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Side-by-side financial comparison of EZCORP INC (EZPW) and H2O AMERICA (HTO). Click either name above to swap in a different company.
EZCORP INC is the larger business by last-quarter revenue ($382.0M vs $199.4M, roughly 1.9× H2O AMERICA). EZCORP INC runs the higher net margin — 11.6% vs 8.1%, a 3.5% gap on every dollar of revenue. On growth, EZCORP INC posted the faster year-over-year revenue change (19.3% vs 1.5%). Over the past eight quarters, EZCORP INC's revenue compounded faster (15.6% CAGR vs 15.3%).
EZCORP, Inc. is an American pawn shop operator based in Austin, Texas which provides services across the United States and Latin America. It is a publicly traded company listed on the NASDAQ stock exchange and is the second largest pawn shop operator in the U.S. after Cash America International.
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.
EZPW vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.0M | $199.4M |
| Net Profit | $44.3M | $16.2M |
| Gross Margin | 58.4% | — |
| Operating Margin | 15.9% | 16.6% |
| Net Margin | 11.6% | 8.1% |
| Revenue YoY | 19.3% | 1.5% |
| Net Profit YoY | 42.8% | -29.2% |
| EPS (diluted) | $0.55 | $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 | $382.0M | $199.4M | ||
| Q3 25 | $336.8M | $243.5M | ||
| Q2 25 | $311.0M | $197.8M | ||
| Q1 25 | $306.3M | $164.9M | ||
| Q4 24 | $320.2M | $196.5M | ||
| Q3 24 | $294.6M | $216.7M | ||
| Q2 24 | $281.4M | $173.1M | ||
| Q1 24 | $285.6M | $150.0M |
| Q4 25 | $44.3M | $16.2M | ||
| Q3 25 | $26.7M | $45.1M | ||
| Q2 25 | $26.5M | $24.7M | ||
| Q1 25 | $25.4M | $16.6M | ||
| Q4 24 | $31.0M | $22.9M | ||
| Q3 24 | $15.2M | $38.7M | ||
| Q2 24 | $17.9M | $20.7M | ||
| Q1 24 | $21.5M | $11.7M |
| Q4 25 | 58.4% | — | ||
| Q3 25 | 59.0% | — | ||
| Q2 25 | 59.1% | — | ||
| Q1 25 | 58.3% | — | ||
| Q4 24 | 57.9% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.2% | — | ||
| Q1 24 | 58.7% | — |
| Q4 25 | 15.9% | 16.6% | ||
| Q3 25 | 11.0% | 26.5% | ||
| Q2 25 | 11.6% | 22.2% | ||
| Q1 25 | 11.2% | 21.8% | ||
| Q4 24 | 13.1% | 22.2% | ||
| Q3 24 | 8.8% | 26.9% | ||
| Q2 24 | 7.9% | 23.4% | ||
| Q1 24 | 9.6% | 18.6% |
| Q4 25 | 11.6% | 8.1% | ||
| Q3 25 | 7.9% | 18.5% | ||
| Q2 25 | 8.5% | 12.5% | ||
| Q1 25 | 8.3% | 10.0% | ||
| Q4 24 | 9.7% | 11.7% | ||
| Q3 24 | 5.2% | 17.8% | ||
| Q2 24 | 6.4% | 12.0% | ||
| Q1 24 | 7.5% | 7.8% |
| Q4 25 | $0.55 | $0.45 | ||
| Q3 25 | $0.35 | $1.27 | ||
| Q2 25 | $0.34 | $0.71 | ||
| Q1 25 | $0.33 | $0.49 | ||
| Q4 24 | $0.40 | $0.70 | ||
| Q3 24 | $0.20 | $1.17 | ||
| Q2 24 | $0.25 | $0.64 | ||
| Q1 24 | $0.29 | $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 | $465.9M | $20.7M |
| Total DebtLower is stronger | $518.6M | $1.9B |
| Stockholders' EquityBook value | $1.1B | $1.5B |
| Total Assets | $2.0B | $5.1B |
| Debt / EquityLower = less leverage | 0.48× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $465.9M | $20.7M | ||
| Q3 25 | $469.5M | $11.3M | ||
| Q2 25 | $472.1M | $19.8M | ||
| Q1 25 | $505.2M | $23.7M | ||
| Q4 24 | $174.5M | $11.1M | ||
| Q3 24 | $170.5M | $4.0M | ||
| Q2 24 | $218.0M | $22.8M | ||
| Q1 24 | $229.1M | $4.5M |
| Q4 25 | $518.6M | $1.9B | ||
| Q3 25 | $518.1M | — | ||
| Q2 25 | $517.6M | — | ||
| Q1 25 | $620.5M | — | ||
| Q4 24 | $327.7M | $1.7B | ||
| Q3 24 | $327.3M | — | ||
| Q2 24 | $361.3M | — | ||
| Q1 24 | $360.9M | — |
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $990.1M | $1.5B | ||
| Q1 25 | $851.6M | $1.4B | ||
| Q4 24 | $823.9M | $1.4B | ||
| Q3 24 | $804.6M | $1.3B | ||
| Q2 24 | $801.5M | $1.3B | ||
| Q1 24 | $800.4M | $1.2B |
| Q4 25 | $2.0B | $5.1B | ||
| Q3 25 | $2.0B | $5.0B | ||
| Q2 25 | $1.9B | $4.8B | ||
| Q1 25 | $1.8B | $4.7B | ||
| Q4 24 | $1.5B | $4.7B | ||
| Q3 24 | $1.5B | $4.6B | ||
| Q2 24 | $1.5B | $4.4B | ||
| Q1 24 | $1.5B | $4.4B |
| Q4 25 | 0.48× | 1.23× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 0.40× | 1.26× | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.45× | — |
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 | $39.1M | $63.5M |
| Free Cash FlowOCF − Capex | $31.7M | — |
| FCF MarginFCF / Revenue | 8.3% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | 0.88× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $121.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.1M | $63.5M | ||
| Q3 25 | $51.3M | $77.3M | ||
| Q2 25 | $34.8M | $60.8M | ||
| Q1 25 | $36.9M | $43.2M | ||
| Q4 24 | $26.0M | $41.5M | ||
| Q3 24 | $43.3M | $53.5M | ||
| Q2 24 | $33.7M | $49.3M | ||
| Q1 24 | $15.1M | $51.2M |
| Q4 25 | $31.7M | — | ||
| Q3 25 | $35.7M | — | ||
| Q2 25 | $25.7M | — | ||
| Q1 25 | $28.6M | — | ||
| Q4 24 | $20.4M | — | ||
| Q3 24 | $24.4M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 8.3% | — | ||
| Q3 25 | 10.6% | — | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 9.3% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 8.3% | — | ||
| Q2 24 | 10.8% | — | ||
| Q1 24 | 3.0% | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.7% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 6.4% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 2.3% | — |
| Q4 25 | 0.88× | 3.92× | ||
| Q3 25 | 1.92× | 1.71× | ||
| Q2 25 | 1.31× | 2.47× | ||
| Q1 25 | 1.45× | 2.61× | ||
| Q4 24 | 0.84× | 1.81× | ||
| Q3 24 | 2.85× | 1.39× | ||
| Q2 24 | 1.88× | 2.38× | ||
| Q1 24 | 0.70× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EZPW
| Merchandise | $210.1M | 55% |
| Pawn Service | $131.9M | 35% |
| Jewelry Scrap | $39.9M | 10% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
