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H2O AMERICA（HTO）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Waystar Holding Corp.的季度营收约是H2O AMERICA的1.6倍（$313.9M vs $199.4M），Waystar Holding Corp.净利率更高（13.8% vs 8.1%，领先5.7%），Waystar Holding Corp.同比增速更快（22.4% vs 1.5%），过去两年Waystar Holding Corp.的营收复合增速更高（15.7% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
HTO vs WAY — 直观对比
营收规模更大
WAY
是对方的1.6倍
$199.4M
营收增速更快
WAY
高出20.9%
1.5%
净利率更高
WAY
高出5.7%
8.1%
两年增速更快
WAY
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $313.9M |
| 净利润 | $16.2M | $43.3M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | 25.6% |
| 净利率 | 8.1% | 13.8% |
| 营收同比 | 1.5% | 22.4% |
| 净利润同比 | -29.2% | 47.9% |
| 每股收益（稀释后） | $0.45 | $0.42 |
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HTOWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $199.4M | $303.5M | ||
| Q3 25 | $243.5M | $268.7M | ||
| Q2 25 | $197.8M | $270.7M | ||
| Q1 25 | $164.9M | $256.4M | ||
| Q4 24 | $196.5M | $244.1M | ||
| Q3 24 | $216.7M | $240.1M | ||
| Q2 24 | $173.1M | $234.5M |
净利润HTOWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $16.2M | $20.0M | ||
| Q3 25 | $45.1M | $30.6M | ||
| Q2 25 | $24.7M | $32.2M | ||
| Q1 25 | $16.6M | $29.3M | ||
| Q4 24 | $22.9M | $19.1M | ||
| Q3 24 | $38.7M | $5.4M | ||
| Q2 24 | $20.7M | $-27.7M |
营业利润率HTOWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 16.6% | 19.4% | ||
| Q3 25 | 26.5% | 22.4% | ||
| Q2 25 | 22.2% | 24.0% | ||
| Q1 25 | 21.8% | 25.4% | ||
| Q4 24 | 22.2% | 21.8% | ||
| Q3 24 | 26.9% | 11.3% | ||
| Q2 24 | 23.4% | 3.5% |
净利率HTOWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | 8.1% | 6.6% | ||
| Q3 25 | 18.5% | 11.4% | ||
| Q2 25 | 12.5% | 11.9% | ||
| Q1 25 | 10.0% | 11.4% | ||
| Q4 24 | 11.7% | 7.8% | ||
| Q3 24 | 17.8% | 2.3% | ||
| Q2 24 | 12.0% | -11.8% |
每股收益（稀释后）HTOWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | $0.45 | $0.10 | ||
| Q3 25 | $1.27 | $0.17 | ||
| Q2 25 | $0.71 | $0.18 | ||
| Q1 25 | $0.49 | $0.16 | ||
| Q4 24 | $0.70 | $0.18 | ||
| Q3 24 | $1.17 | $0.03 | ||
| Q2 24 | $0.64 | $-0.21 |
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 | $34.3M |
| 总债务越低越好 | $1.9B | $13.5M |
| 股东权益账面价值 | $1.5B | $3.9B |
| 总资产 | $5.1B | $5.8B |
| 负债/权益比越低杠杆越低 | 1.23× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HTOWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $20.7M | $61.4M | ||
| Q3 25 | $11.3M | $421.1M | ||
| Q2 25 | $19.8M | $290.3M | ||
| Q1 25 | $23.7M | $224.0M | ||
| Q4 24 | $11.1M | $182.1M | ||
| Q3 24 | $4.0M | $127.1M | ||
| Q2 24 | $22.8M | $68.4M |
总债务HTOWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HTOWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $1.5B | $3.9B | ||
| Q3 25 | $1.5B | $3.2B | ||
| Q2 25 | $1.5B | $3.2B | ||
| Q1 25 | $1.4B | $3.1B | ||
| Q4 24 | $1.4B | $3.1B | ||
| Q3 24 | $1.3B | $3.1B | ||
| Q2 24 | $1.3B | $2.9B |
总资产HTOWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $5.1B | $5.8B | ||
| Q3 25 | $5.0B | $4.7B | ||
| Q2 25 | $4.8B | $4.7B | ||
| Q1 25 | $4.7B | $4.6B | ||
| Q4 24 | $4.7B | $4.6B | ||
| Q3 24 | $4.6B | $4.5B | ||
| Q2 24 | $4.4B | $4.6B |
负债/权益比HTOWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | 1.23× | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 0.40× | ||
| 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 | $84.9M |
| 自由现金流经营现金流 - 资本支出 | — | $90.3M |
| 自由现金流率自由现金流/营收 | — | 28.8% |
| 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× | 1.96× |
| 过去12个月自由现金流最近4个季度 | — | $314.6M |
8季度趋势，按日历期对齐
经营现金流HTOWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $63.5M | $66.6M | ||
| Q3 25 | $77.3M | $82.0M | ||
| Q2 25 | $60.8M | $96.8M | ||
| Q1 25 | $43.2M | $64.2M | ||
| Q4 24 | $41.5M | — | ||
| Q3 24 | $53.5M | $78.8M | ||
| Q2 24 | $49.3M | $15.4M |
自由现金流HTOWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | — | $57.2M | ||
| Q3 25 | — | $76.2M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $70.2M | ||
| Q2 24 | — | $8.6M |
自由现金流率HTOWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 29.2% | ||
| Q2 24 | — | 3.7% |
资本支出强度HTOWAY
| Q1 26 | — | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 2.9% |
现金转化率HTOWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | 3.92× | 3.33× | ||
| Q3 25 | 1.71× | 2.68× | ||
| Q2 25 | 2.47× | 3.01× | ||
| Q1 25 | 2.61× | 2.20× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 14.56× | ||
| 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% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
