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H2O AMERICA（HTO）与Gentherm Inc（THRM）财务数据对比。点击上方公司名可切换其他公司
Gentherm Inc的季度营收约是H2O AMERICA的1.9倍（$382.8M vs $199.4M），H2O AMERICA净利率更高（8.1% vs 0.8%，领先7.4%），Gentherm Inc同比增速更快（8.5% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 3.7%）
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。
金瑟公司（原阿梅里贡）是一家美国热管理技术企业，为汽车行业研发出了全球首款热电调温座椅系统——气候控制座椅系统。该系统于1999年率先被福特汽车采纳，作为选装配置搭载在2000款林肯领航员上，如今已应用于福特、通用、丰田（雷克萨斯）、起亚、现代、日产（英菲尼迪）等车企的50余款车型。
HTO vs THRM — 直观对比
营收规模更大
THRM
是对方的1.9倍
$199.4M
营收增速更快
THRM
高出7.0%
1.5%
净利率更高
HTO
高出7.4%
0.8%
两年增速更快
HTO
近两年复合增速
3.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $382.8M |
| 净利润 | $16.2M | $3.0M |
| 毛利率 | — | 23.7% |
| 营业利润率 | 16.6% | 4.6% |
| 净利率 | 8.1% | 0.8% |
| 营收同比 | 1.5% | 8.5% |
| 净利润同比 | -29.2% | -80.5% |
| 每股收益（稀释后） | $0.45 | $0.08 |
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HTOTHRM
| Q4 25 | $199.4M | $382.8M | ||
| Q3 25 | $243.5M | $386.9M | ||
| Q2 25 | $197.8M | $375.1M | ||
| Q1 25 | $164.9M | $353.9M | ||
| Q4 24 | $196.5M | $352.9M | ||
| Q3 24 | $216.7M | $371.5M | ||
| Q2 24 | $173.1M | $375.7M | ||
| Q1 24 | $150.0M | $356.0M |
净利润HTOTHRM
| Q4 25 | $16.2M | $3.0M | ||
| Q3 25 | $45.1M | $14.9M | ||
| Q2 25 | $24.7M | $477.0K | ||
| Q1 25 | $16.6M | $-128.0K | ||
| Q4 24 | $22.9M | $15.3M | ||
| Q3 24 | $38.7M | $16.0M | ||
| Q2 24 | $20.7M | $18.9M | ||
| Q1 24 | $11.7M | $14.8M |
毛利率HTOTHRM
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 24.6% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | — | 24.4% | ||
| Q3 24 | — | 25.5% | ||
| Q2 24 | — | 25.7% | ||
| Q1 24 | — | 24.9% |
营业利润率HTOTHRM
| Q4 25 | 16.6% | 4.6% | ||
| Q3 25 | 26.5% | 6.2% | ||
| Q2 25 | 22.2% | 6.4% | ||
| Q1 25 | 21.8% | 4.8% | ||
| Q4 24 | 22.2% | 6.7% | ||
| Q3 24 | 26.9% | 8.7% | ||
| Q2 24 | 23.4% | 8.8% | ||
| Q1 24 | 18.6% | 5.1% |
净利率HTOTHRM
| Q4 25 | 8.1% | 0.8% | ||
| Q3 25 | 18.5% | 3.9% | ||
| Q2 25 | 12.5% | 0.1% | ||
| Q1 25 | 10.0% | -0.0% | ||
| Q4 24 | 11.7% | 4.3% | ||
| Q3 24 | 17.8% | 4.3% | ||
| Q2 24 | 12.0% | 5.0% | ||
| Q1 24 | 7.8% | 4.2% |
每股收益（稀释后）HTOTHRM
| Q4 25 | $0.45 | $0.08 | ||
| Q3 25 | $1.27 | $0.49 | ||
| Q2 25 | $0.71 | $0.02 | ||
| Q1 25 | $0.49 | $0.00 | ||
| Q4 24 | $0.70 | $0.48 | ||
| Q3 24 | $1.17 | $0.51 | ||
| Q2 24 | $0.64 | $0.60 | ||
| Q1 24 | $0.36 | $0.47 |
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 | $160.8M |
| 总债务越低越好 | $1.9B | $189.0M |
| 股东权益账面价值 | $1.5B | $720.3M |
| 总资产 | $5.1B | $1.4B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资HTOTHRM
| Q4 25 | $20.7M | $160.8M | ||
| Q3 25 | $11.3M | $154.3M | ||
| Q2 25 | $19.8M | $128.3M | ||
