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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and H2O AMERICA (HTO). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $199.4M, roughly 1.2× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 4.4%, a 3.7% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 5.1%).
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.
CSW vs HTO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $199.4M |
| Net Profit | $10.3M | $16.2M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | 16.6% |
| Net Margin | 4.4% | 8.1% |
| Revenue YoY | 20.3% | 1.5% |
| Net Profit YoY | -61.9% | -29.2% |
| EPS (diluted) | $0.62 | $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 | $233.0M | $199.4M | ||
| Q3 25 | $277.0M | $243.5M | ||
| Q2 25 | $263.6M | $197.8M | ||
| Q1 25 | $230.5M | $164.9M | ||
| Q4 24 | $193.6M | $196.5M | ||
| Q3 24 | $227.9M | $216.7M | ||
| Q2 24 | $226.2M | $173.1M | ||
| Q1 24 | $210.9M | $150.0M |
| Q4 25 | $10.3M | $16.2M | ||
| Q3 25 | $40.7M | $45.1M | ||
| Q2 25 | $40.9M | $24.7M | ||
| Q1 25 | $35.1M | $16.6M | ||
| Q4 24 | $26.9M | $22.9M | ||
| Q3 24 | $36.1M | $38.7M | ||
| Q2 24 | $38.6M | $20.7M | ||
| Q1 24 | $31.8M | $11.7M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | 16.6% | ||
| Q3 25 | 20.5% | 26.5% | ||
| Q2 25 | 20.8% | 22.2% | ||
| Q1 25 | 19.5% | 21.8% | ||
| Q4 24 | 15.3% | 22.2% | ||
| Q3 24 | 22.6% | 26.9% | ||
| Q2 24 | 24.3% | 23.4% | ||
| Q1 24 | 21.0% | 18.6% |
| Q4 25 | 4.4% | 8.1% | ||
| Q3 25 | 14.7% | 18.5% | ||
| Q2 25 | 15.5% | 12.5% | ||
| Q1 25 | 15.2% | 10.0% | ||
| Q4 24 | 13.9% | 11.7% | ||
| Q3 24 | 15.8% | 17.8% | ||
| Q2 24 | 17.1% | 12.0% | ||
| Q1 24 | 15.1% | 7.8% |
| Q4 25 | $0.62 | $0.45 | ||
| Q3 25 | $2.41 | $1.27 | ||
| Q2 25 | $2.43 | $0.71 | ||
| Q1 25 | $2.05 | $0.49 | ||
| Q4 24 | $1.60 | $0.70 | ||
| Q3 24 | $2.26 | $1.17 | ||
| Q2 24 | $2.47 | $0.64 | ||
| Q1 24 | $2.03 | $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 | $40.2M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.1B | $1.5B |
| Total Assets | $2.3B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $20.7M | ||
| Q3 25 | $31.5M | $11.3M | ||
| Q2 25 | $38.0M | $19.8M | ||
| Q1 25 | $225.8M | $23.7M | ||
| Q4 24 | $213.8M | $11.1M | ||
| Q3 24 | $273.2M | $4.0M | ||
| Q2 24 | $18.9M | $22.8M | ||
| Q1 24 | $22.2M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $650.2M | $1.3B | ||
| Q1 24 | $615.7M | $1.2B |
| Q4 25 | $2.3B | $5.1B | ||
| Q3 25 | $1.5B | $5.0B | ||
| Q2 25 | $1.5B | $4.8B | ||
| Q1 25 | $1.4B | $4.7B | ||
| Q4 24 | $1.4B | $4.7B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.1B | $4.4B | ||
| Q1 24 | $1.0B | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $63.5M |
| Free Cash FlowOCF − Capex | $22.7M | — |
| FCF MarginFCF / Revenue | 9.8% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 2.81× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $63.5M | ||
| Q3 25 | $61.8M | $77.3M | ||
| Q2 25 | $60.6M | $60.8M | ||
| Q1 25 | $27.3M | $43.2M | ||
| Q4 24 | $11.6M | $41.5M | ||
| Q3 24 | $66.8M | $53.5M | ||
| Q2 24 | $62.7M | $49.3M | ||
| Q1 24 | $22.4M | $51.2M |
| Q4 25 | $22.7M | — | ||
| Q3 25 | $58.7M | — | ||
| Q2 25 | $57.7M | — | ||
| Q1 25 | $22.8M | — | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $61.3M | — | ||
| Q2 24 | $59.6M | — | ||
| Q1 24 | $17.5M | — |
| Q4 25 | 9.8% | — | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 26.3% | — | ||
| Q1 24 | 8.3% | — |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.3% | — |
| Q4 25 | 2.81× | 3.92× | ||
| Q3 25 | 1.52× | 1.71× | ||
| Q2 25 | 1.48× | 2.47× | ||
| Q1 25 | 0.78× | 2.61× | ||
| Q4 24 | 0.43× | 1.81× | ||
| Q3 24 | 1.85× | 1.39× | ||
| Q2 24 | 1.62× | 2.38× | ||
| Q1 24 | 0.71× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
