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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.1× BLACKLINE, INC.). H2O AMERICA runs the higher net margin — 8.1% vs 2.7%, a 5.5% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $199.4M |
| Net Profit | $4.9M | $16.2M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | 16.6% |
| Net Margin | 2.7% | 8.1% |
| Revenue YoY | 8.1% | 1.5% |
| Net Profit YoY | -91.3% | -29.2% |
| EPS (diluted) | $0.07 | $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 | $183.2M | $199.4M | ||
| Q3 25 | $178.3M | $243.5M | ||
| Q2 25 | $172.0M | $197.8M | ||
| Q1 25 | $166.9M | $164.9M | ||
| Q4 24 | $169.5M | $196.5M | ||
| Q3 24 | $165.9M | $216.7M | ||
| Q2 24 | $160.5M | $173.1M | ||
| Q1 24 | $157.5M | $150.0M |
| Q4 25 | $4.9M | $16.2M | ||
| Q3 25 | $5.3M | $45.1M | ||
| Q2 25 | $8.3M | $24.7M | ||
| Q1 25 | $6.1M | $16.6M | ||
| Q4 24 | $56.4M | $22.9M | ||
| Q3 24 | $17.2M | $38.7M | ||
| Q2 24 | $76.7M | $20.7M | ||
| Q1 24 | $10.8M | $11.7M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | 16.6% | ||
| Q3 25 | 4.3% | 26.5% | ||
| Q2 25 | 4.4% | 22.2% | ||
| Q1 25 | 2.1% | 21.8% | ||
| Q4 24 | 3.7% | 22.2% | ||
| Q3 24 | 5.0% | 26.9% | ||
| Q2 24 | 1.4% | 23.4% | ||
| Q1 24 | 1.1% | 18.6% |
| Q4 25 | 2.7% | 8.1% | ||
| Q3 25 | 3.0% | 18.5% | ||
| Q2 25 | 4.8% | 12.5% | ||
| Q1 25 | 3.6% | 10.0% | ||
| Q4 24 | 33.3% | 11.7% | ||
| Q3 24 | 10.4% | 17.8% | ||
| Q2 24 | 47.8% | 12.0% | ||
| Q1 24 | 6.9% | 7.8% |
| Q4 25 | $0.07 | $0.45 | ||
| Q3 25 | $0.09 | $1.27 | ||
| Q2 25 | $0.13 | $0.71 | ||
| Q1 25 | $0.10 | $0.49 | ||
| Q4 24 | $0.79 | $0.70 | ||
| Q3 24 | $0.27 | $1.17 | ||
| Q2 24 | $0.22 | $0.64 | ||
| Q1 24 | $0.17 | $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 | $390.0M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $332.3M | $1.5B |
| Total Assets | $1.8B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $20.7M | ||
| Q3 25 | $419.9M | $11.3M | ||
| Q2 25 | $459.1M | $19.8M | ||
| Q1 25 | $479.5M | $23.7M | ||
| Q4 24 | $885.9M | $11.1M | ||
| Q3 24 | $725.3M | $4.0M | ||
| Q2 24 | $616.6M | $22.8M | ||
| Q1 24 | $331.4M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $332.3M | $1.5B | ||
| Q3 25 | $328.3M | $1.5B | ||
| Q2 25 | $414.0M | $1.5B | ||
| Q1 25 | $417.9M | $1.4B | ||
| Q4 24 | $446.7M | $1.4B | ||
| Q3 24 | $367.9M | $1.3B | ||
| Q2 24 | $325.8M | $1.3B | ||
| Q1 24 | $279.8M | $1.2B |
| Q4 25 | $1.8B | $5.1B | ||
| Q3 25 | $1.7B | $5.0B | ||
| Q2 25 | $1.8B | $4.8B | ||
| Q1 25 | $1.8B | $4.7B | ||
| Q4 24 | $1.8B | $4.7B | ||
| Q3 24 | $1.7B | $4.6B | ||
| Q2 24 | $1.9B | $4.4B | ||
| Q1 24 | $2.1B | $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 | $26.7M | $63.5M |
| Free Cash FlowOCF − Capex | $26.1M | — |
| FCF MarginFCF / Revenue | 14.2% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 5.46× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $63.5M | ||
| Q3 25 | $63.8M | $77.3M | ||
| Q2 25 | $32.3M | $60.8M | ||
| Q1 25 | $46.7M | $43.2M | ||
| Q4 24 | $43.8M | $41.5M | ||
| Q3 24 | $55.9M | $53.5M | ||
| Q2 24 | $40.7M | $49.3M | ||
| Q1 24 | $50.4M | $51.2M |
| Q4 25 | $26.1M | — | ||
| Q3 25 | $63.3M | — | ||
| Q2 25 | $31.4M | — | ||
| Q1 25 | $40.8M | — | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $55.5M | — | ||
| Q2 24 | $40.0M | — | ||
| Q1 24 | $50.1M | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 35.5% | — | ||
| Q2 25 | 18.2% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 31.8% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | 5.46× | 3.92× | ||
| Q3 25 | 12.07× | 1.71× | ||
| Q2 25 | 3.90× | 2.47× | ||
| Q1 25 | 7.72× | 2.61× | ||
| Q4 24 | 0.78× | 1.81× | ||
| Q3 24 | 3.24× | 1.39× | ||
| Q2 24 | 0.53× | 2.38× | ||
| Q1 24 | 4.66× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
