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H2O AMERICA（HTO）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是H2O AMERICA的2.3倍（$461.6M vs $199.4M），H2O AMERICA同比增速更快（1.5% vs -4.1%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
HTO vs SAM — 直观对比
营收规模更大
SAM
是对方的2.3倍
$199.4M
营收增速更快
HTO
高出5.6%
-4.1%
两年增速更快
HTO
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $461.6M |
| 净利润 | $16.2M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | 16.6% | 12.4% |
| 净利率 | 8.1% | — |
| 营收同比 | 1.5% | -4.1% |
| 净利润同比 | -29.2% | — |
| 每股收益（稀释后） | $0.45 | $2.16 |
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HTOSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $199.4M | $385.7M | ||
| Q3 25 | $243.5M | $537.5M | ||
| Q2 25 | $197.8M | $587.9M | ||
| Q1 25 | $164.9M | $453.9M | ||
| Q4 24 | $196.5M | $402.3M | ||
| Q3 24 | $216.7M | $605.5M | ||
| Q2 24 | $173.1M | $579.1M |
净利润HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | $16.2M | $-22.5M | ||
| Q3 25 | $45.1M | $46.2M | ||
| Q2 25 | $24.7M | $60.4M | ||
| Q1 25 | $16.6M | $24.4M | ||
| Q4 24 | $22.9M | $-38.8M | ||
| Q3 24 | $38.7M | $33.5M | ||
| Q2 24 | $20.7M | $52.3M |
毛利率HTOSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率HTOSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 16.6% | -8.6% | ||
| Q3 25 | 26.5% | 11.5% | ||
| Q2 25 | 22.2% | 14.0% | ||
| Q1 25 | 21.8% | 7.4% | ||
| Q4 24 | 22.2% | -13.9% | ||
| Q3 24 | 26.9% | 7.6% | ||
| Q2 24 | 23.4% | 12.2% |
净利率HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | -5.8% | ||
| Q3 25 | 18.5% | 8.6% | ||
| Q2 25 | 12.5% | 10.3% | ||
| Q1 25 | 10.0% | 5.4% | ||
| Q4 24 | 11.7% | -9.6% | ||
| Q3 24 | 17.8% | 5.5% | ||
| Q2 24 | 12.0% | 9.0% |
每股收益（稀释后）HTOSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $0.45 | $-1.97 | ||
| Q3 25 | $1.27 | $4.25 | ||
| Q2 25 | $0.71 | $5.45 | ||
| Q1 25 | $0.49 | $2.16 | ||
| Q4 24 | $0.70 | $-3.23 | ||
| Q3 24 | $1.17 | $2.86 | ||
| Q2 24 | $0.64 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $682.6M |
| 总资产 | $5.1B | $1.2B |
| 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HTOSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $20.7M | $223.4M | ||
| Q3 25 | $11.3M | $250.5M | ||
| Q2 25 | $19.8M | $212.4M | ||
| Q1 25 | $23.7M | $152.5M | ||
| Q4 24 | $11.1M | $211.8M | ||
| Q3 24 | $4.0M | $255.6M | ||
| Q2 24 | $22.8M | $219.3M |
总债务HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HTOSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $1.5B | $846.3M | ||
| Q3 25 | $1.5B | $911.0M | ||
| Q2 25 | $1.5B | $912.3M | ||
| Q1 25 | $1.4B | $897.0M | ||
| Q4 24 | $1.4B | $916.2M | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.0B |
总资产HTOSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $4.8B | $1.3B | ||
| Q1 25 | $4.7B | $1.2B | ||
| Q4 24 | $4.7B | $1.3B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $4.4B | $1.4B |
负债/权益比HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $39.9M | ||
| Q3 25 | $77.3M | $101.8M | ||
| Q2 25 | $60.8M | $126.5M | ||
| Q1 25 | $43.2M | $1.9M | ||
| Q4 24 | $41.5M | $41.9M | ||
| Q3 24 | $53.5M | $115.9M | ||
| Q2 24 | $49.3M | $96.0M |
自由现金流HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | — | $22.1M | ||
| Q3 25 | — | $89.2M | ||
| Q2 25 | — | $112.2M | ||
| Q1 25 | — | $-8.0M | ||
| Q4 24 | — | $18.4M | ||
| Q3 24 | — | $99.2M | ||
| Q2 24 | — | $75.6M |
自由现金流率HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | -1.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 13.1% |
资本支出强度HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.5% |
现金转化率HTOSAM
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 2.21× | ||
| Q2 25 | 2.47× | 2.09× | ||
| Q1 25 | 2.61× | 0.08× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 3.46× | ||
| Q2 24 | 2.38× | 1.83× |
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% |
SAM
暂无分部数据
