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Side-by-side financial comparison of CARRIAGE SERVICES INC (CSV) 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 $105.5M, roughly 1.9× CARRIAGE SERVICES INC). CARRIAGE SERVICES INC runs the higher net margin — 11.6% vs 8.1%, a 3.5% gap on every dollar of revenue. On growth, CARRIAGE SERVICES INC posted the faster year-over-year revenue change (8.0% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 1.0%).
Jardine Cycle & Carriage Limited is the investment holding company of Jardines in Southeast Asia. It is currently 75% held by the conglomerate.
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.
CSV vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $105.5M | $199.4M |
| Net Profit | $12.3M | $16.2M |
| Gross Margin | 34.8% | — |
| Operating Margin | 23.3% | 16.6% |
| Net Margin | 11.6% | 8.1% |
| Revenue YoY | 8.0% | 1.5% |
| Net Profit YoY | 24.5% | -29.2% |
| EPS (diluted) | $0.76 | $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 | $105.5M | $199.4M | ||
| Q3 25 | $102.7M | $243.5M | ||
| Q2 25 | $102.1M | $197.8M | ||
| Q1 25 | $107.1M | $164.9M | ||
| Q4 24 | $97.7M | $196.5M | ||
| Q3 24 | $100.7M | $216.7M | ||
| Q2 24 | $102.3M | $173.1M | ||
| Q1 24 | $103.5M | $150.0M |
| Q4 25 | $12.3M | $16.2M | ||
| Q3 25 | $6.6M | $45.1M | ||
| Q2 25 | $11.7M | $24.7M | ||
| Q1 25 | $20.9M | $16.6M | ||
| Q4 24 | $9.9M | $22.9M | ||
| Q3 24 | $9.9M | $38.7M | ||
| Q2 24 | $6.3M | $20.7M | ||
| Q1 24 | $7.0M | $11.7M |
| Q4 25 | 34.8% | — | ||
| Q3 25 | 35.3% | — | ||
| Q2 25 | 35.2% | — | ||
| Q1 25 | 35.3% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 35.2% | — | ||
| Q2 24 | 36.2% | — | ||
| Q1 24 | 36.0% | — |
| Q4 25 | 23.3% | 16.6% | ||
| Q3 25 | 17.0% | 26.5% | ||
| Q2 25 | 23.5% | 22.2% | ||
| Q1 25 | 29.5% | 21.8% | ||
| Q4 24 | 21.6% | 22.2% | ||
| Q3 24 | 22.7% | 26.9% | ||
| Q2 24 | 18.0% | 23.4% | ||
| Q1 24 | 18.8% | 18.6% |
| Q4 25 | 11.6% | 8.1% | ||
| Q3 25 | 6.4% | 18.5% | ||
| Q2 25 | 11.5% | 12.5% | ||
| Q1 25 | 19.5% | 10.0% | ||
| Q4 24 | 10.1% | 11.7% | ||
| Q3 24 | 9.8% | 17.8% | ||
| Q2 24 | 6.1% | 12.0% | ||
| Q1 24 | 6.7% | 7.8% |
| Q4 25 | $0.76 | $0.45 | ||
| Q3 25 | $0.41 | $1.27 | ||
| Q2 25 | $0.74 | $0.71 | ||
| Q1 25 | $1.34 | $0.49 | ||
| Q4 24 | $0.62 | $0.70 | ||
| Q3 24 | $0.63 | $1.17 | ||
| Q2 24 | $0.40 | $0.64 | ||
| Q1 24 | $0.45 | $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 | $1.7M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $254.8M | $1.5B |
| Total Assets | $1.3B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7M | $20.7M | ||
| Q3 25 | $1.2M | $11.3M | ||
| Q2 25 | $1.4M | $19.8M | ||
| Q1 25 | $4.6M | $23.7M | ||
| Q4 24 | $1.2M | $11.1M | ||
| Q3 24 | $1.3M | $4.0M | ||
| Q2 24 | $1.5M | $22.8M | ||
| Q1 24 | $1.7M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $254.8M | $1.5B | ||
| Q3 25 | $242.1M | $1.5B | ||
| Q2 25 | $235.4M | $1.5B | ||
| Q1 25 | $223.1M | $1.4B | ||
| Q4 24 | $208.6M | $1.4B | ||
| Q3 24 | $198.1M | $1.3B | ||
| Q2 24 | $187.9M | $1.3B | ||
| Q1 24 | $179.6M | $1.2B |
| Q4 25 | $1.3B | $5.1B | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | $1.3B | $4.8B | ||
| Q1 25 | $1.3B | $4.7B | ||
| Q4 24 | $1.3B | $4.7B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.4B | ||
| Q1 24 | $1.3B | $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 | $14.1M | $63.5M |
| Free Cash FlowOCF − Capex | $6.2M | — |
| FCF MarginFCF / Revenue | 5.9% | — |
| Capex IntensityCapex / Revenue | 7.5% | — |
| Cash ConversionOCF / Net Profit | 1.15× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $40.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.1M | $63.5M | ||
| Q3 25 | $24.7M | $77.3M | ||
| Q2 25 | $8.1M | $60.8M | ||
| Q1 25 | $13.8M | $43.2M | ||
| Q4 24 | $9.3M | $41.5M | ||
| Q3 24 | $20.9M | $53.5M | ||
| Q2 24 | $2.2M | $49.3M | ||
| Q1 24 | $19.7M | $51.2M |
| Q4 25 | $6.2M | — | ||
| Q3 25 | $18.0M | — | ||
| Q2 25 | $5.2M | — | ||
| Q1 25 | $10.6M | — | ||
| Q4 24 | $4.9M | — | ||
| Q3 24 | $16.2M | — | ||
| Q2 24 | $-1.4M | — | ||
| Q1 24 | $16.2M | — |
| Q4 25 | 5.9% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 16.1% | — | ||
| Q2 24 | -1.4% | — | ||
| Q1 24 | 15.6% | — |
| Q4 25 | 7.5% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 4.6% | — | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 1.15× | 3.92× | ||
| Q3 25 | 3.76× | 1.71× | ||
| Q2 25 | 0.69× | 2.47× | ||
| Q1 25 | 0.66× | 2.61× | ||
| Q4 24 | 0.94× | 1.81× | ||
| Q3 24 | 2.11× | 1.39× | ||
| Q2 24 | 0.34× | 2.38× | ||
| Q1 24 | 2.83× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSV
| Propertyand Merchandise | $47.8M | 45% |
| Cemetery Interment Rights | $24.8M | 23% |
| Merchandise | $18.9M | 18% |
| Other Revenue | $10.2M | 10% |
| Other | $3.9M | 4% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
