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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and H2O AMERICA (HTO). Click either name above to swap in a different company.
ADTRAN Holdings, Inc. is the larger business by last-quarter revenue ($291.6M vs $199.4M, roughly 1.5× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -1.2%, a 9.4% gap on every dollar of revenue. On growth, ADTRAN Holdings, Inc. posted the faster year-over-year revenue change (20.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 13.5%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
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.
ADTN vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $199.4M |
| Net Profit | $-3.6M | $16.2M |
| Gross Margin | 39.0% | — |
| Operating Margin | 1.5% | 16.6% |
| Net Margin | -1.2% | 8.1% |
| Revenue YoY | 20.1% | 1.5% |
| Net Profit YoY | 92.2% | -29.2% |
| EPS (diluted) | $-0.02 | $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.
| Q4 25 | $291.6M | $199.4M | ||
| Q3 25 | $279.4M | $243.5M | ||
| Q2 25 | $265.1M | $197.8M | ||
| Q1 25 | $247.7M | $164.9M | ||
| Q4 24 | $242.9M | $196.5M | ||
| Q3 24 | $227.7M | $216.7M | ||
| Q2 24 | $226.0M | $173.1M | ||
| Q1 24 | $226.2M | $150.0M |
| Q4 25 | $-3.6M | $16.2M | ||
| Q3 25 | $-10.3M | $45.1M | ||
| Q2 25 | $-20.5M | $24.7M | ||
| Q1 25 | $-11.3M | $16.6M | ||
| Q4 24 | $-46.1M | $22.9M | ||
| Q3 24 | $-33.3M | $38.7M | ||
| Q2 24 | $-49.7M | $20.7M | ||
| Q1 24 | $-330.8M | $11.7M |
| Q4 25 | 39.0% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 36.0% | — | ||
| Q1 24 | 31.1% | — |
| Q4 25 | 1.5% | 16.6% | ||
| Q3 25 | -1.0% | 26.5% | ||
| Q2 25 | -5.0% | 22.2% | ||
| Q1 25 | -1.6% | 21.8% | ||
| Q4 24 | -6.9% | 22.2% | ||
| Q3 24 | -11.5% | 26.9% | ||
| Q2 24 | -17.0% | 23.4% | ||
| Q1 24 | -153.1% | 18.6% |
| Q4 25 | -1.2% | 8.1% | ||
| Q3 25 | -3.7% | 18.5% | ||
| Q2 25 | -7.7% | 12.5% | ||
| Q1 25 | -4.5% | 10.0% | ||
| Q4 24 | -19.0% | 11.7% | ||
| Q3 24 | -14.6% | 17.8% | ||
| Q2 24 | -22.0% | 12.0% | ||
| Q1 24 | -146.2% | 7.8% |
| Q4 25 | $-0.02 | $0.45 | ||
| Q3 25 | $-0.12 | $1.27 | ||
| Q2 25 | $-0.24 | $0.71 | ||
| Q1 25 | $-0.14 | $0.49 | ||
| Q4 24 | $-0.58 | $0.70 | ||
| Q3 24 | $-0.38 | $1.17 | ||
| Q2 24 | $-0.63 | $0.64 | ||
| Q1 24 | $-4.20 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $145.8M | $1.5B |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.7M | $20.7M | ||
| Q3 25 | $93.7M | $11.3M | ||
| Q2 25 | $106.3M | $19.8M | ||
| Q1 25 | $101.3M | $23.7M | ||
| Q4 24 | $76.0M | $11.1M | ||
| Q3 24 | $88.5M | $4.0M | ||
| Q2 24 | $111.2M | $22.8M | ||
| Q1 24 | $106.8M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $145.8M | $1.5B | ||
| Q3 25 | $141.6M | $1.5B | ||
| Q2 25 | $169.6M | $1.5B | ||
| Q1 25 | $138.9M | $1.4B | ||
| Q4 24 | $127.0M | $1.4B | ||
| Q3 24 | $205.6M | $1.3B | ||
| Q2 24 | $213.6M | $1.3B | ||
| Q1 24 | $260.8M | $1.2B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.0B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.2B | $4.7B | ||
| Q4 24 | $1.2B | $4.7B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.4B | ||
| Q1 24 | $1.3B | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $42.2M | $63.5M |
| Free Cash FlowOCF − Capex | $30.6M | — |
| FCF MarginFCF / Revenue | 10.5% | — |
| Capex IntensityCapex / Revenue | 4.0% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.2M | $63.5M | ||
| Q3 25 | $12.2M | $77.3M | ||
| Q2 25 | $32.2M | $60.8M | ||
| Q1 25 | $43.2M | $43.2M | ||
| Q4 24 | $2.4M | $41.5M | ||
| Q3 24 | $43.3M | $53.5M | ||
| Q2 24 | $19.9M | $49.3M | ||
| Q1 24 | $37.9M | $51.2M |
| Q4 25 | $30.6M | — | ||
| Q3 25 | $4.2M | — | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $35.8M | — | ||
| Q4 24 | $-895.0K | — | ||
| Q3 24 | $37.1M | — | ||
| Q2 24 | $8.4M | — | ||
| Q1 24 | $24.4M | — |
| Q4 25 | 10.5% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 10.8% | — |
| Q4 25 | 4.0% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 5.1% | — | ||
| Q1 24 | 6.0% | — |
| 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× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
