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H2O AMERICA（HTO）与温德姆酒店及度假村集团（WH）财务数据对比。点击上方公司名可切换其他公司
温德姆酒店及度假村集团的季度营收约是H2O AMERICA的1.7倍（$334.0M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -18.0%，领先26.1%），H2O AMERICA同比增速更快（1.5% vs -76.3%），过去两年H2O AMERICA的营收复合增速更高（15.3% vs -4.6%）
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。
温德姆酒店及度假村集团是总部位于美国新泽西州帕西帕尼的酒店企业，自称是全球规模最大的酒店特许经营商，在全球范围内共设有9100家门店，旗下拥有多个酒店及度假住宿品牌，服务全球各地的出行旅客。
HTO vs WH — 直观对比
营收规模更大
WH
是对方的1.7倍
$199.4M
营收增速更快
HTO
高出77.8%
-76.3%
净利率更高
HTO
高出26.1%
-18.0%
两年增速更快
HTO
近两年复合增速
-4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $334.0M |
| 净利润 | $16.2M | $-60.0M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | — |
| 净利率 | 8.1% | -18.0% |
| 营收同比 | 1.5% | -76.3% |
| 净利润同比 | -29.2% | -170.6% |
| 每股收益（稀释后） | $0.45 | $-0.80 |
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HTOWH
| Q1 26 | — | $334.0M | ||
| Q4 25 | $199.4M | $334.0M | ||
| Q3 25 | $243.5M | $382.0M | ||
| Q2 25 | $197.8M | $397.0M | ||
| Q1 25 | $164.9M | $316.0M | ||
| Q4 24 | $196.5M | $336.0M | ||
| Q3 24 | $216.7M | $396.0M | ||
| Q2 24 | $173.1M | $367.0M |
净利润HTOWH
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $16.2M | $-60.0M | ||
| Q3 25 | $45.1M | $105.0M | ||
| Q2 25 | $24.7M | $87.0M | ||
| Q1 25 | $16.6M | $61.0M | ||
| Q4 24 | $22.9M | $85.0M | ||
| Q3 24 | $38.7M | $102.0M | ||
| Q2 24 | $20.7M | $86.0M |
营业利润率HTOWH
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | -11.4% | ||
| Q3 25 | 26.5% | 46.6% | ||
| Q2 25 | 22.2% | 37.8% | ||
| Q1 25 | 21.8% | 35.4% | ||
| Q4 24 | 22.2% | 38.4% | ||
| Q3 24 | 26.9% | 43.2% | ||
| Q2 24 | 23.4% | 39.5% |
净利率HTOWH
| Q1 26 | — | -18.0% | ||
| Q4 25 | 8.1% | -18.0% | ||
| Q3 25 | 18.5% | 27.5% | ||
| Q2 25 | 12.5% | 21.9% | ||
| Q1 25 | 10.0% | 19.3% | ||
| Q4 24 | 11.7% | 25.3% | ||
| Q3 24 | 17.8% | 25.8% | ||
| Q2 24 | 12.0% | 23.4% |
每股收益（稀释后）HTOWH
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $0.45 | $-0.77 | ||
| Q3 25 | $1.27 | $1.36 | ||
| Q2 25 | $0.71 | $1.13 | ||
| Q1 25 | $0.49 | $0.78 | ||
| Q4 24 | $0.70 | $1.06 | ||
| Q3 24 | $1.17 | $1.29 | ||
| Q2 24 | $0.64 | $1.07 |
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 | $64.0M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $468.0M |
| 总资产 | $5.1B | $4.2B |
| 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HTOWH
| Q1 26 | — | $64.0M | ||
| Q4 25 | $20.7M | $64.0M | ||
| Q3 25 | $11.3M | $70.0M | ||
| Q2 25 | $19.8M | $50.0M | ||
| Q1 25 | $23.7M | $48.0M | ||
| Q4 24 | $11.1M | $103.0M | ||
| Q3 24 | $4.0M | $72.0M | ||
| Q2 24 | $22.8M | $70.0M |
总债务HTOWH
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $1.7B | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
股东权益HTOWH
| Q1 26 | — | $468.0M | ||
| Q4 25 | $1.5B | $468.0M | ||
| Q3 25 | $1.5B | $583.0M | ||
| Q2 25 | $1.5B | $570.0M | ||
| Q1 25 | $1.4B | $579.0M | ||
| Q4 24 | $1.4B | $650.0M | ||
| Q3 24 | $1.3B | $583.0M | ||
| Q2 24 | $1.3B | $623.0M |
总资产HTOWH
| Q1 26 | — | $4.2B | ||
| Q4 25 | $5.1B | $4.2B | ||
| Q3 25 | $5.0B | $4.3B | ||
| Q2 25 | $4.8B | $4.3B | ||
| Q1 25 | $4.7B | $4.2B | ||
| Q4 24 | $4.7B | $4.2B | ||
| Q3 24 | $4.6B | $4.2B | ||
| Q2 24 | $4.4B | $4.2B |
负债/权益比HTOWH
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | 1.26× | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× |
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 | $367.0M |
| 自由现金流经营现金流 - 资本支出 | — | $168.0M |
| 自由现金流率自由现金流/营收 | — | 50.3% |
| 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 | — | $437.0M |
8季度趋势，按日历期对齐
经营现金流HTOWH
| Q1 26 | — | $367.0M | ||
| Q4 25 | $63.5M | $152.0M | ||
| Q3 25 | $77.3M | $86.0M | ||
| Q2 25 | $60.8M | $70.0M | ||
| Q1 25 | $43.2M | $59.0M | ||
| Q4 24 | $41.5M | $134.0M | ||
| Q3 24 | $53.5M | $79.0M | ||
| Q2 24 | $49.3M | $1.0M |
自由现金流HTOWH
| Q1 26 | — | $168.0M | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | — | $75.0M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | — | $52.0M | ||
| Q4 24 | — | $109.0M | ||
| Q3 24 | — | $71.0M | ||
| Q2 24 | — | $-6.0M |
自由现金流率HTOWH
| Q1 26 | — | 50.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | -1.6% |
资本支出强度HTOWH
| Q1 26 | — | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% |
现金转化率HTOWH
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | 0.82× | ||
| Q2 25 | 2.47× | 0.80× | ||
| Q1 25 | 2.61× | 0.97× | ||
| Q4 24 | 1.81× | 1.58× | ||
| Q3 24 | 1.39× | 0.77× | ||
| Q2 24 | 2.38× | 0.01× |
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% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
