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Side-by-side financial comparison of H2O AMERICA (HTO) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $199.4M, roughly 1.1× H2O AMERICA). Iridium Communications Inc. runs the higher net margin — 9.9% vs 8.1%, a 1.7% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% 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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
HTO vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $219.1M |
| Net Profit | $16.2M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | 23.2% |
| Net Margin | 8.1% | 9.9% |
| Revenue YoY | 1.5% | 1.9% |
| Net Profit YoY | -29.2% | — |
| EPS (diluted) | $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 | — | $219.1M | ||
| Q4 25 | $199.4M | $212.9M | ||
| Q3 25 | $243.5M | $226.9M | ||
| Q2 25 | $197.8M | $216.9M | ||
| Q1 25 | $164.9M | $214.9M | ||
| Q4 24 | $196.5M | $213.0M | ||
| Q3 24 | $216.7M | $212.8M | ||
| Q2 24 | $173.1M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $16.2M | $24.9M | ||
| Q3 25 | $45.1M | $37.1M | ||
| Q2 25 | $24.7M | $22.0M | ||
| Q1 25 | $16.6M | $30.4M | ||
| Q4 24 | $22.9M | $36.3M | ||
| Q3 24 | $38.7M | $24.4M | ||
| Q2 24 | $20.7M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 16.6% | 25.9% | ||
| Q3 25 | 26.5% | 30.9% | ||
| Q2 25 | 22.2% | 23.2% | ||
| Q1 25 | 21.8% | 28.1% | ||
| Q4 24 | 22.2% | 24.5% | ||
| Q3 24 | 26.9% | 25.8% | ||
| Q2 24 | 23.4% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 8.1% | 11.7% | ||
| Q3 25 | 18.5% | 16.4% | ||
| Q2 25 | 12.5% | 10.1% | ||
| Q1 25 | 10.0% | 14.2% | ||
| Q4 24 | 11.7% | 17.1% | ||
| Q3 24 | 17.8% | 11.5% | ||
| Q2 24 | 12.0% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.45 | $0.24 | ||
| Q3 25 | $1.27 | $0.35 | ||
| Q2 25 | $0.71 | $0.20 | ||
| Q1 25 | $0.49 | $0.27 | ||
| Q4 24 | $0.70 | $0.30 | ||
| Q3 24 | $1.17 | $0.21 | ||
| Q2 24 | $0.64 | $0.27 |
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 | — |
| Stockholders' EquityBook value | $1.5B | — |
| Total Assets | $5.1B | — |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | $96.5M | ||
| Q3 25 | $11.3M | $88.5M | ||
| Q2 25 | $19.8M | $79.3M | ||
| Q1 25 | $23.7M | $50.9M | ||
| Q4 24 | $11.1M | $93.5M | ||
| Q3 24 | $4.0M | $159.6M | ||
| Q2 24 | $22.8M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $462.6M | ||
| Q3 25 | $1.5B | $450.5M | ||
| Q2 25 | $1.5B | $473.6M | ||
| Q1 25 | $1.4B | $518.4M | ||
| Q4 24 | $1.4B | $576.6M | ||
| Q3 24 | $1.3B | $663.8M | ||
| Q2 24 | $1.3B | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $2.5B | ||
| Q3 25 | $5.0B | $2.6B | ||
| Q2 25 | $4.8B | $2.6B | ||
| Q1 25 | $4.7B | $2.6B | ||
| Q4 24 | $4.7B | $2.7B | ||
| Q3 24 | $4.6B | $2.8B | ||
| Q2 24 | $4.4B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 13.7% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $63.5M | $108.6M | ||
| Q3 25 | $77.3M | $100.8M | ||
| Q2 25 | $60.8M | $129.6M | ||
| Q1 25 | $43.2M | $61.1M | ||
| Q4 24 | $41.5M | $104.8M | ||
| Q3 24 | $53.5M | $118.6M | ||
| Q2 24 | $49.3M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $75.1M | ||
| Q3 25 | — | $79.2M | ||
| Q2 25 | — | $108.9M | ||
| Q1 25 | — | $36.5M | ||
| Q4 24 | — | $80.5M | ||
| Q3 24 | — | $100.0M | ||
| Q2 24 | — | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.3% | ||
| Q3 25 | — | 34.9% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.92× | 4.37× | ||
| Q3 25 | 1.71× | 2.71× | ||
| Q2 25 | 2.47× | 5.90× | ||
| Q1 25 | 2.61× | 2.01× | ||
| Q4 24 | 1.81× | 2.88× | ||
| Q3 24 | 1.39× | 4.85× | ||
| Q2 24 | 2.38× | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
