vs
H2O AMERICA（HTO）与福尼克斯（PLAB）财务数据对比。点击上方公司名可切换其他公司
福尼克斯的季度营收约是H2O AMERICA的1.1倍（$210.4M vs $199.4M），福尼克斯净利率更高（10.9% vs 8.1%，领先2.7%），H2O AMERICA同比增速更快（1.5% vs -5.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -3.8%）
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。
福尼克斯是美国半导体光掩模制造商，2009年时位居全球第三大光掩模供应商，同时也是电子束产业倡议组织的成员，专注于为半导体行业提供关键的掩模产品，支撑芯片制造环节的图形转移需求。
HTO vs PLAB — 直观对比
营收规模更大
PLAB
是对方的1.1倍
$199.4M
营收增速更快
HTO
高出7.0%
-5.5%
净利率更高
PLAB
高出2.7%
8.1%
两年增速更快
HTO
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $210.4M |
| 净利润 | $16.2M | $22.9M |
| 毛利率 | — | 33.7% |
| 营业利润率 | 16.6% | 22.9% |
| 净利率 | 8.1% | 10.9% |
| 营收同比 | 1.5% | -5.5% |
| 净利润同比 | -29.2% | -32.4% |
| 每股收益（稀释后） | $0.45 | $0.39 |
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HTOPLAB
| Q4 25 | $199.4M | — | ||
| Q3 25 | $243.5M | $210.4M | ||
| Q2 25 | $197.8M | $211.0M | ||
| Q1 25 | $164.9M | $212.1M | ||
| Q4 24 | $196.5M | $222.6M | ||
| Q3 24 | $216.7M | $211.0M | ||
| Q2 24 | $173.1M | $217.0M | ||
| Q1 24 | $150.0M | $216.3M |
净利润HTOPLAB
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $22.9M | ||
| Q2 25 | $24.7M | $8.9M | ||
| Q1 25 | $16.6M | $42.9M | ||
| Q4 24 | $22.9M | $33.9M | ||
| Q3 24 | $38.7M | $34.4M | ||
| Q2 24 | $20.7M | $36.3M | ||
| Q1 24 | $11.7M | $26.2M |
毛利率HTOPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | — | 37.0% | ||
| Q3 24 | — | 35.6% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 36.6% |
营业利润率HTOPLAB
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | 22.9% | ||
| Q2 25 | 22.2% | 26.4% | ||
| Q1 25 | 21.8% | 24.6% | ||
| Q4 24 | 22.2% | 25.1% | ||
| Q3 24 | 26.9% | 24.7% | ||
| Q2 24 | 23.4% | 25.8% | ||
| Q1 24 | 18.6% | 26.6% |
净利率HTOPLAB
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 10.9% | ||
| Q2 25 | 12.5% | 4.2% | ||
| Q1 25 | 10.0% | 20.2% | ||
| Q4 24 | 11.7% | 15.2% | ||
| Q3 24 | 17.8% | 16.3% | ||
| Q2 24 | 12.0% | 16.7% | ||
| Q1 24 | 7.8% | 12.1% |
每股收益（稀释后）HTOPLAB
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | $0.39 | ||
| Q2 25 | $0.71 | $0.15 | ||
| Q1 25 | $0.49 | $0.68 | ||
| Q4 24 | $0.70 | $0.54 | ||
| Q3 24 | $1.17 | $0.55 | ||
| Q2 24 | $0.64 | $0.58 | ||
| Q1 24 | $0.36 | $0.42 |
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 | $575.8M |
| 总债务越低越好 | $1.9B | $16.0K |
| 股东权益账面价值 | $1.5B | $1.1B |
| 总资产 | $5.1B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HTOPLAB
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | $575.8M | ||
| Q2 25 | $19.8M | $558.4M | ||
| Q1 25 | $23.7M | $642.2M | ||
| Q4 24 | $11.1M | $640.7M | ||
| Q3 24 | $4.0M | $606.4M | ||
| Q2 24 | $22.8M | $559.9M | ||
| Q1 24 | $4.5M | $521.5M |
总债务HTOPLAB
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | — | $19.0K | ||
| Q1 25 | — | $21.0K | ||
| Q4 24 | $1.7B | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
股东权益HTOPLAB
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.0B | ||
| Q1 24 | $1.2B | $1.0B |
总资产HTOPLAB
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | $1.8B | ||
| Q2 25 | $4.8B | $1.7B | ||
| Q1 25 | $4.7B | $1.7B | ||
| Q4 24 | $4.7B | $1.7B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $4.4B | $1.6B | ||
| Q1 24 | $4.4B | $1.6B |
负债/权益比HTOPLAB
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 1.26× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| 自由现金流经营现金流 - 资本支出 | — | $25.2M |
| 自由现金流率自由现金流/营收 | — | 12.0% |
| 资本支出强度资本支出/营收 | — | 11.8% |
| 现金转化率经营现金流/净利润 | 3.92× | 2.19× |
| 过去12个月自由现金流最近4个季度 | — | $64.5M |
8季度趋势，按日历期对齐
经营现金流HTOPLAB
| Q4 25 | $63.5M | — | ||
| Q3 25 | $77.3M | $50.1M | ||
| Q2 25 | $60.8M | $31.5M | ||
| Q1 25 | $43.2M | $78.5M | ||
| Q4 24 | $41.5M | $68.4M | ||
| Q3 24 | $53.5M | $75.1M | ||
| Q2 24 | $49.3M | $76.5M | ||
| Q1 24 | $51.2M | $41.5M |
自由现金流HTOPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | $25.2M | ||
| Q2 25 | — | $-29.1M | ||
| Q1 25 | — | $43.3M | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $50.7M | ||
| Q2 24 | — | $56.5M | ||
| Q1 24 | — | $-1.8M |
自由现金流率HTOPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | -13.8% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 26.0% | ||
| Q1 24 | — | -0.8% |
资本支出强度HTOPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 28.7% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 20.0% |
现金转化率HTOPLAB
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 2.19× | ||
| Q2 25 | 2.47× | 3.55× | ||
| Q1 25 | 2.61× | 1.83× | ||
| Q4 24 | 1.81× | 2.02× | ||
| Q3 24 | 1.39× | 2.18× | ||
| Q2 24 | 2.38× | 2.11× | ||
| Q1 24 | 4.38× | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
