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H2O AMERICA（HTO）与Tilray Brands, Inc.（TLRY）财务数据对比。点击上方公司名可切换其他公司
Tilray Brands, Inc.的季度营收约是H2O AMERICA的1.1倍（$217.5M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -20.7%，领先28.8%），Tilray Brands, Inc.同比增速更快（3.1% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs 7.5%）
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。
Tilray Brands, Inc.是一家美国企业，主营医药、大麻生活方式产品以及包装消费品业务，公司注册于美国，总部坐落于纽约。该公司在加拿大、澳大利亚、新西兰、拉美地区均开展业务，同时在德国和葡萄牙拥有大麻种植基地。
HTO vs TLRY — 直观对比
营收规模更大
TLRY
是对方的1.1倍
$199.4M
营收增速更快
TLRY
高出1.6%
1.5%
净利率更高
HTO
高出28.8%
-20.7%
两年增速更快
HTO
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $217.5M |
| 净利润 | $16.2M | $-44.9M |
| 毛利率 | — | 26.4% |
| 营业利润率 | 16.6% | -10.2% |
| 净利率 | 8.1% | -20.7% |
| 营收同比 | 1.5% | 3.1% |
| 净利润同比 | -29.2% | 47.4% |
| 每股收益（稀释后） | $0.45 | $-0.41 |
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HTOTLRY
| Q4 25 | $199.4M | $217.5M | ||
| Q3 25 | $243.5M | $209.5M | ||
| Q2 25 | $197.8M | $224.5M | ||
| Q1 25 | $164.9M | $185.8M | ||
| Q4 24 | $196.5M | $210.9M | ||
| Q3 24 | $216.7M | $200.0M | ||
| Q2 24 | $173.1M | $229.9M | ||
| Q1 24 | $150.0M | $188.3M |
净利润HTOTLRY
| Q4 25 | $16.2M | $-44.9M | ||
| Q3 25 | $45.1M | $-322.0K | ||
| Q2 25 | $24.7M | $-1.3B | ||
| Q1 25 | $16.6M | $-789.4M | ||
| Q4 24 | $22.9M | $-85.3M | ||
| Q3 24 | $38.7M | $-39.2M | ||
| Q2 24 | $20.7M | $-31.7M | ||
| Q1 24 | $11.7M | $-92.7M |
毛利率HTOTLRY
| Q4 25 | — | 26.4% | ||
| Q3 25 | — | 27.4% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 28.0% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 29.8% | ||
| Q2 24 | — | 35.8% | ||
| Q1 24 | — | 26.2% |
营业利润率HTOTLRY
| Q4 25 | 16.6% | -10.2% | ||
| Q3 25 | 26.5% | 1.0% | ||
| Q2 25 | 22.2% | -643.1% | ||
| Q1 25 | 21.8% | -409.0% | ||
| Q4 24 | 22.2% | -20.0% | ||
| Q3 24 | 26.9% | -18.3% | ||
| Q2 24 | 23.4% | -7.2% | ||
| Q1 24 | 18.6% | -43.6% |
净利率HTOTLRY
| Q4 25 | 8.1% | -20.7% | ||
| Q3 25 | 18.5% | -0.2% | ||
| Q2 25 | 12.5% | -566.9% | ||
| Q1 25 | 10.0% | -424.9% | ||
| Q4 24 | 11.7% | -40.5% | ||
| Q3 24 | 17.8% | -19.6% | ||
| Q2 24 | 12.0% | -13.8% | ||
| Q1 24 | 7.8% | -49.2% |
每股收益（稀释后）HTOTLRY
| Q4 25 | $0.45 | $-0.41 | ||
| Q3 25 | $1.27 | $0.00 | ||
| Q2 25 | $0.71 | $7.26 | ||
| Q1 25 | $0.49 | $-8.69 | ||
| Q4 24 | $0.70 | $-0.99 | ||
| Q3 24 | $1.17 | $-0.04 | ||
| Q2 24 | $0.64 | $-0.04 | ||
| Q1 24 | $0.36 | $-0.12 |
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 | $291.6M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $1.6B |
| 总资产 | $5.1B | $2.1B |
| 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HTOTLRY
| Q4 25 | $20.7M | $291.6M | ||
| Q3 25 | $11.3M | $264.8M | ||
| Q2 25 | $19.8M | $256.4M | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | $252.2M | ||
| Q3 24 | $4.0M | $280.1M | ||
| Q2 24 | $22.8M | $260.5M | ||
| Q1 24 | $4.5M | $225.9M |
总债务HTOTLRY
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOTLRY
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $3.5B | ||
| Q3 24 | $1.3B | $3.5B | ||
| Q2 24 | $1.3B | $3.4B | ||
| Q1 24 | $1.2B | $3.4B |
总资产HTOTLRY
| Q4 25 | $5.1B | $2.1B | ||
| Q3 25 | $5.0B | $2.1B | ||
| Q2 25 | $4.8B | $2.1B | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.7B | $4.2B | ||
| Q3 24 | $4.6B | $4.3B | ||
| Q2 24 | $4.4B | $4.2B | ||
| Q1 24 | $4.4B | $4.2B |
负债/权益比HTOTLRY
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| 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 | $-8.5M |
| 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HTOTLRY
| Q4 25 | $63.5M | $-8.5M | ||
| Q3 25 | $77.3M | $-1.3M | ||
| Q2 25 | $60.8M | $-12.8M | ||
| Q1 25 | $43.2M | $-5.8M | ||
| Q4 24 | $41.5M | $-40.7M | ||
| Q3 24 | $53.5M | $-35.3M | ||
| Q2 24 | $49.3M | $30.7M | ||
| Q1 24 | $51.2M | $-15.4M |
自由现金流HTOTLRY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-19.1M | ||
| Q1 25 | — | $-20.2M | ||
| Q4 24 | — | $-46.2M | ||
| Q3 24 | — | $-42.0M | ||
| Q2 24 | — | $21.0M | ||
| Q1 24 | — | $-24.9M |
自由现金流率HTOTLRY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -8.5% | ||
| Q1 25 | — | -10.9% | ||
| Q4 24 | — | -21.9% | ||
| Q3 24 | — | -21.0% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | -13.2% |
资本支出强度HTOTLRY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 5.1% |
现金转化率HTOTLRY
| 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% |
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
