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H2O AMERICA（HTO）与Tecnoglass Inc.（TGLS）财务数据对比。点击上方公司名可切换其他公司
Tecnoglass Inc.的季度营收约是H2O AMERICA的1.2倍（$245.3M vs $199.4M），Tecnoglass Inc.净利率更高（10.6% vs 8.1%，领先2.5%），Tecnoglass Inc.同比增速更快（2.4% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 12.8%）
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。
Tecnoglass Inc.是一家领先的建筑玻璃、铝制门窗及相关建材生产商，主要服务北美及拉美地区的住宅和商业建筑领域，为新建及翻新项目提供定制化、高能效的建筑解决方案。
HTO vs TGLS — 直观对比
营收规模更大
TGLS
是对方的1.2倍
$199.4M
营收增速更快
TGLS
高出0.9%
1.5%
净利率更高
TGLS
高出2.5%
8.1%
两年增速更快
HTO
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $245.3M |
| 净利润 | $16.2M | $26.1M |
| 毛利率 | — | 40.0% |
| 营业利润率 | 16.6% | 18.3% |
| 净利率 | 8.1% | 10.6% |
| 营收同比 | 1.5% | 2.4% |
| 净利润同比 | -29.2% | -44.5% |
| 每股收益（稀释后） | $0.45 | $0.57 |
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HTOTGLS
| Q4 25 | $199.4M | $245.3M | ||
| Q3 25 | $243.5M | $260.5M | ||
| Q2 25 | $197.8M | $255.5M | ||
| Q1 25 | $164.9M | $222.3M | ||
| Q4 24 | $196.5M | $239.6M | ||
| Q3 24 | $216.7M | $238.3M | ||
| Q2 24 | $173.1M | $219.7M | ||
| Q1 24 | $150.0M | $192.6M |
净利润HTOTGLS
| Q4 25 | $16.2M | $26.1M | ||
| Q3 25 | $45.1M | $47.2M | ||
| Q2 25 | $24.7M | $44.1M | ||
| Q1 25 | $16.6M | $42.2M | ||
| Q4 24 | $22.9M | $47.0M | ||
| Q3 24 | $38.7M | $49.5M | ||
| Q2 24 | $20.7M | $35.0M | ||
| Q1 24 | $11.7M | $29.7M |
毛利率HTOTGLS
| Q4 25 | — | 40.0% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
营业利润率HTOTGLS
| Q4 25 | 16.6% | 18.3% | ||
| Q3 25 | 26.5% | 25.1% | ||
| Q2 25 | 22.2% | 24.0% | ||
| Q1 25 | 21.8% | 26.7% | ||
| Q4 24 | 22.2% | 28.0% | ||
| Q3 24 | 26.9% | 28.4% | ||
| Q2 24 | 23.4% | 23.3% | ||
| Q1 24 | 18.6% | 21.3% |
净利率HTOTGLS
| Q4 25 | 8.1% | 10.6% | ||
| Q3 25 | 18.5% | 18.1% | ||
| Q2 25 | 12.5% | 17.3% | ||
| Q1 25 | 10.0% | 19.0% | ||
| Q4 24 | 11.7% | 19.6% | ||
| Q3 24 | 17.8% | 20.8% | ||
| Q2 24 | 12.0% | 15.9% | ||
| Q1 24 | 7.8% | 15.4% |
每股收益（稀释后）HTOTGLS
| Q4 25 | $0.45 | $0.57 | ||
| Q3 25 | $1.27 | $1.01 | ||
| Q2 25 | $0.71 | $0.94 | ||
| Q1 25 | $0.49 | $0.90 | ||
| Q4 24 | $0.70 | $1.00 | ||
| Q3 24 | $1.17 | $1.05 | ||
| Q2 24 | $0.64 | $0.75 | ||
| Q1 24 | $0.36 | $0.63 |
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 | $104.1M |
| 总债务越低越好 | $1.9B | $174.4M |
| 股东权益账面价值 | $1.5B | $713.1M |
| 总资产 | $5.1B | $1.3B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资HTOTGLS
| Q4 25 | $20.7M | $104.1M | ||
| Q3 25 | $11.3M | $127.1M | ||
| Q2 25 | $19.8M | $140.9M | ||
| Q1 25 | $23.7M | $160.2M | ||
| Q4 24 | $11.1M | $137.5M | ||
| Q3 24 | $4.0M | $124.8M | ||
| Q2 24 | $22.8M | $129.5M | ||
| Q1 24 | $4.5M | $138.8M |
总债务HTOTGLS
| Q4 25 | $1.9B | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | $1.7B | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
股东权益HTOTGLS
| Q4 25 | $1.5B | $713.1M | ||
| Q3 25 | $1.5B | $764.0M | ||
| Q2 25 | $1.5B | $736.0M | ||
| Q1 25 | $1.4B | $685.1M | ||
| Q4 24 | $1.4B | $631.2M | ||
| Q3 24 | $1.3B | $613.3M | ||
| Q2 24 | $1.3B | $574.8M | ||
| Q1 24 | $1.2B | $573.6M |
总资产HTOTGLS
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $4.8B | $1.2B | ||
| Q1 25 | $4.7B | $1.1B | ||
| Q4 24 | $4.7B | $1.0B | ||
| Q3 24 | $4.6B | $996.3M | ||
| Q2 24 | $4.4B | $942.5M | ||
| Q1 24 | $4.4B | $981.6M |
负债/权益比HTOTGLS
| Q4 25 | 1.23× | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | 1.26× | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| 自由现金流经营现金流 - 资本支出 | — | $11.4M |
| 自由现金流率自由现金流/营收 | — | 4.7% |
| 资本支出强度资本支出/营收 | — | 8.0% |
| 现金转化率经营现金流/净利润 | 3.92× | 1.19× |
| 过去12个月自由现金流最近4个季度 | — | $34.5M |
8季度趋势，按日历期对齐
经营现金流HTOTGLS
| Q4 25 | $63.5M | $31.0M | ||
| Q3 25 | $77.3M | $40.0M | ||
| Q2 25 | $60.8M | $17.9M | ||
| Q1 25 | $43.2M | $46.9M | ||
| Q4 24 | $41.5M | $61.1M | ||
| Q3 24 | $53.5M | $41.5M | ||
| Q2 24 | $49.3M | $34.5M | ||
| Q1 24 | $51.2M | $33.4M |
自由现金流HTOTGLS
| Q4 25 | — | $11.4M | ||
| Q3 25 | — | $21.2M | ||
| Q2 25 | — | $-14.7M | ||
| Q1 25 | — | $16.5M | ||
| Q4 24 | — | $35.4M | ||
| Q3 24 | — | $17.8M | ||
| Q2 24 | — | $14.2M | ||
| Q1 24 | — | $23.6M |
自由现金流率HTOTGLS
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 8.2% | ||
| Q2 25 | — | -5.7% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | — | 14.8% | ||
| Q3 24 | — | 7.5% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 12.2% |
资本支出强度HTOTGLS
| Q4 25 | — | 8.0% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 10.7% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 5.1% |
现金转化率HTOTGLS
| Q4 25 | 3.92× | 1.19× | ||
| Q3 25 | 1.71× | 0.85× | ||
| Q2 25 | 2.47× | 0.41× | ||
| Q1 25 | 2.61× | 1.11× | ||
| Q4 24 | 1.81× | 1.30× | ||
| Q3 24 | 1.39× | 0.84× | ||
| Q2 24 | 2.38× | 0.98× | ||
| Q1 24 | 4.38× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
