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Side-by-side financial comparison of H2O AMERICA (HTO) and Immunocore Holdings plc (IMCR). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $104.5M, roughly 1.9× Immunocore Holdings plc). On growth, Immunocore Holdings plc posted the faster year-over-year revenue change (24.3% vs 1.5%). Over the past eight quarters, Immunocore Holdings plc's revenue compounded faster (21.7% CAGR vs 15.3%).
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.
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
HTO vs IMCR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $104.5M |
| Net Profit | $16.2M | — |
| Gross Margin | — | 97.4% |
| Operating Margin | 16.6% | -18.8% |
| Net Margin | 8.1% | — |
| Revenue YoY | 1.5% | 24.3% |
| Net Profit YoY | -29.2% | — |
| EPS (diluted) | $0.45 | $-0.61 |
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 | $104.5M | ||
| Q3 25 | $243.5M | $103.7M | ||
| Q2 25 | $197.8M | $98.0M | ||
| Q1 25 | $164.9M | $93.9M | ||
| Q4 24 | $196.5M | $84.1M | ||
| Q3 24 | $216.7M | $80.2M | ||
| Q2 24 | $173.1M | $75.4M | ||
| Q1 24 | $150.0M | $70.5M |
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $-177.0K | ||
| Q2 25 | $24.7M | $-10.3M | ||
| Q1 25 | $16.6M | $5.0M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $38.7M | $8.7M | ||
| Q2 24 | $20.7M | $-11.6M | ||
| Q1 24 | $11.7M | $-24.4M |
| Q4 25 | — | 97.4% | ||
| Q3 25 | — | 99.5% | ||
| Q2 25 | — | 98.9% | ||
| Q1 25 | — | 99.1% | ||
| Q4 24 | — | 99.6% | ||
| Q3 24 | — | 99.4% | ||
| Q2 24 | — | 97.7% | ||
| Q1 24 | — | 99.7% |
| Q4 25 | 16.6% | -18.8% | ||
| Q3 25 | 26.5% | -6.9% | ||
| Q2 25 | 22.2% | -15.2% | ||
| Q1 25 | 21.8% | -3.9% | ||
| Q4 24 | 22.2% | -23.1% | ||
| Q3 24 | 26.9% | -10.6% | ||
| Q2 24 | 23.4% | -21.2% | ||
| Q1 24 | 18.6% | -37.6% |
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | -0.2% | ||
| Q2 25 | 12.5% | -10.5% | ||
| Q1 25 | 10.0% | 5.4% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 17.8% | 10.9% | ||
| Q2 24 | 12.0% | -15.4% | ||
| Q1 24 | 7.8% | -34.7% |
| Q4 25 | $0.45 | $-0.61 | ||
| Q3 25 | $1.27 | $0.00 | ||
| Q2 25 | $0.71 | $-0.20 | ||
| Q1 25 | $0.49 | $0.10 | ||
| Q4 24 | $0.70 | $-0.47 | ||
| Q3 24 | $1.17 | $0.17 | ||
| Q2 24 | $0.64 | $-0.23 | ||
| Q1 24 | $0.36 | $-0.49 |
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 | $864.2M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $381.0M |
| Total Assets | $5.1B | $1.1B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $864.2M | ||
| Q3 25 | $11.3M | $892.4M | ||
| Q2 25 | $19.8M | $882.8M | ||
| Q1 25 | $23.7M | $837.0M | ||
| Q4 24 | $11.1M | $820.4M | ||
| Q3 24 | $4.0M | $901.3M | ||
| Q2 24 | $22.8M | $859.6M | ||
| Q1 24 | $4.5M | $832.8M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | $438.7M | ||
| Q2 24 | — | $452.5M | ||
| Q1 24 | — | $452.5M |
| Q4 25 | $1.5B | $381.0M | ||
| Q3 25 | $1.5B | $396.6M | ||
| Q2 25 | $1.5B | $388.5M | ||
| Q1 25 | $1.4B | $378.5M | ||
| Q4 24 | $1.4B | $360.7M | ||
| Q3 24 | $1.3B | $377.8M | ||
| Q2 24 | $1.3B | $359.1M | ||
| Q1 24 | $1.2B | $359.5M |
| Q4 25 | $5.1B | $1.1B | ||
| Q3 25 | $5.0B | $1.1B | ||
| Q2 25 | $4.8B | $1.1B | ||
| Q1 25 | $4.7B | $1.0B | ||
| Q4 24 | $4.7B | $1.0B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.4B | $1.0B | ||
| Q1 24 | $4.4B | $994.0M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | 1.16× | ||
| Q2 24 | — | 1.26× | ||
| Q1 24 | — | 1.26× |
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 | $-32.7M |
| Free Cash FlowOCF − Capex | — | $-35.5M |
| FCF MarginFCF / Revenue | — | -34.0% |
| Capex IntensityCapex / Revenue | — | 2.8% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-15.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-32.7M | ||
| Q3 25 | $77.3M | $-4.5M | ||
| Q2 25 | $60.8M | $26.0M | ||
| Q1 25 | $43.2M | $435.0K | ||
| Q4 24 | $41.5M | $-14.0M | ||
| Q3 24 | $53.5M | $21.1M | ||
| Q2 24 | $49.3M | $23.5M | ||
| Q1 24 | $51.2M | $-4.6M |
| Q4 25 | — | $-35.5M | ||
| Q3 25 | — | $-5.2M | ||
| Q2 25 | — | $25.6M | ||
| Q1 25 | — | $137.0K | ||
| Q4 24 | — | $-17.5M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | — | $23.1M | ||
| Q1 24 | — | $-5.0M |
| Q4 25 | — | -34.0% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | 26.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | -20.9% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 30.7% | ||
| Q1 24 | — | -7.1% |
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | 0.09× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | 2.42× | ||
| 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% |
IMCR
Segment breakdown not available.
