vs
Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and H2O AMERICA (HTO). Click either name above to swap in a different company.
Federal Realty Investment Trust is the larger business by last-quarter revenue ($336.0M vs $199.4M, roughly 1.7× H2O AMERICA). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 8.1%, a 30.5% gap on every dollar of revenue. On growth, Federal Realty Investment Trust posted the faster year-over-year revenue change (8.7% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
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.
FRT vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $199.4M |
| Net Profit | $129.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | 16.6% |
| Net Margin | 38.6% | 8.1% |
| Revenue YoY | 8.7% | 1.5% |
| Net Profit YoY | 103.5% | -29.2% |
| EPS (diluted) | $1.49 | $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 | $336.0M | — | ||
| Q4 25 | $336.0M | $199.4M | ||
| Q3 25 | $322.3M | $243.5M | ||
| Q2 25 | $311.5M | $197.8M | ||
| Q1 25 | $309.2M | $164.9M | ||
| Q4 24 | $311.4M | $196.5M | ||
| Q3 24 | $303.6M | $216.7M | ||
| Q2 24 | $296.1M | $173.1M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $16.2M | ||
| Q3 25 | $61.6M | $45.1M | ||
| Q2 25 | $155.9M | $24.7M | ||
| Q1 25 | $63.8M | $16.6M | ||
| Q4 24 | $65.5M | $22.9M | ||
| Q3 24 | $61.0M | $38.7M | ||
| Q2 24 | $112.0M | $20.7M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | 16.6% | ||
| Q3 25 | 34.3% | 26.5% | ||
| Q2 25 | 65.1% | 22.2% | ||
| Q1 25 | 35.0% | 21.8% | ||
| Q4 24 | 35.1% | 22.2% | ||
| Q3 24 | 34.9% | 26.9% | ||
| Q2 24 | 53.0% | 23.4% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | 8.1% | ||
| Q3 25 | 19.1% | 18.5% | ||
| Q2 25 | 50.0% | 12.5% | ||
| Q1 25 | 20.6% | 10.0% | ||
| Q4 24 | 21.0% | 11.7% | ||
| Q3 24 | 20.1% | 17.8% | ||
| Q2 24 | 37.8% | 12.0% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $0.45 | ||
| Q3 25 | $0.69 | $1.27 | ||
| Q2 25 | $1.78 | $0.71 | ||
| Q1 25 | $0.72 | $0.49 | ||
| Q4 24 | $0.74 | $0.70 | ||
| Q3 24 | $0.70 | $1.17 | ||
| Q2 24 | $1.32 | $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 | $107.4M | $20.7M |
| Total DebtLower is stronger | $5.0B | $1.9B |
| Stockholders' EquityBook value | $3.2B | $1.5B |
| Total Assets | $9.1B | $5.1B |
| Debt / EquityLower = less leverage | 1.53× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $20.7M | ||
| Q3 25 | $111.3M | $11.3M | ||
| Q2 25 | $177.0M | $19.8M | ||
| Q1 25 | $109.2M | $23.7M | ||
| Q4 24 | $123.4M | $11.1M | ||
| Q3 24 | $97.0M | $4.0M | ||
| Q2 24 | $103.2M | $22.8M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.2B | $1.5B | ||
| Q2 25 | $3.2B | $1.5B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $3.0B | $1.3B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $5.1B | ||
| Q3 25 | $8.9B | $5.0B | ||
| Q2 25 | $8.6B | $4.8B | ||
| Q1 25 | $8.6B | $4.7B | ||
| Q4 24 | $8.5B | $4.7B | ||
| Q3 24 | $8.5B | $4.6B | ||
| Q2 24 | $8.4B | $4.4B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $63.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $63.5M | ||
| Q3 25 | $147.8M | $77.3M | ||
| Q2 25 | $150.7M | $60.8M | ||
| Q1 25 | $179.0M | $43.2M | ||
| Q4 24 | $574.6M | $41.5M | ||
| Q3 24 | $144.1M | $53.5M | ||
| Q2 24 | $169.7M | $49.3M |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | 3.92× | ||
| Q3 25 | 2.40× | 1.71× | ||
| Q2 25 | 0.97× | 2.47× | ||
| Q1 25 | 2.81× | 2.61× | ||
| Q4 24 | 8.77× | 1.81× | ||
| Q3 24 | 2.36× | 1.39× | ||
| Q2 24 | 1.52× | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
