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Side-by-side financial comparison of HELIX ENERGY SOLUTIONS GROUP INC (HLX) and H2O AMERICA (HTO). Click either name above to swap in a different company.
HELIX ENERGY SOLUTIONS GROUP INC is the larger business by last-quarter revenue ($287.9M vs $199.4M, roughly 1.4× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -4.7%, a 12.8% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -13.8%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -11.2%).
Helix Energy Solutions Inc., known as Cal Dive International prior to 2006, is an American oil and gas services company headquartered in Houston, Texas. The company is a global provider of offshore services in well intervention and ROV operations of new and existing oil and gas fields.
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.
HLX vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $287.9M | $199.4M |
| Net Profit | $-13.4M | $16.2M |
| Gross Margin | 3.1% | — |
| Operating Margin | — | 16.6% |
| Net Margin | -4.7% | 8.1% |
| Revenue YoY | -13.8% | 1.5% |
| Net Profit YoY | -536.4% | -29.2% |
| EPS (diluted) | $-0.09 | $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 | $287.9M | — | ||
| Q4 25 | $334.2M | $199.4M | ||
| Q3 25 | $377.0M | $243.5M | ||
| Q2 25 | $302.3M | $197.8M | ||
| Q1 25 | $278.1M | $164.9M | ||
| Q4 24 | $355.1M | $196.5M | ||
| Q3 24 | $342.4M | $216.7M | ||
| Q2 24 | $364.8M | $173.1M |
| Q1 26 | $-13.4M | — | ||
| Q4 25 | $8.3M | $16.2M | ||
| Q3 25 | $22.1M | $45.1M | ||
| Q2 25 | $-2.6M | $24.7M | ||
| Q1 25 | $3.1M | $16.6M | ||
| Q4 24 | $20.1M | $22.9M | ||
| Q3 24 | $29.5M | $38.7M | ||
| Q2 24 | $32.3M | $20.7M |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 15.2% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 19.2% | — | ||
| Q2 24 | 20.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 16.6% | ||
| Q3 25 | 12.7% | 26.5% | ||
| Q2 25 | -1.0% | 22.2% | ||
| Q1 25 | 2.9% | 21.8% | ||
| Q4 24 | 8.7% | 22.2% | ||
| Q3 24 | 13.0% | 26.9% | ||
| Q2 24 | 14.6% | 23.4% |
| Q1 26 | -4.7% | — | ||
| Q4 25 | 2.5% | 8.1% | ||
| Q3 25 | 5.9% | 18.5% | ||
| Q2 25 | -0.9% | 12.5% | ||
| Q1 25 | 1.1% | 10.0% | ||
| Q4 24 | 5.7% | 11.7% | ||
| Q3 24 | 8.6% | 17.8% | ||
| Q2 24 | 8.9% | 12.0% |
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $0.06 | $0.45 | ||
| Q3 25 | $0.15 | $1.27 | ||
| Q2 25 | $-0.02 | $0.71 | ||
| Q1 25 | $0.02 | $0.49 | ||
| Q4 24 | $0.13 | $0.70 | ||
| Q3 24 | $0.19 | $1.17 | ||
| Q2 24 | $0.21 | $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 | $501.3M | $20.7M |
| Total DebtLower is stronger | $303.8M | $1.9B |
| Stockholders' EquityBook value | $1.6B | $1.5B |
| Total Assets | $2.6B | $5.1B |
| Debt / EquityLower = less leverage | 0.20× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $501.3M | — | ||
| Q4 25 | $445.2M | $20.7M | ||
| Q3 25 | $338.0M | $11.3M | ||
| Q2 25 | $319.7M | $19.8M | ||
| Q1 25 | $370.0M | $23.7M | ||
| Q4 24 | $368.0M | $11.1M | ||
| Q3 24 | $324.1M | $4.0M | ||
| Q2 24 | $275.1M | $22.8M |
| Q1 26 | $303.8M | — | ||
| Q4 25 | $308.0M | $1.9B | ||
| Q3 25 | $307.5M | — | ||
| Q2 25 | $311.6M | — | ||
| Q1 25 | $311.1M | — | ||
| Q4 24 | $315.2M | $1.7B | ||
| Q3 24 | $314.7M | — | ||
| Q2 24 | $318.6M | — |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.6B | $5.0B | ||
| Q2 25 | $2.7B | $4.8B | ||
| Q1 25 | $2.6B | $4.7B | ||
| Q4 24 | $2.6B | $4.7B | ||
| Q3 24 | $2.7B | $4.6B | ||
| Q2 24 | $2.6B | $4.4B |
| Q1 26 | 0.20× | — | ||
| Q4 25 | 0.19× | 1.23× | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.21× | 1.26× | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.21× | — |
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 | $61.8M | $63.5M |
| Free Cash FlowOCF − Capex | $59.0M | — |
| FCF MarginFCF / Revenue | 20.5% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $167.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.8M | — | ||
| Q4 25 | $113.2M | $63.5M | ||
| Q3 25 | $24.3M | $77.3M | ||
| Q2 25 | $-17.1M | $60.8M | ||
| Q1 25 | $16.4M | $43.2M | ||
| Q4 24 | $78.0M | $41.5M | ||
| Q3 24 | $55.7M | $53.5M | ||
| Q2 24 | $-12.2M | $49.3M |
| Q1 26 | $59.0M | — | ||
| Q4 25 | $107.5M | — | ||
| Q3 25 | $22.6M | — | ||
| Q2 25 | $-21.6M | — | ||
| Q1 25 | $12.0M | — | ||
| Q4 24 | $65.5M | — | ||
| Q3 24 | $52.5M | — | ||
| Q2 24 | $-16.2M | — |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 32.2% | — | ||
| Q3 25 | 6.0% | — | ||
| Q2 25 | -7.1% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 18.4% | — | ||
| Q3 24 | 15.3% | — | ||
| Q2 24 | -4.4% | — |
| Q1 26 | 1.0% | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 1.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 13.68× | 3.92× | ||
| Q3 25 | 1.10× | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | 5.35× | 2.61× | ||
| Q4 24 | 3.88× | 1.81× | ||
| Q3 24 | 1.89× | 1.39× | ||
| Q2 24 | -0.38× | 2.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLX
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
