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H2O AMERICA（HTO）与TheRealReal, Inc.（REAL）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TheRealReal, Inc.的1.0倍（$199.4M vs $194.1M），TheRealReal, Inc.同比增速更快（18.3% vs 1.5%），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% 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。
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
HTO vs REAL — 直观对比
营收规模更大
HTO
是对方的1.0倍
$194.1M
营收增速更快
REAL
高出16.9%
1.5%
两年增速更快
REAL
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $194.1M |
| 净利润 | $16.2M | — |
| 毛利率 | — | 74.8% |
| 营业利润率 | 16.6% | 3.2% |
| 净利率 | 8.1% | — |
| 营收同比 | 1.5% | 18.3% |
| 净利润同比 | -29.2% | — |
| 每股收益（稀释后） | $0.45 | $0.06 |
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HTOREAL
| Q4 25 | $199.4M | $194.1M | ||
| Q3 25 | $243.5M | $173.6M | ||
| Q2 25 | $197.8M | $165.2M | ||
| Q1 25 | $164.9M | $160.0M | ||
| Q4 24 | $196.5M | $164.0M | ||
| Q3 24 | $216.7M | $147.8M | ||
| Q2 24 | $173.1M | $144.9M | ||
| Q1 24 | $150.0M | $143.8M |
净利润HTOREAL
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $-54.1M | ||
| Q2 25 | $24.7M | $-11.4M | ||
| Q1 25 | $16.6M | $62.4M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $-17.9M | ||
| Q2 24 | $20.7M | $-16.7M | ||
| Q1 24 | $11.7M | $-31.1M |
毛利率HTOREAL
| Q4 25 | — | 74.8% | ||
| Q3 25 | — | 74.3% | ||
| Q2 25 | — | 74.3% | ||
| Q1 25 | — | 75.0% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | — | 74.9% | ||
| Q2 24 | — | 74.1% | ||
| Q1 24 | — | 74.6% |
营业利润率HTOREAL
| Q4 25 | 16.6% | 3.2% | ||
| Q3 25 | 26.5% | -4.3% | ||
| Q2 25 | 22.2% | -6.0% | ||
| Q1 25 | 21.8% | -8.0% | ||
| Q4 24 | 22.2% | -3.1% | ||
| Q3 24 | 26.9% | -9.9% | ||
| Q2 24 | 23.4% | -13.0% | ||
| Q1 24 | 18.6% | -12.5% |
净利率HTOREAL
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | -31.1% | ||
| Q2 25 | 12.5% | -6.9% | ||
| Q1 25 | 10.0% | 39.0% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | -12.1% | ||
| Q2 24 | 12.0% | -11.5% | ||
| Q1 24 | 7.8% | -21.6% |
每股收益（稀释后）HTOREAL
| Q4 25 | $0.45 | $0.06 | ||
| Q3 25 | $1.27 | $-0.49 | ||
| Q2 25 | $0.71 | $-0.13 | ||
| Q1 25 | $0.49 | $-0.14 | ||
| Q4 24 | $0.70 | $-0.57 | ||
| Q3 24 | $1.17 | $-0.17 | ||
| Q2 24 | $0.64 | $-0.20 | ||
| Q1 24 | $0.36 | $-0.30 |
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 | $151.2M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $-415.5M |
| 总资产 | $5.1B | $409.0M |
| 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HTOREAL
| Q4 25 | $20.7M | $151.2M | ||
| Q3 25 | $11.3M | $108.4M | ||
| Q2 25 | $19.8M | $94.3M | ||
| Q1 25 | $23.7M | $139.6M | ||
| Q4 24 | $11.1M | $172.2M | ||
| Q3 24 | $4.0M | $153.2M | ||
| Q2 24 | $22.8M | $150.7M | ||
| Q1 24 | $4.5M | $166.0M |
总债务HTOREAL
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOREAL
| Q4 25 | $1.5B | $-415.5M | ||
| Q3 25 | $1.5B | $-385.1M | ||
| Q2 25 | $1.5B | $-338.2M | ||
| Q1 25 | $1.4B | $-336.1M | ||
| Q4 24 | $1.4B | $-407.4M | ||
| Q3 24 | $1.3B | $-345.4M | ||
| Q2 24 | $1.3B | $-335.3M | ||
| Q1 24 | $1.2B | $-327.1M |
总资产HTOREAL
| Q4 25 | $5.1B | $409.0M | ||
| Q3 25 | $5.0B | $366.2M | ||
| Q2 25 | $4.8B | $349.4M | ||
| Q1 25 | $4.7B | $400.4M | ||
| Q4 24 | $4.7B | $423.1M | ||
| Q3 24 | $4.6B | $406.3M | ||
| Q2 24 | $4.4B | $407.4M | ||
| Q1 24 | $4.4B | $431.6M |
负债/权益比HTOREAL
| 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 | $49.5M |
| 自由现金流经营现金流 - 资本支出 | — | $45.8M |
| 自由现金流率自由现金流/营收 | — | 23.6% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 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 | — | $18.4M |
8季度趋势，按日历期对齐
经营现金流HTOREAL
| Q4 25 | $63.5M | $49.5M | ||
| Q3 25 | $77.3M | $19.3M | ||
| Q2 25 | $60.8M | $-3.6M | ||
| Q1 25 | $43.2M | $-28.3M | ||
| Q4 24 | $41.5M | $28.0M | ||
| Q3 24 | $53.5M | $9.1M | ||
| Q2 24 | $49.3M | $-6.8M | ||
| Q1 24 | $51.2M | $-3.5M |
自由现金流HTOREAL
| Q4 25 | — | $45.8M | ||
| Q3 25 | — | $16.9M | ||
| Q2 25 | — | $-11.4M | ||
| Q1 25 | — | $-33.0M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | — | $5.0M | ||
| Q2 24 | — | $-9.8M | ||
| Q1 24 | — | $-5.6M |
自由现金流率HTOREAL
| Q4 25 | — | 23.6% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | -6.9% | ||
| Q1 25 | — | -20.6% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | -6.7% | ||
| Q1 24 | — | -3.9% |
资本支出强度HTOREAL
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 1.5% |
现金转化率HTOREAL
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | -0.45× | ||
| 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% |
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
