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H2O AMERICA（HTO）与QUALYS, INC.（QLYS）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QUALYS, INC.的1.1倍（$199.4M vs $175.3M），QUALYS, INC.净利率更高（30.3% vs 8.1%，领先22.2%），QUALYS, INC.同比增速更快（10.1% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 9.6%）
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。
Qualys是总部位于美国加利福尼亚州福斯特城的科技企业，专注于云安全、合规管理及相关服务，为客户提供覆盖云环境的安全防护与合规解决方案，助力企业应对各类网络安全风险，满足不同行业的合规运营需求。
HTO vs QLYS — 直观对比
营收规模更大
HTO
是对方的1.1倍
$175.3M
营收增速更快
QLYS
高出8.6%
1.5%
净利率更高
QLYS
高出22.2%
8.1%
两年增速更快
HTO
近两年复合增速
9.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $175.3M |
| 净利润 | $16.2M | $53.1M |
| 毛利率 | — | 83.4% |
| 营业利润率 | 16.6% | 33.6% |
| 净利率 | 8.1% | 30.3% |
| 营收同比 | 1.5% | 10.1% |
| 净利润同比 | -29.2% | 20.9% |
| 每股收益（稀释后） | $0.45 | $1.47 |
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HTOQLYS
| Q4 25 | $199.4M | $175.3M | ||
| Q3 25 | $243.5M | $169.9M | ||
| Q2 25 | $197.8M | $164.1M | ||
| Q1 25 | $164.9M | $159.9M | ||
| Q4 24 | $196.5M | $159.2M | ||
| Q3 24 | $216.7M | $153.9M | ||
| Q2 24 | $173.1M | $148.7M | ||
| Q1 24 | $150.0M | $145.8M |
净利润HTOQLYS
| Q4 25 | $16.2M | $53.1M | ||
| Q3 25 | $45.1M | $50.3M | ||
| Q2 25 | $24.7M | $47.3M | ||
| Q1 25 | $16.6M | $47.5M | ||
| Q4 24 | $22.9M | $44.0M | ||
| Q3 24 | $38.7M | $46.2M | ||
| Q2 24 | $20.7M | $43.8M | ||
| Q1 24 | $11.7M | $39.7M |
毛利率HTOQLYS
| Q4 25 | — | 83.4% | ||
| Q3 25 | — | 83.6% | ||
| Q2 25 | — | 82.4% | ||
| Q1 25 | — | 81.9% | ||
| Q4 24 | — | 81.8% | ||
| Q3 24 | — | 81.3% | ||
| Q2 24 | — | 82.2% | ||
| Q1 24 | — | 81.3% |
营业利润率HTOQLYS
| Q4 25 | 16.6% | 33.6% | ||
| Q3 25 | 26.5% | 35.3% | ||
| Q2 25 | 22.2% | 31.3% | ||
| Q1 25 | 21.8% | 32.4% | ||
| Q4 24 | 22.2% | 31.0% | ||
| Q3 24 | 26.9% | 29.2% | ||
| Q2 24 | 23.4% | 32.3% | ||
| Q1 24 | 18.6% | 30.7% |
净利率HTOQLYS
| Q4 25 | 8.1% | 30.3% | ||
| Q3 25 | 18.5% | 29.6% | ||
| Q2 25 | 12.5% | 28.8% | ||
| Q1 25 | 10.0% | 29.7% | ||
| Q4 24 | 11.7% | 27.6% | ||
| Q3 24 | 17.8% | 30.0% | ||
| Q2 24 | 12.0% | 29.4% | ||
| Q1 24 | 7.8% | 27.2% |
每股收益（稀释后）HTOQLYS
| Q4 25 | $0.45 | $1.47 | ||
| Q3 25 | $1.27 | $1.39 | ||
| Q2 25 | $0.71 | $1.29 | ||
| Q1 25 | $0.49 | $1.29 | ||
| Q4 24 | $0.70 | $1.19 | ||
| Q3 24 | $1.17 | $1.24 | ||
| Q2 24 | $0.64 | $1.17 | ||
| Q1 24 | $0.36 | $1.05 |
