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H2O AMERICA（HTO）与Perimeter Solutions, Inc.（PRM）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Perimeter Solutions, Inc.的1.9倍（$199.4M vs $102.8M），H2O AMERICA净利率更高（8.1% vs -136.5%，领先144.6%），Perimeter Solutions, Inc.同比增速更快（19.2% vs 1.5%），过去两年Perimeter Solutions, Inc.的营收复合增速更高（31.9% 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。
Perimeter Solutions是一家以色列云与网络安全企业，专为各类机构打造基于零信任架构的安全远程网络方案，其技术可替代VPN、防火墙等传统安全硬件设备，助力企业简化网络安全部署，提升远程访问的安全性与效率。
HTO vs PRM — 直观对比
营收规模更大
HTO
是对方的1.9倍
$102.8M
营收增速更快
PRM
高出17.7%
1.5%
净利率更高
HTO
高出144.6%
-136.5%
两年增速更快
PRM
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $102.8M |
| 净利润 | $16.2M | $-140.2M |
| 毛利率 | — | 45.2% |
| 营业利润率 | 16.6% | -160.7% |
| 净利率 | 8.1% | -136.5% |
| 营收同比 | 1.5% | 19.2% |
| 净利润同比 | -29.2% | -197.3% |
| 每股收益（稀释后） | $0.45 | $-0.89 |
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HTOPRM
| Q4 25 | $199.4M | $102.8M | ||
| Q3 25 | $243.5M | $315.4M | ||
| Q2 25 | $197.8M | $162.6M | ||
| Q1 25 | $164.9M | $72.0M | ||
| Q4 24 | $196.5M | $86.2M | ||
| Q3 24 | $216.7M | $288.4M | ||
| Q2 24 | $173.1M | $127.3M | ||
| Q1 24 | $150.0M | $59.0M |
净利润HTOPRM
| Q4 25 | $16.2M | $-140.2M | ||
| Q3 25 | $45.1M | $-90.7M | ||
| Q2 25 | $24.7M | $-32.2M | ||
| Q1 25 | $16.6M | $56.7M | ||
| Q4 24 | $22.9M | $144.2M | ||
| Q3 24 | $38.7M | $-89.2M | ||
| Q2 24 | $20.7M | $21.6M | ||
| Q1 24 | $11.7M | $-82.6M |
毛利率HTOPRM
| Q4 25 | — | 45.2% | ||
| Q3 25 | — | 63.1% | ||
| Q2 25 | — | 62.4% | ||
| Q1 25 | — | 39.1% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 62.8% | ||
| Q2 24 | — | 57.6% | ||
| Q1 24 | — | 35.1% |
营业利润率HTOPRM
| Q4 25 | 16.6% | -160.7% | ||
| Q3 25 | 26.5% | -27.7% | ||
| Q2 25 | 22.2% | -16.1% | ||
| Q1 25 | 21.8% | — | ||
| Q4 24 | 22.2% | 71.1% | ||
| Q3 24 | 26.9% | -12.2% | ||
| Q2 24 | 23.4% | 35.4% | ||
| Q1 24 | 18.6% | -126.8% |
净利率HTOPRM
| Q4 25 | 8.1% | -136.5% | ||
| Q3 25 | 18.5% | -28.7% | ||
| Q2 25 | 12.5% | -19.8% | ||
| Q1 25 | 10.0% | 78.7% | ||
| Q4 24 | 11.7% | 167.2% | ||
| Q3 24 | 17.8% | -30.9% | ||
| Q2 24 | 12.0% | 17.0% | ||
| Q1 24 | 7.8% | -139.8% |
每股收益（稀释后）HTOPRM
| Q4 25 | $0.45 | $-0.89 | ||
| Q3 25 | $1.27 | $-0.62 | ||
| Q2 25 | $0.71 | $-0.22 | ||
| Q1 25 | $0.49 | $0.36 | ||
| Q4 24 | $0.70 | $1.00 | ||
| Q3 24 | $1.17 | $-0.61 | ||
| Q2 24 | $0.64 | $0.14 | ||
| Q1 24 | $0.36 | $-0.57 |
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 | $325.9M |
| 总债务越低越好 | $1.9B | $669.1M |
| 股东权益账面价值 | $1.5B | $1.1B |
| 总资产 | $5.1B | $2.7B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资HTOPRM
| Q4 25 | $20.7M | $325.9M | ||
| Q3 25 | $11.3M | $340.6M | ||
| Q2 25 | $19.8M | $140.7M | ||
| Q1 25 | $23.7M | $200.1M | ||
| Q4 24 | $11.1M | $198.5M | ||
| Q3 24 | $4.0M | $223.1M | ||
| Q2 24 | $22.8M | $43.2M | ||
| Q1 24 | $4.5M | $38.7M |
总债务HTOPRM
| Q4 25 | $1.9B | $669.1M | ||
| Q3 25 | — | $668.8M | ||
| Q2 25 | — | $668.4M | ||
| Q1 25 | — | $668.1M | ||
| Q4 24 | $1.7B | $667.8M | ||
| Q3 24 | — | $667.4M | ||
| Q2 24 | — | $667.1M | ||
| Q1 24 | — | $666.8M |
股东权益HTOPRM
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
总资产HTOPRM
| Q4 25 | $5.1B | $2.7B | ||
| Q3 25 | $5.0B | $2.6B | ||
| Q2 25 | $4.8B | $2.5B | ||
| Q1 25 | $4.7B | $2.4B | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $4.6B | $2.5B | ||
| Q2 24 | $4.4B | $2.3B | ||
| Q1 24 | $4.4B | $2.3B |
负债/权益比HTOPRM
| Q4 25 | 1.23× | 0.59× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | 1.26× | 0.58× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 0.63× |
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 | $18.6M |
| 自由现金流经营现金流 - 资本支出 | — | $11.6M |
| 自由现金流率自由现金流/营收 | — | 11.3% |
| 资本支出强度资本支出/营收 | — | 6.8% |
| 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 | — | $208.6M |
8季度趋势，按日历期对齐
经营现金流HTOPRM
| Q4 25 | $63.5M | $18.6M | ||
| Q3 25 | $77.3M | $198.7M | ||
| Q2 25 | $60.8M | $-2.9M | ||
| Q1 25 | $43.2M | $23.7M | ||
| Q4 24 | $41.5M | $-6.0M | ||
| Q3 24 | $53.5M | $183.0M | ||
| Q2 24 | $49.3M | $8.6M | ||
| Q1 24 | $51.2M | $2.8M |
自由现金流HTOPRM
| Q4 25 | — | $11.6M | ||
| Q3 25 | — | $193.6M | ||
| Q2 25 | — | $-15.6M | ||
| Q1 25 | — | $18.9M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $179.1M | ||
| Q2 24 | — | $5.0M | ||
| Q1 24 | — | $1.2M |
自由现金流率HTOPRM
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 61.4% | ||
| Q2 25 | — | -9.6% | ||
| Q1 25 | — | 26.3% | ||
| Q4 24 | — | -14.4% | ||
| Q3 24 | — | 62.1% | ||
| Q2 24 | — | 3.9% | ||
| Q1 24 | — | 2.1% |
资本支出强度HTOPRM
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.6% |
现金转化率HTOPRM
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | 0.42× | ||
| Q4 24 | 1.81× | -0.04× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 0.40× | ||
| 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% |
PRM
| Products | $87.7M | 85% |
| Service And Other | $14.8M | 14% |
