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Side-by-side financial comparison of Hillman Solutions Corp. (HLMN) and H2O AMERICA (HTO). Click either name above to swap in a different company.
Hillman Solutions Corp. is the larger business by last-quarter revenue ($370.1M vs $199.4M, roughly 1.9× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -1.3%, a 9.4% gap on every dollar of revenue. On growth, Hillman Solutions Corp. posted the faster year-over-year revenue change (3.0% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -1.2%).
Hillman Solutions is an American hardware manufacturing, distribution and consumer fabrication services company.
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.
HLMN vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $370.1M | $199.4M |
| Net Profit | $-4.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 1.9% | 16.6% |
| Net Margin | -1.3% | 8.1% |
| Revenue YoY | 3.0% | 1.5% |
| Net Profit YoY | — | -29.2% |
| EPS (diluted) | $-0.02 | $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 | $370.1M | — | ||
| Q4 25 | $365.1M | $199.4M | ||
| Q3 25 | $424.9M | $243.5M | ||
| Q2 25 | $402.8M | $197.8M | ||
| Q1 25 | $359.3M | $164.9M | ||
| Q4 24 | $349.6M | $196.5M | ||
| Q3 24 | $393.3M | $216.7M | ||
| Q2 24 | $379.4M | $173.1M |
| Q1 26 | $-4.7M | — | ||
| Q4 25 | $1.6M | $16.2M | ||
| Q3 25 | $23.2M | $45.1M | ||
| Q2 25 | $15.8M | $24.7M | ||
| Q1 25 | $-317.0K | $16.6M | ||
| Q4 24 | $-1.2M | $22.9M | ||
| Q3 24 | $7.4M | $38.7M | ||
| Q2 24 | $12.5M | $20.7M |
| Q1 26 | 1.9% | — | ||
| Q4 25 | 4.6% | 16.6% | ||
| Q3 25 | 10.8% | 26.5% | ||
| Q2 25 | 9.0% | 22.2% | ||
| Q1 25 | 4.2% | 21.8% | ||
| Q4 24 | 4.0% | 22.2% | ||
| Q3 24 | 6.8% | 26.9% | ||
| Q2 24 | 8.3% | 23.4% |
| Q1 26 | -1.3% | — | ||
| Q4 25 | 0.4% | 8.1% | ||
| Q3 25 | 5.5% | 18.5% | ||
| Q2 25 | 3.9% | 12.5% | ||
| Q1 25 | -0.1% | 10.0% | ||
| Q4 24 | -0.3% | 11.7% | ||
| Q3 24 | 1.9% | 17.8% | ||
| Q2 24 | 3.3% | 12.0% |
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $0.00 | $0.45 | ||
| Q3 25 | $0.12 | $1.27 | ||
| Q2 25 | $0.08 | $0.71 | ||
| Q1 25 | $0.00 | $0.49 | ||
| Q4 24 | $-0.00 | $0.70 | ||
| Q3 24 | $0.04 | $1.17 | ||
| Q2 24 | $0.06 | $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 | $27.7M | $20.7M |
| Total DebtLower is stronger | $714.1M | $1.9B |
| Stockholders' EquityBook value | $1.2B | $1.5B |
| Total Assets | $2.4B | $5.1B |
| Debt / EquityLower = less leverage | 0.59× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $27.7M | — | ||
| Q4 25 | $27.3M | $20.7M | ||
| Q3 25 | $37.7M | $11.3M | ||
| Q2 25 | $34.2M | $19.8M | ||
| Q1 25 | $36.3M | $23.7M | ||
| Q4 24 | $44.5M | $11.1M | ||
| Q3 24 | $59.8M | $4.0M | ||
| Q2 24 | $54.0M | $22.8M |
| Q1 26 | $714.1M | — | ||
| Q4 25 | $668.3M | $1.9B | ||
| Q3 25 | $683.2M | — | ||
| Q2 25 | $683.1M | — | ||
| Q1 25 | $713.5M | — | ||
| Q4 24 | $691.7M | $1.7B | ||
| Q3 24 | $730.7M | — | ||
| Q2 24 | $732.1M | — |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.3B |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $5.1B | ||
| Q3 25 | $2.4B | $5.0B | ||
| Q2 25 | $2.4B | $4.8B | ||
| Q1 25 | $2.3B | $4.7B | ||
| Q4 24 | $2.3B | $4.7B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $2.4B | $4.4B |
| Q1 26 | 0.59× | — | ||
| Q4 25 | 0.54× | 1.23× | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.59× | 1.26× | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — |
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 | $-34.3M | — |
| FCF MarginFCF / Revenue | -9.3% | — |
| Capex IntensityCapex / Revenue | 4.0% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $22.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $30.9M | $63.5M | ||
| Q3 25 | $26.2M | $77.3M | ||
| Q2 25 | $48.7M | $60.8M | ||
| Q1 25 | $-655.0K | $43.2M | ||
| Q4 24 | $43.1M | $41.5M | ||
| Q3 24 | $63.7M | $53.5M | ||
| Q2 24 | $64.8M | $49.3M |
| Q1 26 | $-34.3M | — | ||
| Q4 25 | $16.1M | — | ||
| Q3 25 | $9.1M | — | ||
| Q2 25 | $31.2M | — | ||
| Q1 25 | $-21.3M | — | ||
| Q4 24 | $22.1M | — | ||
| Q3 24 | $39.6M | — | ||
| Q2 24 | $42.5M | — |
| Q1 26 | -9.3% | — | ||
| Q4 25 | 4.4% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | -5.9% | — | ||
| Q4 24 | 6.3% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 11.2% | — |
| Q1 26 | 4.0% | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 5.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 19.33× | 3.92× | ||
| Q3 25 | 1.13× | 1.71× | ||
| Q2 25 | 3.08× | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 8.57× | 1.39× | ||
| Q2 24 | 5.17× | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLMN
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
