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H2O AMERICA（HTO）与Ribbon Communications Inc.（RBBN）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Ribbon Communications Inc.的1.2倍（$199.4M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs 8.1%，领先46.6%），H2O AMERICA同比增速更快（1.5% vs -10.3%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
HTO vs RBBN — 直观对比
营收规模更大
HTO
是对方的1.2倍
$162.6M
营收增速更快
HTO
高出11.8%
-10.3%
净利率更高
RBBN
高出46.6%
8.1%
两年增速更快
HTO
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $162.6M |
| 净利润 | $16.2M | $89.1M |
| 毛利率 | — | 42.9% |
| 营业利润率 | 16.6% | 37.6% |
| 净利率 | 8.1% | 54.8% |
| 营收同比 | 1.5% | -10.3% |
| 净利润同比 | -29.2% | — |
| 每股收益（稀释后） | $0.45 | $0.50 |
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HTORBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $199.4M | $227.3M | ||
| Q3 25 | $243.5M | $215.4M | ||
| Q2 25 | $197.8M | $220.6M | ||
| Q1 25 | $164.9M | $181.3M | ||
| Q4 24 | $196.5M | $251.4M | ||
| Q3 24 | $216.7M | $210.2M | ||
| Q2 24 | $173.1M | $192.6M |
净利润HTORBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $-12.1M | ||
| Q2 25 | $24.7M | $-11.1M | ||
| Q1 25 | $16.6M | $-26.2M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $-13.4M | ||
| Q2 24 | $20.7M | $-16.8M |
毛利率HTORBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | — | 53.3% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | — | 49.6% | ||
| Q1 25 | — | 45.4% | ||
| Q4 24 | — | 55.7% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | — | 50.8% |
营业利润率HTORBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 16.6% | 4.1% | ||
| Q3 25 | 26.5% | 1.3% | ||
| Q2 25 | 22.2% | 1.9% | ||
| Q1 25 | 21.8% | -10.8% | ||
| Q4 24 | 22.2% | 13.2% | ||
| Q3 24 | 26.9% | -0.4% | ||
| Q2 24 | 23.4% | -1.0% |
净利率HTORBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | -5.6% | ||
| Q2 25 | 12.5% | -5.0% | ||
| Q1 25 | 10.0% | -14.5% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | -6.4% | ||
| Q2 24 | 12.0% | -8.7% |
每股收益（稀释后）HTORBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.45 | $0.50 | ||
| Q3 25 | $1.27 | $-0.07 | ||
| Q2 25 | $0.71 | $-0.06 | ||
| Q1 25 | $0.49 | $-0.15 | ||
| Q4 24 | $0.70 | $0.05 | ||
| Q3 24 | $1.17 | $-0.08 | ||
| Q2 24 | $0.64 | $-0.10 |
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 | $67.6M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $419.1M |
| 总资产 | $5.1B | — |
| 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HTORBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $20.7M | $96.4M | ||
| Q3 25 | $11.3M | $74.8M | ||
| Q2 25 | $19.8M | $60.5M | ||
| Q1 25 | $23.7M | $71.2M | ||
| Q4 24 | $11.1M | $87.8M | ||
| Q3 24 | $4.0M | $37.2M | ||
| Q2 24 | $22.8M | $64.6M |
总债务HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | $1.7B | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益HTORBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $1.5B | $449.0M | ||
| Q3 25 | $1.5B | $360.1M | ||
| Q2 25 | $1.5B | $370.4M | ||
| Q1 25 | $1.4B | $381.8M | ||
| Q4 24 | $1.4B | $404.6M | ||
| Q3 24 | $1.3B | $395.5M | ||
| Q2 24 | $1.3B | $405.0M |
总资产HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.0B | $1.1B | ||
| Q2 25 | $4.8B | $1.1B | ||
| Q1 25 | $4.7B | $1.1B | ||
| Q4 24 | $4.7B | $1.2B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.4B | $1.1B |
负债/权益比HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | 1.26× | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $29.2M | ||
| Q3 25 | $77.3M | $26.5M | ||
| Q2 25 | $60.8M | $-795.0K | ||
| Q1 25 | $43.2M | $-3.5M | ||
| Q4 24 | $41.5M | $61.8M | ||
| Q3 24 | $53.5M | $-14.8M | ||
| Q2 24 | $49.3M | $-9.8M |
自由现金流HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $27.3M | ||
| Q3 25 | — | $21.0M | ||
| Q2 25 | — | $-6.5M | ||
| Q1 25 | — | $-15.7M | ||
| Q4 24 | — | $53.8M | ||
| Q3 24 | — | $-23.7M | ||
| Q2 24 | — | $-12.9M |
自由现金流率HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | -2.9% | ||
| Q1 25 | — | -8.7% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -6.7% |
资本支出强度HTORBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 1.6% |
现金转化率HTORBBN
| Q1 26 | — | — | ||
| 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× | — |
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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
