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H2O AMERICA（HTO）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
H2O AMERICA的季度营收约是再鼎医药的1.6倍（$199.4M vs $127.1M），再鼎医药同比增速更快（17.1% vs 1.5%），过去两年再鼎医药的营收复合增速更高（20.8% 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。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
HTO vs ZLAB — 直观对比
营收规模更大
HTO
是对方的1.6倍
$127.1M
营收增速更快
ZLAB
高出15.6%
1.5%
两年增速更快
ZLAB
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $127.1M |
| 净利润 | $16.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 16.6% | -54.6% |
| 净利率 | 8.1% | — |
| 营收同比 | 1.5% | 17.1% |
| 净利润同比 | -29.2% | — |
| 每股收益（稀释后） | $0.45 | $-0.05 |
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HTOZLAB
| Q4 25 | $199.4M | $127.1M | ||
| Q3 25 | $243.5M | $115.4M | ||
| Q2 25 | $197.8M | $109.1M | ||
| Q1 25 | $164.9M | $105.7M | ||
| Q4 24 | $196.5M | $108.5M | ||
| Q3 24 | $216.7M | $101.8M | ||
| Q2 24 | $173.1M | $100.1M | ||
| Q1 24 | $150.0M | $87.1M |
净利润HTOZLAB
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $-36.0M | ||
| Q2 25 | $24.7M | $-40.7M | ||
| Q1 25 | $16.6M | $-48.4M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $-41.7M | ||
| Q2 24 | $20.7M | $-80.3M | ||
| Q1 24 | $11.7M | $-53.5M |
毛利率HTOZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率HTOZLAB
| Q4 25 | 16.6% | -54.6% | ||
| Q3 25 | 26.5% | -42.3% | ||
| Q2 25 | 22.2% | -50.3% | ||
| Q1 25 | 21.8% | -53.3% | ||
| Q4 24 | 22.2% | -62.6% | ||
| Q3 24 | 26.9% | -66.6% | ||
| Q2 24 | 23.4% | -76.0% | ||
| Q1 24 | 18.6% | -80.7% |
净利率HTOZLAB
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | -31.2% | ||
| Q2 25 | 12.5% | -37.3% | ||
| Q1 25 | 10.0% | -45.8% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | -40.9% | ||
| Q2 24 | 12.0% | -80.2% | ||
| Q1 24 | 7.8% | -61.4% |
每股收益（稀释后）HTOZLAB
| Q4 25 | $0.45 | $-0.05 | ||
| Q3 25 | $1.27 | $-0.03 | ||
| Q2 25 | $0.71 | $-0.04 | ||
| Q1 25 | $0.49 | $-0.04 | ||
| Q4 24 | $0.70 | $-0.09 | ||
| Q3 24 | $1.17 | $-0.04 | ||
| Q2 24 | $0.64 | $-0.08 | ||
| Q1 24 | $0.36 | $-0.05 |
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 | $689.6M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $715.5M |
| 总资产 | $5.1B | $1.2B |
| 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HTOZLAB
| Q4 25 | $20.7M | $689.6M | ||
| Q3 25 | $11.3M | $717.2M | ||
| Q2 25 | $19.8M | $732.2M | ||
| Q1 25 | $23.7M | $757.3M | ||
| Q4 24 | $11.1M | $779.7M | ||
| Q3 24 | $4.0M | $616.1M | ||
| Q2 24 | $22.8M | $630.0M | ||
| Q1 24 | $4.5M | $650.8M |
总债务HTOZLAB
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HTOZLAB
| Q4 25 | $1.5B | $715.5M | ||
| Q3 25 | $1.5B | $759.9M | ||
| Q2 25 | $1.5B | $791.7M | ||
| Q1 25 | $1.4B | $810.8M | ||
| Q4 24 | $1.4B | $840.9M | ||
| Q3 24 | $1.3B | $667.7M | ||
| Q2 24 | $1.3B | $704.2M | ||
| Q1 24 | $1.2B | $762.2M |
总资产HTOZLAB
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $4.8B | $1.2B | ||
| Q1 25 | $4.7B | $1.2B | ||
| Q4 24 | $4.7B | $1.2B | ||
| Q3 24 | $4.6B | $985.3M | ||
| Q2 24 | $4.4B | $987.4M | ||
| Q1 24 | $4.4B | $988.4M |
负债/权益比HTOZLAB
| 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 | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 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 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流HTOZLAB
| Q4 25 | $63.5M | $-26.0M | ||
| Q3 25 | $77.3M | $-32.0M | ||
| Q2 25 | $60.8M | $-31.0M | ||
| Q1 25 | $43.2M | $-61.7M | ||
| Q4 24 | $41.5M | $-55.8M | ||
| Q3 24 | $53.5M | $-26.8M | ||
| Q2 24 | $49.3M | $-42.2M | ||
| Q1 24 | $51.2M | $-90.1M |
自由现金流HTOZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率HTOZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度HTOZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率HTOZLAB
| 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% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
