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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) 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 $121.4M, roughly 1.6× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 8.1%, a 30.1% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 7.1%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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.
BNL vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $199.4M |
| Net Profit | $46.4M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 52.2% | 16.6% |
| Net Margin | 38.2% | 8.1% |
| Revenue YoY | 11.7% | 1.5% |
| Net Profit YoY | — | -29.2% |
| EPS (diluted) | $0.24 | $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 | $121.4M | — | ||
| Q4 25 | $118.3M | $199.4M | ||
| Q3 25 | $114.2M | $243.5M | ||
| Q2 25 | $113.0M | $197.8M | ||
| Q1 25 | $108.7M | $164.9M | ||
| Q4 24 | $112.1M | $196.5M | ||
| Q3 24 | $108.4M | $216.7M | ||
| Q2 24 | $105.9M | $173.1M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $16.2M | ||
| Q3 25 | $26.5M | $45.1M | ||
| Q2 25 | $20.2M | $24.7M | ||
| Q1 25 | $16.7M | $16.6M | ||
| Q4 24 | $26.4M | $22.9M | ||
| Q3 24 | $35.6M | $38.7M | ||
| Q2 24 | $35.3M | $20.7M |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 16.6% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | — | 22.2% | ||
| Q3 24 | — | 26.9% | ||
| Q2 24 | — | 23.4% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 8.1% | ||
| Q3 25 | 23.2% | 18.5% | ||
| Q2 25 | 17.8% | 12.5% | ||
| Q1 25 | 15.4% | 10.0% | ||
| Q4 24 | 23.5% | 11.7% | ||
| Q3 24 | 32.8% | 17.8% | ||
| Q2 24 | 33.4% | 12.0% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $0.45 | ||
| Q3 25 | $0.14 | $1.27 | ||
| Q2 25 | $0.10 | $0.71 | ||
| Q1 25 | $0.09 | $0.49 | ||
| Q4 24 | $0.13 | $0.70 | ||
| Q3 24 | $0.19 | $1.17 | ||
| Q2 24 | $0.19 | $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 | $20.3M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $3.0B | $1.5B |
| Total Assets | $5.8B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $20.7M | ||
| Q3 25 | $82.0M | $11.3M | ||
| Q2 25 | $20.8M | $19.8M | ||
| Q1 25 | $9.6M | $23.7M | ||
| Q4 24 | $14.8M | $11.1M | ||
| Q3 24 | $9.0M | $4.0M | ||
| Q2 24 | $18.3M | $22.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.9B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.9B | $1.5B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $3.0B | $1.4B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $3.1B | $1.3B |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $5.1B | ||
| Q3 25 | $5.5B | $5.0B | ||
| Q2 25 | $5.3B | $4.8B | ||
| Q1 25 | $5.2B | $4.7B | ||
| Q4 24 | $5.2B | $4.7B | ||
| Q3 24 | $5.3B | $4.6B | ||
| Q2 24 | $5.3B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 1.23× | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | 1.26× | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — |
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 | — | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $63.5M | ||
| Q3 25 | $64.2M | $77.3M | ||
| Q2 25 | $79.3M | $60.8M | ||
| Q1 25 | $71.5M | $43.2M | ||
| Q4 24 | $276.3M | $41.5M | ||
| Q3 24 | $67.3M | $53.5M | ||
| Q2 24 | $74.2M | $49.3M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | — | ||
| Q3 25 | $58.0M | — | ||
| Q2 25 | $76.7M | — | ||
| Q1 25 | $57.1M | — | ||
| Q4 24 | $259.5M | — | ||
| Q3 24 | $60.3M | — | ||
| Q2 24 | $74.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 67.9% | — | ||
| Q1 25 | 52.5% | — | ||
| Q4 24 | 231.4% | — | ||
| Q3 24 | 55.6% | — | ||
| Q2 24 | 69.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | — | ||
| Q3 25 | 5.4% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 0.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | 3.92× | ||
| Q3 25 | 2.43× | 1.71× | ||
| Q2 25 | 3.93× | 2.47× | ||
| Q1 25 | 4.27× | 2.61× | ||
| Q4 24 | 10.47× | 1.81× | ||
| Q3 24 | 1.89× | 1.39× | ||
| Q2 24 | 2.10× | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
