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H2O AMERICA（HTO）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
医疗房产信托的季度营收约是H2O AMERICA的1.5倍（$296.5M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -0.3%，领先8.4%），H2O AMERICA同比增速更快（1.5% vs -17.0%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -6.1%）
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。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
HTO vs SVC — 直观对比
营收规模更大
SVC
是对方的1.5倍
$199.4M
营收增速更快
HTO
高出18.4%
-17.0%
净利率更高
HTO
高出8.4%
-0.3%
两年增速更快
HTO
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $296.5M |
| 净利润 | $16.2M | $-782.0K |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | -3.9% |
| 净利率 | 8.1% | -0.3% |
| 营收同比 | 1.5% | -17.0% |
| 净利润同比 | -29.2% | 99.0% |
| 每股收益（稀释后） | $0.45 | $-0.01 |
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HTOSVC
| Q4 25 | $199.4M | $296.5M | ||
| Q3 25 | $243.5M | $377.6M | ||
| Q2 25 | $197.8M | $404.4M | ||
| Q1 25 | $164.9M | $335.0M | ||
| Q4 24 | $196.5M | $357.0M | ||
| Q3 24 | $216.7M | $390.9M | ||
| Q2 24 | $173.1M | $412.5M | ||
| Q1 24 | $150.0M | $336.2M |
净利润HTOSVC
| Q4 25 | $16.2M | $-782.0K | ||
| Q3 25 | $45.1M | $-46.9M | ||
| Q2 25 | $24.7M | $-38.2M | ||
| Q1 25 | $16.6M | $-116.4M | ||
| Q4 24 | $22.9M | $-76.4M | ||
| Q3 24 | $38.7M | $-46.9M | ||
| Q2 24 | $20.7M | $-73.8M | ||
| Q1 24 | $11.7M | $-78.4M |
营业利润率HTOSVC
| Q4 25 | 16.6% | -3.9% | ||
| Q3 25 | 26.5% | -12.8% | ||
| Q2 25 | 22.2% | -9.2% | ||
| Q1 25 | 21.8% | -33.3% | ||
| Q4 24 | 22.2% | -19.4% | ||
| Q3 24 | 26.9% | -12.8% | ||
| Q2 24 | 23.4% | -17.1% | ||
| Q1 24 | 18.6% | -21.4% |
净利率HTOSVC
| Q4 25 | 8.1% | -0.3% | ||
| Q3 25 | 18.5% | -12.4% | ||
| Q2 25 | 12.5% | -9.4% | ||
| Q1 25 | 10.0% | -34.8% | ||
| Q4 24 | 11.7% | -21.4% | ||
| Q3 24 | 17.8% | -12.0% | ||
| Q2 24 | 12.0% | -17.9% | ||
| Q1 24 | 7.8% | -23.3% |
每股收益（稀释后）HTOSVC
| Q4 25 | $0.45 | $-0.01 | ||
| Q3 25 | $1.27 | $-0.28 | ||
| Q2 25 | $0.71 | $-0.23 | ||
| Q1 25 | $0.49 | $-0.70 | ||
| Q4 24 | $0.70 | $-0.46 | ||
| Q3 24 | $1.17 | $-0.28 | ||
| Q2 24 | $0.64 | $-0.45 | ||
| Q1 24 | $0.36 | $-0.48 |
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 | $346.8M |
| 总债务越低越好 | $1.9B | $5.5B |
| 股东权益账面价值 | $1.5B | $646.1M |
| 总资产 | $5.1B | $6.5B |
| 负债/权益比越低杠杆越低 | 1.23× | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资HTOSVC
| Q4 25 | $20.7M | $346.8M | ||
| Q3 25 | $11.3M | $417.4M | ||
| Q2 25 | $19.8M | $63.2M | ||
| Q1 25 | $23.7M | $80.1M | ||
| Q4 24 | $11.1M | $143.5M | ||
| Q3 24 | $4.0M | $48.6M | ||
| Q2 24 | $22.8M | $14.6M | ||
| Q1 24 | $4.5M | $71.3M |
总债务HTOSVC
| Q4 25 | $1.9B | $5.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $5.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOSVC
| Q4 25 | $1.5B | $646.1M | ||
| Q3 25 | $1.5B | $647.9M | ||
| Q2 25 | $1.5B | $695.9M | ||
| Q1 25 | $1.4B | $734.6M | ||
| Q4 24 | $1.4B | $851.9M | ||
| Q3 24 | $1.3B | $929.0M | ||
| Q2 24 | $1.3B | $1.0B | ||
| Q1 24 | $1.2B | $1.1B |
总资产HTOSVC
| Q4 25 | $5.1B | $6.5B | ||
| Q3 25 | $5.0B | $7.0B | ||
| Q2 25 | $4.8B | $6.9B | ||
| Q1 25 | $4.7B | $7.0B | ||
| Q4 24 | $4.7B | $7.1B | ||
| Q3 24 | $4.6B | $7.1B | ||
| Q2 24 | $4.4B | $7.1B | ||
| Q1 24 | $4.4B | $7.2B |
负债/权益比HTOSVC
| Q4 25 | 1.23× | 8.52× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 6.85× | ||
| 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 | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-95.2M |
| 自由现金流率自由现金流/营收 | — | -32.1% |
| 资本支出强度资本支出/营收 | — | 25.9% |
| 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 | — | $-107.0M |
8季度趋势，按日历期对齐
经营现金流HTOSVC
| Q4 25 | $63.5M | $-18.5M | ||
| Q3 25 | $77.3M | $98.1M | ||
| Q2 25 | $60.8M | $-7.0K | ||
| Q1 25 | $43.2M | $38.2M | ||
| Q4 24 | $41.5M | $-9.7M | ||
| Q3 24 | $53.5M | $106.2M | ||
| Q2 24 | $49.3M | $43.8M | ||
| Q1 24 | $51.2M | $-926.0K |
自由现金流HTOSVC
| Q4 25 | — | $-95.2M | ||
| Q3 25 | — | $57.9M | ||
| Q2 25 | — | $-46.6M | ||
| Q1 25 | — | $-23.2M | ||
| Q4 24 | — | $-88.9M | ||
| Q3 24 | — | $24.1M | ||
| Q2 24 | — | $-22.3M | ||
| Q1 24 | — | $-77.2M |
自由现金流率HTOSVC
| Q4 25 | — | -32.1% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | -11.5% | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | -24.9% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -5.4% | ||
| Q1 24 | — | -23.0% |
资本支出强度HTOSVC
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 10.6% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 22.2% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | 22.7% |
现金转化率HTOSVC
| 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% |
SVC
暂无分部数据
