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Side-by-side financial comparison of H2O AMERICA (HTO) and Innovex International, Inc. (INVX). Click either name above to swap in a different company.
Innovex International, Inc. is the larger business by last-quarter revenue ($273.6M vs $199.4M, roughly 1.4× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 5.1%, a 3.0% gap on every dollar of revenue. On growth, Innovex International, Inc. posted the faster year-over-year revenue change (9.1% vs 1.5%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% 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.
HTO vs INVX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $273.6M |
| Net Profit | $16.2M | $14.0M |
| Gross Margin | — | 28.9% |
| Operating Margin | 16.6% | 9.4% |
| Net Margin | 8.1% | 5.1% |
| Revenue YoY | 1.5% | 9.1% |
| Net Profit YoY | -29.2% | -56.1% |
| EPS (diluted) | $0.45 | $0.20 |
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 | $273.6M | ||
| Q3 25 | $243.5M | $240.0M | ||
| Q2 25 | $197.8M | $224.2M | ||
| Q1 25 | $164.9M | $240.4M | ||
| Q4 24 | $196.5M | $250.7M | ||
| Q3 24 | $216.7M | $151.8M | ||
| Q2 24 | $173.1M | $130.3M | ||
| Q1 24 | $150.0M | $128.0M |
| Q4 25 | $16.2M | $14.0M | ||
| Q3 25 | $45.1M | $39.2M | ||
| Q2 25 | $24.7M | $15.3M | ||
| Q1 25 | $16.6M | $14.8M | ||
| Q4 24 | $22.9M | $31.8M | ||
| Q3 24 | $38.7M | $82.6M | ||
| Q2 24 | $20.7M | $9.5M | ||
| Q1 24 | $11.7M | $16.4M |
| Q4 25 | — | 28.9% | ||
| Q3 25 | — | 31.6% | ||
| Q2 25 | — | 32.0% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 35.3% | ||
| Q1 24 | — | 38.4% |
| Q4 25 | 16.6% | 9.4% | ||
| Q3 25 | 26.5% | 26.0% | ||
| Q2 25 | 22.2% | 10.1% | ||
| Q1 25 | 21.8% | 9.1% | ||
| Q4 24 | 22.2% | 10.7% | ||
| Q3 24 | 26.9% | -8.7% | ||
| Q2 24 | 23.4% | 10.0% | ||
| Q1 24 | 18.6% | 17.4% |
| Q4 25 | 8.1% | 5.1% | ||
| Q3 25 | 18.5% | 16.3% | ||
| Q2 25 | 12.5% | 6.8% | ||
| Q1 25 | 10.0% | 6.1% | ||
| Q4 24 | 11.7% | 12.7% | ||
| Q3 24 | 17.8% | 54.4% | ||
| Q2 24 | 12.0% | 7.3% | ||
| Q1 24 | 7.8% | 12.8% |
| Q4 25 | $0.45 | $0.20 | ||
| Q3 25 | $1.27 | $0.57 | ||
| Q2 25 | $0.71 | $0.22 | ||
| Q1 25 | $0.49 | $0.21 | ||
| Q4 24 | $0.70 | $-0.03 | ||
| Q3 24 | $1.17 | $1.99 | ||
| Q2 24 | $0.64 | $0.30 | ||
| Q1 24 | $0.36 | $0.51 |
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 | — |
| Total DebtLower is stronger | $1.9B | $18.9M |
| Stockholders' EquityBook value | $1.5B | $1.1B |
| Total Assets | $5.1B | $1.3B |
| Debt / EquityLower = less leverage | 1.23× | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | $185.6M | ||
| Q1 24 | $4.5M | $202.2M |
| Q4 25 | $1.9B | $18.9M | ||
| Q3 25 | — | $20.1M | ||
| Q2 25 | — | $34.8M | ||
| Q1 25 | — | $19.7M | ||
| Q4 24 | $1.7B | $24.9M | ||
| Q3 24 | — | $12.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.5B | $995.6M | ||
| Q1 25 | $1.4B | $978.4M | ||
| Q4 24 | $1.4B | $958.2M | ||
| Q3 24 | $1.3B | $904.4M | ||
| Q2 24 | $1.3B | $352.5M | ||
| Q1 24 | $1.2B | $344.3M |
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $5.0B | $1.3B | ||
| Q2 25 | $4.8B | $1.2B | ||
| Q1 25 | $4.7B | $1.2B | ||
| Q4 24 | $4.7B | $1.2B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.4B | $1.0B | ||
| Q1 24 | $4.4B | $1.0B |
| Q4 25 | 1.23× | 0.02× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | 1.26× | 0.03× | ||
| Q3 24 | — | 0.01× | ||
| 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 | $63.5M | $52.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $52.2M | ||
| Q3 25 | $77.3M | $48.4M | ||
| Q2 25 | $60.8M | $59.2M | ||
| Q1 25 | $43.2M | $31.1M | ||
| Q4 24 | $41.5M | $36.3M | ||
| Q3 24 | $53.5M | $21.7M | ||
| Q2 24 | $49.3M | $22.8M | ||
| Q1 24 | $51.2M | $12.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $16.6M | ||
| Q1 24 | — | $7.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 12.7% | ||
| Q1 24 | — | 6.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | 3.92× | 3.74× | ||
| Q3 25 | 1.71× | 1.23× | ||
| Q2 25 | 2.47× | 3.86× | ||
| Q1 25 | 2.61× | 2.11× | ||
| Q4 24 | 1.81× | 1.14× | ||
| Q3 24 | 1.39× | 0.26× | ||
| Q2 24 | 2.38× | 2.39× | ||
| Q1 24 | 4.38× | 0.77× |
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% |
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
