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H2O AMERICA（HTO）与Proto Labs Inc（PRLB）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Proto Labs Inc的1.5倍（$199.4M vs $136.5M），Proto Labs Inc同比增速更快（12.1% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 3.3%）
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。
Proto Labs是一家提供快速制造服务的企业，可通过3D打印、CNC加工、钣金加工以及注塑成型工艺，为客户生产用于原型制作和量产的定制零部件，产品广泛应用于医疗设备、航空航天、电子、家电、汽车、消费品等多个领域，公司总部位于美国明尼苏达州，在美国多地设有生产基地。
HTO vs PRLB — 直观对比
营收规模更大
HTO
是对方的1.5倍
$136.5M
营收增速更快
PRLB
高出10.6%
1.5%
两年增速更快
HTO
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $136.5M |
| 净利润 | $16.2M | — |
| 毛利率 | — | 44.2% |
| 营业利润率 | 16.6% | 5.0% |
| 净利率 | 8.1% | — |
| 营收同比 | 1.5% | 12.1% |
| 净利润同比 | -29.2% | — |
| 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HTOPRLB
| Q4 25 | $199.4M | $136.5M | ||
| Q3 25 | $243.5M | $135.4M | ||
| Q2 25 | $197.8M | $135.1M | ||
| Q1 25 | $164.9M | $126.2M | ||
| Q4 24 | $196.5M | $121.8M | ||
| Q3 24 | $216.7M | $125.6M | ||
| Q2 24 | $173.1M | $125.6M | ||
| Q1 24 | $150.0M | $127.9M |
净利润HTOPRLB
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $7.2M | ||
| Q2 25 | $24.7M | $4.4M | ||
| Q1 25 | $16.6M | $3.6M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $7.2M | ||
| Q2 24 | $20.7M | $4.5M | ||
| Q1 24 | $11.7M | $5.3M |
毛利率HTOPRLB
| Q4 25 | — | 44.2% | ||
| Q3 25 | — | 45.3% | ||
| Q2 25 | — | 44.3% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 45.0% | ||
| Q1 24 | — | 44.9% |
营业利润率HTOPRLB
| Q4 25 | 16.6% | 5.0% | ||
| Q3 25 | 26.5% | 6.5% | ||
| Q2 25 | 22.2% | 3.7% | ||
| Q1 25 | 21.8% | 3.6% | ||
| Q4 24 | 22.2% | -1.2% | ||
| Q3 24 | 26.9% | 6.8% | ||
| Q2 24 | 23.4% | 4.8% | ||
| Q1 24 | 18.6% | 5.3% |
净利率HTOPRLB
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | 5.3% | ||
| Q2 25 | 12.5% | 3.3% | ||
| Q1 25 | 10.0% | 2.9% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | 5.7% | ||
| Q2 24 | 12.0% | 3.6% | ||
| Q1 24 | 7.8% | 4.1% |
每股收益（稀释后）HTOPRLB
| Q4 25 | $0.45 | $0.25 | ||
| Q3 25 | $1.27 | $0.30 | ||
| Q2 25 | $0.71 | $0.18 | ||
| Q1 25 | $0.49 | $0.15 | ||
| Q4 24 | $0.70 | $-0.01 | ||
| Q3 24 | $1.17 | $0.29 | ||
| Q2 24 | $0.64 | $0.18 | ||
| Q1 24 | $0.36 | $0.20 |
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 | $128.1M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $673.9M |
| 总资产 | $5.1B | $763.4M |
| 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HTOPRLB
| Q4 25 | $20.7M | $128.1M | ||
| Q3 25 | $11.3M | $119.2M | ||
| Q2 25 | $19.8M | $103.2M | ||
| Q1 25 | $23.7M | $96.8M | ||
| Q4 24 | $11.1M | $103.1M | ||
| Q3 24 | $4.0M | $100.5M | ||
| Q2 24 | $22.8M | $112.9M | ||
| Q1 24 | $4.5M | $109.7M |
总债务HTOPRLB
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOPRLB
| Q4 25 | $1.5B | $673.9M | ||
| Q3 25 | $1.5B | $664.7M | ||
| Q2 25 | $1.5B | $664.7M | ||
| Q1 25 | $1.4B | $656.8M | ||
| Q4 24 | $1.4B | $670.2M | ||
| Q3 24 | $1.3B | $680.0M | ||
| Q2 24 | $1.3B | $685.2M | ||
| Q1 24 | $1.2B | $687.3M |
总资产HTOPRLB
| Q4 25 | $5.1B | $763.4M | ||
| Q3 25 | $5.0B | $756.9M | ||
| Q2 25 | $4.8B | $743.3M | ||
| Q1 25 | $4.7B | $737.5M | ||
| Q4 24 | $4.7B | $743.5M | ||
| Q3 24 | $4.6B | $753.8M | ||
| Q2 24 | $4.4B | $758.2M | ||
| Q1 24 | $4.4B | $769.8M |
负债/权益比HTOPRLB
| 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 | $16.5M |
| 自由现金流经营现金流 - 资本支出 | — | $8.4M |
| 自由现金流率自由现金流/营收 | — | 6.2% |
| 资本支出强度资本支出/营收 | — | 5.9% |
| 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 | — | $59.7M |
8季度趋势，按日历期对齐
经营现金流HTOPRLB
| Q4 25 | $63.5M | $16.5M | ||
| Q3 25 | $77.3M | $29.1M | ||
| Q2 25 | $60.8M | $10.6M | ||
| Q1 25 | $43.2M | $18.4M | ||
| Q4 24 | $41.5M | $17.3M | ||
| Q3 24 | $53.5M | $24.8M | ||
| Q2 24 | $49.3M | $14.4M | ||
| Q1 24 | $51.2M | $21.3M |
自由现金流HTOPRLB
| Q4 25 | — | $8.4M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | — | $17.1M | ||
| Q4 24 | — | $16.5M | ||
| Q3 24 | — | $23.2M | ||
| Q2 24 | — | $10.2M | ||
| Q1 24 | — | $18.8M |
自由现金流率HTOPRLB
| Q4 25 | — | 6.2% | ||
| Q3 25 | — | 18.5% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | 13.5% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | — | 14.7% |
资本支出强度HTOPRLB
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.0% |
现金转化率HTOPRLB
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 4.03× | ||
| Q2 25 | 2.47× | 2.39× | ||
| Q1 25 | 2.61× | 5.11× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 3.44× | ||
| Q2 24 | 2.38× | 3.18× | ||
| Q1 24 | 4.38× | 4.05× |
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% |
PRLB
| CNC Machining Firstcut | $65.5M | 48% |
| Injection Molding Protomold | $47.6M | 35% |
| Three D Printing Fineline | $18.8M | 14% |
| Sheet Metal | $4.4M | 3% |
