vs
Side-by-side financial comparison of Confluent, Inc. (CFLT) and H2O AMERICA (HTO). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $199.4M, roughly 1.6× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -25.2%, a 33.3% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs 1.5%). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs 15.3%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
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.
CFLT vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $199.4M |
| Net Profit | $-79.2M | $16.2M |
| Gross Margin | 74.7% | — |
| Operating Margin | -31.5% | 16.6% |
| Net Margin | -25.2% | 8.1% |
| Revenue YoY | 20.5% | 1.5% |
| Net Profit YoY | 10.0% | -29.2% |
| EPS (diluted) | $-0.23 | $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 | $314.8M | $199.4M | ||
| Q3 25 | $298.5M | $243.5M | ||
| Q2 25 | $282.3M | $197.8M | ||
| Q1 25 | $271.1M | $164.9M | ||
| Q4 24 | $261.2M | $196.5M | ||
| Q3 24 | $250.2M | $216.7M | ||
| Q2 24 | $235.0M | $173.1M | ||
| Q1 24 | $217.2M | $150.0M |
| Q4 25 | $-79.2M | $16.2M | ||
| Q3 25 | $-66.5M | $45.1M | ||
| Q2 25 | $-82.0M | $24.7M | ||
| Q1 25 | $-67.6M | $16.6M | ||
| Q4 24 | $-88.1M | $22.9M | ||
| Q3 24 | $-74.1M | $38.7M | ||
| Q2 24 | $-89.9M | $20.7M | ||
| Q1 24 | $-93.0M | $11.7M |
| Q4 25 | 74.7% | — | ||
| Q3 25 | 74.2% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 74.5% | — | ||
| Q4 24 | 74.1% | — | ||
| Q3 24 | 74.5% | — | ||
| Q2 24 | 72.3% | — | ||
| Q1 24 | 71.8% | — |
| Q4 25 | -31.5% | 16.6% | ||
| Q3 25 | -27.9% | 26.5% | ||
| Q2 25 | -34.2% | 22.2% | ||
| Q1 25 | -37.3% | 21.8% | ||
| Q4 24 | -40.5% | 22.2% | ||
| Q3 24 | -37.4% | 26.9% | ||
| Q2 24 | -46.1% | 23.4% | ||
| Q1 24 | -51.3% | 18.6% |
| Q4 25 | -25.2% | 8.1% | ||
| Q3 25 | -22.3% | 18.5% | ||
| Q2 25 | -29.0% | 12.5% | ||
| Q1 25 | -24.9% | 10.0% | ||
| Q4 24 | -33.7% | 11.7% | ||
| Q3 24 | -29.6% | 17.8% | ||
| Q2 24 | -38.3% | 12.0% | ||
| Q1 24 | -42.8% | 7.8% |
| Q4 25 | $-0.23 | $0.45 | ||
| Q3 25 | $-0.19 | $1.27 | ||
| Q2 25 | $-0.24 | $0.71 | ||
| Q1 25 | $-0.20 | $0.49 | ||
| Q4 24 | $-0.26 | $0.70 | ||
| Q3 24 | $-0.23 | $1.17 | ||
| Q2 24 | $-0.28 | $0.64 | ||
| Q1 24 | $-0.30 | $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 | $347.2M | $20.7M |
| Total DebtLower is stronger | $1.1B | $1.9B |
| Stockholders' EquityBook value | $1.2B | $1.5B |
| Total Assets | $3.0B | $5.1B |
| Debt / EquityLower = less leverage | 0.94× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $347.2M | $20.7M | ||
| Q3 25 | $298.5M | $11.3M | ||
| Q2 25 | $295.6M | $19.8M | ||
| Q1 25 | $278.6M | $23.7M | ||
| Q4 24 | $386.0M | $11.1M | ||
| Q3 24 | $322.6M | $4.0M | ||
| Q2 24 | $311.3M | $22.8M | ||
| Q1 24 | $336.4M | $4.5M |
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $961.2M | $1.4B | ||
| Q3 24 | $934.3M | $1.3B | ||
| Q2 24 | $873.9M | $1.3B | ||
| Q1 24 | $845.2M | $1.2B |
| Q4 25 | $3.0B | $5.1B | ||
| Q3 25 | $2.9B | $5.0B | ||
| Q2 25 | $2.8B | $4.8B | ||
| Q1 25 | $2.7B | $4.7B | ||
| Q4 24 | $2.7B | $4.7B | ||
| Q3 24 | $2.6B | $4.6B | ||
| Q2 24 | $2.5B | $4.4B | ||
| Q1 24 | $2.4B | $4.4B |
| Q4 25 | 0.94× | 1.23× | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.14× | 1.26× | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.29× | — |
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 | $42.1M | $63.5M |
| Free Cash FlowOCF − Capex | $41.7M | — |
| FCF MarginFCF / Revenue | 13.2% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.1M | $63.5M | ||
| Q3 25 | $30.8M | $77.3M | ||
| Q2 25 | $18.1M | $60.8M | ||
| Q1 25 | $-26.8M | $43.2M | ||
| Q4 24 | $35.2M | $41.5M | ||
| Q3 24 | $15.6M | $53.5M | ||
| Q2 24 | $8.6M | $49.3M | ||
| Q1 24 | $-26.0M | $51.2M |
| Q4 25 | $41.7M | — | ||
| Q3 25 | $30.0M | — | ||
| Q2 25 | $17.2M | — | ||
| Q1 25 | $-28.2M | — | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $15.0M | — | ||
| Q2 24 | $7.5M | — | ||
| Q1 24 | $-26.1M | — |
| Q4 25 | 13.2% | — | ||
| Q3 25 | 10.0% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | -10.4% | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | -12.0% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.1% | — |
| 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
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
