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Side-by-side financial comparison of H2O AMERICA (HTO) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $113.9M, roughly 1.8× Industrial Logistics Properties Trust). H2O AMERICA runs the higher net margin — 8.1% vs -1.6%, a 9.7% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
HTO vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $113.9M |
| Net Profit | $16.2M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | -22.1% |
| Net Margin | 8.1% | -1.6% |
| Revenue YoY | 1.5% | 3.1% |
| Net Profit YoY | -29.2% | 92.6% |
| EPS (diluted) | $0.45 | $-0.02 |
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 | $199.4M | $113.9M | ||
| Q3 25 | $243.5M | $110.9M | ||
| Q2 25 | $197.8M | $112.1M | ||
| Q1 25 | $164.9M | $111.9M | ||
| Q4 24 | $196.5M | $110.5M | ||
| Q3 24 | $216.7M | $108.9M | ||
| Q2 24 | $173.1M | $110.6M | ||
| Q1 24 | $150.0M | $112.2M |
| Q4 25 | $16.2M | $-1.8M | ||
| Q3 25 | $45.1M | $-21.6M | ||
| Q2 25 | $24.7M | $-21.3M | ||
| Q1 25 | $16.6M | $-21.5M | ||
| Q4 24 | $22.9M | $-24.1M | ||
| Q3 24 | $38.7M | $-25.0M | ||
| Q2 24 | $20.7M | $-23.2M | ||
| Q1 24 | $11.7M | $-23.4M |
| Q4 25 | 16.6% | -22.1% | ||
| Q3 25 | 26.5% | -29.4% | ||
| Q2 25 | 22.2% | -30.8% | ||
| Q1 25 | 21.8% | -26.9% | ||
| Q4 24 | 22.2% | -31.1% | ||
| Q3 24 | 26.9% | -33.5% | ||
| Q2 24 | 23.4% | -32.4% | ||
| Q1 24 | 18.6% | -31.7% |
| Q4 25 | 8.1% | -1.6% | ||
| Q3 25 | 18.5% | -19.4% | ||
| Q2 25 | 12.5% | -19.0% | ||
| Q1 25 | 10.0% | -19.2% | ||
| Q4 24 | 11.7% | -21.8% | ||
| Q3 24 | 17.8% | -22.9% | ||
| Q2 24 | 12.0% | -20.9% | ||
| Q1 24 | 7.8% | -20.9% |
| Q4 25 | $0.45 | $-0.02 | ||
| Q3 25 | $1.27 | $-0.33 | ||
| Q2 25 | $0.71 | $-0.32 | ||
| Q1 25 | $0.49 | $-0.33 | ||
| Q4 24 | $0.70 | $-0.37 | ||
| Q3 24 | $1.17 | $-0.38 | ||
| Q2 24 | $0.64 | $-0.35 | ||
| Q1 24 | $0.36 | $-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 | $20.7M | $94.8M |
| Total DebtLower is stronger | $1.9B | $4.2B |
| Stockholders' EquityBook value | $1.5B | $489.7M |
| Total Assets | $5.1B | $5.2B |
| Debt / EquityLower = less leverage | 1.23× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $94.8M | ||
| Q3 25 | $11.3M | $83.2M | ||
| Q2 25 | $19.8M | $58.6M | ||
| Q1 25 | $23.7M | $108.0M | ||
| Q4 24 | $11.1M | $131.7M | ||
| Q3 24 | $4.0M | $153.9M | ||
| Q2 24 | $22.8M | $146.2M | ||
| Q1 24 | $4.5M | $128.4M |
| Q4 25 | $1.9B | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | $1.5B | $489.7M | ||
| Q3 25 | $1.5B | $494.1M | ||
| Q2 25 | $1.5B | $519.1M | ||
| Q1 25 | $1.4B | $539.5M | ||
| Q4 24 | $1.4B | $562.0M | ||
| Q3 24 | $1.3B | $585.9M | ||
| Q2 24 | $1.3B | $618.3M | ||
| Q1 24 | $1.2B | $643.2M |
| Q4 25 | $5.1B | $5.2B | ||
| Q3 25 | $5.0B | $5.2B | ||
| Q2 25 | $4.8B | $5.2B | ||
| Q1 25 | $4.7B | $5.4B | ||
| Q4 24 | $4.7B | $5.4B | ||
| Q3 24 | $4.6B | $5.5B | ||
| Q2 24 | $4.4B | $5.5B | ||
| Q1 24 | $4.4B | $5.5B |
| Q4 25 | 1.23× | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | 1.26× | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | — | $42.0M |
| FCF MarginFCF / Revenue | — | 36.9% |
| Capex IntensityCapex / Revenue | — | 16.4% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $60.7M | ||
| Q3 25 | $77.3M | $22.7M | ||
| Q2 25 | $60.8M | $18.4M | ||
| Q1 25 | $43.2M | $11.4M | ||
| Q4 24 | $41.5M | $2.0M | ||
| Q3 24 | $53.5M | $-3.4M | ||
| Q2 24 | $49.3M | $10.8M | ||
| Q1 24 | $51.2M | $8.0M |
| Q4 25 | — | $42.0M | ||
| Q3 25 | — | $17.6M | ||
| Q2 25 | — | $15.2M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | — | $-3.7M | ||
| Q3 24 | — | $-5.9M | ||
| Q2 24 | — | $9.4M | ||
| Q1 24 | — | $5.9M |
| Q4 25 | — | 36.9% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 4.5% | ||
| Q4 24 | — | -3.4% | ||
| Q3 24 | — | -5.5% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 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
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
ILPT
Segment breakdown not available.
