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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) 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 $117.0M, roughly 1.7× Global Net Lease, Inc.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs 8.1%, a 33.1% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -15.1%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
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.
GNL vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $199.4M |
| Net Profit | $48.2M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 94.7% | 16.6% |
| Net Margin | 41.2% | 8.1% |
| Revenue YoY | -15.1% | 1.5% |
| Net Profit YoY | 838.7% | -29.2% |
| EPS (diluted) | $0.14 | $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 | $117.0M | $199.4M | ||
| Q3 25 | $121.0M | $243.5M | ||
| Q2 25 | $124.9M | $197.8M | ||
| Q1 25 | $132.4M | $164.9M | ||
| Q4 24 | $137.8M | $196.5M | ||
| Q3 24 | $138.7M | $216.7M | ||
| Q2 24 | $145.5M | $173.1M | ||
| Q1 24 | $147.9M | $150.0M |
| Q4 25 | $48.2M | $16.2M | ||
| Q3 25 | $-60.1M | $45.1M | ||
| Q2 25 | $-24.1M | $24.7M | ||
| Q1 25 | $-189.4M | $16.6M | ||
| Q4 24 | $-6.5M | $22.9M | ||
| Q3 24 | $-65.6M | $38.7M | ||
| Q2 24 | $-35.7M | $20.7M | ||
| Q1 24 | $-23.8M | $11.7M |
| Q4 25 | 94.7% | 16.6% | ||
| Q3 25 | -11.7% | 26.5% | ||
| Q2 25 | 33.9% | 22.2% | ||
| Q1 25 | -21.1% | 21.8% | ||
| Q4 24 | 40.8% | 22.2% | ||
| Q3 24 | 9.3% | 26.9% | ||
| Q2 24 | 42.6% | 23.4% | ||
| Q1 24 | 38.6% | 18.6% |
| Q4 25 | 41.2% | 8.1% | ||
| Q3 25 | -49.7% | 18.5% | ||
| Q2 25 | -19.3% | 12.5% | ||
| Q1 25 | -143.0% | 10.0% | ||
| Q4 24 | -4.7% | 11.7% | ||
| Q3 24 | -47.3% | 17.8% | ||
| Q2 24 | -24.5% | 12.0% | ||
| Q1 24 | -16.1% | 7.8% |
| Q4 25 | $0.14 | $0.45 | ||
| Q3 25 | $-0.32 | $1.27 | ||
| Q2 25 | $-0.16 | $0.71 | ||
| Q1 25 | $-0.87 | $0.49 | ||
| Q4 24 | $-0.08 | $0.70 | ||
| Q3 24 | $-0.33 | $1.17 | ||
| Q2 24 | $-0.20 | $0.64 | ||
| Q1 24 | $-0.15 | $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 | $180.1M | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.7B | $1.5B |
| Total Assets | $4.3B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $180.1M | $20.7M | ||
| Q3 25 | $165.1M | $11.3M | ||
| Q2 25 | $144.8M | $19.8M | ||
| Q1 25 | $147.0M | $23.7M | ||
| Q4 24 | $159.7M | $11.1M | ||
| Q3 24 | $127.2M | $4.0M | ||
| Q2 24 | $122.2M | $22.8M | ||
| Q1 24 | $131.9M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.9B | $1.4B | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.5B | $1.2B |
| Q4 25 | $4.3B | $5.1B | ||
| Q3 25 | $4.8B | $5.0B | ||
| Q2 25 | $5.0B | $4.8B | ||
| Q1 25 | $5.8B | $4.7B | ||
| Q4 24 | $7.0B | $4.7B | ||
| Q3 24 | $7.3B | $4.6B | ||
| Q2 24 | $7.6B | $4.4B | ||
| Q1 24 | $8.0B | $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 | $222.8M | $63.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.62× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $222.8M | $63.5M | ||
| Q3 25 | $56.0M | $77.3M | ||
| Q2 25 | $52.0M | $60.8M | ||
| Q1 25 | $59.2M | $43.2M | ||
| Q4 24 | $299.5M | $41.5M | ||
| Q3 24 | $62.1M | $53.5M | ||
| Q2 24 | $70.4M | $49.3M | ||
| Q1 24 | $92.2M | $51.2M |
| Q4 25 | 4.62× | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
