| Q1 24 | 7.8% | -4.1% |
每股收益（稀释后）HTOPCOR
| Q4 25 | $0.45 | $-0.25 | ||
| Q3 25 | $1.27 | $-0.06 | ||
| Q2 25 | $0.71 | $-0.14 | ||
| Q1 25 | $0.49 | $-0.22 | ||
| Q4 24 | $0.70 | $-0.42 | ||
| Q3 24 | $1.17 | $-0.18 | ||
| Q2 24 | $0.64 | $-0.04 | ||
| Q1 24 | $0.36 | $-0.08 |
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 | $768.5M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $1.3B |
| 总资产 | $5.1B | $2.2B |
| 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HTOPCOR
| Q4 25 | $20.7M | $768.5M | ||
| Q3 25 | $11.3M | $684.0M | ||
| Q2 25 | $19.8M | $620.9M | ||
| Q1 25 | $23.7M | $566.7M | ||
| Q4 24 | $11.1M | $775.4M | ||
| Q3 24 | $4.0M | $756.9M | ||
| Q2 24 | $22.8M | $735.4M | ||
| Q1 24 | $4.5M | $744.6M |
总债务HTOPCOR
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOPCOR
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.2B | $1.2B |
总资产HTOPCOR
| Q4 25 | $5.1B | $2.2B | ||
| Q3 25 | $5.0B | $2.1B | ||
| Q2 25 | $4.8B | $2.0B | ||
| Q1 25 | $4.7B | $1.9B | ||
| Q4 24 | $4.7B | $2.1B | ||
| Q3 24 | $4.6B | $2.0B | ||
| Q2 24 | $4.4B | $2.0B | ||
| Q1 24 | $4.4B | $1.9B |
负债/权益比HTOPCOR
| 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 | $114.9M |
| 自由现金流经营现金流 - 资本支出 | — | $109.2M |
| 自由现金流率自由现金流/营收 | — | 31.3% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 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 | — | $282.2M |
8季度趋势，按日历期对齐
经营现金流HTOPCOR
| Q4 25 | $63.5M | $114.9M | ||
| Q3 25 | $77.3M | $88.5M | ||
| Q2 25 | $60.8M | $30.8M | ||
| Q1 25 | $43.2M | $66.0M | ||
| Q4 24 | $41.5M | $29.1M | ||
| Q3 24 | $53.5M | $39.3M | ||
| Q2 24 | $49.3M | $58.7M | ||
| Q1 24 | $51.2M | $69.1M |
自由现金流HTOPCOR
| Q4 25 | — | $109.2M | ||
| Q3 25 | — | $83.1M | ||
| Q2 25 | — | $27.9M | ||
| Q1 25 | — | $62.0M | ||
| Q4 24 | — | $17.4M | ||
| Q3 24 | — | $35.7M | ||
| Q2 24 | — | $56.8M | ||
| Q1 24 | — | $67.1M |
自由现金流率HTOPCOR
| Q4 25 | — | 31.3% | ||
| Q3 25 | — | 24.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 24.9% |
资本支出强度HTOPCOR
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
现金转化率HTOPCOR
| 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× | — | ||
| 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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
