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Side-by-side financial comparison of ASSURED GUARANTY LTD (AGO) and H2O AMERICA (HTO). Click either name above to swap in a different company.
ASSURED GUARANTY LTD is the larger business by last-quarter revenue ($277.0M vs $199.4M, roughly 1.4× H2O AMERICA). ASSURED GUARANTY LTD runs the higher net margin — 43.0% vs 8.1%, a 34.8% gap on every dollar of revenue. On growth, ASSURED GUARANTY LTD posted the faster year-over-year revenue change (77.6% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 6.3%).
Assured Investment Management (AIM) was an institutional asset management firm with a heritage in credit strategies, managing approximately $15.2 billion as of its defunct status in July 2023. Secondaries Investors referred to AIM as "one of the world's most prominent hedge funds".
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.
AGO vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $277.0M | $199.4M |
| Net Profit | $119.0M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 59.6% | 16.6% |
| Net Margin | 43.0% | 8.1% |
| Revenue YoY | 77.6% | 1.5% |
| Net Profit YoY | 561.1% | -29.2% |
| EPS (diluted) | $2.56 | $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 | $277.0M | $199.4M | ||
| Q3 25 | $207.0M | $243.5M | ||
| Q2 25 | $281.0M | $197.8M | ||
| Q1 25 | $345.0M | $164.9M | ||
| Q4 24 | $156.0M | $196.5M | ||
| Q3 24 | $269.0M | $216.7M | ||
| Q2 24 | $202.0M | $173.1M | ||
| Q1 24 | $245.0M | $150.0M |
| Q4 25 | $119.0M | $16.2M | ||
| Q3 25 | $105.0M | $45.1M | ||
| Q2 25 | $103.0M | $24.7M | ||
| Q1 25 | $176.0M | $16.6M | ||
| Q4 24 | $18.0M | $22.9M | ||
| Q3 24 | $171.0M | $38.7M | ||
| Q2 24 | $78.0M | $20.7M | ||
| Q1 24 | $109.0M | $11.7M |
| Q4 25 | 59.6% | 16.6% | ||
| Q3 25 | 65.2% | 26.5% | ||
| Q2 25 | 47.3% | 22.2% | ||
| Q1 25 | 66.4% | 21.8% | ||
| Q4 24 | 19.2% | 22.2% | ||
| Q3 24 | 81.8% | 26.9% | ||
| Q2 24 | 46.5% | 23.4% | ||
| Q1 24 | 58.8% | 18.6% |
| Q4 25 | 43.0% | 8.1% | ||
| Q3 25 | 50.7% | 18.5% | ||
| Q2 25 | 36.7% | 12.5% | ||
| Q1 25 | 51.0% | 10.0% | ||
| Q4 24 | 11.5% | 11.7% | ||
| Q3 24 | 63.6% | 17.8% | ||
| Q2 24 | 38.6% | 12.0% | ||
| Q1 24 | 44.5% | 7.8% |
| Q4 25 | $2.56 | $0.45 | ||
| Q3 25 | $2.18 | $1.27 | ||
| Q2 25 | $2.08 | $0.71 | ||
| Q1 25 | $3.44 | $0.49 | ||
| Q4 24 | $0.40 | $0.70 | ||
| Q3 24 | $3.17 | $1.17 | ||
| Q2 24 | $1.41 | $0.64 | ||
| Q1 24 | $1.89 | $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 | $903.0M | $20.7M |
| Total DebtLower is stronger | $1.7B | $1.9B |
| Stockholders' EquityBook value | $5.7B | $1.5B |
| Total Assets | $12.2B | $5.1B |
| Debt / EquityLower = less leverage | 0.30× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $903.0M | $20.7M | ||
| Q3 25 | $1.3B | $11.3M | ||
| Q2 25 | $939.0M | $19.8M | ||
| Q1 25 | $1.2B | $23.7M | ||
| Q4 24 | $1.2B | $11.1M | ||
| Q3 24 | $1.5B | $4.0M | ||
| Q2 24 | $1.7B | $22.8M | ||
| Q1 24 | $1.6B | $4.5M |
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $5.7B | $1.5B | ||
| Q3 25 | $5.7B | $1.5B | ||
| Q2 25 | $5.6B | $1.5B | ||
| Q1 25 | $5.6B | $1.4B | ||
| Q4 24 | $5.5B | $1.4B | ||
| Q3 24 | $5.7B | $1.3B | ||
| Q2 24 | $5.5B | $1.3B | ||
| Q1 24 | $5.6B | $1.2B |
| Q4 25 | $12.2B | $5.1B | ||
| Q3 25 | $12.1B | $5.0B | ||
| Q2 25 | $12.1B | $4.8B | ||
| Q1 25 | $11.9B | $4.7B | ||
| Q4 24 | $11.9B | $4.7B | ||
| Q3 24 | $12.3B | $4.6B | ||
| Q2 24 | $12.1B | $4.4B | ||
| Q1 24 | $12.2B | $4.4B |
| Q4 25 | 0.30× | 1.23× | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | 1.26× | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.30× | — |
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 | $259.0M | $63.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.18× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $259.0M | $63.5M | ||
| Q3 25 | $55.0M | $77.3M | ||
| Q2 25 | $78.0M | $60.8M | ||
| Q1 25 | $87.0M | $43.2M | ||
| Q4 24 | $47.0M | $41.5M | ||
| Q3 24 | $17.0M | $53.5M | ||
| Q2 24 | $58.0M | $49.3M | ||
| Q1 24 | $-74.0M | $51.2M |
| Q4 25 | 2.18× | 3.92× | ||
| Q3 25 | 0.52× | 1.71× | ||
| Q2 25 | 0.76× | 2.47× | ||
| Q1 25 | 0.49× | 2.61× | ||
| Q4 24 | 2.61× | 1.81× | ||
| Q3 24 | 0.10× | 1.39× | ||
| Q2 24 | 0.74× | 2.38× | ||
| Q1 24 | -0.68× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AGO
| Insurance Segment | $226.0M | 82% |
| Other | $37.0M | 13% |
| Gain Loss On Investments Member1 | $8.0M | 3% |
| Non Credit Impairment Related Unrealized Fair Value Gains Losses On Credit Derivatives | $6.0M | 2% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
