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H2O AMERICA（HTO）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
Upstart Holdings, Inc.的季度营收约是H2O AMERICA的1.5倍（$308.2M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -2.2%，领先10.3%），Upstart Holdings, Inc.同比增速更快（44.4% vs 1.5%），过去两年Upstart Holdings, Inc.的营收复合增速更高（55.4% vs 15.3%）
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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
HTO vs UPST — 直观对比
营收规模更大
UPST
是对方的1.5倍
$199.4M
营收增速更快
UPST
高出43.0%
1.5%
净利率更高
HTO
高出10.3%
-2.2%
两年增速更快
UPST
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $308.2M |
| 净利润 | $16.2M | $-6.6M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | -2.4% |
| 净利率 | 8.1% | -2.2% |
| 营收同比 | 1.5% | 44.4% |
| 净利润同比 | -29.2% | -171.6% |
| 每股收益（稀释后） | $0.45 | $-0.07 |
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HTOUPST
| Q1 26 | — | $308.2M | ||
| Q4 25 | $199.4M | $296.1M | ||
| Q3 25 | $243.5M | $277.1M | ||
| Q2 25 | $197.8M | $257.3M | ||
| Q1 25 | $164.9M | $213.4M | ||
| Q4 24 | $196.5M | $219.0M | ||
| Q3 24 | $216.7M | $162.1M | ||
| Q2 24 | $173.1M | $127.6M |
净利润HTOUPST
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $16.2M | $18.6M | ||
| Q3 25 | $45.1M | $31.8M | ||
| Q2 25 | $24.7M | $5.6M | ||
| Q1 25 | $16.6M | $-2.4M | ||
| Q4 24 | $22.9M | $-2.8M | ||
| Q3 24 | $38.7M | $-6.8M | ||
| Q2 24 | $20.7M | $-54.5M |
营业利润率HTOUPST
| Q1 26 | — | -2.4% | ||
| Q4 25 | 16.6% | 6.4% | ||
| Q3 25 | 26.5% | 8.5% | ||
| Q2 25 | 22.2% | 1.8% | ||
| Q1 25 | 21.8% | -2.1% | ||
| Q4 24 | 22.2% | -2.2% | ||
| Q3 24 | 26.9% | -27.8% | ||
| Q2 24 | 23.4% | -43.5% |
净利率HTOUPST
| Q1 26 | — | -2.2% | ||
| Q4 25 | 8.1% | 6.3% | ||
| Q3 25 | 18.5% | 11.5% | ||
| Q2 25 | 12.5% | 2.2% | ||
| Q1 25 | 10.0% | -1.1% | ||
| Q4 24 | 11.7% | -1.3% | ||
| Q3 24 | 17.8% | -4.2% | ||
| Q2 24 | 12.0% | -42.7% |
每股收益（稀释后）HTOUPST
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.45 | $0.20 | ||
| Q3 25 | $1.27 | $0.23 | ||
| Q2 25 | $0.71 | $0.05 | ||
| Q1 25 | $0.49 | $-0.03 | ||
| Q4 24 | $0.70 | $-0.01 | ||
| Q3 24 | $1.17 | $-0.07 | ||
| Q2 24 | $0.64 | $-0.62 |
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 | $472.9M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $733.2M |
| 总资产 | $5.1B | $3.0B |
| 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HTOUPST
| Q1 26 | — | $472.9M | ||
| Q4 25 | $20.7M | $652.4M | ||
| Q3 25 | $11.3M | $489.8M | ||
| Q2 25 | $19.8M | $395.9M | ||
| Q1 25 | $23.7M | $599.8M | ||
| Q4 24 | $11.1M | $788.4M | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — |
总债务HTOUPST
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HTOUPST
| Q1 26 | — | $733.2M | ||
| Q4 25 | $1.5B | $798.8M | ||
| Q3 25 | $1.5B | $743.7M | ||
| Q2 25 | $1.5B | $722.0M | ||
| Q1 25 | $1.4B | $676.6M | ||
| Q4 24 | $1.4B | $633.2M | ||
| Q3 24 | $1.3B | $595.5M | ||
| Q2 24 | $1.3B | $594.7M |
总资产HTOUPST
| Q1 26 | — | $3.0B | ||
| Q4 25 | $5.1B | $3.0B | ||
| Q3 25 | $5.0B | $2.9B | ||
| Q2 25 | $4.8B | $2.5B | ||
| Q1 25 | $4.7B | $2.3B | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $4.6B | $1.8B | ||
| Q2 24 | $4.4B | $1.8B |
负债/权益比HTOUPST
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-133.3M |
| 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HTOUPST
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $63.5M | $108.6M | ||
| Q3 25 | $77.3M | $-122.6M | ||
| Q2 25 | $60.8M | $-120.2M | ||
| Q1 25 | $43.2M | $-13.5M | ||
| Q4 24 | $41.5M | $-110.9M | ||
| Q3 24 | $53.5M | $179.3M | ||
| Q2 24 | $49.3M | $65.3M |
自由现金流HTOUPST
| Q1 26 | — | — | ||
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M |
自由现金流率HTOUPST
| Q1 26 | — | — | ||
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% |
资本支出强度HTOUPST
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% |
现金转化率HTOUPST
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | 5.82× | ||
| Q3 25 | 1.71× | -3.86× | ||
| Q2 25 | 2.47× | -21.43× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — |
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% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
