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H2O AMERICA（HTO）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是H2O AMERICA的1.9倍（$375.3M vs $199.4M），ROYAL GOLD INC净利率更高（24.9% vs 8.1%，领先16.8%），ROYAL GOLD INC同比增速更快（85.3% vs 1.5%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
HTO vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.9倍
$199.4M
营收增速更快
RGLD
高出83.8%
1.5%
净利率更高
RGLD
高出16.8%
8.1%
两年增速更快
RGLD
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $375.3M |
| 净利润 | $16.2M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 16.6% | 56.2% |
| 净利率 | 8.1% | 24.9% |
| 营收同比 | 1.5% | 85.3% |
| 净利润同比 | -29.2% | -12.8% |
| 每股收益（稀释后） | $0.45 | $1.04 |
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HTORGLD
| Q4 25 | $199.4M | $375.3M | ||
| Q3 25 | $243.5M | $252.1M | ||
| Q2 25 | $197.8M | $209.6M | ||
| Q1 25 | $164.9M | $193.4M | ||
| Q4 24 | $196.5M | $202.6M | ||
| Q3 24 | $216.7M | $193.8M | ||
| Q2 24 | $173.1M | $174.1M | ||
| Q1 24 | $150.0M | $148.9M |
净利润HTORGLD
| Q4 25 | $16.2M | $93.6M | ||
| Q3 25 | $45.1M | $126.8M | ||
| Q2 25 | $24.7M | $132.3M | ||
| Q1 25 | $16.6M | $113.5M | ||
| Q4 24 | $22.9M | $107.4M | ||
| Q3 24 | $38.7M | $96.2M | ||
| Q2 24 | $20.7M | $81.2M | ||
| Q1 24 | $11.7M | $47.2M |
毛利率HTORGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率HTORGLD
| Q4 25 | 16.6% | 56.2% | ||
| Q3 25 | 26.5% | 64.4% | ||
| Q2 25 | 22.2% | 67.7% | ||
| Q1 25 | 21.8% | 63.6% | ||
| Q4 24 | 22.2% | 65.9% | ||
| Q3 24 | 26.9% | 61.3% | ||
| Q2 24 | 23.4% | 58.6% | ||
| Q1 24 | 18.6% | 50.7% |
净利率HTORGLD
| Q4 25 | 8.1% | 24.9% | ||
| Q3 25 | 18.5% | 50.3% | ||
| Q2 25 | 12.5% | 63.1% | ||
| Q1 25 | 10.0% | 58.7% | ||
| Q4 24 | 11.7% | 53.0% | ||
| Q3 24 | 17.8% | 49.7% | ||
| Q2 24 | 12.0% | 46.6% | ||
| Q1 24 | 7.8% | 31.7% |
每股收益（稀释后）HTORGLD
| Q4 25 | $0.45 | $1.04 | ||
| Q3 25 | $1.27 | $1.92 | ||
| Q2 25 | $0.71 | $2.01 | ||
| Q1 25 | $0.49 | $1.72 | ||
| Q4 24 | $0.70 | $1.63 | ||
| Q3 24 | $1.17 | $1.46 | ||
| Q2 24 | $0.64 | $1.23 | ||
| Q1 24 | $0.36 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $7.2B |
| 总资产 | $5.1B | $9.5B |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资HTORGLD
| Q4 25 | $20.7M | $233.7M | ||
| Q3 25 | $11.3M | $172.8M | ||
| Q2 25 | $19.8M | $248.2M | ||
| Q1 25 | $23.7M | $240.8M | ||
| Q4 24 | $11.1M | $195.5M | ||
| Q3 24 | $4.0M | $127.9M | ||
| Q2 24 | $22.8M | $74.2M | ||
| Q1 24 | $4.5M | $137.9M |
总债务HTORGLD
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益HTORGLD
| Q4 25 | $1.5B | $7.2B | ||
| Q3 25 | $1.5B | $3.4B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $1.4B | $3.2B | ||
| Q4 24 | $1.4B | $3.1B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $1.2B | $2.9B |
总资产HTORGLD
| Q4 25 | $5.1B | $9.5B | ||
| Q3 25 | $5.0B | $4.5B | ||
| Q2 25 | $4.8B | $3.6B | ||
| Q1 25 | $4.7B | $3.5B | ||
| Q4 24 | $4.7B | $3.4B | ||
| Q3 24 | $4.6B | $3.3B | ||
| Q2 24 | $4.4B | $3.3B | ||
| Q1 24 | $4.4B | $3.3B |
负债/权益比HTORGLD
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 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× | 2.58× |
| 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HTORGLD
| Q4 25 | $63.5M | $241.7M | ||
| Q3 25 | $77.3M | $174.0M | ||
| Q2 25 | $60.8M | $152.8M | ||
| Q1 25 | $43.2M | $136.4M | ||
| Q4 24 | $41.5M | $141.1M | ||
| Q3 24 | $53.5M | $136.7M | ||
| Q2 24 | $49.3M | $113.5M | ||
| Q1 24 | $51.2M | $138.3M |
现金转化率HTORGLD
| Q4 25 | 3.92× | 2.58× | ||
| Q3 25 | 1.71× | 1.37× | ||
| Q2 25 | 2.47× | 1.15× | ||
| Q1 25 | 2.61× | 1.20× | ||
| Q4 24 | 1.81× | 1.31× | ||
| Q3 24 | 1.39× | 1.42× | ||
| Q2 24 | 2.38× | 1.40× | ||
| Q1 24 | 4.38× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