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 | $250.3M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $561.2M |
| 总资产 | $5.1B | $1.1B |
| 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HTOQLYS
| Q4 25 | $20.7M | $250.3M | ||
| Q3 25 | $11.3M | $225.3M | ||
| Q2 25 | $19.8M | $194.0M | ||
| Q1 25 | $23.7M | $290.7M | ||
| Q4 24 | $11.1M | $232.2M | ||
| Q3 24 | $4.0M | $235.4M | ||
| Q2 24 | $22.8M | $281.2M | ||
| Q1 24 | $4.5M | $273.8M |
总债务HTOQLYS
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOQLYS
| Q4 25 | $1.5B | $561.2M | ||
| Q3 25 | $1.5B | $529.4M | ||
| Q2 25 | $1.5B | $508.2M | ||
| Q1 25 | $1.4B | $498.0M | ||
| Q4 24 | $1.4B | $477.1M | ||
| Q3 24 | $1.3B | $449.6M | ||
| Q2 24 | $1.3B | $427.8M | ||
| Q1 24 | $1.2B | $404.2M |
总资产HTOQLYS
| Q4 25 | $5.1B | $1.1B | ||
| Q3 25 | $5.0B | $1.0B | ||
| Q2 25 | $4.8B | $999.5M | ||
| Q1 25 | $4.7B | $996.5M | ||
| Q4 24 | $4.7B | $973.5M | ||
| Q3 24 | $4.6B | $908.3M | ||
| Q2 24 | $4.4B | $876.6M | ||
| Q1 24 | $4.4B | $861.8M |
负债/权益比HTOQLYS
| 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 | $75.7M |
| 自由现金流经营现金流 - 资本支出 | — | $74.9M |
| 自由现金流率自由现金流/营收 | — | 42.8% |
| 资本支出强度资本支出/营收 | — | 0.4% |
| 现金转化率经营现金流/净利润 | 3.92× | 1.42× |
| 过去12个月自由现金流最近4个季度 | — | $304.4M |
8季度趋势，按日历期对齐
经营现金流HTOQLYS
| Q4 25 | $63.5M | $75.7M | ||
| Q3 25 | $77.3M | $90.4M | ||
| Q2 25 | $60.8M | $33.8M | ||
| Q1 25 | $43.2M | $109.6M | ||
| Q4 24 | $41.5M | $47.7M | ||
| Q3 24 | $53.5M | $61.0M | ||
| Q2 24 | $49.3M | $49.8M | ||
| Q1 24 | $51.2M | $85.5M |
自由现金流HTOQLYS
| Q4 25 | — | $74.9M | ||
| Q3 25 | — | $89.5M | ||
| Q2 25 | — | $32.4M | ||
| Q1 25 | — | $107.5M | ||
| Q4 24 | — | $41.9M | ||
| Q3 24 | — | $57.6M | ||
| Q2 24 | — | $48.8M | ||
| Q1 24 | — | $83.5M |
自由现金流率HTOQLYS
| Q4 25 | — | 42.8% | ||
| Q3 25 | — | 52.7% | ||
| Q2 25 | — | 19.8% | ||
| Q1 25 | — | 67.3% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | — | 37.4% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | — | 57.2% |
资本支出强度HTOQLYS
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.4% |
现金转化率HTOQLYS
| Q4 25 | 3.92× | 1.42× | ||
| Q3 25 | 1.71× | 1.80× | ||
| Q2 25 | 2.47× | 0.71× | ||
| Q1 25 | 2.61× | 2.31× | ||
| Q4 24 | 1.81× | 1.09× | ||
| Q3 24 | 1.39× | 1.32× | ||
| Q2 24 | 2.38× | 1.14× | ||
| Q1 24 | 4.38× | 2.15× |
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% |
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
