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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) 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 $173.1M, roughly 1.2× PATHWARD FINANCIAL, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs 8.1%, a 12.2% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -0.2%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -18.0%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $199.4M |
| Net Profit | $35.2M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 24.6% | 16.6% |
| Net Margin | 20.3% | 8.1% |
| Revenue YoY | -0.2% | 1.5% |
| Net Profit YoY | 11.9% | -29.2% |
| EPS (diluted) | $1.57 | $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 | $173.1M | $199.4M | ||
| Q3 25 | $186.7M | $243.5M | ||
| Q2 25 | $195.8M | $197.8M | ||
| Q1 25 | $274.8M | $164.9M | ||
| Q4 24 | $182.6M | $196.5M | ||
| Q3 24 | $179.5M | $216.7M | ||
| Q2 24 | $188.6M | $173.1M | ||
| Q1 24 | $257.6M | $150.0M |
| Q4 25 | $35.2M | $16.2M | ||
| Q3 25 | $38.8M | $45.1M | ||
| Q2 25 | $42.1M | $24.7M | ||
| Q1 25 | $75.0M | $16.6M | ||
| Q4 24 | $30.0M | $22.9M | ||
| Q3 24 | $33.5M | $38.7M | ||
| Q2 24 | $44.9M | $20.7M | ||
| Q1 24 | $69.9M | $11.7M |
| Q4 25 | 24.6% | 16.6% | ||
| Q3 25 | 25.9% | 26.5% | ||
| Q2 25 | 24.1% | 22.2% | ||
| Q1 25 | 33.2% | 21.8% | ||
| Q4 24 | 19.8% | 22.2% | ||
| Q3 24 | 20.9% | 26.9% | ||
| Q2 24 | 27.1% | 23.4% | ||
| Q1 24 | 33.8% | 18.6% |
| Q4 25 | 20.3% | 8.1% | ||
| Q3 25 | 20.8% | 18.5% | ||
| Q2 25 | 21.5% | 12.5% | ||
| Q1 25 | 27.3% | 10.0% | ||
| Q4 24 | 16.4% | 11.7% | ||
| Q3 24 | 18.7% | 17.8% | ||
| Q2 24 | 23.8% | 12.0% | ||
| Q1 24 | 27.1% | 7.8% |
| Q4 25 | $1.57 | $0.45 | ||
| Q3 25 | $1.69 | $1.27 | ||
| Q2 25 | $1.81 | $0.71 | ||
| Q1 25 | $3.14 | $0.49 | ||
| Q4 24 | $1.23 | $0.70 | ||
| Q3 24 | $1.34 | $1.17 | ||
| Q2 24 | $1.78 | $0.64 | ||
| Q1 24 | $2.74 | $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 | $331.2M | $20.7M |
| Total DebtLower is stronger | $33.5M | $1.9B |
| Stockholders' EquityBook value | $854.5M | $1.5B |
| Total Assets | $7.6B | $5.1B |
| Debt / EquityLower = less leverage | 0.04× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $331.2M | $20.7M | ||
| Q3 25 | $120.6M | $11.3M | ||
| Q2 25 | $258.3M | $19.8M | ||
| Q1 25 | $254.2M | $23.7M | ||
| Q4 24 | $597.4M | $11.1M | ||
| Q3 24 | $158.3M | $4.0M | ||
| Q2 24 | $298.9M | $22.8M | ||
| Q1 24 | $347.9M | $4.5M |
| Q4 25 | $33.5M | $1.9B | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | $1.7B | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $33.4M | — |
| Q4 25 | $854.5M | $1.5B | ||
| Q3 25 | $858.0M | $1.5B | ||
| Q2 25 | $819.0M | $1.5B | ||
| Q1 25 | $814.7M | $1.4B | ||
| Q4 24 | $758.3M | $1.4B | ||
| Q3 24 | $822.5M | $1.3B | ||
| Q2 24 | $748.4M | $1.3B | ||
| Q1 24 | $719.5M | $1.2B |
| Q4 25 | $7.6B | $5.1B | ||
| Q3 25 | $7.2B | $5.0B | ||
| Q2 25 | $7.2B | $4.8B | ||
| Q1 25 | $7.0B | $4.7B | ||
| Q4 24 | $7.6B | $4.7B | ||
| Q3 24 | $7.5B | $4.6B | ||
| Q2 24 | $7.5B | $4.4B | ||
| Q1 24 | $7.4B | $4.4B |
| Q4 25 | 0.04× | 1.23× | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | 1.26× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | — |
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 | $108.3M | $63.5M |
| Free Cash FlowOCF − Capex | $104.1M | — |
| FCF MarginFCF / Revenue | 60.1% | — |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | 3.08× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.3M | $63.5M | ||
| Q3 25 | $303.7M | $77.3M | ||
| Q2 25 | $30.4M | $60.8M | ||
| Q1 25 | $188.3M | $43.2M | ||
| Q4 24 | $-71.7M | $41.5M | ||
| Q3 24 | $143.1M | $53.5M | ||
| Q2 24 | $113.2M | $49.3M | ||
| Q1 24 | $203.0M | $51.2M |
| Q4 25 | $104.1M | — | ||
| Q3 25 | $300.3M | — | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $184.7M | — | ||
| Q4 24 | $-73.8M | — | ||
| Q3 24 | $138.8M | — | ||
| Q2 24 | $111.0M | — | ||
| Q1 24 | $201.3M | — |
| Q4 25 | 60.1% | — | ||
| Q3 25 | 160.9% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 67.2% | — | ||
| Q4 24 | -40.4% | — | ||
| Q3 24 | 77.3% | — | ||
| Q2 24 | 58.8% | — | ||
| Q1 24 | 78.1% | — |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.7% | — |
| Q4 25 | 3.08× | 3.92× | ||
| Q3 25 | 7.83× | 1.71× | ||
| Q2 25 | 0.72× | 2.47× | ||
| Q1 25 | 2.51× | 2.61× | ||
| Q4 24 | -2.39× | 1.81× | ||
| Q3 24 | 4.27× | 1.39× | ||
| Q2 24 | 2.52× | 2.38× | ||
| Q1 24 | 2.90× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
