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Side-by-side financial comparison of H2O AMERICA (HTO) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $199.4M, roughly 1.4× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 4.8%, a 3.3% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 4.4%).
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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
HTO vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $274.5M |
| Net Profit | $16.2M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 16.6% | 1.2% |
| Net Margin | 8.1% | 4.8% |
| Revenue YoY | 1.5% | 17.1% |
| Net Profit YoY | -29.2% | 69.8% |
| EPS (diluted) | $0.45 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $243.5M | $250.8M | ||
| Q2 25 | $197.8M | $250.7M | ||
| Q1 25 | $164.9M | $227.8M | ||
| Q4 24 | $196.5M | $234.3M | ||
| Q3 24 | $216.7M | $233.1M | ||
| Q2 24 | $173.1M | $257.6M | ||
| Q1 24 | $150.0M | $252.0M |
| Q4 25 | $16.2M | $13.3M | ||
| Q3 25 | $45.1M | $7.5M | ||
| Q2 25 | $24.7M | $6.6M | ||
| Q1 25 | $16.6M | $3.8M | ||
| Q4 24 | $22.9M | $7.8M | ||
| Q3 24 | $38.7M | $-233.6M | ||
| Q2 24 | $20.7M | $20.2M | ||
| Q1 24 | $11.7M | $24.1M |
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | 16.6% | 1.2% | ||
| Q3 25 | 26.5% | 3.1% | ||
| Q2 25 | 22.2% | 0.0% | ||
| Q1 25 | 21.8% | 0.8% | ||
| Q4 24 | 22.2% | 6.0% | ||
| Q3 24 | 26.9% | -108.7% | ||
| Q2 24 | 23.4% | 4.7% | ||
| Q1 24 | 18.6% | 7.6% |
| Q4 25 | 8.1% | 4.8% | ||
| Q3 25 | 18.5% | 3.0% | ||
| Q2 25 | 12.5% | 2.6% | ||
| Q1 25 | 10.0% | 1.6% | ||
| Q4 24 | 11.7% | 3.3% | ||
| Q3 24 | 17.8% | -100.2% | ||
| Q2 24 | 12.0% | 7.8% | ||
| Q1 24 | 7.8% | 9.6% |
| Q4 25 | $0.45 | $0.30 | ||
| Q3 25 | $1.27 | $0.18 | ||
| Q2 25 | $0.71 | $0.16 | ||
| Q1 25 | $0.49 | $0.09 | ||
| Q4 24 | $0.70 | $0.27 | ||
| Q3 24 | $1.17 | $-5.33 | ||
| Q2 24 | $0.64 | $0.45 | ||
| Q1 24 | $0.36 | $0.52 |
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 | $839.3M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $2.1B |
| Total Assets | $5.1B | $2.4B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $839.3M | ||
| Q3 25 | $11.3M | $870.4M | ||
| Q2 25 | $19.8M | $899.6M | ||
| Q1 25 | $23.7M | $926.9M | ||
| Q4 24 | $11.1M | $930.2M | ||
| Q3 24 | $4.0M | $1.0B | ||
| Q2 24 | $22.8M | $1.1B | ||
| Q1 24 | $4.5M | $1.1B |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $2.0B | ||
| Q3 24 | $1.3B | $2.1B | ||
| Q2 24 | $1.3B | $2.3B | ||
| Q1 24 | $1.2B | $2.3B |
| Q4 25 | $5.1B | $2.4B | ||
| Q3 25 | $5.0B | $2.4B | ||
| Q2 25 | $4.8B | $2.4B | ||
| Q1 25 | $4.7B | $2.3B | ||
| Q4 24 | $4.7B | $2.3B | ||
| Q3 24 | $4.6B | $2.4B | ||
| Q2 24 | $4.4B | $2.5B | ||
| Q1 24 | $4.4B | $2.6B |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| 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 | $28.8M |
| Free Cash FlowOCF − Capex | — | $10.9M |
| FCF MarginFCF / Revenue | — | 4.0% |
| Capex IntensityCapex / Revenue | — | 6.5% |
| Cash ConversionOCF / Net Profit | 3.92× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $28.8M | ||
| Q3 25 | $77.3M | $35.3M | ||
| Q2 25 | $60.8M | $-2.2M | ||
| Q1 25 | $43.2M | $13.4M | ||
| Q4 24 | $41.5M | $73.8M | ||
| Q3 24 | $53.5M | $66.1M | ||
| Q2 24 | $49.3M | $53.5M | ||
| Q1 24 | $51.2M | $54.6M |
| Q4 25 | — | $10.9M | ||
| Q3 25 | — | $14.6M | ||
| Q2 25 | — | $-17.6M | ||
| Q1 25 | — | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | — | $43.0M | ||
| Q2 24 | — | $29.2M | ||
| Q1 24 | — | $26.5M |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | -7.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.4% | ||
| Q1 24 | — | 11.1% |
| Q4 25 | 3.92× | 2.17× | ||
| Q3 25 | 1.71× | 4.73× | ||
| Q2 25 | 2.47× | -0.34× | ||
| Q1 25 | 2.61× | 3.58× | ||
| Q4 24 | 1.81× | 9.44× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | 2.65× | ||
| Q1 24 | 4.38× | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
