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H2O AMERICA（HTO）与WisdomTree, Inc.（WT）财务数据对比。点击上方公司名可切换其他公司
H2O AMERICA的季度营收约是WisdomTree, Inc.的1.3倍（$199.4M vs $159.5M），WisdomTree, Inc.净利率更高（25.5% vs 8.1%，领先17.3%），WisdomTree, Inc.同比增速更快（47.5% vs 1.5%），过去两年WisdomTree, Inc.的营收复合增速更高（22.1% 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。
WisdomTree, Inc.是总部位于纽约的全球ETF（交易型开放式指数基金）及交易所交易产品发行方与资产管理机构，2006年6月推出首批ETF产品，目前是美国主流ETF供应商之一。其发行的ETF覆盖全球不同资产类别与地区市场，产品线涵盖美国及国际股票、货币、固定收益及另类投资等品类。
HTO vs WT — 直观对比
营收规模更大
HTO
是对方的1.3倍
$159.5M
营收增速更快
WT
高出46.1%
1.5%
净利率更高
WT
高出17.3%
8.1%
两年增速更快
WT
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $159.5M |
| 净利润 | $16.2M | $40.6M |
| 毛利率 | — | — |
| 营业利润率 | 16.6% | 37.2% |
| 净利率 | 8.1% | 25.5% |
| 营收同比 | 1.5% | 47.5% |
| 净利润同比 | -29.2% | 76.4% |
| 每股收益（稀释后） | $0.45 | $0.28 |
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HTOWT
| Q1 26 | — | $159.5M | ||
| Q4 25 | $199.4M | $147.4M | ||
| Q3 25 | $243.5M | $125.6M | ||
| Q2 25 | $197.8M | $112.6M | ||
| Q1 25 | $164.9M | $108.1M | ||
| Q4 24 | $196.5M | $110.7M | ||
| Q3 24 | $216.7M | $113.2M | ||
| Q2 24 | $173.1M | $107.0M |
净利润HTOWT
| Q1 26 | — | $40.6M | ||
| Q4 25 | $16.2M | $40.0M | ||
| Q3 25 | $45.1M | $19.7M | ||
| Q2 25 | $24.7M | $24.8M | ||
| Q1 25 | $16.6M | $24.6M | ||
| Q4 24 | $22.9M | $27.3M | ||
| Q3 24 | $38.7M | $-4.5M | ||
| Q2 24 | $20.7M | $21.8M |
营业利润率HTOWT
| Q1 26 | — | 37.2% | ||
| Q4 25 | 16.6% | 40.5% | ||
| Q3 25 | 26.5% | 36.3% | ||
| Q2 25 | 22.2% | 30.8% | ||
| Q1 25 | 21.8% | 31.6% | ||
| Q4 24 | 22.2% | 31.7% | ||
| Q3 24 | 26.9% | 36.0% | ||
| Q2 24 | 23.4% | 31.3% |
净利率HTOWT
| Q1 26 | — | 25.5% | ||
| Q4 25 | 8.1% | 27.1% | ||
| Q3 25 | 18.5% | 15.7% | ||
| Q2 25 | 12.5% | 22.0% | ||
| Q1 25 | 10.0% | 22.8% | ||
| Q4 24 | 11.7% | 24.7% | ||
| Q3 24 | 17.8% | -4.0% | ||
| Q2 24 | 12.0% | 20.3% |
每股收益（稀释后）HTOWT
| Q1 26 | — | $0.28 | ||
| Q4 25 | $0.45 | $0.28 | ||
| Q3 25 | $1.27 | $0.13 | ||
| Q2 25 | $0.71 | $0.17 | ||
| Q1 25 | $0.49 | $0.17 | ||
| Q4 24 | $0.70 | $0.20 | ||
| Q3 24 | $1.17 | $-0.13 | ||
| Q2 24 | $0.64 | $0.13 |
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 | — |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $5.1B | $1.8B |
| 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HTOWT
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | $132.5M |
总债务HTOWT
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HTOWT
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $413.7M | ||
| Q3 25 | $1.5B | $373.4M | ||
| Q2 25 | $1.5B | $445.1M | ||
| Q1 25 | $1.4B | $415.6M | ||
| Q4 24 | $1.4B | $400.0M | ||
| Q3 24 | $1.3B | $374.9M | ||
| Q2 24 | $1.3B | $445.6M |
总资产HTOWT
| Q1 26 | — | $1.8B | ||
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $5.0B | $1.4B | ||
| Q2 25 | $4.8B | $1.1B | ||
| Q1 25 | $4.7B | $1.0B | ||
| Q4 24 | $4.7B | $1.0B | ||
| Q3 24 | $4.6B | $1.0B | ||
| Q2 24 | $4.4B | $964.1M |
负债/权益比HTOWT
| 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 | $18.0M |
| 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× | 0.44× |
| 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HTOWT
| Q1 26 | — | $18.0M | ||
| Q4 25 | $63.5M | $147.9M | ||
| Q3 25 | $77.3M | $48.1M | ||
| Q2 25 | $60.8M | $38.8M | ||
| Q1 25 | $43.2M | $6.4M | ||
| Q4 24 | $41.5M | $113.5M | ||
| Q3 24 | $53.5M | $47.7M | ||
| Q2 24 | $49.3M | $32.2M |
自由现金流HTOWT
| Q1 26 | — | — | ||
| Q4 25 | — | $147.7M | ||
| Q3 25 | — | $48.0M | ||
| Q2 25 | — | $38.7M | ||
| Q1 25 | — | $6.3M | ||
| Q4 24 | — | $113.3M | ||
| Q3 24 | — | $47.7M | ||
| Q2 24 | — | $32.2M |
自由现金流率HTOWT
| Q1 26 | — | — | ||
| Q4 25 | — | 100.2% | ||
| Q3 25 | — | 38.2% | ||
| Q2 25 | — | 34.4% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | — | 102.4% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 30.1% |
资本支出强度HTOWT
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% |
现金转化率HTOWT
| Q1 26 | — | 0.44× | ||
| Q4 25 | 3.92× | 3.70× | ||
| Q3 25 | 1.71× | 2.44× | ||
| Q2 25 | 2.47× | 1.57× | ||
| Q1 25 | 2.61× | 0.26× | ||
| Q4 24 | 1.81× | 4.15× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 1.48× |
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% |
WT
| Advisory fees | $134.9M | 85% |
| Other | $6.1M | 4% |
| Third-party distribution fees | $5.8M | 4% |
| Management fees | $5.2M | 3% |
| Sales and business development | $4.2M | 3% |
| Professional fees | $3.3M | 2% |
