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H2O AMERICA（HTO）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
Ultragenyx Pharmaceutical Inc.的季度营收约是H2O AMERICA的1.0倍（$207.3M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -62.0%，领先70.2%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 1.5%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
HTO vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $207.3M |
| 净利润 | $16.2M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | -54.7% |
| 净利率 | 8.1% | -62.0% |
| 营收同比 | 1.5% | 25.9% |
| 净利润同比 | -29.2% | 3.5% |
| 每股收益（稀释后） | $0.45 | $-1.28 |
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
| Q4 25 | $199.4M | $207.3M | ||
| Q3 25 | $243.5M | $159.9M | ||
| Q2 25 | $197.8M | $166.5M | ||
| Q1 25 | $164.9M | $139.3M | ||
| Q4 24 | $196.5M | $164.6M | ||
| Q3 24 | $216.7M | $139.5M | ||
| Q2 24 | $173.1M | $147.0M | ||
| Q1 24 | $150.0M | $108.8M |
| Q4 25 | $16.2M | $-128.6M | ||
| Q3 25 | $45.1M | $-180.4M | ||
| Q2 25 | $24.7M | $-115.0M | ||
| Q1 25 | $16.6M | $-151.1M | ||
| Q4 24 | $22.9M | $-133.2M | ||
| Q3 24 | $38.7M | $-133.5M | ||
| Q2 24 | $20.7M | $-131.6M | ||
| Q1 24 | $11.7M | $-170.7M |
| Q4 25 | 16.6% | -54.7% | ||
| Q3 25 | 26.5% | -106.9% | ||
| Q2 25 | 22.2% | -64.8% | ||
| Q1 25 | 21.8% | -102.6% | ||
| Q4 24 | 22.2% | -74.3% | ||
| Q3 24 | 26.9% | -94.6% | ||
| Q2 24 | 23.4% | -79.1% | ||
| Q1 24 | 18.6% | -151.9% |
| Q4 25 | 8.1% | -62.0% | ||
| Q3 25 | 18.5% | -112.8% | ||
| Q2 25 | 12.5% | -69.0% | ||
| Q1 25 | 10.0% | -108.5% | ||
| Q4 24 | 11.7% | -80.9% | ||
| Q3 24 | 17.8% | -95.7% | ||
| Q2 24 | 12.0% | -89.5% | ||
| Q1 24 | 7.8% | -156.8% |
| Q4 25 | $0.45 | $-1.28 | ||
| Q3 25 | $1.27 | $-1.81 | ||
| Q2 25 | $0.71 | $-1.17 | ||
| Q1 25 | $0.49 | $-1.57 | ||
| Q4 24 | $0.70 | $-1.34 | ||
| Q3 24 | $1.17 | $-1.40 | ||
| Q2 24 | $0.64 | $-1.52 | ||
| Q1 24 | $0.36 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $-80.0M |
| 总资产 | $5.1B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
| Q4 25 | $20.7M | $421.0M | ||
| Q3 25 | $11.3M | $202.5M | ||
| Q2 25 | $19.8M | $176.3M | ||
| Q1 25 | $23.7M | $127.1M | ||
| Q4 24 | $11.1M | $174.0M | ||
| Q3 24 | $4.0M | $150.6M | ||
| Q2 24 | $22.8M | $480.7M | ||
| Q1 24 | $4.5M | $112.3M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $-80.0M | ||
| Q3 25 | $1.5B | $9.2M | ||
| Q2 25 | $1.5B | $151.3M | ||
| Q1 25 | $1.4B | $144.2M | ||
| Q4 24 | $1.4B | $255.0M | ||
| Q3 24 | $1.3B | $346.8M | ||
| Q2 24 | $1.3B | $432.4M | ||
| Q1 24 | $1.2B | $140.3M |
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $4.8B | $1.3B | ||
| Q1 25 | $4.7B | $1.3B | ||
| Q4 24 | $4.7B | $1.5B | ||
| Q3 24 | $4.6B | $1.5B | ||
| Q2 24 | $4.4B | $1.6B | ||
| Q1 24 | $4.4B | $1.3B |
| 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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 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 | — | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $63.5M | $-99.8M | ||
| Q3 25 | $77.3M | $-91.4M | ||
| Q2 25 | $60.8M | $-108.3M | ||
| Q1 25 | $43.2M | $-166.5M | ||
| Q4 24 | $41.5M | $-79.3M | ||
| Q3 24 | $53.5M | $-67.0M | ||
| Q2 24 | $49.3M | $-77.0M | ||
| Q1 24 | $51.2M | $-190.7M |
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
