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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $110.6M, roughly 1.8× American Assets Trust, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs 6.1%, a 2.0% gap on every dollar of revenue. On growth, American Assets Trust, Inc. posted the faster year-over-year revenue change (1.8% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
AAT vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $199.4M |
| Net Profit | $6.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 23.4% | 16.6% |
| Net Margin | 6.1% | 8.1% |
| Revenue YoY | 1.8% | 1.5% |
| Net Profit YoY | -16.3% | -29.2% |
| EPS (diluted) | $0.08 | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | $199.4M | ||
| Q3 25 | $109.6M | $243.5M | ||
| Q2 25 | $107.9M | $197.8M | ||
| Q1 25 | $108.6M | $164.9M | ||
| Q4 24 | $113.5M | $196.5M | ||
| Q3 24 | $122.8M | $216.7M | ||
| Q2 24 | $110.9M | $173.1M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $16.2M | ||
| Q3 25 | $4.5M | $45.1M | ||
| Q2 25 | $5.5M | $24.7M | ||
| Q1 25 | $42.5M | $16.6M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | $16.7M | $38.7M | ||
| Q2 24 | $11.9M | $20.7M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.5% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.0% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 65.5% | — | ||
| Q2 24 | 63.6% | — |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | 16.6% | ||
| Q3 25 | 22.6% | 26.5% | ||
| Q2 25 | 24.1% | 22.2% | ||
| Q1 25 | 66.3% | 21.8% | ||
| Q4 24 | 26.5% | 22.2% | ||
| Q3 24 | 30.8% | 26.9% | ||
| Q2 24 | 27.8% | 23.4% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | 4.1% | 18.5% | ||
| Q2 25 | 5.1% | 12.5% | ||
| Q1 25 | 39.2% | 10.0% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 13.6% | 17.8% | ||
| Q2 24 | 10.7% | 12.0% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $0.45 | ||
| Q3 25 | $0.07 | $1.27 | ||
| Q2 25 | $0.09 | $0.71 | ||
| Q1 25 | $0.70 | $0.49 | ||
| Q4 24 | $0.14 | $0.70 | ||
| Q3 24 | $0.28 | $1.17 | ||
| Q2 24 | $0.20 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.1B | $1.5B |
| Total Assets | $2.9B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $20.7M | ||
| Q3 25 | $138.7M | $11.3M | ||
| Q2 25 | $143.7M | $19.8M | ||
| Q1 25 | $143.9M | $23.7M | ||
| Q4 24 | $425.7M | $11.1M | ||
| Q3 24 | $533.0M | $4.0M | ||
| Q2 24 | $114.9M | $22.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.3B |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.1B | ||
| Q3 25 | $2.9B | $5.0B | ||
| Q2 25 | $3.0B | $4.8B | ||
| Q1 25 | $3.0B | $4.7B | ||
| Q4 24 | $3.3B | $4.7B | ||
| Q3 24 | $3.4B | $4.6B | ||
| Q2 24 | $3.0B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.72× | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $63.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 14.5% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $63.5M | ||
| Q3 25 | $40.5M | $77.3M | ||
| Q2 25 | $49.2M | $60.8M | ||
| Q1 25 | $36.9M | $43.2M | ||
| Q4 24 | $207.1M | $41.5M | ||
| Q3 24 | $52.4M | $53.5M | ||
| Q2 24 | $59.3M | $49.3M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | — | ||
| Q3 25 | $23.1M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $20.4M | — | ||
| Q4 24 | $136.9M | — | ||
| Q3 24 | $28.0M | — | ||
| Q2 24 | $43.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | — | ||
| Q3 25 | 21.1% | — | ||
| Q2 25 | 26.3% | — | ||
| Q1 25 | 18.8% | — | ||
| Q4 24 | 120.7% | — | ||
| Q3 24 | 22.8% | — | ||
| Q2 24 | 39.3% | — |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 19.3% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 61.9% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 14.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.92× | ||
| Q3 25 | 8.98× | 1.71× | ||
| Q2 25 | 9.01× | 2.47× | ||
| Q1 25 | 0.87× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 3.15× | 1.39× | ||
| Q2 24 | 4.98× | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
