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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and H2O AMERICA (HTO). Click either name above to swap in a different company.
FORUM ENERGY TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($208.7M vs $199.4M, roughly 1.0× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 2.2%, a 6.0% gap on every dollar of revenue. On growth, FORUM ENERGY TECHNOLOGIES, INC. posted the faster year-over-year revenue change (3.2% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 0.8%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
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.
FET vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $199.4M |
| Net Profit | $4.5M | $16.2M |
| Gross Margin | 29.2% | — |
| Operating Margin | 5.3% | 16.6% |
| Net Margin | 2.2% | 8.1% |
| Revenue YoY | 3.2% | 1.5% |
| Net Profit YoY | 300.4% | -29.2% |
| EPS (diluted) | $0.39 | $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.
| Q1 26 | $208.7M | — | ||
| Q4 25 | $202.2M | $199.4M | ||
| Q3 25 | $196.2M | $243.5M | ||
| Q2 25 | $199.8M | $197.8M | ||
| Q1 25 | $193.3M | $164.9M | ||
| Q4 24 | $201.0M | $196.5M | ||
| Q3 24 | $207.8M | $216.7M | ||
| Q2 24 | $205.2M | $173.1M |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | $16.2M | ||
| Q3 25 | $-20.6M | $45.1M | ||
| Q2 25 | $7.7M | $24.7M | ||
| Q1 25 | $1.1M | $16.6M | ||
| Q4 24 | $-103.5M | $22.9M | ||
| Q3 24 | $-14.8M | $38.7M | ||
| Q2 24 | $-6.7M | $20.7M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 29.7% | — | ||
| Q1 25 | 30.2% | — | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 31.6% | — | ||
| Q2 24 | 30.7% | — |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | 16.6% | ||
| Q3 25 | -3.1% | 26.5% | ||
| Q2 25 | 7.4% | 22.2% | ||
| Q1 25 | 4.6% | 21.8% | ||
| Q4 24 | -53.1% | 22.2% | ||
| Q3 24 | 4.3% | 26.9% | ||
| Q2 24 | 3.9% | 23.4% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | 8.1% | ||
| Q3 25 | -10.5% | 18.5% | ||
| Q2 25 | 3.9% | 12.5% | ||
| Q1 25 | 0.6% | 10.0% | ||
| Q4 24 | -51.5% | 11.7% | ||
| Q3 24 | -7.1% | 17.8% | ||
| Q2 24 | -3.3% | 12.0% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | $0.45 | ||
| Q3 25 | $-1.76 | $1.27 | ||
| Q2 25 | $0.61 | $0.71 | ||
| Q1 25 | $0.09 | $0.49 | ||
| Q4 24 | $-8.41 | $0.70 | ||
| Q3 24 | $-1.20 | $1.17 | ||
| Q2 24 | $-0.54 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $37.5M | $20.7M |
| Total DebtLower is stronger | $153.7M | $1.9B |
| Stockholders' EquityBook value | $280.7M | $1.5B |
| Total Assets | $763.1M | $5.1B |
| Debt / EquityLower = less leverage | 0.55× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | $20.7M | ||
| Q3 25 | $31.7M | $11.3M | ||
| Q2 25 | $39.0M | $19.8M | ||
| Q1 25 | $31.1M | $23.7M | ||
| Q4 24 | $44.7M | $11.1M | ||
| Q3 24 | $33.3M | $4.0M | ||
| Q2 24 | $31.8M | $22.8M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | $1.9B | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | $1.7B | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | $1.5B | ||
| Q3 25 | $297.3M | $1.5B | ||
| Q2 25 | $334.2M | $1.5B | ||
| Q1 25 | $320.0M | $1.4B | ||
| Q4 24 | $319.9M | $1.4B | ||
| Q3 24 | $443.5M | $1.3B | ||
| Q2 24 | $442.0M | $1.3B |
| Q1 26 | $763.1M | — | ||
| Q4 25 | $752.5M | $5.1B | ||
| Q3 25 | $770.1M | $5.0B | ||
| Q2 25 | $810.1M | $4.8B | ||
| Q1 25 | $790.1M | $4.7B | ||
| Q4 24 | $816.0M | $4.7B | ||
| Q3 24 | $973.7M | $4.6B | ||
| Q2 24 | $976.8M | $4.4B |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | 1.23× | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | 1.26× | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $1.6M | $63.5M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 0.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 0.36× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | $63.5M | ||
| Q3 25 | $22.9M | $77.3M | ||
| Q2 25 | $15.8M | $60.8M | ||
| Q1 25 | $9.3M | $43.2M | ||
| Q4 24 | $38.5M | $41.5M | ||
| Q3 24 | $25.6M | $53.5M | ||
| Q2 24 | $23.1M | $49.3M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | — | ||
| Q3 25 | $21.5M | — | ||
| Q2 25 | $14.8M | — | ||
| Q1 25 | $7.2M | — | ||
| Q4 24 | $36.1M | — | ||
| Q3 24 | $24.3M | — | ||
| Q2 24 | $21.6M | — |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 10.5% | — |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.7% | — |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | 2.05× | 2.47× | ||
| Q1 25 | 8.31× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
