vs
H2O AMERICA（HTO）与null（SWIM）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null的2.0倍（$199.4M vs $100.0M），H2O AMERICA净利率更高（8.1% vs -7.0%，领先15.1%），null同比增速更快（14.5% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -4.9%）
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。
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
HTO vs SWIM — 直观对比
营收规模更大
HTO
是对方的2.0倍
$100.0M
营收增速更快
SWIM
高出13.1%
1.5%
净利率更高
HTO
高出15.1%
-7.0%
两年增速更快
HTO
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $100.0M |
| 净利润 | $16.2M | $-7.0M |
| 毛利率 | — | 28.0% |
| 营业利润率 | 16.6% | -10.7% |
| 净利率 | 8.1% | -7.0% |
| 营收同比 | 1.5% | 14.5% |
| 净利润同比 | -29.2% | 76.0% |
| 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HTOSWIM
| Q4 25 | $199.4M | $100.0M | ||
| Q3 25 | $243.5M | $161.9M | ||
| Q2 25 | $197.8M | $172.6M | ||
| Q1 25 | $164.9M | $111.4M | ||
| Q4 24 | $196.5M | $87.3M | ||
| Q3 24 | $216.7M | $150.5M | ||
| Q2 24 | $173.1M | $160.1M | ||
| Q1 24 | $150.0M | $110.6M |
净利润HTOSWIM
| Q4 25 | $16.2M | $-7.0M | ||
| Q3 25 | $45.1M | $8.1M | ||
| Q2 25 | $24.7M | $16.0M | ||
| Q1 25 | $16.6M | $-6.0M | ||
| Q4 24 | $22.9M | $-29.2M | ||
| Q3 24 | $38.7M | $5.9M | ||
| Q2 24 | $20.7M | $13.3M | ||
| Q1 24 | $11.7M | $-7.9M |
毛利率HTOSWIM
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
营业利润率HTOSWIM
| Q4 25 | 16.6% | -10.7% | ||
| Q3 25 | 26.5% | 13.3% | ||
| Q2 25 | 22.2% | 14.3% | ||
| Q1 25 | 21.8% | -4.4% | ||
| Q4 24 | 22.2% | -14.9% | ||
| Q3 24 | 26.9% | 8.9% | ||
| Q2 24 | 23.4% | 12.5% | ||
| Q1 24 | 18.6% | -1.9% |
净利率HTOSWIM
| Q4 25 | 8.1% | -7.0% | ||
| Q3 25 | 18.5% | 5.0% | ||
| Q2 25 | 12.5% | 9.3% | ||
| Q1 25 | 10.0% | -5.4% | ||
| Q4 24 | 11.7% | -33.4% | ||
| Q3 24 | 17.8% | 3.9% | ||
| Q2 24 | 12.0% | 8.3% | ||
| Q1 24 | 7.8% | -7.1% |
每股收益（稀释后）HTOSWIM
| Q4 25 | $0.45 | $-0.06 | ||
| Q3 25 | $1.27 | $0.07 | ||
| Q2 25 | $0.71 | $0.13 | ||
| Q1 25 | $0.49 | $-0.05 | ||
| Q4 24 | $0.70 | $-0.24 | ||
| Q3 24 | $1.17 | $0.05 | ||
| Q2 24 | $0.64 | $0.11 | ||
| Q1 24 | $0.36 | $-0.07 |
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 | — |
| 总债务越低越好 | $1.9B | $279.8M |
| 股东权益账面价值 | $1.5B | $405.9M |
| 总资产 | $5.1B | $823.2M |
| 负债/权益比越低杠杆越低 | 1.23× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资HTOSWIM
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — | ||
| Q1 24 | $4.5M | — |
总债务HTOSWIM
| Q4 25 | $1.9B | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | $1.7B | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
股东权益HTOSWIM
| Q4 25 | $1.5B | $405.9M | ||
| Q3 25 | $1.5B | $408.4M | ||
| Q2 25 | $1.5B | $398.4M | ||
| Q1 25 | $1.4B | $381.1M | ||
| Q4 24 | $1.4B | $387.2M | ||
| Q3 24 | $1.3B | $416.6M | ||
| Q2 24 | $1.3B | $408.1M | ||
| Q1 24 | $1.2B | $391.8M |
总资产HTOSWIM
| Q4 25 | $5.1B | $823.2M | ||
| Q3 25 | $5.0B | $844.4M | ||
| Q2 25 | $4.8B | $822.1M | ||
| Q1 25 | $4.7B | $824.6M | ||
| Q4 24 | $4.7B | $794.2M | ||
| Q3 24 | $4.6B | $853.4M | ||
| Q2 24 | $4.4B | $830.0M | ||
| Q1 24 | $4.4B | $808.6M |
负债/权益比HTOSWIM
| Q4 25 | 1.23× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 1.26× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $14.1M |
| 自由现金流率自由现金流/营收 | — | 14.1% |
| 资本支出强度资本支出/营收 | — | 9.2% |
| 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 | — | $38.0M |
8季度趋势，按日历期对齐
经营现金流HTOSWIM
| Q4 25 | $63.5M | $23.3M | ||
| Q3 25 | $77.3M | $51.0M | ||
| Q2 25 | $60.8M | $36.0M | ||
| Q1 25 | $43.2M | $-46.9M | ||
| Q4 24 | $41.5M | $6.2M | ||
| Q3 24 | $53.5M | $37.2M | ||
| Q2 24 | $49.3M | $52.4M | ||
| Q1 24 | $51.2M | $-34.5M |
自由现金流HTOSWIM
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
自由现金流率HTOSWIM
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
资本支出强度HTOSWIM
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
现金转化率HTOSWIM
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 6.29× | ||
| Q2 25 | 2.47× | 2.25× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 6.32× | ||
| Q2 24 | 2.38× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