| Q1 25 | $23.7M | $163.1M | ||
| Q4 24 | $11.1M | $134.1M | ||
| Q3 24 | $4.0M | $150.6M | ||
| Q2 24 | $22.8M | $123.5M | ||
| Q1 24 | $4.5M | $125.1M |
总债务HTOTHRM
| Q4 25 | $1.9B | $189.0M | ||
| Q3 25 | — | $189.0M | ||
| Q2 25 | — | $209.0M | ||
| Q1 25 | — | $262.0M | ||
| Q4 24 | $1.7B | $220.1M | ||
| Q3 24 | — | $222.1M | ||
| Q2 24 | — | $222.1M | ||
| Q1 24 | — | $222.2M |
股东权益HTOTHRM
| Q4 25 | $1.5B | $720.3M | ||
| Q3 25 | $1.5B | $717.9M | ||
| Q2 25 | $1.5B | $699.7M | ||
| Q1 25 | $1.4B | $646.5M | ||
| Q4 24 | $1.4B | $616.9M | ||
| Q3 24 | $1.3B | $660.7M | ||
| Q2 24 | $1.3B | $640.3M | ||
| Q1 24 | $1.2B | $647.1M |
总资产HTOTHRM
| Q4 25 | $5.1B | $1.4B | ||
| Q3 25 | $5.0B | $1.4B | ||
| Q2 25 | $4.8B | $1.4B | ||
| Q1 25 | $4.7B | $1.3B | ||
| Q4 24 | $4.7B | $1.2B | ||
| Q3 24 | $4.6B | $1.3B | ||
| Q2 24 | $4.4B | $1.2B | ||
| Q1 24 | $4.4B | $1.3B |
负债/权益比HTOTHRM
| Q4 25 | 1.23× | 0.26× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | 1.26× | 0.36× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.35× | ||
| Q1 24 | — | 0.34× |
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 | $29.0M |
| 自由现金流经营现金流 - 资本支出 | — | $6.7M |
| 自由现金流率自由现金流/营收 | — | 1.7% |
| 资本支出强度资本支出/营收 | — | 5.8% |
| 现金转化率经营现金流/净利润 | 3.92× | 9.70× |
| 过去12个月自由现金流最近4个季度 | — | $61.1M |
8季度趋势，按日历期对齐
经营现金流HTOTHRM
| Q4 25 | $63.5M | $29.0M | ||
| Q3 25 | $77.3M | $56.1M | ||
| Q2 25 | $60.8M | $45.0M | ||
| Q1 25 | $43.2M | $-13.3M | ||
| Q4 24 | $41.5M | $36.6M | ||
| Q3 24 | $53.5M | $46.3M | ||
| Q2 24 | $49.3M | $37.1M | ||
| Q1 24 | $51.2M | $-10.3M |
自由现金流HTOTHRM
| Q4 25 | — | $6.7M | ||
| Q3 25 | — | $46.5M | ||
| Q2 25 | — | $36.2M | ||
| Q1 25 | — | $-28.2M | ||
| Q4 24 | — | $13.6M | ||
| Q3 24 | — | $26.6M | ||
| Q2 24 | — | $17.8M | ||
| Q1 24 | — | $-21.6M |
自由现金流率HTOTHRM
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 9.6% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | -6.1% |
资本支出强度HTOTHRM
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 5.2% | ||
| Q1 24 | — | 3.2% |
现金转化率HTOTHRM
| Q4 25 | 3.92× | 9.70× | ||
| Q3 25 | 1.71× | 3.75× | ||
| Q2 25 | 2.47× | 94.43× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | 2.39× | ||
| Q3 24 | 1.39× | 2.90× | ||
| Q2 24 | 2.38× | 1.97× | ||
| Q1 24 | 4.38× | -0.70× |
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% |
THRM
| Climate Control Seats | $200.9M | 52% |
| Lumbar And Massage Comfort Solutions | $58.5M | 15% |
| Climate Control Interiors | $50.3M | 13% |
| Other Automotive | $27.6M | 7% |
| Valve Systems | $24.1M | 6% |
| Medical Segments | $13.9M | 4% |
| Climate And Comfort Electronics | $7.4M | 2% |
